June 15, 2024

NWTN inks agreement with CMEC Middle East

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NWTN inks agreement with CMEC Middle East

NWTN Inc, an eco-conscious technology company specializing in sustainable mobility solutions (“NWTN”), and CMEC Middle East Fze (“CMEC ME”), a subsidiary of China Machinery Engineering Corporation, a renowned global engineering company, are thrilled to announce plans for a strategic partnership, which has been memorized in a non-binding memorandum of understanding on May 18, 2023. This preliminary alliance marks a pivotal moment for both organizations as they join forces to contribute to the UAE’s Hydrogen Leadership Roadmap and the country’s ambitious 2050 National Net Zero target.

This proposed partnership seeks to capitalize on the combined expertise, resources, and networks of NWTN and CMEC ME, aiming to enhance market presence, foster innovation, and deliver exceptional value to customers. NWTN is revolutionizing the transportation sector with its sustainable electric car solutions. Additionally, NWTN is investing in green hydrogen technology, striving to facilitate the transition to clean energy through energy storage solutions for a more sustainable future.

CMEC ME brings a wealth of experience, particularly in the renewable energy sector. NWTN believes that CMEC ME’s engineering expertise and technological resources from China will play a vital role in introducing advantageous Chinese technical solutions to support the realization of green hydrogen projects, fostering knowledge exchange and innovation.

NWTN & CMEC logo

Key highlights and objectives of the preliminary cooperation include:

Collaboration on Green Hydrogen Projects: NWTN and CMEC ME intend to collaborate on the development of a 20MW Green Hydrogen Plant, harnessing cutting-edge technologies, such as Liquid Organic Hydrogen Carrier, Hydrogen Station, Hydrogen Bus, and Battery Storage business in UAE. This proposed collaboration underscores their shared commitment to the UAE’s Hydrogen Leadership Roadmap and the country’s 2050 National Net Zero target.

Introduction of Chinese Technical Solutions: CMEC ME will leverage its valuable experience and technological resources from China to introduce advantageous Chinese technical solutions, including engineering expertise, to support the realization of green hydrogen projects. This strategic exchange is designed to foster knowledge sharing and innovative approaches.

Investment and Strategic Resources: NWTN will leverage its relationships and strategic resources with relevant government authorities and firms in the UAE to secure permissions, access official information on the green hydrogen industry, subsidy policies, marketing analysis, investors, off-takers, and other aspects related to green hydrogen and energy storage project development.

Feasibility Study Report: CMEC ME will seek to provide a comprehensive feasibility study report, assessing the technical, commercial, and financial viability of the projects based on the progress and cost arrangement agreed upon by both parties. This report will guide further decision-making and planning.

Project-Specific Agreement: As the Green Hydrogen projects progress to an appropriate stage, NWTN and CMEC ME will negotiate to enter into definitive agreements for the projects, ensuring clarity and alignment in project execution by defining the specific roles and responsibilities of each party.

The proposed partnership with CMEC ME represents a significant step towards achieving the shared vision of both companies for innovation, growth, and customer-centricity. By combining their strengths and resources, NWTN and CMEC ME are confident that they can create exceptional value for customers and seize emerging market opportunities in a way that benefits all stakeholders.

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