- It has closed the acquisition contemplated in its distribution and technology license agreement with Rich Power and IBT
- As a closing condition to the definitive agreement, the Company has issued 8,000,000 common shares to IBT
Extreme Vehicle Battery Technologies Corp has signed a marketing and development agreement with Jiangsu RichPower New Energy Co. Ltd and Intelligent Battery Technologies (IBT) and closed the acquisition contemplated in its distribution and technology license agreement with Rich Power and IBT. As a closing condition to the definitive agreement, the Company has issued 8,000,000 common shares to IBT.
RichPower is a battery management system (BMS) and energy storage system (ESS) industries in China. It is involved in activities ranging from research and development to battery production. . RichPower operates facilities in Shanghai and Suzhou, two of the largest cities in China. These facilities offer turnkey and full-cycle services, providing products and services to the electric vehicles, power grid system providers, remote mine energy and commercial building power applications markets.
The closing of the Definitive Agreement will allow EV Battery Tech to develop battery technologies for the Target Markets with features which include, but are not limited to AI, real-time monitoring, remote maintainance, longer battery life, more efficient power supply, battery recycling, blockchain infrastructure among others.
Jingke (Jack) Han, president and CEO of RichPower said, “We are very happy to be bringing our technology to the global markets through our partner EV Battery Technologies. We are extremely proud of our technology and the market share we have captured in Asia and we are now excited to partner with EV Battery Tech to become a disruptive force in the global markets.”
Adapt RichPower’s battery technology for the North American markets
Rich Power has created a majority-owned subsidiary, IBT, to assist in developing RichPower’s technologies in the North American market. EV Battery Tech will be working closely with IBT to develop its blockchain technology and adapt RichPower’s battery technology for the North American markets.
Yoga Yogendran, president and CEO of IBT said, “EV Battery Tech is just the business partner we needed to get RichPower’s ground-breaking technologies into international markets, starting here, in North America. We are excited to be able to commercialize quickly with the help of EV Battery Tech.”