Highway Holdings signs LOI for 57%-owned energy storage joint venture with Huahu
HIHO•Non-binding LOI for majority-owned battery energy storage joint venture
Highway Holdings signed a non-binding LOI with China’s Guangdong Huahu New Energy to form a majority-owned battery energy storage joint venture.
- Planned Hong Kong venture valued at USD 3.5 million; Highway to contribute USD 2 million cash for a 57% stake.
- Huahu to contribute USD 1.5 million of products and technology for 43%; venture to hold exclusive SKD rights in Germany, Italy, the U.S.
- LOI includes potential issuance of up to 400,000 restricted shares tied to milestones; additional incentives capped at 500,000 shares.
- Parties target definitive agreements within about one month; closing subject to due diligence, approvals, financing, customary conditions.
