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.
