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
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SOURCE BAIYU Holdings, Inc.
