Benzinga | Aug 11, 2021 08:01AM EDT

EZGO Reports Strategic Cooperation Deal With SilverLight Electric Vehicle To Co Manufacture Various Types Of Frames For Gyroplane, Electric Reverse-Trike Vehicles, No Terms Disclosed

EZGO Technologies Ltd. (Nasdaq: EZGO) ("EZGO" or "we", "our", or "the Company"), a manufacturer of two- and three-wheeled electric vehicles in China, today announced that it has entered into a strategic cooperation agreement and a tri-parties agreement with SilverLight Electric Vehicle Inc. ((also known as 808 Renewable Energy Corporation, OTC:RNWR) ("SilverLight"), a Florida-based electric reverse-trike vehicle and low-speed electric vehicle manufacturer (www.SilverlightEV.com).

According to the agreement, EZGO will co-manufacture various types of frames for gyroplane and electric reverse-trike vehicles which are designed by SilverLight and handle chassis assembly. Reverse trikes are three-wheeled vehicles, distinguished by their two front wheels and one rear wheel, and are known to be more stable and safer than regular trikes and two-wheeled vehicles.

According to the tri-parties agreement, EZGO will start the trial production phase in late 2021 and the target output is 100 gyroplanes and 2,000 electric reverse trike vehicles by 2022. Scheduled production will be determined by the market demand and orders received from Silverlight.

The term of the strategic cooperation agreement is 10 years. It will be automatically renewed for another 10 years.

Management Commentary

Mr. Jianhui Ye, Chief Executive Officer of EZGO, stated, "We are very excited to announce the execution of this strategic cooperation agreement and tri-parties agreement with SilverLight. We look forward to working closely with SilverLight to develop our North America market. We are pleased to have won the support of a reputable international partner like SilverLight and continue seeking opportunities to increase our market exposure and grow our business."