NWTN and CMEC Middle East Seek to Forge Strategic Partnership to Advance UAE's Green Hydrogen Roadmap and Net Zero Target

DUBAI, UAE, May 22, 2023 /PRNewswire/ -- NWTN Inc. (Nasdaq: NWTN), an eco-conscious technology company specializing in sustainable mobility solutions ("NWTN"), and CMEC Middle East Fze ("CMEC ME"), a subsidiary of China Machinery Engineering Corporation, a renowned global engineering company, are thrilled to announce plans for a strategic partnership, which has been memorized in a non-binding memorandum of understanding on May 18, 2023. This preliminary alliance marks a pivotal moment for both organizations as they join forces to contribute to the UAE's Hydrogen Leadership Roadmap and the country's ambitious 2050 National Net Zero target.

This proposed partnership seeks to capitalize on the combined expertise, resources, and networks of NWTN and CMEC ME, aiming to enhance market presence, foster innovation, and deliver exceptional value to customers. NWTN is revolutionizing the transportation sector with its sustainable electric car solutions. Additionally, NWTN is investing in green hydrogen technology, striving to facilitate the transition to clean energy through energy storage solutions for a more sustainable future.

CMEC ME brings a wealth of experience, particularly in the renewable energy sector. NWTN believes that CMEC ME's engineering expertise and technological resources from China will play a vital role in introducing advantageous Chinese technical solutions to support the realization of green hydrogen projects, fostering knowledge exchange and innovation.

Key highlights and objectives of the preliminary cooperation include:

Collaboration on Green Hydrogen Projects:

• NWTN and CMEC ME intend to collaborate on the development of a 20MW Green Hydrogen Plant, harnessing cutting-edge technologies, such as Liquid Organic Hydrogen Carrier, Hydrogen Station, Hydrogen Bus, and Battery Storage business in UAE. This proposed collaboration underscores their shared commitment to the UAE's Hydrogen Leadership Roadmap and the country's 2050 National Net Zero target.

Introduction of Chinese Technical Solutions:

• CMEC ME will leverage its valuable experience and technological resources from China to introduce advantageous Chinese technical solutions, including engineering expertise, to support the realization of green hydrogen projects. This strategic exchange is designed to foster knowledge sharing and innovative approaches.

Investment and Strategic Resources:

• NWTN will leverage its relationships and strategic resources with relevant government authorities and firms in the UAE to secure permissions, access official information on the green hydrogen industry, subsidy policies, marketing analysis, investors, off-takers, and other aspects related to green hydrogen and energy storage project development.

Feasibility Study Report:

• CMEC ME will seek to provide a comprehensive feasibility study report, assessing the technical, commercial, and financial viability of the projects based on the progress and cost arrangement agreed upon by both parties. This report will guide further decision-making and planning.

Project-Specific Agreement:

• As the Green Hydrogen projects progress to an appropriate stage, NWTN and CMEC ME will negotiate to enter into definitive agreements for the projects, ensuring clarity and alignment in project execution by defining the specific roles and responsibilities of each party.

The proposed partnership with CMEC ME represents a significant step towards achieving the shared vision of both companies for innovation, growth, and customer-centricity. By combining their strengths and resources, NWTN and CMEC ME are confident that they can create exceptional value for customers and seize emerging market opportunities in a way that benefits all stakeholders.

ABOUT NWTN

NWTN is a pioneering green energy company dedicated to providing passenger-focused, premium electric vehicle products and green energy solutions to customers worldwide.

Headquartered in Dubai, United Arab Emirates (UAE), NWTN has a full vehicle assembly facility in Abu Dhabi and a supply chain manufacturing base in Jinhua, China.

NWTN is committed to the future of mobility solutions that integrate pioneering design, personalized lifestyles, Internet of Everything (IoT), autonomous driving technology and the eco-system of green energy.

In addition to the offering of new energy vehicles, NWTN is exploring opportunities in the entire clean energy value chain, including photovoltaics, green hydrogen power and energy storage in the UAE, the Middle East, North Africa, China, other Asian countries, and Europe.

For further information, please visit: https://www.nwtnmotors.com.

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are characterized by future or conditional verbs such as "may," "will," "expect," "intend," "anticipate," believe," "estimate" and "continue" or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information.

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results (including, without limitation, with respect to the expected benefits from the proposed partnership with CMEC ME, the progress of the 20MW Green Hydrogen Plant, and anticipated results of green hydrogen technology development) may differ significantly from those set forth or implied in the forward-looking statements. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the risk factors contained in NWTN's filings with the Securities and Exchange Commission, which are available for review at www.sec.gov. Forward-looking statements speak only as of the date they are made. New risks and uncertainties arise over time, and it is not possible NWTN to predict those events or how they may affect NWTN. If a change to the events and circumstances reflected in NWTN's forward-looking statements occurs, NWTN's business, financial condition and operating results may vary materially from those expressed in NWTN's forward-looking statements.

Readers are cautioned not to put undue reliance on forward-looking statements, and NWTN assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT

For investor enquiries:
Michael Bowen
nwtnir@icrinc.com

For media enquiries:
Edmond Lococo
nwtnpr@icrinc.com

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SOURCE NWTN