DUBAI, UAE, May 23, 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
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:
Introduction of Chinese Technical Solutions:
Investment and Strategic Resources:
Feasibility Study Report:
Project-Specific Agreement:
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
NWTN and CMEC Middle East Seek to Forge Strategic Partnership to Advance UAE’s Green Hydrogen Roadmap and Net Zero Target
