NWTN Announces Strategic Partnership with China State Construction Engineering Corporation (Middle East)

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Dec 07, 2023, 12:23 ET

DUBAi, UAE, Dec. 7, 2023 /PRNewswire/ -- NWTN Inc. (Nasdaq: NWTN), an eco-conscious mobility technology company bringing passenger-centric green premium mobility solutions to the world ("NWTN" or the "Company"), is thrilled to announce a landmark Memorandum of Understanding (MOU) with China State Construction Engineering Corporation (Middle East) LLC (CSCEC), marking a significant stride in international cooperation and sustainable development. This partnership sets a new precedent in the pursuit of advancements in new energy vehicles and green hydrogen projects.

This pivotal agreement, witnessed by Wang Shaofeng, President of CSCEC Middle East, and Alan Nan, Chairman and Chief Executive Officer of NWTN, was formalized between Wei Chuaihai, Vice President of CSCEC Middle East, and Faris AI Yafei, Director of Strategic Cooperation of NWTN.

The signing ceremony took place at the NWTN booth in the COP28 Green Zone, Dubai Expo City, and was graced by the presence of H.E. Omar Ahmed Suwaina Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology (MOIAT).

The signing ceremony was attended by notable figures including Ma Wenlong, Vice President of CSCEC Middle East; Guo Haizhou, President Assistant of CSCEC Middle East; Paul Lin, NWTN Group Automotive Business President; and Steven Cao, NWTN Group Vice President and Chief Marketing Officer.

Scope and Objective of Cooperation

This strategic partnership encompasses extensive collaboration in market development and business promotion across diverse regions, including East Asia, North Africa, and Southeast Asia. The primary objective is to leverage each company's industry position and technological prowess to propel the development of innovative and sustainable projects, significantly enhancing both companies' market competitiveness and brand influence.

Comprehensive Collaboration Framework

Under the terms of the MOU, CSCEC will manage the comprehensive project construction process, including planning, feasibility studies, general contracting, and project financing assistance. In parallel, NWTN will focus on project investment and operations, harnessing its market and product advantages to boost the sales and market expansion of new energy vehicles and green hydrogen projects.

Commitment to Sustainable Development

This collaboration epitomizes our commitment to sustainable development and environmental protection. By combining CSCEC's construction and management expertise with NWTN Inc.'s innovative technology in new energy vehicles and green hydrogen, we aim to set new standards in the industry.

Future Prospects

This MOU is just the beginning of a fruitful and long-lasting partnership. Both parties have established a regular communication and exchange system, ensuring the smooth progress of joint projects. Further, each company recognizes the other as a strategic partner in their respective countries, committed to the success of this collaboration.

NWTN is excited to embark on this journey with CSCEC. This partnership not only aligns with its strategic goals but also represents a significant step towards a sustainable future. We are confident that this collaboration will yield remarkable results and set a benchmark in the industry.

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.

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: www.nwtn.ae

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 (including, but not limited to, the anticipated benefits of its partnerships) that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties.

Actual results (including, but not limited to, the success of NWTN's partnerships in developing clean energy solutions) 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.

SOURCE NWTN