SINGAPORE -- October 23, 2023 -- InvestorsHub NewsWire
-- Decarbonization solutions provider, noco-noco Inc.
(NASDAQ:
NCNC, “noco-noco”) today announced that it, through its
Singapore subsidiary, noco-noco Pte. Ltd. has entered into a
Sales and Purchase Agreement to acquire noco-tech Inc.
(“noco-tech”), a technology innovator from 3DOM Alliance Inc.
(“3DOM”). The agreement includes an indefinite license to
produce and market the X-SEPA™ separator technology developed by
3DOM. Under the terms of the transaction, noco-noco will issue up
to twenty-five million new shares at US$2 per share to fund the
acquisition.
The X-SEPA™ separator technology developed by 3DOM, when
combined with a proprietary heat-resistant electrolyte, can extend
the lifespan of conventional lithium-ion batteries by fivefold,
even at temperatures as high as 60°C, as proven by the latest
R&D tests. With further lifespan improvements expected, it
is believed that the technology will provide substantial savings in
cell warranty costs for electric vehicle (“EV”) users, reducing the
need for expensive cooling systems and spacing in battery pack
designs. This opens the door for widespread adoption in hot climate
regions like India and the wider Asian region. Beyond the
automotive sector, X-SEPA™ addresses diverse industry needs,
including data centers, air mobility, and marine applications,
promising a sustainable energy solution for a wide array of
sectors.
noco-tech is the 3DOM subsidiary focused on research and
development (“R&D”) innovation and battery technology
production. With state-of-the-art laboratory production
capability of 35MWh/year and facilities spread over 3600 sq. meters
in Yokohama, Japan, the acquisition enables noco-noco to instantly
accelerate its journey to commercializing the X-SEPA™ to meet
demand from cell manufacturers across the region.
“This strategic transaction marks a significant step towards
executing the goals and commitments to our shareholders when we
listed in August. In acquiring noco-tech's production capabilities,
we believe that we will accelerate the commercialization and global
market entry for X-SEPA™. We expect to start mass production by Q4
of 2024, and deliveries by the following quarter,” said Masataka
Matsumura, CEO of noco-noco.
He continued, “The noco-tech team brings engineers with decades
of expertise across some of the biggest names in the automotive,
battery, electrical, and chemical sectors, into noco-noco's fold.
This is a significant statement of our strong commitment in leading
the decarbonization revolution at a global scale. With this
acquisition underway, we are already planning to scale up in-house
production to a 3GWh facility in response to growing interest from
prospective customers who understand the significance of X-SEPA™’s
potential in delivering sustainable electrification needs, even as
global warming continues unabated.”
“Building on our existing collaborative relationship within the
wider 3DOM group to a deliberate parent-subsidiary relationship
with noco-noco is a natural, strategic fit,” said Tatsuo Mori,
President of noco-tech. “noco-tech has been at the forefront
of developing the X-SEPA™ line over the past decade. We
believe that it is now capable of unblocking one of the main
bottlenecks to battery life and provide sustainable electrification
in extremely high temperatures is testament to our capabilities and
vision. The synergies with noco-noco's mission are obvious, and we
are pleased to be part of this new chapter of the company’s
growth.”
“Embracing this innovation not only significantly enhances
efficiency and lifespan but also offers a practical solution to the
challenges faced by current lithium-ion batteries, making it a
logical choice for the future of energy storage across sectors and
needs,” said Matsumura. “With this new chapter in our corporate
journey, we’re primed to redefine decarbonization technology, not
just in the sustainable energy space but also drive generational
transformations in the electric mobility sector.”
Commenting on the deal structure, Darren Ng, Chief Financial
Officer of noco-noco shared, “The allotment and issuance of new
shares for this acquisition is in line with our shareholders’
interests to accelerate noco-noco's growth and would also allow
noco-noco to conserve cash reserves and provide us with greater
financial flexibility in the future. The issue price of $2.00 per
share was determined based on the mid-point of the last 30 and 50
trading day moving averages of noco-noco's stock price prior to the
execution of the Sales and Purchase Agreement. This acquisition is
expected to be accretive to noco-noco’s EPS once deliveries
start.”
The transaction is expected to close in Q4 of 2023.
Completion of the Sale and Purchase Agreement is subject to
customary conditions precedent, which includes satisfactory
completion of due diligence, and noco-noco having obtained the
approval of its shareholders for the transaction and necessary
regulatory consents and approval (as applicable) for the
transaction.
About noco-noco:
noco-noco is a decarbonization solutions provider
working to accelerate the global transformation to a carbon-neutral
economy. From X-SEPA™, a revolutionary battery separator technology
designed for long-lasting and high heat-resistant performance, to
noco-noco Lease, our carbon-neutral leasing platform for green
transportation, noco-noco addresses the need for clean, affordable,
and sustainable energy solutions. In addition to developing
significant carbon abatement projects across Australasia, noco-noco
is also working towards a future where electric vehicles (“EV”)
batteries come fitted with Internet-of-Things (“IoT”) devices for
data-light, smart energy optimization and usage.
About noco-tech:
noco-tech is a battery technology R&D innovator under
the 3DOM group. Its portfolio includes technologies
for lithium-ion batteries including prototypes. Incorporated in
2023, it has been at the forefront of the technology breakthroughs
involving 3DOMs X-SEPA™ separator technology in Yokohama,
Japan.
For enquiries:
please email: contactus@noco-noco.com
Safe Harbor Statement:
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When noco-noco Inc. (the “Company”)
uses words such as “may,” “will,” “intend,” “should,” “believe,”
“expect,” “anticipate,” “project,” “estimate,” or similar
expressions that do not relate solely to historical matters, it is
making forward-looking statements. Forward-looking statements are
not guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company’s expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company’s goals and strategies; the Company’s future
business development; product and service demand and acceptance;
changes in technology; economic conditions; the growth of the
third-party wealth management industry in China; reputation and
brand; the impact of competition and pricing; government
regulations; fluctuations in general economic and business
conditions in China and the international markets the Company
serves and assumptions underlying or related to any of the
foregoing and other risks contained in reports filed by the Company
with the Securities and Exchange Commission. For these reasons,
among others, investors are cautioned not to place undue reliance
upon any forward-looking statements in this press release.
Additional factors are discussed in the Company’s filings with the
U.S. Securities and Exchange Commission, which are available for
review at www.sec.gov.
The Company undertakes no obligation to publicly revise these
forward-looking statements to reflect events or circumstances that
arise after the date hereof.
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