MECOM Power and Construction Limited announced that it is entering into of a term sheet in relation to a proposed joint venture arrangement for undertaking EV charging projects in the Greater Bay Area. The Board announced that on 15 December 2020, MECOM Hung Yip entered into a non-legally binding memorandum of understanding (the MOU) with an environmental protection engineering company, an Independent Third Party, in relation to a proposed arrangement for undertaking EV charging projects in Hong Kong. The Prospective Partner is a contractor of renovation upgrade projects for residential and industrial buildings in Hong Kong and specialised in solar panel and environmental protection system installation. The Prospective Partner is a member of Business Environment Council Limited and Hong Kong Energy Efficiency Industry General Association. Under the MOU, the Group shall provide the Prospective Partner within three months from the date of the MOU a feasibility study together with a proposal covering the design, provision and installation of EV charging systems. The Directors consider that entering into the MOU is in the interests of the Group and the shareholders of the Company as a whole as the transactions contemplated under the MOU, if materialised, present a good business opportunity to leverage on the strengths and resources of the Group and are expected to diversify the Group's revenue base and business scale. The Directors expect great synergy and commercial benefits for both parties with the joint efforts in developing EV charging projects in Hong Kong.