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TECHNAX (2739) TECHNA-X BERHAD in joint venture to develop EV technology

KUALA LUMPUR: Techna-X Bhd said a subsidiary in Hong Kong has entered into a joint venture agreement with several Croatian partners to develop technology for electric vehicle and low voltage drive system.

HK Aerospace Beidou New Energy Industry Technology Co Ltd, in which TXB has a 50% stake, will invest €1mil (RM4.94mil) for a 51% stake in the joint venture company.

"In line with the Group’s investments in the energy storage industry, Techna-X planned to develop electric mobility solutions with the co-founders of Rimac Automobili, a technology powerhouse in electric hypercars," it said in a filing with Bursa Malaysia today.

"The JVC will develop electric mobility solutions with the goal to become the European hub for new EV technologies," it added.

Techna-X said its participation in this business venture will enable the Group to leverage its energy storage technologies and capabilities to play a pivotal role in the electric mobility industry.

Techna-X is formerly known as Sino Hua-An International Bhd.

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