VANCOUVER, British Columbia, Oct. 30, 2020 (GLOBE NEWSWIRE) -- Extreme Vehicle Battery Technologies Corp. (the “Company” or “EV Battery Tech”) (CSE: ACDC) is pleased to announce that it has signed a marketing and development agreement with Jiangsu RichPower New Energy Co. Ltd. (“RichPower”) and Intelligent Battery Technologies (“IBT”) and closed the acquisition contemplated in its distribution and technology license agreement with Rich Power and IBT (the “Definitive Agreement”).
RichPower is a leader in the battery management system (BMS) and energy storage system (ESS) industries in China. A vertically integrated company, RichPower 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. The facilities are host to some of the world’s top research experts and state-of-the-art manufacturing equipment. 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.
RichPower has been able to differentiate itself by its ability to use Artificial Intelligence (“AI”) to remotely manage and significantly extend the life of any battery system. Through the use of AI, it has developed a “smart” BMS that learns and evolves with user behaviours resulting in a significant increase in power saving and efficiency. Its AI algorithms can specifically predict future failures and provide more stable operations and remote maintenance on battery systems.
RichPower holds more than 70 national patents ranging from software, technology, invention and utility authorization, with several more patents pending. With RichPower’s experienced R&D department, the Company has no doubt they will continue to provide leading edge customized solutions for the Company’s clients in the North American, South American, European and African markets (the “Target Markets”).
The closing of the Definitive Agreement will now allow EV Battery Tech to develop battery technologies for the Target Markets with features which include, but are not limited to:
Longer Battery Life
More Efficient Power Supply
Smart Charging Systems
“We are very happy to be bringing our technology to the global markets through our partner EV Battery Technologies,” stated Jingke (Jack) Han, President and CEO of RichPower. “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,” continued Mr. Han.
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.
“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,” commented Yoga Yogendran, President and CEO of IBT.
As a closing condition to the definitive agreement, the Company has issued 8,000,000 common shares to IBT.
“We are very fortunate to be bringing a proven technology to the North American market,” stated Bryson Goodwin, President and CEO of EV Battery Tech. “RichPower has not only commercialized these technologies, but made a name for themselves in China. We now have the opportunity to work with them to become an early mover in the North American market,” concluded Mr. Goodwin.
On behalf of the Company,
Bryson Goodwin, Chief Executive Officer.
The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
About EV Battery Technologies
EV Battery Tech is a blockchain and battery technology company with exclusive North and South American distribution rights as well as European and African distribution rights to patented battery management systems (BMS) designed to meet the growing demand for scalable, smart solutions for the electric vehicle (EV) and energy storage solution (ESS) markets.
EV Battery Tech’s technology is based on artificial intelligence (AI) algorithms designed to analyze the short comings of batteries in today’s market. The resulting extraordinary technology allows batteries to have more efficient power management and longer battery life, while offering real-time monitoring and remote maintenance.
The Company’s AI technology may also allow it to use recycled batteries in its ESS manufacturing process, which would make it one of the greenest battery technology companies in the industry.
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward looking statements in this news release include, but are not limited to, statements relating to: RichPower’s business model and the effectiveness of its products; RichPower’s ability to continue to provide leading edge customized solutions; the Company’s ability to develop technologies for its Target Markets; RichPower’s plans to further commercialize its technology and become a disruptive force in the global markets; the Company’s plan to become an early mover in the North American market; risks associated with emerging markets; the Company’s plan to integrate its blockchain platform into its new battery technologies and capitalize on a new and growing market; market trends in the battery industry; and the Company’s battery technology partnership. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.