Nexgram to venture into EV business

KUALA LUMPUR: Technology company Nexgram Holdings Bhd is venturing into the electric car business in partnership with a Chinese supplier.

The company, in a filing with Bursa Malaysia today, said it has entered a strategic cooperation framework agreement (SCFA) with a Shanghai-based Zhida Group for distributorship and joint venture in electronic vehicle (EV) charging products and services in South East Asia.

“Since this is the new technology introducing into South East Asia’s market, as such, both parties agreed that it will not fix any cut of date on the expire of SCFA,” it said.

Malaysia, the company, said will be a sole distribution hub for the product.
Nexgram said it will inject RM10mil to take a 85% stake in the joint venture, with Zhida Group holding the rest.

Under the SCFA, the parties have agreed cooperate the field of localised implementation of technology and resources in new energy automotive industry.

This includes smart travel hardware and national Internet high-tech products, urban electronic vehicle (EV) charging platform, EV master planning and operation, and the business of smart-vehicle networking intelligent hardware, research and development which includes electronic vehicle, unmanned driving technology, and shared car economy industrial chain.

“With the SCFA, both parties shall further ink technology transfer, products research and development, distributions, projects joint venture, maintenances & supports, and other strategic partnership co-operations in Southeast Asia countries, starting from Malaysia being the main distribution hub for the region,” it said.

Zhida Group is based in Shanghai, with sales support system and a strong production capacity in EV chain of products.

Nexgram said the group is the top home charging service provider in China.
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