Envision Greenwise Holdings Limited entered into two memoranda of understanding with HEFEI GOTION HIGH-TECH POWER ENERGY CO., LTD (Gotion). The Company and Gotion entered into a Memorandum to establish the cooperation framework for both parties to jointly develop and promote energy storage business around the globe. Pursuant to the terms of this Memorandum, it is inter alia intended that: the Company would take the lead and join efforts with Gotion in business development project engineering, procurement, and construction (EPC) and execution utilizing its local presence and expertise around the globe; the parties shall form a joint research facility (which has been completed as mentioned under the section headed FORMATION OF THE NEW JOINT VENTURE in this announcement) in Hong Kong (that focuses on new technologies and business models related to Battery Energy Storage System (BESS) business; and the parties shall join efforts and cooperate in capital markets activities, including but not limited to funds, mergers and acquisitions, cross-investments, and co-investment opportunities, both in regular and pilot business programs. The Company and Gotion entered into a Memorandum to establish the cooperation frameworks for both parties to jointly develop and promote reverse logistics businesses around the world.

Pursuant to the terms of this Memorandum, it is inter alia intended that: The parties shall jointly develop reverse logistics business (battery recycle) in various locations around the world; The parties shall form joint research facilities in the United States, Europe and Southeast Asia respectively that focuses on battery recycling policies; The parties shall jointly invest in, build and operate battery recycling business in Germany and the United States; The parties shall join efforts and corporate in capital markets activities including but not limited to funds, mergers and acquisitions, cross-investments, and co-investment opportunities both in regular and pilot business programs; The parties shall jointly develop and share global and local logistic solutions for their cooperation and their own respective businesses.