AFMG and Greater Bay Technology Sign Strategic Cooperation Agreement

[Photo] Mr. Qi Zhenggang, Marcus, General Manager and Executive Director of AFMG (left), and Mr. Pei Feng, President of Greater Bay Technology Co., Ltd (right) signed a strategic cooperation agreement in Shanghai.

(Hong Kong, 14 March 2023) — Apollo Future Mobility Group Limited (“AFMG” or the “Company”, HKEX stock code: 860, together with its subsidiaries, the “Group”) is pleased to announce that it signed a strategic cooperation agreement with Guangzhou Greater Bay Technology Co., Ltd (“Greater Bay Technology”) in Shanghai. The event was attended by Mr. Qi Zhenggang, Marcus, General Manager and Executive Director of AFMG; Mr. Pei Feng, President of Greater Bay Technology; and senior executives from both companies.

Technology Upgrade Promoting a New Luxury Smart Mobility Experience

Under the agreement, AFMG will be based on "eXtreme Fast Charging" as its future development strategy with Greater Bay Technology being its core strategic supplier. Both parties will focus on development and product applications of XFC（eXtreme Fast Charging）battery system. The XFC (eXtreme Fast Charging) Battery jointly developed by the two parties will be applied in AFMG's first luxury smart pure electric passenger car model which is scheduled to start mass production in 2024. Meanwhile, AFMG will work with Greater Bay Technology to jointly promote the development of XFC eXtreme Fast Charging Technology for the luxury smart pure electric passenger car market.

In addition, both parties will strive to build an "XFC eXtreme Fast Charging" ecosystem. Based on the promotion and construction of XFC eXtreme Fast Charging stations, the two parties plan to use Shanghai as a demonstration site and focus on Beijing, Shanghai, Guangzhou and Shenzhen to create a "dumbbell" corridor connecting the ecosphere. This will accelerate the development and applications of extreme fast charging technology and enable charging pile resources sharing to interconnect each other’s charging networks, creating a brand-new luxury charging experience for users.

Mr. Qi Zhenggang, Marcus, General Manager and Executive Director of AFMG, said, "We are pleased to have entered into a strategic cooperation agreement with Greater Bay Technology. Through this cooperation, both parties will draw on their resource advantages in terms of technology and industrial layout, and closely cooperate in the areas of components supply, joint R&D and applications of XFC eXtreme Fast Charging technology, creation of XFC eXtreme Fast Charging ecosystem, and exploration in cutting-edge mobility technologies."

Mr. Qi added, “Looking ahead, AFMG will continue exploring innovative cooperation models, expand its high-quality "Circle of Friends", collaborate with partners, and share achievements. By integrating world-leading smart mobility technologies, the Group is creating a luxury smart electric passenger car ecosystem in China and promoting high quality development of smart mobility industry in the new era.”

Mr. Pei Feng, President of Greater Bay Technology, said, "The cooperation between AFMG and Greater Bay Technology is of great significance to Greater Bay Technology. AFMG is an important partner of Greater Bay Technology in XFC eXtreme Fast Charging battery technology, product promotion and building the new ecology of XFC eXtreme Fast Charging. Through the cooperation, we expect to contribute to AFMG's rapid development in China's new energy vehicle (“NEV(s)”) market, and both parties will jointly promote the application of NEVs as well as the industrial development of XFC eXtreme Fast Charging technology, collaboratively building a new extreme charging ecology of "making charging as fast as refuelling" and creating high-quality energy charging experience for users."