EZGO Announces Strategic Cooperation with University to Jointly Develop Fast-charging Technologies for E-bicycles

CHANGZHOU, China, April 20, 2021 /PRNewswire/ -- EZGO Technologies Ltd. (Nasdaq: EZGO) ("EZGO" or the "Company"), a leading short-distance transportation solutions provider in China, today announced that it entered into a strategic cooperation agreement with Jiangsu Research Institute of Dalian University of Technology (JSRI-DUT), a well-known university in China, and co-founded the Intelligent Fast Charging Technology Innovation Center (the "Center").

EZGO and JSRI-DUT plan to develop new fast charging and wireless charging technologies and solutions, aiming to launch its first fast-charging product by the end of the second quarter of 2021 and a wireless charging solution by the end of 2021. The wireless charging market for E-bicycles is growing rapidly, with the overall market growing at an annual CAGR of 10% and expected to reach $40 Billion by 2026 according to Philips IP&S.  

The main purpose of this alliance between EZGO and JSRI-DUT is to facilitate extensive cooperation in technology research, standardization of wireless charging solutions, promotion of certain wireless charging applications, utilization of intellectual property and talent development in the area of intelligent fast charging technology by leveraging the resource advantages from both JSRI-DUT and the Company.

EZGO has devoted resources to the research and development of fast charging technologies/solutions, and has been seeking a partner to improve its research abilities. The newly-founded Center will further optimize the Company's fast charging technology, including accelerating the charging speed of lithium batteries, improving the charging efficiency and safety, and extending the battery life. By applying fast-charging technology to solve the problem of low energy density, EZGO will also provide its intelligent solutions for carbon emission reduction and carbon neutralization, through setting up a post-doctoral innovation hub to attract and train high-end talents in the industry.

Mr. Jianhui Ye, Chief Executive Officer of EZGO, stated, "One of our principal goals is to establish partnerships that will help to both drive EZGO's research and development efforts and advance battery technology for the entire E-bicycle industry. In the future, EZGO plans to further increase its R&D expenditures in charging technology, intelligent technology and 5G scenario applications. We are pleased to collaborate with JSRI-DUT. We believe this relationship can serve as a foundation for promoting technology development."

About EZGO Technologies Ltd.

Leveraging an Internet of Things (IoT) product and service platform and two E-bicycle brands, "Cenbird" and "Dilang," EZGO has established a business model centered on the manufacturing and sale of E-bicycles and E-bicycle rentals, complemented by E-bicycle charging pile business. For additional information, please visit EZGO's website at www.ezgotech.com.cn. Investors can visit at the "Investor Relations" section of EZGO's website at http://www.ezgotech.com.cn/Investor/.

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the short-distance transportation solutions market in China and the other international markets the Company plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.

SOURCE EZGO Technologies Ltd.