BRADENTON, Fla., Sept. 4,
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 the Company, through its subsidiary Shenzhen
Jintongyuan Energy Storage Technology Co., Ltd. ("Jintongyuan"),
has signed a Letter of Intent (the "LOI") with Adler International
Ltd. ("Adler"), a Cairo-based
company, to cooperate in the construction and operation of charging
and swapping stations in Cairo,
Egypt. The LOI marks a significant breakthrough in the
Company's global expansion into the energy storage in the
Middle East and Africa ("MEA") region.
Pursuant to the LOI, the Company agrees to provide energy
storage systems, charging piles and swapping equipment, and to
oversee the planning and construction of the charging and switching
stations. Both parties have agreed to jointly operate and manage
the stations through a newly established Egyptian joint venture.
The project, fully funded by the Egyptian government, involves the
planning, renovation, and reconstruction of 365 charging and
swapping stations in Cairo, with
an initial investment of approximately $1.5
million per station, totaling $547.5
million, subject to the scale of subsequent
construction.
Jintongyuan specializes in the research and development
(R&D), design, operation and maintenance, sales, and follow-up
services of energy storage batteries, and lithium battery products,
with a commitment to becoming a leading global energy storage power
and lithium battery product operation service provider. Leveraging
its advantages and expertise in the safety, reliability, and system
integration of energy storage and lithium batteries, Jintongyuan
now focuses on a new system integration business model supported by
intelligent services, to enhance convenience and comfort for user
experience. Currently, its energy storage battery products are
mainly used in various large electric power vehicles such as
electric trams, golf carts, forklifts, etc.
Ms. Ouyang Renmei, Chief Executive Officer of BAIYU Holdings,
Inc., commented, "The MEA market has presented significant
opportunities and potential in recent years. We are thrilled to
have secured this major cooperation project, which represents a
meaningful step forward in our expansion into the MEA. Entering
this dynamic and promising market and underscores the market's
recognition of our competitive strength and technical expertise.
This milestone also confirms that our global expansion strategy is
on the right track. Looking ahead, we anticipate sharing more
exciting developments and achievements with our shareholders and
stakeholders."
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, integrated
power systems, 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.
