JAKS partners with CALB to enter Southeast Asia’s battery energy storage system market

KUALA LUMPUR (May 2): A unit of JAKS Resources Bhd has signed a memorandum of understanding with China-based CALB Group Co Ltd ( MOU) was concluded. region.

JAKS said in a filing with Bursa Malaysia that JAKS Solar Power Holdings Sdn Bhd, a wholly owned subsidiary of JAKS, signed an MOU with CALB on Thursday for a proposed cooperation.

JAKS, which specializes in construction and power companies, said on Thursday that the MOU is a non-binding agreement and there will be no financial implications until a final agreement is signed (within six months from the date of signing). (planned). .

Under this MOU, JAKS Solar and CALB will jointly explore the BESS market in Southeast Asia, including regions such as Indonesia, Singapore, Thailand and Vietnam. JAKS Solar will act as a distributor for his CALB products within these regions.

The memorandum of understanding also outlines plans to establish a joint venture to manufacture and integrate battery modules or packs using CALB battery cells.

According to the group, CALB is primarily involved in the development, design and manufacturing of lithium-ion batteries for electric vehicles and energy storage system (ESS) applications, including key materials, battery cells, battery management systems and other related systems. ing.

JAKS Chief Executive Officer Andy Ang Lam Poh said the partnership will enable the group to further capitalize on renewable energy (RE) related opportunities. This is particularly important where export opportunities align with the Malaysian government’s efforts to promote cross-border renewable energy exports.

“Batteries play a critical role as the world transitions to renewable energy and smooths out fluctuations in renewable energy production. Demand for batteries increases with the rapid adoption of renewable energy. We are optimistic that this partnership will yield positive results in the future,” said Mr. Ang.

At market close on Thursday, JAKS shares settled at 13 sen, down 0.5 sen or 3.7%, valuing the company at RM308.08 million.

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