Quick take: Greatech rises 9% on partnership with US-based Atlis Motor


KUALA LUMPUR: Greatech Technology Bhd rose over 9% in early trade following its partnership with US-based Atlis Motor Vehicles to develop electric vehicle (EV) battery pack production line in Arizona.

The Industrial automation solutions provider advanced 9.12%, or 52 sen to RM6.22 with 3.5 million shares traded. Greatech-CA jumped 25%, or three sen to 15 sen.

Greatech said its unit Greatech Integration (USA) Inc has teamed up with Atlis and the strategic partnership arrangement started on Feb 1. It is effective for an initial term of three years.

Greatech will serve as Atlis’ strategic partner for comprehensive battery pack assembly production line and will supply all parts, equipment, and machinery required to form Atlis limited-run prototype battery pack assembly line.

It said if the prototype lines meet Atlis’ performance and quality expectations, the group will explore the development of high-volume lines designed to produce thousands of packs per month.

Atlis is developing a fully EV platform, proprietary battery cells and packs, and the necessary charging infrastructure to recharge a 500-mile range battery in less than 15 minutes.

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Greatech , Atlis Motor , electric vehicle

   

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