DUBAI, UAE, May 22, 2023 /PRNewswire/ -- NWTN Inc. (Nasdaq:
NWTN), an eco-conscious technology company specializing in
sustainable mobility solutions ("NWTN"), and CMEC Middle East Fze
("CMEC ME"), a subsidiary of China Machinery Engineering
Corporation, a renowned global engineering company, are thrilled to
announce plans for a strategic partnership, which has been
memorized in a non-binding memorandum of understanding on
May 18, 2023. This preliminary
alliance marks a pivotal moment for both organizations as they join
forces to contribute to the UAE's Hydrogen Leadership Roadmap and
the country's ambitious 2050 National Net Zero target.
![NWTN and CMEC Middle East Seek to Forge Strategic Partnership to Advance UAE’s Green Hydrogen Roadmap and Net Zero Target NWTN and CMEC Middle East Seek to Forge Strategic Partnership to Advance UAE’s Green Hydrogen Roadmap and Net Zero Target](https://mma.prnewswire.com/media/2082549/NWTN_and_CMEC_ME_Forge_Strategic_Partnership_1.jpg)
This proposed partnership seeks to capitalize on the combined
expertise, resources, and networks of NWTN and CMEC ME, aiming to
enhance market presence, foster innovation, and deliver exceptional
value to customers. NWTN is revolutionizing the transportation
sector with its sustainable electric car solutions. Additionally,
NWTN is investing in green hydrogen technology, striving to
facilitate the transition to clean energy through energy storage
solutions for a more sustainable future.
CMEC ME brings a wealth of experience, particularly in the
renewable energy sector. NWTN believes that CMEC ME's engineering
expertise and technological resources from China will play a vital role in introducing
advantageous Chinese technical solutions to support the realization
of green hydrogen projects, fostering knowledge exchange and
innovation.
Key highlights and objectives of the preliminary cooperation
include:
Collaboration on Green Hydrogen Projects:
- NWTN and CMEC ME intend to collaborate on the development of a
20MW Green Hydrogen Plant, harnessing cutting-edge technologies,
such as Liquid Organic Hydrogen Carrier, Hydrogen Station, Hydrogen
Bus, and Battery Storage business in UAE. This proposed
collaboration underscores their shared commitment to the UAE's
Hydrogen Leadership Roadmap and the country's 2050 National Net
Zero target.
Introduction of Chinese Technical Solutions:
- CMEC ME will leverage its valuable experience and technological
resources from China to introduce
advantageous Chinese technical solutions, including engineering
expertise, to support the realization of green hydrogen projects.
This strategic exchange is designed to foster knowledge sharing and
innovative approaches.
Investment and Strategic Resources:
- NWTN will leverage its relationships and strategic resources
with relevant government authorities and firms in the UAE to secure
permissions, access official information on the green hydrogen
industry, subsidy policies, marketing analysis, investors,
off-takers, and other aspects related to green hydrogen and energy
storage project development.
Feasibility Study Report:
- CMEC ME will seek to provide a comprehensive feasibility study
report, assessing the technical, commercial, and financial
viability of the projects based on the progress and cost
arrangement agreed upon by both parties. This report will guide
further decision-making and planning.
Project-Specific Agreement:
- As the Green Hydrogen projects progress to an appropriate
stage, NWTN and CMEC ME will negotiate to enter into definitive
agreements for the projects, ensuring clarity and alignment in
project execution by defining the specific roles and
responsibilities of each party.
The proposed partnership with CMEC ME represents a significant
step towards achieving the shared vision of both companies for
innovation, growth, and customer-centricity. By combining their
strengths and resources, NWTN and CMEC ME are confident that they
can create exceptional value for customers and seize emerging
market opportunities in a way that benefits all stakeholders.
ABOUT NWTN
NWTN is a pioneering green energy company dedicated to providing
passenger-focused, premium electric vehicle products and green
energy solutions to customers worldwide.
Headquartered in Dubai, United Arab
Emirates (UAE), NWTN has a full vehicle assembly facility in
Abu Dhabi and a supply chain
manufacturing base in Jinhua, China.
NWTN is committed to the future of mobility solutions that
integrate pioneering design, personalized lifestyles, Internet of
Everything (IoT), autonomous driving technology and the eco-system
of green energy.
In addition to the offering of new energy vehicles, NWTN is
exploring opportunities in the entire clean energy value chain,
including photovoltaics, green hydrogen power and energy storage in
the UAE, the Middle East,
North Africa, China, other Asian countries, and Europe.
For further information, please visit:
https://www.nwtnmotors.com.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward-looking statements are characterized by
future or conditional verbs such as "may," "will," "expect,"
"intend," "anticipate," believe," "estimate" and "continue" or
similar words. You should read statements that contain these words
carefully because they discuss future expectations and plans, which
contain projections of future results of operations or financial
condition or state other forward-looking information.
Forward-looking statements are predictions, projections and
other statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Actual results (including, without limitation,
with respect to the expected benefits from the proposed partnership
with CMEC ME, the progress of the 20MW Green Hydrogen Plant, and
anticipated results of green hydrogen technology development) may
differ significantly from those set forth or implied in the
forward-looking statements. Many factors could cause actual future
events to differ materially from the forward-looking statements in
this press release, including but not limited to the risk factors
contained in NWTN's filings with the Securities and Exchange
Commission, which are available for review at www.sec.gov.
Forward-looking statements speak only as of the date they are made.
New risks and uncertainties arise over time, and it is not possible
NWTN to predict those events or how they may affect NWTN. If a
change to the events and circumstances reflected in NWTN's
forward-looking statements occurs, NWTN's business, financial
condition and operating results may vary materially from those
expressed in NWTN's forward-looking statements.
Readers are cautioned not to put undue reliance on
forward-looking statements, and NWTN assumes no obligation and does
not intend to update or revise these forward-looking statements,
whether as a result of new information, future events or
otherwise.
CONTACT
For investor enquiries:
Michael Bowen
nwtnir@icrinc.com
For media enquiries:
Edmond Lococo
nwtnpr@icrinc.com
Photo -
https://mma.prnewswire.com/media/2082549/NWTN_and_CMEC_ME_Forge_Strategic_Partnership_1.jpg
Photo -
https://mma.prnewswire.com/media/2082550/NWTN_and_CMEC_ME_Forge_Strategic_Partnership_2.jpg
View original
content:https://www.prnewswire.co.uk/news-releases/nwtn-and-cmec-middle-east-seek-to-forge-strategic-partnership-to-advance-uaes-green-hydrogen-roadmap-and-net-zero-target-301831058.html