Guangdong Gaole Co., Ltd. Announcement on Termination of Project Investment Agreements
The Company and all members of the Board of Directors guarantee the truthfulness, accuracy, and completeness of the information disclosed in this announcement, and that there are no false representations, misleading statements, or material omissions.
Guangdong Gaole Co., Ltd. (hereinafter referred to as the "Company" or "Gaole Shares") and its wholly-owned subsidiary Gaole New Energy Technology (Zhejiang) Co., Ltd. (hereinafter referred to as "Gaole New Energy") signed the "Solid-State Battery Project Investment Agreement" (hereinafter referred to as the "Investment Agreement") with the Yiwu Economic and Technological Development Zone Management Committee (hereinafter referred to as the "Yiwu Economic Development Zone Management Committee") for the proposed investment and construction of a 2GWH solid-state battery project in Yiwu. The Investment Agreement was reviewed and approved by the Seventh Board of Directors' Fifteenth Meeting and the 2022 Annual Shareholders' Meeting. To better promote the implementation of the project, the parties signed a supplementary agreement to the "Solid-State Battery Project Investment Agreement" on June 13, 2024, adjusting the project name and construction scale for the proposed investment by the Company's wholly-owned subsidiary. The original proposed project name "2GWH Solid-State Battery Project" was adjusted to "1.2GWH Solid-State Sodium-Ion Battery Project," and the estimated total investment amount was adjusted from RMB 2 billion to RMB 1.05 billion. Furthermore, the Company's wholly-owned subsidiary Gaole New Energy signed a "Factory Lease Agreement" with Zhejiang Huatong Meat Products Co., Ltd. (hereinafter referred to as "Huatong Shares") for the battery project, and signed a "Technical Research and Development Cooperation Agreement for Solid-State Sodium-Ion Battery Pack Technology" with Chongqing Nikola Technology Research Institute Co., Ltd. (hereinafter referred to as "Nikola Research Institute").