Highway Holdings signs master agreement to form 57%-owned energy storage JV with Huahu
HIHO•Initial contributions and market rights
Initial contributions are valued at about USD 3.5 million, including USD 2 million in cash from Highway and USD 1.5 million in products and technology from Huahu.
The joint venture gets exclusive rights to market and distribute Wowtiger battery energy storage systems in Germany, Italy, the US, and selected South American markets.
The structure also includes up to 400,000 restricted Highway shares for Huahu tied to formation and European milestones, and SKD manufacturing is under evaluation.
Master agreement for Hong Kong energy storage joint venture
Highway Holdings signed a master agreement to form a Hong Kong energy storage joint venture with Wowtiger brand owner Huahu.
The planned entity, Huahu International New Energy Technology, is expected to be formed within 30 days. Highway would hold 57% and Huahu 43%.
