On December 15, Gotion High-tech signed a cooperation agreement with Nuovo Plus of Thailand-based PTT Group, to set up a joint venture called Thailand's NV Gotion Co., LTD (To be determined, NV Gotion for short). The joint venture focuses on the design, development, manufacturing, sales and export of battery modules and pack products, and aims to explore the ASEAN new energy market and build a battery export base in ASEAN. The PTT Group is the largest state-controlled energy and petrochemical company in Thailand. The partnership will help Thailand achieve full electrification and net zero carbon emissions by 2065.

On the morning of that day, the two sides signed the agreement via video link. According to the agreement, Gotion Singapore PTE. Ltd. of Gotion High-tech has entered into strategic cooperation with Nuovo Plus Co., LTD of Thailand-based PTT Group, and plans to establish Thailand NV Gotion Co., Ltd. ("NV Gotion") in the Eastern Economic Corridor of Thailand. The business scope of the joint venture includes the design, development, validation and manufacturing of battery modules and battery packs, and battery management systems for a wide range of vehicles and energy storage systems. NV Gotion plans to build a lithium-ion power battery pack production line in the Eastern Economic Corridor of Thailand. By the fourth quarter of 2023, the first phase of the production line is expected to be put into production and provide high-quality battery products to the market. NV Gotion will actively explore new energy markets in the ASEAN member states while realizing local battery manufacturing and market development in Thailand. It is committed to building the battery export base in ASEAN.

PTT Group, a Fortune 500 company, is Thailand's largest state-controlled energy and petrochemical company. Nuovo Plus of PTT Group is dedicated to providing energy solutions. Dr. Buranin Rattanasombat, Chief New Business and Infrastructure Officer of PTT Group and Chairman of the Board of Nuovo Plus revealed that the main mission of Nuovo Plus is the investment in the battery business sector in accordance with PTT's vision, "Powering Life with Future Energy and Beyond", which aims at driving community with renewable energy. NV Gotion plays an important role in conducting the battery business to strengthen renewable energy production and support the electric vehicle industry supply chain. It will help Thailand use more sustainable energy and support PTT Group's commitment to achieving net zero emissions by 2050 and the goal of achieving net zero emissions by 2065 in Thailand. By combining the strengths of both sides to develop sustainable supply chains, businesses, products, and marketing, PTT Group and Gotion High-tech will produce goods at a competitive price, offer technical assistance to conduct research and development, and offer one-stop services for customers.

Li Zhen, Chairman of Gotion High-tech, noted the significance of the joint venture and expectations for the future. According to him, mutually beneficial cooperation is the foundation of the joint venture. The company believes that the cooperation will help Gotion's global expansion and accelerate the new energy development of PTT Group, which will achieve a win-win situation and lay a solid foundation for more future cooperation between us. The quality of products is the key to the joint venture's success. It is hoped that both sides can leverage their respective strengths, be a powerful combination and make advantages complementary to each other. They need to work together to promote product technology progress, improve the performance of products, and perfect services. Promoting application is the soul of the development of the joint venture. NV Gotion will respond to the call of the Thai government to develop a green economy and serve the electrification of Thai vehicles, which will boost the internationalization of Thailand's automotive industry. Gotion High-tech and PTT Group, with NV Gotion as the platform, will make the most of the first-class technology, high-quality products, and advanced management to support electric vehicles equipped with NV Gotion battery to be popular in Southeast Asia, and to go global.