EZGO Enters Into A Strategic Cooperation Framework Agreement With Woteam To Jointly Explore The Southeast Asian Market

EZGO Technologies Ltd. (NASDAQ:EZGO) ("EZGO" or "we," "our," or the "Company"), a leading short-distance transportation solutions provider in China, today announced that it entered into a five-year strategic cooperation framework agreement (the "Agreement") with Woteam New Energy (Guangdong) Co., Ltd. ("Woteam"), a high-tech enterprise engaged in the research, development, production and sales of electric bicycle batteries, electric tool batteries, robot batteries, photovoltaic energy storage batteries and other products. EZGO and Woteam aim to jointly develop a series of automotives and electric products to meet local needs in the Southeast Asian market, and to enhance the strategic positioning of the intelligent industries for both parties.

Pursuant to the Agreement, EZGO and Woteam agree to integrate their respective strengths to accelerate the product development and develop sales and distribution network. Both parties are also expected to establish production plants for electric vehicles and lithium batteries across Southeast Asia to broaden market reach. EZGO will leverage its expertise in the electric bicycle sector, while Woteam will contribute its advanced battery technology and regional distribution channels. Pursuant to the Agreement, based on EZGO's needs and at its request, Woteam will co-develop and manufacture power and storage batteries. The Agreement, set to last five years, and the collaboration will be adapted to the specific business engagement models of each party.

Mr. Jianhui Ye, Chairman and Chief Executive Officer of EZGO, commented, "The signing of the Agreement marks a strategic initiative of EZGO and lays a solid foundation for expanding its existing sales channels. EZGO will join hands with Woteam to establish a production, R&D, and sales network that not only serves Southeast Asia but also set to extend to Europe and America in the future. This collaboration aims to achieve annual sales of 500,000 electric two-wheeled vehicles, 300,000 power lithium batteries sets, and 100,000 sets of home and outdoor energy storage lithium batteries for an aggregate revenues of $500 million. This cooperation is expected to make significant inroads for EZGO into the global market. Looking forward, we are committed to upholding high standards of quality and efficiency to ensure the success of collaboration, to expand our footprints to more regions and to enhance long-term value to shareholders."

Focusing on the lithium battery for more than ten years, Woteam has become an exceptional battery OEM factory. In 2022, Woteam established a production and sales service center in Myanmar, and plans to gradually cover Thailand, Vietnam, Indonesia and other Southeast Asian countries.