Get Cash Back and $0 Commissions + The Power of TradeStation
TMT Acquisition Corp Merger Partner, eLong Power Holding Limited, Received RMB80 Million (Approximately US$11 Million) Purchase Order for Energy Storage System
Globe Newswire 1-Jul-2024 11:47 AM
Business Combination anticipated to close in the second half of 2024; energy storage system delivery expected to complete by the end of 2024
NEW YORK, N.Y. and Ganzhou, China, July 01, 2024 (GLOBE NEWSWIRE) -- The merger partner of TMT Acquisition Corp ("TMTC") (NASDAQ:TMTCU), a publicly traded special purpose acquisition company (SPAC), eLong Power Holding Limited ("eLong Power"), a provider of high-power battery technologies for commercial and specialty vehicles and energy storage systems, announced that its wholly-owned subsidiary has signed a supply contract for provision of an energy storage system valued at RMB80 million (approximately US$11 million). This contract is for an energy storage system to be designed and used for intelligent charging robots in Beijing, China, with assembly and delivery expected to be completed by the end of 2024.
This is the second significant energy storage system order for eLong Power in Q2 2024 after it signed a RMB480 million (approximately US$66 million) order for work in Shandong province, China. With over 10 years of experience in high-power lithium-ion batteries, eLong Power focuses on the research and development of solid-state batteries. A supplier of high-power batteries for electric vehicles and construction machinery since its inception, it entered the energy storage market in 2023. eLong Power seeks to become a leading company in the industrialization and commercialization of large-scale energy storage systems. The energy storage systems that eLong Power develops have extensive safety features, large capacity, long life cycles, fast charging capability and high adaptability.
TMTC AND ELONG POWER COMMENTS
eLong Power's CEO, Ms. Xiaodan Liu commented: "We are very pleased to announce that following our significant order received in May, our company has secured another new order for our energy storage system products. We believe this not only validates our team's hard work but also reflects the growing trust and demand for our products in the market. Looking ahead, we are confident about our company's future development. We expect these orders will drive substantial growth and strengthen our market position and influence. We remain committed to research and development to ensure sustained growth and success for the company."
DJ Guo, Chairman and CEO of TMTC, commented: "We are excited to see that eLong Power has once again demonstrated its strength in the market by securing another significant order. We believe these consecutive orders not only validate our partner's capabilities but also highlight its strong market position and customer trust. As we move forward with the business combination transaction, this news reaffirms our strategic alignment and reinforces our confidence in eLong Power's growth potential. By leveraging our strengths and resources, we aim to further enhance our competitive advantages and deliver greater value to our shareholders."
PROPOSED BUSINESS COMBINATION OVERVIEW
TMTC and eLong Power entered into a definitive business combination agreement, dated December 1, 2023, as amended on February 29, 2024, that will result in eLong Power becoming a publicly traded company. Huizhou Yipeng Energy Technology Co., Ltd. ("Yipeng Huizhou", together with eLong Power, the "Company") is the operating entity of eLong Power. The transaction has been approved by the Board of Directors of both companies and is expected to close in the second half of 2024.
The business combination transaction with TMTC is expected to provide eLong Power with access to the U.S. public equity markets and thereby accelerate its business expansion and position eLong Power to explore additional growth and value creating opportunities.
IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND WHERE TO FIND IT
In connection with the proposed business combination, eLong Power has filed a registration statement on Form F-4 (File No. 333-280512) that includes a preliminary proxy statement of TMTC and a preliminary prospectus of eLong Power. Once a definitive version is available, the proxy statement/prospectus will be sent to all TMTC shareholders. Before making any voting decision, securities holders of TMTC are urged to read the proxy statement/prospectus and all other relevant documents that are filed or that will be filed with the SEC in connection with the proposed business combination, as they become available, because they contain and will contain important information about the proposed business combination and the parties to the proposed business combination.
Investors and securities holders may obtain free copies of the preliminary proxy statement/prospectus and, once available, the definitive proxy statement/prospectus, and all other relevant documents that are filed or that will be filed with the SEC, through the website maintained by the SEC at www.sec.gov. These documents may also be obtained free of charge by written request to TMT Acquisition Corporation, 420 Lexington Avenue, Suite 2446, New York, New York 10170.
PARTICIPANTS IN THE SOLICITATION
eLong Power and TMTC and certain of their respective directors, executive officers, and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitations of proxies from TMTC's shareholders in connection with the proposed transaction. Information about TMTC's directors and executive officers and their ownership of TMTC's securities is set forth in TMTC's filings with the SEC, including TMTC's final prospectus of March 27, 2023 in connection with TMTC's initial public offering and its Quarterly Report on Form 10-Q for the fiscal period ended March 31, 2024. Information about certain changes in the ownership of TMTC's securities may also be found in Forms 3, 4 and 5 and in Schedules 13D and 13G filed with the SEC by the beneficial owners thereof.
Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests is also included in the proxy statement/prospectus. Shareholders, potential investors, and other interested persons in respect of eLong Power and TMTC should read the preliminary and, once available, definitive proxy statement/prospectus carefully before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.
ABOUT ELONG POWER
eLong Power Holding Limited, a Cayman Islands exempted company, is committed to the research and development, manufacturing, sales and service of high-power lithium-ion batteries for electric vehicles and construction machinery, as well as large-capacity, long-cycle lithium-ion batteries for energy storage systems. eLong Power is led by Ms. Xiaodan Liu, eLong Power's Chairwoman and CEO.
eLong Power has a comprehensive product and technology system that includes battery cells, modules, system integration, and battery management system development, based on high-power lithium-ion batteries and battery system products for long-cycle energy storage devices. eLong Power offers advanced energy applications and full life cycle services. Its product portfolio includes products utilizing lithium manganese oxide and lithium iron phosphate, among others, to meet the needs of high-power applications and energy storage applications in various scenarios.
ABOUT TMT ACQUISITION CORP
TMT Acquisition Corp is a blank check company, also commonly referred to as a special purpose acquisition company (SPAC), formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities. TMTC is led by Dajiang ("DJ") Guo, Chairman and Chief Executive Officer, and Jichuan Yang, Chief Financial Officer, who are growth-oriented executives with a long track record of value creation across industries.
FORWARD-LOOKING STATEMENTS
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the benefits of the transaction, the anticipated timing of the transaction, the products offered by eLong Power and the markets in which it operates, and eLong Power's projected future results. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. 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. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including, but not limited to: the risk that the transaction may not be completed by TMTC's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by TMTC; the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the business combination agreement by the shareholders of TMTC; the satisfaction of the minimum net tangible assets amount following redemptions by TMTC's public shareholders; the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; the effect of the announcement or pendency of the transaction on eLong Power's business relationships, performance, and business generally; risks that the proposed business combination disrupts current plans or operations of eLong Power; the outcome of any legal proceedings that may be instituted against eLong Power or TMTC related to the business combination agreement or the proposed business combination; the ability to maintain the listing of TMTC's securities (which would be eLong Power Inc. securities) on Nasdaq after the closing of the transaction; after the closing of the transaction, the price of eLong Power Inc.'s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which eLong Power Inc. will operate, variations in performance across competitors, changes in laws and regulations affecting eLong Power Inc.'s business and changes in its capital structure; the ability to implement business plans, forecasts, and other expectations after the completion of the proposed business combination, and identify and realize additional opportunities provided by the business combination; its need for substantial additional funds; the parties' dependence on third-party suppliers; risks relating to the results of research and development activities, market and other conditions; its ability to attract, integrate, and retain key personnel; risks related to its growth strategy; patent and intellectual property matters; and the parties' ability to obtain, perform under and maintain financing and strategic agreements and relationships. These risks have been and may be further impacted by Covid-19 and global geopolitical events, such as the war in Ukraine and the Middle East. Accordingly, these forward-looking statements do not constitute guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements. Risks regarding TMTC's and eLong Power's business are described in detail in TMTC's and eLong Power's SEC filings which are available on the SEC's website at www.sec.gov, including in eLong Power's registration statement on Form F-4 (File No. 333-280512) and TMTC's registration statement on Form S-1 (File No. 333-259879), filed with the SEC and updated by TMTC's and eLong Power's subsequent filings with the SEC. These forward-looking statements speak only as of the date hereof, and TMTC expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.
