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Tuesday, 12 October 2021, 18:00 HKT/SGT

Source: Ni Hsin Group Berhad
Ni Hsin Signs HOA with MNA Energy to Develop Battery Technology for EV Two Wheelers
Collaboration includes establishing battery-swapping platform and participation in MNAE's growth

KUALA LUMPUR, Oct 12, 2021 - (ACN Newswire) - Ni Hsin EV Tech Sdn Bhd, a wholly-owned subsidiary of Main Market-listed Ni Hsin Group Berhad (formerly known as Ni Hsin Resources Berhad) ("Ni Hsin"), today entered into a Heads of Agreement ("HOA") with MNA Energy Sdn Bhd ("MNAE") to develop battery technology for electric motorcycles (EV Two Wheelers) as well as participate in the business and growth of MNAE.

Mr. Khoo Chee Kong, Managing Director of Ni Hsin Group Berhad; Encik Muhammad Syukri Ibrahim, Principal Private Secretary to the MOSTI Minister; Encik Syed Faisal Algadrie, Managing Director and CEO of MNA Research Sdn Bhd [L-R]

MNAE was established in 2016 and has been awarded research grants by the Ministry of Science, Technology and Innovation (MOSTI) for the development of next-generation battery technology. MNAE produces battery energy storage systems for electric mobility and stationary applications such as telecommunications towers and solar energy farms. It is pioneering Electric Mobility-as-a-Service (EMaaS) in Malaysia, by developing SmartSwap - a game-changing turnkey solution for a battery swapping infrastructure for Electric Motorcycles.

The HOA signing was witnessed by Encik Muhammad Syukri Ibrahim, the Principal Private Secretary to the MOSTI Minister.

Khoo Chee Kong, Managing Director of Ni Hsin EV Tech Sdn Bhd, said: "We see EV Two Wheelers leading the adoption of alternative power sources that can reduce carbon footprint and transition towards a greener economy. We are developing, in collaboration with MNAE, an advanced battery system and a standardised battery swapping infrastructure for EV Two Wheelers that will be convenient to riders who can easily swap their depleted batteries with fully-charged ones at stations that we are setting up. We believe this will boost the use of EV Two Wheelers in urban areas".

"Our collaboration with MNAE complements our venture into the e-mobility business as battery systems are critical to EV Two Wheelers that we are developing in a collaboration with Dongguan Tailing Electric Vehicle Co., Ltd. We are now working towards getting the Vehicle Type Approval (VTA) permit from the Road Transport Department for these EV Two Wheelers as the VTA is important for MNAE's SmartSwap programme".

The battery swapping system developed by MNAE will feature battery tracking and management via cloud-connected network through which the battery's lifespan can be monitored. The system can be compared to the one launched by Gogoro, the Taiwanese battery-swapping refueling platform for urban EV Two Wheelers.

Khoo added, "Our collaboration with MNAE is also about supporting local capabilities in the development of green technology while promoting sustainability in line with our environmental, social and governance responsibilities. This is also in line with Malaysia's drive to encourage electric vehicle ownership and development of related infrastructure in the country".

The EV ecosystem is supported by Malaysia's National Automotive Policy, in which there are specific initiatives to strengthen the ecosystem. According to Dato' Seri Mohamed Azmin, Minister of International Trade and Industry in his winding-up speech for the 12th Malaysia Plan, these initiatives include critical parts manufacturers, standard setting as well as research and development leading to commercialisation of local EV technologies.

Please contact the below for more information:
Hakim Juraimi
Email: h.juraimi@swanconsultancy.biz

Topic: Press release summary
Source: Ni Hsin Group Berhad

Sectors: Retail & eCommerce, Daily Finance, Local Biz, Motorsports, EVs, Transportation
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