The merger partner of TMT Acquisition Corp (“TMTC”) (NASDAQ:
TMTCU), a publicly traded special purpose acquisition company
(SPAC), eLong Power Holding Limited (“eLong Power”), a provider of
high-power battery technologies for commercial and specialty
vehicles and energy storage systems, announced that its
wholly-owned subsidiary has signed a supply contract for provision
of an energy storage system valued at RMB80 million (approximately
US$11 million). This contract is for an energy storage system to be
designed and used for intelligent charging robots in Beijing,
China, with assembly and delivery expected to be completed by the
end of 2024.
This is the second significant energy storage
system order for eLong Power in Q2 2024 after it signed a RMB480
million (approximately US$66 million) order for work in Shandong
province, China. With over 10 years of experience in high-power
lithium-ion batteries, eLong Power focuses on the research and
development of solid-state batteries. A supplier of high-power
batteries for electric vehicles and construction machinery since
its inception, it entered the energy storage market in 2023. eLong
Power seeks to become a leading company in the industrialization
and commercialization of large-scale energy storage systems. The
energy storage systems that eLong Power develops have extensive
safety features, large capacity, long life cycles, fast charging
capability and high adaptability.
TMTC AND ELONG POWER COMMENTS
eLong Power’s CEO, Ms. Xiaodan Liu commented:
“We are very pleased to announce that following our significant
order received in May, our company has secured another new order
for our energy storage system products. We believe this not only
validates our team’s hard work but also reflects the growing trust
and demand for our products in the market. Looking ahead, we are
confident about our company’s future development. We expect these
orders will drive substantial growth and strengthen our market
position and influence. We remain committed to research and
development to ensure sustained growth and success for the
company.”
DJ Guo, Chairman and CEO of TMTC, commented: “We
are excited to see that eLong Power has once again demonstrated its
strength in the market by securing another significant order. We
believe these consecutive orders not only validate our partner’s
capabilities but also highlight its strong market position and
customer trust. As we move forward with the business combination
transaction, this news reaffirms our strategic alignment and
reinforces our confidence in eLong Power’s growth potential. By
leveraging our strengths and resources, we aim to further enhance
our competitive advantages and deliver greater value to our
shareholders.”
PROPOSED BUSINESS COMBINATION
OVERVIEW
TMTC and eLong Power entered into a definitive
business combination agreement, dated December 1, 2023, as amended
on February 29, 2024, that will result in eLong Power becoming a
publicly traded company. Huizhou Yipeng Energy Technology Co., Ltd.
(“Yipeng Huizhou”, together with eLong Power, the “Company”) is the
operating entity of eLong Power. The transaction has been approved
by the Board of Directors of both companies and is expected to
close in the second half of 2024.
The business combination transaction with TMTC
is expected to provide eLong Power with access to the U.S. public
equity markets and thereby accelerate its business expansion and
position eLong Power to explore additional growth and value
creating opportunities.
IMPORTANT INFORMATION ABOUT THE PROPOSED
BUSINESS COMBINATION AND WHERE TO FIND IT
In connection with the proposed business
combination, eLong Power has filed a registration statement on Form
F-4 (File No. 333-280512) that includes a preliminary proxy
statement of TMTC and a preliminary prospectus of eLong Power. Once
a definitive version is available, the proxy statement/prospectus
will be sent to all TMTC shareholders. Before making any voting
decision, securities holders of TMTC are urged to read the proxy
statement/prospectus and all other relevant documents that are
filed or that will be filed with the SEC in connection with the
proposed business combination, as they become available, because
they contain and will contain important information about the
proposed business combination and the parties to the proposed
business combination.
Investors and securities holders may obtain free
copies of the preliminary proxy statement/prospectus and, once
available, the definitive proxy statement/prospectus, and all other
relevant documents that are filed or that will be filed with the
SEC, through the website maintained by the SEC at www.sec.gov.
These documents may also be obtained free of charge by written
request to TMT Acquisition Corporation, 420 Lexington Avenue, Suite
2446, New York, New York 10170.
PARTICIPANTS IN THE SOLICITATION
eLong Power and TMTC and certain of their
respective directors, executive officers, and other members of
management and employees may, under SEC rules, be deemed to be
participants in the solicitations of proxies from TMTC’s
shareholders in connection with the proposed transaction.
Information about TMTC’s directors and executive officers and their
ownership of TMTC’s securities is set forth in TMTC’s filings with
the SEC, including TMTC’s final prospectus of March 27, 2023 in
connection with TMTC’s initial public offering and its Quarterly
Report on Form 10-Q for the fiscal period ended March 31, 2024.
Information about certain changes in the ownership of TMTC’s
securities may also be found in Forms 3, 4 and 5 and in Schedules
13D and 13G filed with the SEC by the beneficial owners
thereof.
Additional information regarding the
participants in the proxy solicitation and a description of their
direct and indirect interests is also included in the proxy
statement/prospectus. Shareholders, potential investors, and other
interested persons in respect of eLong Power and TMTC should read
the preliminary and, once available, definitive proxy
statement/prospectus carefully before making any voting or
investment decisions. You may obtain free copies of these documents
from the sources indicated above.
ABOUT ELONG POWER
eLong Power Holding Limited, a Cayman Islands
exempted company, is committed to the research and development,
manufacturing, sales and service of high-power lithium-ion
batteries for electric vehicles and construction machinery, as well
as large-capacity, long-cycle lithium-ion batteries for energy
storage systems. eLong Power is led by Ms. Xiaodan Liu, eLong
Power’s Chairwoman and CEO.
eLong Power has a comprehensive product and
technology system that includes battery cells, modules, system
integration, and battery management system development, based on
high-power lithium-ion batteries and battery system products for
long-cycle energy storage devices. eLong Power offers advanced
energy applications and full life cycle services. Its product
portfolio includes products utilizing lithium manganese oxide and
lithium iron phosphate, among others, to meet the needs of
high-power applications and energy storage applications in various
scenarios.
ABOUT TMT ACQUISITION CORP
TMT Acquisition Corp is a blank check company,
also commonly referred to as a special purpose acquisition company
(SPAC), formed for the purpose of effecting a merger, share
exchange, asset acquisition, share purchase, reorganization, or
similar business combination with one or more businesses or
entities. TMTC is led by Dajiang (“DJ”) Guo, Chairman and Chief
Executive Officer, and Jichuan Yang, Chief Financial Officer, who
are growth-oriented executives with a long track record of value
creation across industries.
FORWARD-LOOKING STATEMENTS
This press release may contain “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934,
including statements regarding the benefits of the transaction, the
anticipated timing of the transaction, the products offered by
eLong Power and the markets in which it operates, and eLong Power’s
projected future results. These forward-looking statements
generally are identified by the words “believe,” “project,”
“expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,”
“will continue,” “will likely result,” and similar expressions.
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. Many factors could cause actual future events to
differ materially from the forward-looking statements in this
document, including, but not limited to: the risk that the
transaction may not be completed by TMTC’s business combination
deadline and the potential failure to obtain an extension of the
business combination deadline if sought by TMTC; the failure to
satisfy the conditions to the consummation of the transaction,
including the adoption of the business combination agreement by the
shareholders of TMTC; the satisfaction of the minimum net tangible
assets amount following redemptions by TMTC’s public shareholders;
the occurrence of any event, change or other circumstance that
could give rise to the termination of the business combination
agreement; the effect of the announcement or pendency of the
transaction on eLong Power’s business relationships, performance,
and business generally; risks that the proposed business
combination disrupts current plans or operations of eLong Power;
the outcome of any legal proceedings that may be instituted against
eLong Power or TMTC related to the business combination agreement
or the proposed business combination; the ability to maintain the
listing of TMTC’s securities (which would be eLong Power Inc.
securities) on Nasdaq after the closing of the transaction; after
the closing of the transaction, the price of eLong Power Inc.’s
securities may be volatile due to a variety of factors, including
changes in the competitive and highly regulated industries in which
eLong Power Inc. will operate, variations in performance across
competitors, changes in laws and regulations affecting eLong Power
Inc.’s business and changes in its capital structure; the ability
to implement business plans, forecasts, and other expectations
after the completion of the proposed business combination, and
identify and realize additional opportunities provided by the
business combination; its need for substantial additional funds;
the parties’ dependence on third-party suppliers; risks relating to
the results of research and development activities, market and
other conditions; its ability to attract, integrate, and retain key
personnel; risks related to its growth strategy; patent and
intellectual property matters; and the parties’ ability to obtain,
perform under and maintain financing and strategic agreements and
relationships. These risks have been and may be further impacted by
Covid-19 and global geopolitical events, such as the war in Ukraine
and the Middle East. Accordingly, these forward-looking statements
do not constitute guarantees of future performance, and you are
cautioned not to place undue reliance on these forward-looking
statements. Risks regarding TMTC’s and eLong Power’s business are
described in detail in TMTC’s and eLong Power’s SEC filings which
are available on the SEC’s website at www.sec.gov, including in
eLong Power’s registration statement on Form F-4 (File No.
333-280512) and TMTC’s registration statement on Form S-1 (File No.
333-259879), filed with the SEC and updated by TMTC’s and eLong
Power’s subsequent filings with the SEC. These forward-looking
statements speak only as of the date hereof, and TMTC expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in our expectations or any changes in
events, conditions, or circumstances on which any such statement is
based, except as required by law.
eLong Power Investor Contact:Shilin XunEmail:
xunshilin@elongpower.com
TMTC Contact:Dajiang GuoEmail:
dguo@tmtacquisitioncorp.com
347-627-0058
TMT Acquisition (NASDAQ:TMTCU)
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