Energy Plug Technologies Corp. (CSE: PLUG) (OTCQB: PLGGF) (FSE: 6GQ) ("Energy Plug"), an energy technology company dedicated to innovation and sustainable battery and microgrid solutions, has signed two Memoranda of Understanding (each an "MOU") with Seetel New Energy Co, Ltd. ("SEETEL"), and the College of Engineering of National Taiwan University ("NTU") and iAUTO Technology Co., Ltd. ("iAuto") ( together, the "NTU Group").
These MOUs represent a significant step forward in Energy Plug's efforts to enter the grid-scale battery storage market across North America. These collaborations will strengthen Energy Plug's ability to deliver a variety of battery products from Taiwan to Canada and the broader North American market, addressing critical demand for medium- and large-scale energy storage solutions.
"These MOUs provide Energy Plug with a robust supply chain and a source of design and innovation for our commercial customers in a wide variety of sectors," said Brodie Gunning, CEO of Energy Plug. "SEETEL's proven experience in building battery gigafactories will also be a key advantage as Energy Plug builds Canada's first Indigenous-led battery Gigafactory on the Malahat Nation's reserve land on Vancouver Island, in partnership with the Malahat Nation.
The MOUs cover the following scope of cooperation:
SEETEL MOU
The collaboration with SEETEL focuses on several critical initiatives designed to accelerate the deployment of grid-scale battery energy storage systems (BESS).
- Development of Gigawatt-Hour Battery Factory: The parties will collaborate on manufacturing line and product design for the proposed Malahat gigafactory, targeting a battery production output of 1 gigawatt-hour per year.
- Financing Opportunities: SEETEL will have opportunities to participate in gigafactory project financing and potential BESS installations.
- Supply Chain Optimization: SEETEL will focus on supply chain logistics, ensuring the seamless integration of Taiwanese-manufactured battery products into the North American market.
- Marketing and Business Strategy: The parties will collaborate on sales, marketing, procurement and bidding for BESS tenders in their respective markets. They will also work on a strategic business model for the overall operations of the BESS systems.
NTU Group MOU
The collaboration with NTU's Center for Unmanned Vehicles Research & Development and IAUTO will focus on research and development ("R&D") of Unmanned Aerial Vehicles (UAVs) ecosystems and marine BESS ecosystems (collectively, the "Subject").
- Joint R&D on Battery Storage Systems: NTU Group and Energy Plug will collaborate on joint R&D projects to advance technologies related to the Subject for global markets. NTU Group will be responsible for seeking partners to provide materials, components, subsystems and systems, including hardware and software, along with recommendations and test reports for diverse applications. Energy Plug will focus on application developments, and managing logistics, localization and customer and government relations.
- Global Safety and Performance Standards Development: NTU Group will lead efforts to create internationally recognized safety and performance standards for the Subject, while Energy Plug will focus on developing the supply chain and application globally.
- Testing and Validation Facilities: The parties will establish new testing facilities to support developed standards, serving the purposes of R&D, verification, validation, and certification for the Subject.
The provisions of the MOUs are non-binding except for the sections related to public announcements and confidentiality. The parties intend to negotiate in good faith and execute a binding agreement within ninety days of signing of the SEETEL MOU and within sixty days for the NTU MOU.
