Benzinga | May 5, 2021 08:33AM EDT

Recon Technology's Future Gas Station (Beijing) Technology Unit Renewed Cooperation Deal With Alibaba-Backed Banma Network Technology Related To Autonomous Intelligent Car Operating System Development, No Terms Disclosed

Recon Technology, Ltd (NASDAQ:RCON), ("Recon" or the "Company"), today announced the Company's subsidiary, Future Gas Station (Beijing) Technology, Ltd. ("FGS"), renewed its cooperation agreement dated March 18, 2018 (the "Agreement") with Banma Network Technology Co., Ltd. (the "Banma"), an Alibaba-backed connected car company focusing on autonomous intelligent car operating system development, for three years starting from May 1, 2021.

Pursuant to the Agreement, FGS integrates its self-developed DT Refuel function with Banma's Smart Refuel application, which is embedded into Banma's vehicle system, so Banma's care users could refuel at the gas stations of Petro China Co., Ltd. ("Petro China") through Banma's Smart Refuel. FGS and Banma aim to provide value-added services and better refueling experience to the vehicle owners through this long-term cooperation.

Co-founded by Alibaba Group Holding Ltd. (NYSE:BABA) and SAIC Motor Corp, Banma is an internet-connected vehicle solution provider in China. Banma's Smart Refuel application is based on AliOS, an Alibaba-developed operating system. The system enables the car control panel to serve as a gas station cashier. When a vehicle with Smart Refuel enters a Petro China's gas station, the car panel will automatically show the gas billing page. Because of the underlying DT Refuel function, the driver will be able to complete the payment on the screen without leaving the car.

Management Commentary

Mr. Yang Song, founder and CEO of FGS, said, "We focus on providing new technical application and data operation to gas stations, including thousands of gas stations of Petro China Co., Ltd. According to Banma's brand brochure, Banma's AliOS system has been installed by more than a million vehicles. The extension of cooperation between us and Banma will continue to upgrade our services associated with the concept of 'Smart Gas Station.' This extension of cooperation will also provide support to the Company's overall strategy and business planning. Through the cooperation with Banma, we estimate that within two years, FGS' solution will be utilized by 800 new gas stations and will cover 1.6 million new vehicle owners associated with these new gas stations."