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Mingteng International Corporation Inc. Announces Financial Results for Fiscal Year 2023

WUXI, China, May 16, 2024 /PRNewswire/ -- Mingteng International Corporation Inc. (Nasdaq: MTEN) (the "Company" or "Mingteng International"), an automotive mold developer and supplier in China, today announced its financial results for the fiscal year ended December 31, 2023. Mr. Yingkai Xu, Chairman and Chief Executive Officer of Mingteng International, remarked, "We are delighted to present our financial results for fiscal year 2023. The automotive mold industry in China has witnessed remarkable dynamism in recent years, characterized by a convergence of challenges and opportunities stemming from heightened market demands, technological advancements, intense competition, and uncertain international trade trends. We endeavor to navigate market challenges effectively and enhance profitability by implementing our growth strategies. Specifically, we have strengthened our partnerships with key long-term customers and sustained our efforts to expand within the mold market. Additionally, we have prioritized consistent yet substantial investments in research and development (R&D), harnessing emerging innovative technologies such as computer-aided design (CAD), and computer-aided manufacturing (CAM). Furthermore, we remain vigilant regarding concentration risks, capitalizing on opportunities in the favorable market landscape to continually broaden our customer base." Mr. Xu continued, "Looking ahead, we remain committed to our established core business strategy, with a heightened focus on mitigating risks associated with fluctuating upstream and downstream prices. More importantly, we are actively exploring opportunities for overseas business expansion. In this regard, our listing on Nasdaq has unlocked a realm of opportunities and prosperity for us, bolstering our capital funding capabilities to support business expansion, R&D initiatives, potential acquisitions, and ultimately, the creation of enhanced shareholder value in the future." Fiscal Year 2023 Financial Highlights Total revenue was $8.23 million in the fiscal year 2023, an increase of 2.5% from $8.03 million in the fiscal year 2022. Gross profit was 3.32 million in the fiscal year 2023, compared to $3.91 million in the fiscal year 2022. Gross margin was 40.4% in the fiscal year 2023, compared to 48.8% in the fiscal year 2022. Income from operations was $1.74 million in the fiscal year 2023, compared to $2.36 million in the fiscal year 2022. Net income was $1.51 million in the fiscal year 2023, compared to $2.13 million in the fiscal year 2022. Basic and diluted earnings per share were $0.30 in the fiscal year 2023, compared to $0.43 in the fiscal year 2022. Fiscal Year 2023 Financial Results Revenues Total revenue was $8.23 million in the fiscal year 2023, an increase of 2.5% from $8.03 million in the fiscal year 2022. The increase was primarily due to increases in the revenue from mold production and machining services, and partially offset by the decrease in revenue from mold repair. After consideration of the impact of rising exchange rates, total revenue increased by 7.4% or 2.5 million in RMB base currency. For the Year Ended March 31, 2023 2022 ($ millions) Revenue Cost of Revenue Gross Margin Revenue Cost of Revenue Gross Margin Mold production 6.64 4.15 37.5 % 6.58 3.65 44.5 % Mold repair 1.08 0.42 61.6 % 1.14 0.30 73.7 % Machining services 0.50 0.27 46.0 % 0.31 0.10 68.7 % Total 8.23 4.83 40.4 % 8.03 4.05 48.8 % Revenue from mold production was $6.64 million in the fiscal year 2023, which increased by 0.8% from $6.58 million in the fiscal year 2022. Despite the adverse impact of exchange rate fluctuations, mold production volume and revenues still represented a slight increase, this indicates that Wuxi Mingteng Mould Technology Co., Ltd. ("Wuxi Mingteng Mould") maintains long-term relationships with major customers and continues to open up the mold market in the fiscal year 2023. In addition, Wuxi Mingteng Mould entered the aluminum alloy pressure casting mold business in the fiscal year 2022. Revenue from this product has experienced rapid growth in the fiscal year 2023, which accounted for 23% and 10% of our total mold production sales for the year ended December 31, 2023 and 2022, respectively. Currently, Runxingtai (Changzhou) Technology Co., Ltd. has become a key customer for the future growth of this business. Revenue from mold repair was $1.08 million in the fiscal year 2023, which decreased by 4.6% from $1.14 million in the fiscal year 2022. The order volume of mold repair in the fiscal year 2023 has actually increased by 10% compared to the same period in 2022, and after considering the adverse effect from the exchange rate fluctuation, the revenue from mold repair maintained relatively stable. In addition, certain delivered products had not yet received the customer's confirmation of acceptance notice, and this portion of the revenue totaling $65,890 will be recognized after passing the acceptance inspection in the future. Revenue from machining services was $0.50 million in the fiscal year 2023, which increased by 64.2% from $0.31 million in the fiscal year 2022. The increase was mainly due to the Company's improvement in the production capacity in the second half of year 2023. Cost of Revenues Cost of revenues was $4.83 million in the fiscal year 2023, which increased by 19.5% from $4.05 million in the fiscal year 2022. The cost of revenues mainly comes from raw material costs, manufacturing costs and labor costs. The revenues had not increased significantly, the reasons that costs growth has far exceed the growth of revenues as follows: First is the increase in the investment in machinery and equipment in the fiscal year 2023 and 2022. Second, Wuxi Mingteng Mould entered the aluminum alloy pressure casting mold business in the fiscal year 2022. As a new entrant in the aluminum alloy pressure casting mold business, Wuxi Mingteng Mould does not have the ability to handle the whole manufacturing process and needed to purchase outside processing services, the cost of outside processing increased by $250,948. Last, in order to promote the future development of the aluminum alloy pressure casting mold business and machining service and expand production capacity, Wuxi Mingteng Mould hired more production labor in the fiscal year 2023, which lead to an increase in labor cost by approximately $285,835 compared with the same period in the fiscal year 2022. Gross Profit Gross profit was $3.32 million in the fiscal year 2023, which decreased by 15.1% from $3.91million for fiscal year 2022. Gross profit margin was 40.4% for fiscal year 2023, compared to 48.8% for fiscal year 2022. Gross margins for mold production, mold repair and machining services were 37.5%, 61.6%, and 46.0%, respectively, for fiscal year 2023, compared to 44.5%, 73.7%, and 68.7%, respectively, for fiscal year 2022. Operating Expenses Operating expenses were $1.58 million in the fiscal year 2023, which increased by 1.9% from $1.55 million in the fiscal year 2022. Selling expenses were $153,213 in the fiscal year 2023, which increased by 15.6% from $132,542 in the fiscal year 2022, primarily due to the Company continuing to open up the mold market, which lead to an increase in business entertainment expenses and travel expenses. General and administrative expenses were $797,140 in the fiscal year 2023, which decreased by 14.0% from $926,786 in the fiscal year 2022, primarily due to a) the validity period for the accrual of social security and housing provident funds under the laws of the PRC for the fiscal year 2020 and 2021 has expired on December 31,2023, which should be written off in the fiscal year 2023, led to the decrease of $273,885 in 2023 compared to 2022; b) payment for audit fees of $290,000 in the fiscal year 2023, increased by $62,259 from $227,741 in the fiscal year 2022; and c) the increase of consulting fee in the fiscal year 2023 by $26,305 compared with the same period in 2022; and d) the increase of entertainment expenses in the fiscal year 2023 by $57,799 compared with the same period in 2022. Research and development expenses were $630,752 in the fiscal year 2023, which increased by 28.1% from $492,526 in the fiscal year 2022. This increase was mainly attributable to the increase in R&D raw material consumption by $133,661 in 2023 due to the Company increased efforts in R&D in order to expand the market. Net Income Net income was $1.51 million for fiscal year 2023, compared to $2.13 million for fiscal year 2022. Basic and Diluted Earnings per Share Basic and diluted earnings per share were $0.30 in the fiscal year 2023, compared to basic and diluted earnings per share of $0.43 in the fiscal year 2022. Financial Condition As of December 31, 2023, the Company had cash and cash equivalents of $1.06 million, compared to $1.79 million as of December 31, 2022. Net cash provided operating activities was $1.30 million in the fiscal year 2023, compared to $2.85 million in the fiscal year 2022. Net cash used in investing activities was $0.76 million in the fiscal year 2023, compared to $1.43 million in the fiscal year 2022. Net cash used in financing activities was $1.25 million in the fiscal year 2023, compared to net cash provided by financing activities of $0.17 million in the fiscal year 2022. Recent Development The Company's ordinary shares began trading on the Nasdaq Capital Market on April 18, 2024, under the ticker symbol "MTEN." On April 22, 2024, the Company completed its initial public offering (the "Offering") of 1,050,000 ordinary shares at a public offering price of US$4.00 per ordinary share. On May 10, 2024, the underwriters of the Offering have exercised their over-allotment option in full to purchase an additional 157,500 ordinary shares at the public offering price of US$4.00 per share. The gross proceeds were $4.83 million, before deducting underwriting discounts and offering expenses payable by the Company. About Mingteng International Corporation Inc. Based in China, Mingteng International Corporation Inc. is an automotive mold developer and supplier that focuses on molds used in auto parts. The Company provides customers with comprehensive and personalized mold services, covering mold design and development, mold production, assembly, testing, repair and after-sales service. With its production plant located in Wuxi, China, the Company aims to build a systematic solution for automobile mold services and create a personalized and integrated "Turnkey Project" for customers. The Company's main products are casting molds for turbocharger systems, braking systems, steering and differential system, and other automotive system parts. The Company also produces molds for new energy electric vehicle motor drive systems, battery pack systems, and engineering hydraulic components, which are widely used in automobile, construction machinery and other manufacturing industries. For more information, please visit the Company's website: https://ir.wxmtmj.cn/.  Forward-Looking Statements Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. The Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to read the risk factors contained in the Company's final prospectus and other reports its files with the SEC before making any investment decisions regarding the Company's securities. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. For investor and media inquiries, please contact: Mingteng International Corporation Inc.Investor Relations DepartmentEmail: ir@wxmtmj.cn  Ascent Investor Relations LLCTina XiaoPhone: +1-646-932-7242Email: investors@ascent-ir.com   MINGTENG INTERNATIONAL CORPORATION INC. CONSOLIDATED BALANCE SHEETS As of December 31, 2023 2022 ASSETS Current Assets                 Cash and cash equivalents $ 1,056,236 $ 1,793,323 Accounts receivable, net 3,517,632 2,429,450 Notes receivable 471,166 785,574 Advances to suppliers 388,110 240,620 Other receivables 12,344 5,287 Inventories, net 1,217,045 1,061,226 Total current assets 6,662,533 6,315,480 Non-current Assets Property and equipment, net 3,335,187 2,647,165 Deferred tax assets, net - 6,143 Lease right-of-use assets, net - 549,684 Deferred offering costs 715,771 550,368 Total non-current assets 4,050,958 3,753,360 Total Assets $ 10,713,491 $ 10,068,840 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Short-term loans $ 282,378 $ 1,364,041 Accounts payable 1,053,215 718,322 Other payables 47,982 48,745 Advance from customers 401,935 61,229 Payroll payable 474,629 515,999 Taxes payable 519,299 800,977 Amounts due to related parties 240,309 316,039 Current portion of lease liabilities - 100,565 Total current liabilities 3,019,747 3,925,917 Non-current Liabilities Long-term payable - 69,034 Deferred tax liabilities 246,893 - Total non-current liabilities 246,893 69,034 Total Liabilities 3,266,640 3,994,951 Commitments and contingencies (Note 15) Shareholders' Equity: Ordinary shares (Par value US$0.00001 per share, 5,000,000,000 shares   authorized, 5,000,000 shares issued and outstanding as of December 31, 2023   and 2022) 50 50 Additional paid-in capital 897,308 897,308 Statutory reserves 465,572 465,572 Retained earnings 6,466,293 4,959,591 Accumulated other comprehensive (loss) (382,372) (248,632) Total shareholders' equity 7,446,851 6,073,889 Total Liabilities and Shareholders' Equity $ 10,713,491 $ 10,068,840     MINGTENG INTERNATIONAL CORPORATION INC. CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Years Ended December 31, 2023 2022 Revenues $ 8,225,911 $ 8,026,764 Cost of revenues (4,834,521) (4,046,514) Sales tax (67,557) (67,147) Gross profit 3,323,833 3,913,103 Operating expenses: Selling expenses 153,213 132,542 General and administrative expenses 797,140 926,786 Research and development expenses 630,752 492,526 Total operating expenses 1,581,105 1,551,854 Income from operations 1,742,728 2,361,249 Other income (expenses): Government subsidies 129,138 92,832 Interest income 4,459 2,171 Interest (expense) (59,477) (53,991) Other income, net 34,440 58,311 Total other income, net 108,560 92,832 Income before income taxes 1,851,288 2,460,572 Provision for income taxes (344,586) (327,384) Net income $ 1,506,702 $ 2,133,188 Comprehensive income Net income $ 1,506,702 $ 2,133,188 Foreign currency translation (loss) (133,740) (479,845) Total comprehensive income $ 1,372,962 $ 1,653,343 Earnings per share – Basic and diluted $ 0.30 $ 0.43 Weighted average number of shares outstanding – Basic and diluted 5,000,000 5,000,000     MINGTENG INTERNATIONAL CORPORATION INC. CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years EndedDecember 31, 2023 2022 Cash flows from operating activities Net income $ 1,506,702 $ 2,133,188 Adjustments to reconcile net income to net cash provided by (used in) operating      activities: Depreciation and amortization 404,881 272,237 Amortization of right-of-use-assets 97,095 158,180 (Recovery of) provision for doubtful accounts (5,079) 17,606 Deferred tax liability (benefits) 254,224 (4,304) Loss on disposal of property and equipment 648 - Changes in operating assets and liabilities: Accounts receivable, net (1,129,372) (489,078) Notes receivable 302,846 (294,440) Advance to suppliers (151,983) (223,562) Other receivables, net (35,657) 760,209 Inventories, net (174,399) 194,674 Accounts payable 348,641 224,538 Advance from customers 343,470 (34,598) Other payables - 50,474 Payroll payable (32,932) 166,388 Taxes payable (269,691) 354,593 Amounts due to related parties (70,819) (348,333) Principal payments under operating lease obligations (88,586) (85,075) Net cash provided by operating activities 1,299,989 2,852,697 Cash flows from investing activities Purchase of property and equipment (761,792) (1,439,365) Proceeds on disposal of property and equipment - 6,558 Net cash (used in) investing activities (761,792) (1,432,807) Cash flows from financing activities Net (repayment of) proceeds from short-term loans (1,064,321) 743,376 Shareholder contribution - 148,675 Dividends - (352,123) Payments of offering costs (172,179) (144,000) Principal payments under finance lease obligations (12,488) (230,372) Net cash (used in) provided by financing activities (1,248,988) 165,556 Effect of foreign exchange rate changes on cash and cash equivalents (26,296) (99,156) Net (decrease) increase in cash and cash equivalents (737,087) 1,486,290 Cash and cash equivalents at the beginning of the year 1,793,323 307,033 Cash and cash equivalents at the end of the year $ 1,056,236 $ 1,793,323 Supplemental disclosures of cash flow information: Interest paid $ 59,477 $ 53,991 Income taxes paid $ 205,761 $ 101, 459  

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Nullmax Introduces New Vision Technologies to Boost Self-Driving Performance, Delivering Exceptional Mobility Experience

FREMONT, Calif., May 15, 2024 /PRNewswire/ -- Nullmax, a pioneering leader in autonomous driving technology, is introducing a suite of new vision technologies for perception to enhance the autonomous driving capabilities. These technologies include dynamic and static scene understanding, such as 3D lane detection, 3D object detection, and real-time local map , aimed at delivering exceptional autonomous driving experience. Perception is the upstream section and foundation of autonomous driving, with vision perception playing a crucial role. The quality of vision perception directly impacts the capabilities of autonomous driving systems, especially for enriching functionalities and achieving peak performance. Globally, there is significant demand for mass-producible vision perception in self-driving, and few companies are capable of providing it. Nullmax stands out as one of these companies that offers mass-production-level vision perception capabilities and whole self-driving solutions across any computing platform. Based on the deep understanding and extensive experience in autonomous driving, Nullmax has developed a series of cutting-edge vision perception technologies. In its quest to enhance the intelligent driving experience and achieve highly intelligent and autonomous Ultimate Self-Driving (USD) function, Nullmax has recently rolled out perception algorithms and methods: QAF2D, CurveFormer, and BEVSegFormer. These researches address the technical challenges of autonomous driving in complex urban environments and have been accepted at top academic conferences such as CVPR 2024, ICRA 2023, and WACV 2023. Specifically, QAF2D introduces a novel multi-camera 3D object detection method that utilizes 2D detection to guide 3D detection, thereby improving obstacle detection performance in terms of stability and accuracy. CurveFormer directly calculates 3D lane parameters in Bird's-Eye-View (BEV) space in an efficient way, and BEVSegFormer allows vehicle to generate high-precision local map in real-time, enabling Navigate on Pilot feature on any road without the need for high-definition maps. These advanced technologies not only demonstrate outstanding performance but also are ideally suited for deployment on current vehicle computers. They can be readily implemented in upcoming new vehicle models without the need for extravagant hardware setups. Furthermore, Nullmax continues to enhance these technologies, with upgraded versions progressively being completed. Nullmax has incorporated these technologies into its MaxDrive solution, which provides customized applications for vehicles with varying configurations. The high configuration offers top-tier self-driving capabilities including USD function. This solution enables L3 and L4 levels of autonomous driving, featuring an end-to-end AI neural network capable of handling complex and unfamiliar scenarios, ensuring a remarkable user experience. Currently, Nullmax is conducting road tests of these technologies and solutions and collaborating with international automotive giant to advance their commercial deployment. Preliminary achievements are expected to be seen in 2024. Nullmax is dedicated to developing vision-centric autonomous driving solutions that are not only highly capable in complex road conditions but also cost-effective and deployable. These advanced vision technologies ensure that Nullmax's solutions remains a leader in safety, comfort, and affordability. Nullmax believes that superior vision perception technologies can create the best autonomous driving systems, thus delivering consumers a novel technological experience with global partners. About Nullmax Founded in 2016 in Silicon Valley, Nullmax specializes in vision-based autonomous driving and has established itself as a leader in the industry with its advanced ADAS/AD technology. The company offers a comprehensive range of intelligent driving solutions for OEMs and Tier 1 suppliers. For more information, please visit www.nullmax.ai.

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ASEAN as Leader in Shaping Global Energy Landscape; Fair and Equitable Clean Energy Solutions for All: Ministers, Dignitaries, NECs and IECs Gather at Future Energy Asia in Bangkok, Thailand

Future Energy Asia & Future Mobility Asia 2024, endorsed by Thailand's Ministry of Energy, gathers over 22,000 international energy professionals over three days in Bangkok to delve into Asia's contributions to the global energy transition and spotlight the region's decarbonisation efforts. Co-hosted by PTT Group and EGAT, with diamond sponsorship from ADNOC and PTTEP, it accelerates the energy transition and fosters international cooperation. Welcoming thousands of conference delegates, the event facilitates vital dialogue on Asia's role in the global energy transition. Co-located with Future LNG Asia, the Energy Regulators Forum, and the ERC Forum, it addresses challenges, supports cooperation, and enables exchanges on industry trends and policy implications for clean energy access. The combined events mark an important milestone for the industry and region, with Southeast Asia anticipated to become the world's fourth-largest economy by 2030, with energy consumption tripling between 2013 and 2040. BANGKOK, May 15, 2024 /PRNewswire/ -- Today, the Ministry of Energy of the Kingdom of Thailand officially opened the Future Energy Asia, Future Mobility Asia and Future LNG Asia exhibitions and conferences, co-located alongside ERRA's 21st Annual Energy Regulators Forum and the ERC (Energy Regulatory Commission of Thailand) Forum, in Bangkok, Thailand. Opening Ceremony of Future Energy Asia Exhibition and Summit 2024 The first of the three-day long event (15-17 May) was inaugurated with an Opening Ceremony that witnessed a strong emphasis on the role of the ASEAN region as a leader in shaping the global energy landscape, as well as the importance of ensuring that the transition to clean energy solutions is fair and equitable, providing access to energy to people worldwide. Convened by PTT Group and EGAT, with diamond sponsorship from PTTEP and ADNOC, the joint event will focus on addressing challenges posed by the energy security, sustainability, and affordability trilemma. Organised by global exhibitions and conference organiser, dmg events, in partnership with expoSis, the event's integrated framework emphasises practical outcomes and actionable insights across the energy landscape. Today at Future Energy Asia Strategic Summit, leaders discussed the integration of innovative technologies such as CCUS and smart grids for enhanced energy efficiency and sustainability. They highlighted the importance of tailored policies, echoing recent COP28 agreements, and stressed the need to balance sustainable energy with affordability and reliability. Keynote speaker Nopasit Chaiwanakupt (EVP, Carbon Solutions and Sustainable Growth Group, PTTEP) noted that Asia is home to about 4.5 billion people (about 60% of the world's population) and that as such, achieving carbon neutrality cannot be done without Asia, urging for more collaborations amongst world nations and reminding everyone that energy is borderless. Discussions also covered energy security, net-zero power transition, and methane emissions reduction, highlighting the role of public-private partnerships in fostering a greener Asia. Concurrently, the Energy Regulators Forum and ERC Forum provided a vital platform for policymakers and industry stakeholders to discuss renewable energy adaptation in the ASEAN region. The opening day of Future Mobility Asia highlighted Thailand's leadership in the mobility revolution, driven by its commitment to carbon neutrality by 2050, and collaborative efforts to modernise infrastructure and promote sustainability through innovative mobility solutions. H.E Dr. Manaporn Charoensri's (Deputy Minister of Transport, Ministry of Transportation, Thailand) keynote emphasised Thailand's aims to be a leader in ASEAN's mobility transformation, exemplifying how regional co-operations and technological actions can yield substantive benefits in tackling global challenges. Future LNG Asia addressed Liquified Natural Gas (LNG)'s role in reducing coal dependency and achieving net-zero carbon emission goals amidst market challenges, with discussions on market dynamics, decarbonisation, and the impact of shipping disruptions on regional trade. Dr. Sompop Pattanariyankool, Deputy Permanent Secretary, Minister of Energy, Kingdom of Thailand, said: "The Future Energy Asia & Future Mobility Asia 2024 demonstrates Thailand's commitment to advancing the energy transition agenda. With the involvement of major stakeholders from across the world, we gather to create actionable initiatives and collaborations that will drive us to low carbon energy future." Christopher Hudson, President, dmg events, said: "dmg events is privileged to offer a platform for industry professionals to meet, collaborate, and contribute to significant advancements in the energy sector. This event demonstrates our commitment to encouraging meaningful conversation and fostering innovation to speed the global energy transition. Future Energy Asia aims to stimulate positive results, inspire tangible ideas, and pave the road for a sustainable energy future." Wuttikorn Stithit, Chief Operating Officer, Upstream Petroleum and Gas Business Group PTT PLC, said: "Amidst a global drive towards de-carbonisation, the rapid expansion of renewable energies, and the pivotal role of digital technologies in enhancing our energy frameworks, we have the power to drive meaningful change and leave a lasting legacy of sustainability and prosperity." Thepparat Theppitak, Governor, Electricity Generating Authority of Thailand (EGAT) said: "At EGAT, we are at the forefront of integrating cutting-edge technologies and renewable resources to transform Asia's energy framework. This summit provides a vital platform for sharing advancements and collaborative achievements, highlighting Asia's proactive role in addressing global energy demands and environmental goals." Future Energy Asia Key speakers contributing to Future Energy Asia Strategic Summit and Technical Conferences, include: Dr. Sompop Pattanariyankool, Deputy Permanent Secretary, Ministry of Energy, Thailand Nopasit Chaiwanakupt, EVP, Technology, Carbon Solutions, and Sustainable Growth Group, PTT Exploration and Production Public Company Limited (PTTEP) Pavich Kesavawong, Deputy Director-General, Department of Climate Change and Environment (DCCE) Eugene Toh, Assistant Chief Executive and Chief Commercial Officer Energy Market Authority Tawatchai Sumranwanich, Deputy Governor – Strategy, Electricity Generating Authority of Thailand (EGAT) Narsingh Chaudhary, President - Asia Pacific & India, Black & Veatch Energy Regulators Forum & ERC Forum Industry leaders contributing to Energy Regulators Forum and the ERC Forum, include: Pierre Noël, Senior Energy Adviser, TBI Global Advisory Alejandro Hernandez, Principal and India and Global Opportunities Program Director, Regulatory Assistance Project (RAP) Rashdan Yusof, Chairman, Energy Commission, Malaysia Eugene Toh, Assistant Chief Executive, Energy Market Authority, Singapore U Moe Thu Aung, Deputy Director, Ministry of Energy, Myanmar Phuwanart Choonhapran, Assistant Secretary, General, Energy Regulatory Commission (ERC), Thailand Future Mobility Asia Industry leaders contributing to Future Mobility Asia Strategic Summit, include: Hang Vu, CEO, VinFast Thailand Joseph Hong, Managing Director, Bosch Thailand and Laos Prasanna Ganesh, EVP, People and Business Transformation Group, Toyota Daihatsu Engineering & Manufacturing Prempreedee Kitirattrakarn, Investment Director, Corporate Venture Capital, PTT Group Jelena Kremenjas, GM, Sustainability, DHL Supply Chain H.E. Rachmat Kaimuddin, Deputy Minister for Infrastructure and Transportation Coordination, Ministry of Maritime Affairs and Investment, Republic of Indonesia Future LNG Asia Industry leaders contributing to Future LNG Asia Strategic Summit, include: Yaoyu Zhang, Global Head of LNG & New Energies, PetroChina International Delphi Sun, Assistant President & Head of Global LNG, ENN Natural Gas Co., Ltd. Ralf Dickgreber, Head of Global LNG & Biomass, ENGIE Jack Jones, General Manager, Energy Transportation & Supply Chain Solutions, NYK Line Kenneth Foo, Associate Director, APAC LNG, S&P Global Commodity Insights Mehdi Chennoufi, Head of Global LNG Origination & Market Development Shell Energy Together, these events provide a dynamic platform for stakeholders to forge partnerships, share innovative solutions, and shape policies that will collectively advance the global pursuit of a sustainable energy future. The outcomes will influence energy markets, guide technological adoption, and drive regional and international cooperation. About the events 15-17 May 2024QSNCC, Bangkok www.futureenergyasia.com  The concurrent hosting of Future Energy Asia, Future Mobility Asia, and Future LNG Asia forms a critical platform for driving the energy transition in Asia and beyond. This integrated event framework catalyses comprehensive strategies across the energy landscape, emphasising practical outcomes and actionable insights. Future Energy Asia leads the dialogue, focusing on integrating innovative technologies such as CCUS and smart grids to enhance energy efficiency and sustainability. It aims to fortify energy security and economic resilience, setting the stage for substantive policy and infrastructure advancements. Future Mobility Asia addresses the urgent need for sustainable transportation solutions, showcasing advancements in electric vehicles and hydrogen fuel technologies. This summit is pivotal in promoting the decarbonisation of the mobility sector, aligning with global emission reduction targets. Lastly, Future LNG Asia brings critical perspectives on LNG's role as a cleaner energy alternative, crucial for reducing dependence on coal and supporting the region's net-zero ambitions amid market volatilities and supply chain challenges. Together, these events provide a dynamic forum for stakeholders to forge partnerships, share innovative solutions, and shape policies that will collectively advance the global pursuit of a sustainable energy future. The outcomes will influence energy markets, guide technological adoption, and drive regional and international cooperation. About the organiser  www.dmgevents.com  dmg events is a global exhibitions and publishing company, established in 1989 and operating with 13 offices around the world. With a vast portfolio of over 80 exhibitions annually, we attract more than 1 million visitors, positioning us as one of the leading players in the industry. This global portfolio works closely with key stakeholders across the industry to facilitate pragmatic dialogue, serving as platforms for the latest discussions at the forefront of change. Over recent years dmg events has significantly expanded operations to achieve impressive growth in emerging and mature markets. With new events continually being launched to adapt to changing market conditions, evolving with the industry, live events remain a focal point, providing a mix of exhibitions, conferences, certified workshops, technical seminars, clubs and leadership roundtables. Rothman & Roman on behalf of dmg events: DIANA ESTELLA PETER PUBLIC RELATIONS EXECUTIVERothman & RomanTel: +65 8498 9424 E-mail: diana.estella@rothmanasia.com TASHAN KASSEY PUBLIC RELATIONS ACCOUNT DIRECTORRothman & RomanTel: +65 8282 8746E-mail: tashan.kassey@rothmanasia.com 

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ASEAN as Leader in Shaping Global Energy Landscape; Fair and Equitable Clean Energy Solutions for All: Ministers, Dignitaries, NECs and IECs Gather at Future Energy Asia in Bangkok, Thailand

BANGKOK, May 15, 2024 /PRNewswire/ -- Today, the Ministry of Energy of the Kingdom of Thailand officially opened the Future Energy Asia, Future Mobility Asia and Future LNG Asia exhibitions and conferences, co-located alongside ERRA's 21st Annual Energy Regulators Forum and the ERC (Energy Regulatory Commission of Thailand) Forum, in Bangkok, Thailand. The first of the three-day long event (15-17 May) was inaugurated with an Opening Ceremony that witnessed a strong emphasis on the role of the ASEAN region as a leader in shaping the global energy landscape, as well as the importance of ensuring that the transition to clean energy solutions is fair and equitable, providing access to energy to people worldwide. Convened by PTT Group and EGAT, with diamond sponsorship from PTTEP and ADNOC, the joint event will focus on addressing challenges posed by the energy security, sustainability, and affordability trilemma. Organised by global exhibitions and conference organiser, dmg events, in partnership with expoSis, the event's integrated framework emphasises practical outcomes and actionable insights across the energy landscape. Today at Future Energy Asia Strategic Summit, leaders discussed the integration of innovative technologies such as CCUS and smart grids for enhanced energy efficiency and sustainability. They highlighted the importance of tailored policies, echoing recent COP28 agreements, and stressed the need to balance sustainable energy with affordability and reliability. Keynote speaker Nopasit Chaiwanakupt (EVP, Carbon Solutions and Sustainable Growth Group, PTTEP) noted that Asia is home to about 4.5 billion people, and that as such, achieving carbon neutrality cannot be done without Asia, urging for more collaborations amongst world nations and reminding everyone that energy is borderless. The opening day of Future Mobility Asia highlighted Thailand's leadership in the mobility revolution, driven by its commitment to carbon neutrality by 2050, and collaborative efforts to modernise infrastructure and promote sustainability through innovative mobility solutions. H.E Dr. Manaporn Charoensri's (Deputy Minister of Transport, Thailand) keynote emphasised Thailand's aims to be a leader in ASEAN's mobility transformation, exemplifying how regional co-operations and technological actions can yield substantive benefits in tackling global challenges. Future LNG Asia addressed Liquified Natural Gas (LNG)'s role in reducing coal dependency and achieving net-zero carbon emission goals amidst market challenges, with discussions on market dynamics, decarbonisation, and the impact of shipping disruptions on regional trade. Media Enquiries:  DIANA ESTELLA PETER | +65 8498 9424TASHAN KASSEY | +65 8282 8746  

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Durapower develops digital innovations to enhance battery efficacy

DP Pulse is a remote battery monitoring system designed to improve battery safety, reliability, and performance that will be integrated with all Durapower battery systems SINGAPORE, May 15, 2024 /PRNewswire/ -- Singaporean Lithium-ion battery manufacturer, Durapower Holdings Pte Ltd ("Durapower") is pleased to announce that it is officially launching its digital battery management solution, DP Pulse, at the Future Mobility Asia 2024 Exhibition and Conference held on 15-17 May 2024. DP Pulse is a complete digital ecosystem for a battery or battery systems, backed by over a decade of Durapower's battery cell manufacturing experience and this enables a smart electrification solution for customers. The cutting-edge battery management system tracks and traces from end-to-end of every battery's lifecycle, while its battery analytics system derives valuable business and operational insights. DP Pulse has a continuously optimising model that monitors actual operational depth-of-discharge for more accurate results and its machine learning ability leverages battery and application parameters to estimate battery's remaining useful life, with up-to-date estimated capacity provided by monitoring State of Health ("SOH") and other parameters. This means that individual users or fleet operators can identify harmful charging or driving behaviours for example and rectify them by notifying drivers to change their actions. DP Pulse's all-in-one platform and battery ecosystem also allows owners of Battery Energy Storage Systems ("BESS") to monitor and manage their BESS from one central location and schedule their maintenance as and when needed based on the insights gained. DP Pulse Image: Durapower Group The DP Pulse ecosystem comprises a battery monitoring and management system, a charging management system, an energy monitoring system, and a battery passport[1]. These four complementary systems not only improve battery safety, reliability, and performance, but also simplify workflows and software suites for operators. The consolidation onto a single platform empowers operators to effortlessly track and trace their assets for sustainability reporting, access energy efficiency and monitor battery performance throughout their operational lifecycle. Key features of DP Pulse include: Machine learning models Holistic and real-time data overview, from fleet level down to battery cell Warranty, alerts, and events tracking and trending Preventive and prescriptive recommendations End-to-end lifecycle data consolidation Energy efficiency optimised for individual application K-means to pinpoint performance outliers in fleet Estimated remaining useful life Key sustainability metrics Battery agnostic Supports a wide range of fleet and vehicle types Customisable reports tailored to specific customers' needs Built with industry-leading technology (AWS Cloud / Secured HTTPS web interface) to safeguard all customers' data All these drive significant savings and improved operations with remote monitoring. DP Pulse customers can achieve up to a 30% savings for total cost of ownership[2]; up to a 50% increase in battery lifespan[1]; up to a 40% increase in operational uptime[3], and increased resale value for their batteries with historical data[4]. Mr Sanjay Bakshi, Director of Digital and Innovation of Durapower Group commented, "DP Pulse is our breakthrough digital platform which leverages our proprietary monitoring and analytics systems to provide a superior and holistic battery diagnostic and drive operational efficiency to all our customers. With the electric vehicle sector expected to grow from 30 million vehicles in 2022 to 240 million vehicles in 2030, at a compounded annual growth rate of 30%, Durapower is well positioned to leverage this growth opportunity. I am confident our digital solutions like DP Pulse will enable predictive analytics to help us address customer pain points and further enhance the efficacy of our batteries." End. About Durapower Group     (www.durapowergroup.com) Headquartered in Singapore, Durapower offers closed-loop, end-to-end energy storage solutions for the electric mobility and renewable energy applications including on and off-road Electric, Hybrid and Plug-in Hybrid Electric Vehicles, electric marine vessel and stationary energy storage solutions. Since 2009, Durapower has been a leading innovator of Lithium-Ion cell technology, focusing on the research and development of battery materials, battery cell manufacturing and system integration. With a global presence spanning 24 countries and 49 cities, including European Countries, China, India and Southeast Asia. Durapower Group strives to make scalable, sustainable batteries that support the circular economy, empowering lives and transforming the future towards a carbon neutral economy. [1] A battery passport is a digital record of a battery's life cycle that contains information about its production, testing and recycling. [2] Based on industry findings [3] Based on internal testing [4] Based on historical data  

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Microvast Shows Complete Series of Products at 2024 FMA and FEA Events

BANGKOK, May 15, 2024 /PRNewswire/ -- During the event of Future Mobility Asia 2024 (FMA) and Future Energy Asia 2024 (FEA) held in Bangkok from May 15 to 17, Microvast will highlight a wide range of the fast-charging chemistries and energy storage solutions which fully demonstrate the latest exploration and achievements in li-ion battery material R&D. The booth of Microvast is going to showcase not only powering batteries, but also the energy storage products. These products have been extensively applied in the fields of E-bus, Electric Truck, Light Commercial Vehicle(LCV), Passenger Car, Construction Machinery, Automated Guided Vehicle, ESS, Information and Communication Equipment etc. Fast Charging: Microvast Power batteries can be operated within a temperature range of -20°C to 55°C. It will take 16 minutes if to charge from 0-80% SOC, greatly reducing charging time. Long Cycle Life: The cycle life can reach up to 8000 cycles at actual operation, ensuring equivalent lifespan aligned with the vehicle. Microvast batteries are highly suitable for commercial vehicles and specialty vehicles requiring long-range endurance, as well as for energy storage equipment. High Safety: To address the safety issues of power batteries fundamentally, Microvast has innovated in membrane materials, anode materials, and electrolyte technology, enabling the product to maintain high energy density while being safe. Convenient Integration: Microvast battery products can be customized according to the technical requirements of commercial vehicles and specialty vehicles. The compact design allows for easy integration into the fourth-generation MV-B and MV-C battery pack. In the future, Microvast will actively invest in advanced battery technology to accelerate the adoption and reduce carbon emissions, thereby contributes to a greener and healthier planet.

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