Guoxuan High-tech and Nuovo Plus signed a cooperation agreement to build a battery export base in ASEAN

Established a joint venture with Nuovo Plus, a subsidiary of Thailand's PTT Group

Products will include battery modules and packs, suitable for automotive and energy storage systems

HEFEI, Dec. 15, 2022 /PRNewswire/ -- On December 15, Guoxuan High-Tech and Nuovo Plus, an energy solutions company under Thailand's PTT Group, signed a cooperation agreement. The two parties jointly established Thailand New Guoxuan Co., Ltd. (tentative name, hereinafter referred to as Thailand New Guoxuan), focusing on the design, development, manufacturing, sales and export of battery modules and Pack products, jointly exploring the ASEAN new energy market, and committed to building an ASEAN battery export base. Thailand's PTT Group is one of Thailand's largest state-controlled energy and petrochemical companies. This cooperation will promote Thailand's comprehensive electrification process and help Thailand achieve its commitment to net zero emissions by 2065.

Online signing ceremony

On the morning of the 15th, the two parties completed the signing of the agreement via video. According to the agreement, Guoxuan High-Tech's Guoxuan Singapore Company and Nuovo Plus Co., Ltd. under Thailand's PTT Group have reached a strategic cooperation and plan to jointly establish Thailand New Guoxuan Energy Solutions Co., Ltd. (NV Gotion Co., Ltd., referred to as "NV Gotion", "Thailand New Guoxuan") in the Eastern Economic Corridor of Thailand. The joint venture's business includes the design, development, verification and manufacturing of battery modules and battery packs, as well as battery management systems. The products are suitable for various types of vehicles and energy storage systems. According to the plan, Thailand New Guoxuan plans to build a lithium-ion power battery Pack production line in the Eastern Economic Corridor of Thailand. It is expected that by the fourth quarter of 2023, the first phase of the production line will be put into production and provide high-quality battery products to the market. While realizing localized battery production and manufacturing and market development in Thailand, Thailand New Guoxuan will actively explore the ASEAN new energy market and strive to build a battery export base to ASEAN.

PTT Group of Thailand is one of the largest state-controlled energy and petrochemical companies in Thailand and a Fortune 500 company. Its subsidiary Nuovo Plus is a company dedicated to energy solutions. Dr. Branning Ratanaspat, Chief New Business and Infrastructure Officer of PTT Group of Thailand and Chairman of Nuovo Plus, said in his speech: Nuovo Plus' mission is to invest in the battery business in accordance with PTT's vision of "powering life with future energy" and promote the use of renewable energy throughout society. New Guoxuan of Thailand plays an important role in developing battery business, strengthening renewable energy production and supporting the supply chain of the electric vehicle industry. The establishment of the joint venture will help improve the level of sustainable energy use in Thailand and help support PTT Group's goal of achieving net zero emissions by 2050 and Thailand's goal of achieving net zero emissions by 2065. Through this cooperation, PTT Group and Guoxuan High-tech will leverage their respective advantages to develop sustainable supply chains, enterprises, products and marketing, improve the cost advantage and competitiveness of products, provide professional technical support for research and development, and provide customers with one-stop services.

In his speech, Li Zhen, Chairman of Guoxuan High-tech, expressed the significance of the joint venture and his expectations for the future. He said: Win-win cooperation is the foundation for the establishment of the joint venture. He believes that this cooperation will help Guoxuan High-tech's global layout, help PTT Group accelerate the development of new energy, achieve win-win results, and lay a solid foundation for more cooperation between the two parties in the future; products are king, which is the key to the success of the joint venture. It is hoped that both parties will give full play to their respective advantages, combine their strengths, complement each other's advantages, and jointly promote product technology progress, achieve performance improvement, and improve services; promotion and application are the soul of the development of the joint venture. The joint venture will respond to the Thai government's call for the development of a green economy, serve Thailand's automotive electrification, and promote the internationalization of Thailand's automotive industry. Guoxuan High-tech and PTT Group will work together to use the joint venture as a platform, with first-class technology, first-class products, and first-class management, so that electric vehicles equipped with Thailand's new Guoxuan batteries will be famous in Southeast Asia and go international.