SHENZHEN, China, June 26, 2024 /PRNewswire/ -- BAIYU Holdings, Inc. ("BAIYU" or the "Company") (Nasdaq: BYU), a leading B2B bulk commodity e-commerce platform and supply chain service provider, today announced that on May 20, 2024, the Company entered into a memorandum of understanding (the "MoU") with certain industry experts (the "Partners") to explore new energy vehicle ("NEV") projects and international market ventures. This strategic move reflects BAIYU's ambition to expand into the rapidly growing and promising global NEV market.
According to the MoU, BAIYU and the Partners intend to conduct the new business through Electra New Energy Vehicle, Inc. ("ENEV"), a U.S.-registered company based in Los Angeles specializing in the NEV sector. BAIYU and the Partners anticipate holding 60% and 40% equity interests in ENEV, respectively. Both parties plan to collaborate to establish a prominent NEV brand. BAIYU expects to potentially invest a total of US$3 million in ENEV as operational capital over the next three years.
Under the MoU, BAIYU intends to oversee the daily operations and management of ENEV, encompassing procurement, manufacturing, supply chain, marketing, and financing for NEV prototypes, spare parts, charging piles, and energy storage equipment in China. The Partners aim to handle market development, order acquisition for NEVs, charging piles, and energy storage equipment in international markets, and secure overseas financing.
Ms. Renmei Ouyang, Chief Executive Officer of the Company, commented, "This cooperation has the potential to establish a new foundation for BAIYU to further expand its global presence in NEV sector. By synergizing our strengths in advanced technology, efficient operations, extensive market channels, and robust supply chains, we are poised to unlock significant opportunities through ENEV. We belive this partnership could deliver substantial value and sustainable growth, benefiting both parties and enhancing our leadership in the evolving NEV market landscape."
About BAIYU Holdings, Inc.
BAIYU Holdings, Inc. (NASDAQ: BYU) is a leading B2B bulk commodity e-commerce platform and supply chain service provider. Currently, the Company is focused on expanding its new business in photovoltaic, energy storage power, and fast-charging power stations, along with services for the new energy industry. The Company's business involves investing in fast-charging power stations, commercial power stations, and offering integrated new energy solutions and operations that encompass photovoltaic, energy storage, and fast-charging power stations. It offers comprehensive solutions and operations for global new energy storage systems and specialized sectors. With a central focus on new energy and an orientation towards integrated power systems, the Company is dedicated to fields like clean energy, smart power, intelligent photovoltaic, and the operation and maintenance of fast-charging station outlets. For more information, please visit www.baiyuglobal.com.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "approximates," "assesses," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U.S. Securities and Exchange Commission.
For more information, please contact:
BAIYU Holdings, Inc.
Investor Relations Department
Email: ir@baiyuglobal.com
Ascent Investor Relations LLC
Tina Xiao
President
Phone: +1-646-932-7242
Email: investors@ascent-ir.com