BAIYU Holdings subsidiary signs LOI with Adler International

BAIYU Holdings announced that the Company, through its subsidiary Shenzhen Jintongyuan Energy Storage Technology, has signed a Letter of Intent, or LOI, with Adler International, a Cairo-based company, to cooperate in the construction and operation of charging and swapping stations in Cairo, Egypt. The LOI marks a significant breakthrough in the Company’s global expansion into the energy storage in the Middle East and Africa region. Pursuant to the LOI, the Company agrees to provide energy storage systems, charging piles and swapping equipment, and to oversee the planning and construction of the charging and switching stations. Both parties have agreed to jointly operate and manage the stations through a newly established Egyptian joint venture. The project, fully funded by the Egyptian government, involves the planning, renovation, and reconstruction of 365 charging and swapping stations in Cairo, with an initial investment of approximately $1.5M per station, totaling $547.5M, subject to the scale of subsequent construction.