EZGO announces strategic cooperation with university to jointly develop fast-charging technologies for e-bicycles

EZGO Technologies Ltd. (Nasdaq: EZGO) ("EZGO" or the "Company"), a leading short-distance transportation solutions provider in China, today announced that it entered into a strategic cooperation agreement with Jiangsu Research Institute of Dalian University of Technology (JSRI-DUT), a well-known university in China, and co-founded the Intelligent Fast Charging Technology Innovation Center (the "Center").

EZGO and JSRI-DUT plan to develop new fast-charging and wireless charging technologies and solutions, aiming to launch its first fast-charging product by the end of the second quarter of 2021 and a wireless charging solution by the end of 2021. The wireless charging market for e-bicycles is growing rapidly, with the overall market growing at an annual CAGR of 10% and expected to reach $40 Billion by 2026 according to Philips IP&S.  

The main purpose of this alliance between EZGO and JSRI-DUT is to facilitate extensive cooperation in technology research, standardization of wireless charging solutions, promotion of certain wireless charging applications, utilization of intellectual property and talent development in the area of intelligent fast charging technology by leveraging the resource advantages from both JSRI-DUT and the Company.

EZGO has devoted resources to the research and development of fast charging technologies/solutions, and has been seeking a partner to improve its research abilities. The newly-founded Center will further optimize the Company's fast charging technology, including accelerating the charging speed of lithium batteries, improving the charging efficiency and safety, and extending the battery life. By applying fast-charging technology to solve the problem of low energy density, EZGO will also provide its intelligent solutions for carbon emission reduction and carbon neutralization, through setting up a post-doctoral innovation hub to attract and train high-end talents in the industry.

Mr. Jianhui Ye, Chief Executive Officer of EZGO, stated, "One of our principal goals is to establish partnerships that will help to both drive EZGO's research and development efforts and advance battery technology for the entire E-bicycle industry. In the future, EZGO plans to further increase its R&D expenditures in charging technology, intelligent technology and 5G scenario applications. We are pleased to collaborate with JSRI-DUT. We believe this relationship can serve as a foundation for promoting technology development."