PETALING JAYA: Ni Hsin Group Bhd’s unit has entered into a heads of agreement (HoA) with MNA Energy Sdn Bhd (MNAE) to develop battery technology for electric motorcycles, or EV Two Wheelers.
The cookware maker said the HoA signed by its wholly owned subsidiary Ni Hsin EV Tech Sdn Bhd would also allow the group to participate in the business and growth of MNAE.
Ni Hsin’s shares closed unchanged at 13.5 sen yesterday.
Ni Hsin EV Tech managing director Khoo Chee Kong said: “Our collaboration with MNAE complements our venture into the e-mobility business as battery systems are critical to EV Two Wheelers that we are developing in a collaboration with Dongguan Tailing Electric Vehicle Co Ltd.”
“We are now working towards getting the Vehicle Type Approval (VTA) permit from the Road Transport Department for the EV Two Wheelers as the VTA is important for MNAE’s SmartSwap programme,” Khoo pointed out.MNAE was established in 2016 and has been awarded research grants by the Science, Technology and Innovation Ministry for the development of next-generation battery technology.