Tag: Automotive

Why several domestic and international agencies upgraded their ESG ratings for Gotion High-tech

HONG KONG, Aug 4, 2023 – (ACN Newswire) – ESG refers to the performance of an enterprise in terms of Environment, Social and Governance. It is an investment philosophy that focuses on the environmental, social and governance performance of an enterprise and a non-financial measure or standard for measuring the performance of an enterprise. With the continuous advancement of the global carbon neutrality process and China's transition to a high-quality and sustainable economic development model, ESG has become an important factor in corporate value judgment and development planning. Recently, a domestic power battery company obtained upgraded ESG ratings from a number of domestic and foreign rating agencies, and the ESG ratings from Refinitiv and Sino-Securities on this company are higher than most of its peers. So how important is ESG? And what is the underlying logic of the ESG efforts of this company?
Source: Publicly available information

Source: 2022 ESG report of Gotion High-tech


Gotion High-tech ESG Rating Upgraded by Several Agencies

In June 2023, CCTV released its first achievement report, the Annual ESG Action Report, together with several ministries, commissions and organizations. The Report stated that under the leadership of national strategies, Chinese companies have begun a new phase of actively responding to ESG concepts and comprehensively improving their ESG performance. The overall performance of large Chinese companies in terms of ESG development and the percentage of outstanding companies is already comparable to that of large global companies, with leading companies in various industries spearheading sustainable development.

As the new energy industry is an important part of "carbon neutrality", companies in such industry pay special attention to ESG performance and take active measures in this regard. Take Gotion High-tech, a power battery company in China, for example, the Company has achieved remarkable results in recent years with continuous improvement and advancement in ESG. According to statistics, the Company's 2022 annual ESG report was highly recognized by domestic and overseas rating agencies, including FTSE Russell, Morningstar, Refinitiv and Wind. For international ESG ratings, Gotion High-tech's ratings in FTSE Russell, Morningstar, and Refinitiv are in an industry leading position, and with the rating of 71.0 (B+) by Refinitiv, Gotion High-tech ranked first among its peers in China. For domestic ESG ratings, Gotion High-tech got Grade A rating from Wind and China Chengxin and Grade BBB rating from Sino-Securities, also ranked among the top players in China.

Why ESG is Gotion High-tech's competitiveness?

Since the United Nations Principles for Responsible Investment (UNPRI) proposed ESG in 2004, green development has gradually become a worldwide consensus and unanimous action. The ESG system indicates that enterprises not only create profits for shareholders, but also create value for society. Therefore, in the short term, enterprises will incur a certain cost to invest in ESG. However, in the long run, the reputation that ESG brings to a company can help it gain a greater competitive advantage in the market.

In recent years, with the introduction of the goal of "carbon neutrality", major countries around the world have adopted various measures to reduce carbon emissions and strive to achieve net-zero carbon emissions, so as to actively respond to the challenge of global climate change. As a result, major countries around the world are actively seeking transition to a clean, low-carbon and highly efficient energy system by stepping up their efforts in the development of renewable energy.

Particularly for companies with global operations, there will be significant opportunities for incremental global markets centered on key ESG issues such as carbon neutrality.

In particular, the European Union was the first to set long-term emission reduction targets, and 11 member states have proposed carbon neutrality target years. A number of member countries, including Germany, France and Sweden, have specified the political goal of achieving carbon neutrality in the form of legislation and proposed feasible ways to achieve carbon neutrality. The EU has introduced the European Green Deal in 2019, the Green Bond Revolution in 2020 and new clean energy proposals in 2023. At the end of April, the EU CBAM (Carbon Border Adjustment Mechanism), known as the EU's "carbon tariff", was voted on by the EU Council. Only companies that truly practice green and low-carbon development models and can effectively balance operating profits and ESG expenditures are eligible to enter the European market. This also means that only companies that have localized their business in Europe at an early stage will be in a better position to adapt to the relevant EU policies and take this opportunity to gain more share in the EU domestic market.

Take Gotion High-tech as an example, in the Company's global manufacturing layout, in addition to Southeast Asia, South Asia, and the Americas, it has also directly established production bases in Europe. In July 2021, Gotion High-tech established its first new energy production and operation base in Europe in Gottingen, Germany, to carry out localized production in Europe. In July 2021, Gotion High-tech established its first new energy production and operation base in Europe in Gottingen, Germany, to carry out localized production in Europe. It is reported that the Gottingen base covers an area of approximately 174,000 square meters and develops new energy battery products in line with the development of the European new energy market and technology guidelines. The plant will reach full capacity in 2025, and is expected to achieve the production capacity target of 20GWh per year. As Gotion High-tech gradually establishes a firm foothold in Europe, it is foreseeable that the company's influence and brand awareness in the global market will also grow in the future.

In addition, Gotion High-tech has established a joint venture with NUOVO PLUS, a subsidiary of Thailand's PTT Group, reached a supply agreement with Borrego, a US energy storage company, and started the first phase of a 5GWh battery plant in Ha Tinh, Vietnam, with a plan to reach a production capacity of 300GWh in 2025. At a time when countries around the world are placing increasing emphasis on green industries, Gotion High-tech continues to grow its global influence with its excellent ESG governance.

For ESG disclosure, in October 2022, the European Securities and Markets Authority (ESMA), the EU's market regulator, added ESG disclosure to its key priorities, indicating that the EU regulator pays more attention to the standardization and necessity of corporate ESG disclosure. In November 2022, the Corporate Sustainability Reporting Directive was adopted by the Council of the European Union, establishing more mandatory and stringent requirements on corporate ESG disclosure.

This means that international mainstream automakers will inevitably respond to ESG management requirements and propose higher standards to the upstream of the industry chain. It also means that under the requirement of enhancing corporate transparency, companies are bound to improve their governance capacity in a comprehensive manner under the supervision of investors, the public and the government.

Given that Gotion High-tech is backed by Volkswagen China as its largest shareholder and has already become the global supplier of Volkswagen Group, it will be relatively easier for its ESG performance to comply with the standards of international mainstream automakers. Moreover, the company has successfully issued GDRs in Switzerland in 2022, and is more motivated to further promote the implementation of ESG standards for international investors.

In fact, in addition to Europe, every major country in the world is developing its own carbon neutrality targets and ESG policies. According to "ESG in Your Business: The Edge You Need to Land Large Contracts," a study released in March 2023 by Business Development Bank of Canada, it is predicted that in 2024, 92% of international companies will require ESG-related disclosures from their suppliers worldwide. Green and low-carbon development will surely become the most essential competitiveness of companies competing in the global market in the future.

According to the IIA report, there are now more than 50,000 ESG indices worldwide, and the number of ESG indices worldwide in 2022 grew by 55.1% year-on-year. For companies, it is already the right time to go overseas centering on ESG. Over the past three years, Gotion High-tech's overseas revenue has maintained rapid growth, with overseas revenue amounting to RMB2.98 billion in 2022, representing an increase of 464.76% from the previous year, and its percentage as total revenue grew from 2.36% in 2020 to 12.93% in 2022. With the further improvement of ESG policies, the ESG strength of Gotion High-tech may further improve its business performance.

How Gotion High-tech enhances its value through ESG?

As disclosed by Gotion High-tech, in 2022, the company's revenue amounted to RMB23.052 billion, up 122.59% year-on-year, and operating profit amounted to RMB199 million, up 408.87% year-on-year. In particular, the overseas revenue amounted to RMB2.98 billion, a year-on-year growth of 464.76%, achieving simultaneous development of overseas passenger cars, overseas commercial vehicles, and overseas energy storage. In addition, Gotion High-tech's Q1 2023 report showed that the company reported revenue of RMB7.177 billion for the first quarter, an increase of 83.26% year-on-year.

While continuing to improve its operating fundamentals, the company is also enhancing its ESG-related performance, because in the long run, ESG development is a necessary long-term investment for companies. From countless cases in the past, we can find that ESG can create real value for companies.

Depending on value creation process, they can be categorized as direct and indirect impact. Some create value directly by making direct changes to key items on a company's income statement, while others create value indirectly by altering certain processes or elements of a company's operations, thereby affecting financial data in a non-direct manner.

In 2022, Gotion High-tech invested RMB2.416 billion in R&D and technological innovation, with 6,267 R&D technical staff, accounting for 32.03% of the total. Continuous investment in R&D and talent recruitment have laid a solid foundation for the company's technological competitiveness and the use of technology to promote energy saving and emission reduction. As of 2022, the company has applied for a total of 6,344 patents and was granted a total of 4,274 patents, maintaining its industry-leading position. In 2022, nine subsidiaries under Gotion High-tech implemented 114 energy-saving and emission reduction projects, reducing greenhouse gas emissions by 59,637.4 tons of CO2 equivalent. The Company generated 39.19 million kWh of electricity from photovoltaic power plants, equivalent to a reduction of 27,572.8 tons of CO2 equivalent in greenhouse gas emissions. The company's excellent performance has also been widely recognized by the society, and the company was ranked 39th in the 2022 Top 100 Chinese Private Enterprises for Sustainable Development.

In terms of promoting revenue growth, according to the recently released 2023 Global Consumer Trends by Mintel, consumers are gradually shifting their consumption mindset, with more and more consumers looking to green and low-carbon lifestyle as part of meeting their spiritual needs, which has prompted many to include it as one of their key considerations when choosing a brand.

As for companies with mainly 2B business, companies with better ESG performance can have a strong ESG business model, which enables them to meet the higher requirements of customers for suppliers' ESG performance, which in turn contributes to the direct increase of sales and revenue. Therefore, good ESG performance will bring more potential cooperation opportunities.

In addition, from the perspective of the company itself, a good ESG system can enhance the company's comprehensive governance capability, strengthen operational efficiency, and help the company achieve cost reduction and efficiency enhancement. By applying ESG concepts to all aspects of business operations, the overall efficiency of operations will be improved through the reduction of energy consumption, the use of cost-effective alternative energy sources, and the reduction of resource wastage. For example, Gotion High-tech has implemented the "high-temperature rotor transformation project" in its production, which realizes an actual energy-saving rate of about 30%, and the cathode coating residual heat recovery project, which recycles and utilizes the hot air discharged through a heat exchanger to supply fresh air and residual heat and recovers about 40% of the discharged air, with an annual power saving of 1.4 million kWh, equivalent to an annual income of RMB1.05 million calculated at RMB0.75/kWh.

For Gotion High-tech, refined management and standardized operation have been considered essential for the company. For example, Nanjing Gotion, a subsidiary of the company, utilized the collected rainwater to create a landscape lake in the living area, achieving sound water management and reuse. The Company advocates green packaging for its products, ensuring that packaging materials brought to market in 2022 are reusable or 100% recyclable, and that the utilization rate of packaging materials per unit of product has increased by more than 10% compared to 2021. The company also actively enhanced green office performance, promoted energy-saving transformation of power consumption, implemented strong power zoning control, and reduced per capita power consumption from 24,374kWh to 24,143kWh, and per capita water consumption from 271 cubic meters to 236 cubic meters.

Since Volkswagen became the largest shareholder of Gotion in 2020, Volkswagen has not only provided valuable capital and channel resources, but also brought advanced management and operation experience to Gotion High-tech. Volkswagen's support in R&D and quality control helps the company produce safer and more reliable products, and the improvement of price-performance ratio and Volkswagen's brand strength help the company attract more high-quality core customers, and the introduction of high-quality customers further improves the price-performance ratio of the company's products through the economy of scale effect and joint research and development, forming a virtuous cycle of positive development of "cost-customer-performance". Companies that respect their employees and take care of their well-being through people-friendly employee management typically achieve higher employee productivity, which is critical to improving efficiency and achieving revenue growth. For example, in 2022, Guoxuan recruited 15,394 new employees. By upholding the talent-driven strategy, the company provides employees with competitive salary through the 3+1 salary and incentive system of "salary + annual incentives, special incentives and equity incentives". In addition to the statutory benefits, the company also provides all employees with free work meals, shuttle buses and accommodation far below the market price, as well as care and growth benefits such as birthday benefits, employment anniversary benefits, Gition Star and remuneration for internal trainers. These detailed and thoughtful measures are conducive to improving employee productivity.

Gotion High-tech adheres to the service philosophy centered around "delivery as the core". With a focus on delivery, the company ensures the orderly production of existing production lines to achieve the annual goals. The company ensures the implementation of monthly plans, pays close attention to daily performance in safety and environmental protection; conducts organizational performance assessment with focus on established targets to ensure orderly and timely delivery; promotes standardization and ensures the on-time delivery of products with required quality and quantity through continuous improvement of manufacturing equipments, optimization of logistic equipments, and continuous improvement of production techniques.

Last but not least, standardized ESG practices can help companies effectively identify and mitigate compliance and regulatory risks. By studying and strictly adhering to applicable laws and regulations and adopting high standards of compliance, companies can reduce fines, production interruptions, shutdowns, and other regulatory and enforcement measures for violating local laws and regulations or industry norms, avoiding loss of revenues and additional costs and expenses for response.

Moreover, the ESG system is more adapted to the current national policy guidance for the development of green economy and industry. For example, at the beginning of 2022, seven departments, including the NDRC, issued the Implementation Plan for Promoting Green Consumption, which put forward a number of goals and requirements, including the development of green transportation consumption as well as the promotion of green electricity consumption in the whole society. Therefore, for companies that persist in pursuing ESG, the combined internal and external effects of digitalization and technological innovation will be of great value for the green industry, which will undoubtedly broaden the path of future development for relevant companies.

Conclusion

In view of the above, and as the new energy battery industry is at the forefront in achieving the global goal of "carbon neutrality", Gotion High-tech is naturally compatible with the responsible green development concept advocated by ESG.

In today's society, where sustainable development is a major concern, many investors and consumers prefer to support companies that exhibit strong ESG performance. As a result, companies with higher ESG scores may be more attractive to investors and consumers, ultimately enhancing the value of these companies.

As a listed company, Gotion High-tech's strong ESG performance can enhance trust among stakeholders and improve its creditworthiness. This, in turn, can help the company broaden its financing channels and reduce financing costs, ultimately providing greater financial support to achieve its carbon neutrality goals.

For society as a whole, promoting ESG is not only a matter of corporate responsibility towards the environment and society, but also a part of macro strategic development for companies. By incorporating ESG development concepts into business planning and building an ESG organizational management system, companies can achieve high-quality development while meeting the expectations and requirements of stakeholders. This helps to jointly build and promote the concept of sustainable development. Clear implementation paths and more professional and standardized management processes will facilitate in-depth implementation of ESG actions and climate change-related management practices, thereby achieving the long-term goal of carbon neutrality.

As such, Gotion High-tech's strong ESG performance has once again made it a leader in the industry and positioned it at the forefront of the times.


Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

VinFast’s Registration Statement on Form F-4 in Connection with Its Proposed Business Combination with Black Spade Declared Effective by The U.S. Securities and Exchange Commission

HONG KONG, Jul 29, 2023 – (ACN Newswire) – VinFast Auto Pte. Ltd. ("VinFast" or "the Company") and Black Spade Acquisition Co (NYSE: BSAQ) ("Black Spade") announced that the U.S. Securities and Exchange Commission ("the SEC") has declared effective the registration statement on Form F-4 of VinFast in connection with its proposed business combination with Black Spade.

Black Spade has scheduled the Extraordinary General Meeting of Shareholders ("EGM") to approve the proposed business combination with VinFast to be held on August 10, 2023.

The business combination values VinFast at an enterprise value of US$27 billion and an equity value of US$23 billion. The transaction is expected to close followed by the listing of VinFast in August 2023, subject to shareholder approvals and other customary closing conditions.

Madame Thuy Le, Global CEO of VinFast Auto Pte. Ltd., said: "Today represents a remarkable milestone in advancing VinFast's presence in the U.S. as we move towards our proposed U.S. listing. Along with this exciting step, today we also celebrate the start of construction of our electric vehicle (EV) factory in North Carolina. These achievements will help accelerate our commitment to the global green mobility revolution and our mission to help consumers make the switch to an EV easier and more accessible, while also opening a strategic capital-raising avenue for our global ambitions."

Mr. Dennis Tam, Chairman and Co-CEO, Black Spade Acquisition Co, shared, "The declaration of the SEC effectiveness is a significant step towards the successful completion of the business combination between Black Spade and VinFast. We have diligently sought out a partner that aligns with our vision, and we are confident that this merger will position us for long-term success. We anticipate that the global lifestyle paradigm shift towards electric mobility will accelerate further and that VinFast will continue to distinguish itself as a trailblazer in the global EV arena. We are delighted to collaborate with the entire VinFast leadership team as they bring their highly anticipated full range EV models to the global market, instigating a significant transformation in the EV landscape."

VinFast, a member of Vingroup Jsc, was founded in 2017 and envisioned to drive the movement of global smart electric vehicle revolution. VinFast manufactures and exports a portfolio of e-SUVs, e-scooters and e-buses across Vietnam, North America, and, soon, Europe. The Company operates a state-of-the-art automotive manufacturing complex in Hai Phong that boasts up to 90% manufacturing automation and an annual production capacity (i.e. maximum number of vehicles that can be constantly manufactured in a year with additional shifts per day throughout the year) of up to 300,000 units per year in phase 1.

VinFast is committed to its mission of creating a sustainable future for everyone. The Company became a fully EV manufacturer in 2022, and has since delivered four EV models: VF e34, VF 8, VF 9 and VF 5 to customers in Vietnam to date. VinFast crossed an important milestone on the journey to becoming a recognized global EV brand with its first VF 8 EVs exported to North America earlier this year.

Black Spade, listed on the NYSE American, was founded by Black Spade Capital, which runs a global portfolio consisting of a wide spectrum of cross-border investments, and consistently seeks to add new investment projects and opportunities to its portfolio.

Additional information about the proposed transaction, including a copy of the business combination agreement, is available in Black Spade's Current Report on Form 8-K, filed on May 12, 2023 with the Securities and Exchange Commission ("SEC") at www.sec.gov.

More information about the proposed transaction is available in VinFast registration statement on Form F-4 that include BSAQ's proxy statement and VinFast's prospectus in relation to the business combination, which was first filed with the SEC on June 15, 2023.

About VinFast
VinFast – a member of Vingroup Jsc – is a leading Vietnamese automotive manufacturer committed to its mission of creating a green future for everyone. VinFast manufacturers and exports a portfolio of electric SUVs, e-scooters and e-buses across Vietnam, the United States, and, soon, Europe. Learn more at www.vinfastauto.us.

About Black Spade Acquisition Co
Black Spade Acquisition Co ("BSAQ") is a blank check company incorporated for the purpose of effecting a business combination (Special Purpose Acquisition Company). BSAQ was founded by Black Spade Capital, which runs a global portfolio consisting of a wide spectrum of cross-border investments, and consistently seeks to add new investment projects and opportunities to its portfolio. Learn more at: https://www.blackspadeacquisition.com.

Forward-Looking Statements

This document contains certain forward-looking statements within the meaning of U.S. federal securities laws with respect to the proposed transaction between VinFast Auto Ltd. (the "Company") and Black Spade Acquisition Co ("Black Spade"), including statements regarding the benefits of the transaction, the anticipated benefits of the transaction, the Company or Black Spade's expectations concerning the outlook for the Company's business, productivity, plans and goals for product launches, deliveries and future operational improvements and capital investments, operational performance, future market conditions or economic performance and developments in the capital and credit markets and expected future financial performance, as well as any information concerning possible or assumed future results of operations of the Company. 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 their managements' current predictions, projections and other statements about future events that are based on current expectations and assumptions available to the Company and Black Spade, 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: (i) the risk that the proposed transaction may not be completed within the prescribed time frame, which may adversely affect the price of Black Spade's securities, (ii) the risk that investors of the Company may not receive the same benefits as an investor in an underwritten public offering, (iii) the risk that the Black Spade securities may experience a material price decline after the proposed transaction, (iv) the adverse impact of any shareholder litigation and regulatory inquiries and investigations on the Company's business, (v) a reduction of trust account proceeds and the per share redemption amount received by shareholders as a result of third-party claims, (vi) the risk that the transaction may not be completed by Black Spade's business combination deadline and an extension period, (vii) the risk that distributions from trust account may be subject to claw back if Black Spade is deemed to be insolvent, (viii) the ability of the Company to get approval for listing of its ordinary shares and warrants and comply with the continued listing standards of the Nasdaq, (ix) the failure to satisfy the conditions to the consummation of the transaction, certain of which are outside of Black Spade or the Company's control, (x) the ability of the Company to achieve profitability, positive cash flows from operating activities and a net working capital surplus, (xi) the ability of the Company to fund its capital requirements through additional debt and equity financing under commercially reasonable terms and the risk of shareholding dilution as a result of additional capital raising, if applicable, (xii) risks associated with being a new entrant in the EV industry, (xiii) the risks that the Company's brand, reputation, public credibility and consumer confidence in its business being harmed by negative publicity, (xiv) the Company's ability to successfully introduce and market new products and services, (xv) competition in the automotive industry, (xvi) the Company's ability to adequately control the costs associated with its operations, (xvii) the ability of the Company to obtain components and raw materials according to schedule at acceptable prices, quality and volumes acceptable from its suppliers, (xviii) the Company's ability to maintain relationships with existing suppliers who are critical and necessary to the output and production of its vehicles and to create relationships with new suppliers, (xix) the Company's ability to establish manufacturing facilities outside of Vietnam and expand capacity within Vietnam timely and within budget, (xx) the risk that the Company's actual vehicle sales and revenue could differ materially from expected levels based on the number of reservations received, (xxi) the demand for, and consumers' willingness to adopt EVs, (xxii) the availability and accessibility of EV charging stations or related infrastructure, (xxiii) the unavailability, reduction or elimination of government and economic incentives or government policies which are favorable for EV manufacturers and buyers, (xxiv) failure to maintain an effective system of internal control over financial reporting and to accurately and timely report the Company's financial condition, results of operations or cash flows, (xxv) battery packs failures in the Company or its competitor's EVs, (xxvi) failure of the Company's business partners to deliver their services, (xxvii) errors, bugs, vulnerabilities, design defects or other issues related to technology used or involved in the Company's EVs or operations, (xxviii) the risk that the Company's research and development efforts may not yield expected results, (xxix) risks associated with autonomous driving technologies, (xxx) product recalls that the Company may be required to make, (xxxi) the ability of the Company's controlling shareholder to control and exert significant influence on the Company, (xxxii) the Company's reliance on financial and other support from Vingroup and its affiliates and the close association between the Company and Vingroup and its affiliates and (xxxiii) conflicts of interests with or any events impacting the reputations of Vingroup affiliates or unfavorable market conditions or adverse business operation of Vingroup and Vingroup affiliates. The foregoing list of factors is not exhaustive. Forward-looking statements are not guarantees of future performance. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the Company's registration statement on Form F-4 filed by the Company with the U.S. Securities and Exchange Commission (the "SEC"), Black Spade's Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 10, 2023, Black Spade's Quarterly Report on Form 10-Q for the three-months ended March 31, 2023, which was filed with the SEC on May 15, 2023, and other documents filed by the Company and/or Black Spade from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and all forward-looking statements in this document are qualified by these cautionary statements. The Company and Black Spade assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither the Company nor Black Spade gives any assurance that either the Company or Black Spade will achieve its expectations. The inclusion of any statement in this communication does not constitute an admission by the Company or Black Spade or any other person that the events or circumstances described in such statement are material.

Additional Information and Where to Find It
This document relates to a proposed transaction between the Company and Black Spade. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. In connection with the Business Combination, the Company filed a registration statement on Form F-4 with the SEC (as may be amended from time to time, the "Registration Statement") on June 15, 2023, which included a proxy statement of Black Spade and a prospectus of the Company. The SEC declared the Registration Statement effective on July 28, 2023.

The Registration Statement, including the proxy statement/prospectus contained therein, contains important information about the Business Combination and the other matters to be voted upon at a meeting of Black Spade's shareholders to be held to approve the Business Combination (and related matters). Black Spade also file other documents regarding the proposed transaction with the SEC. This document does not contain all the information that should be considered concerning the proposed transactions and is not intended to form the basis of any investment decision or any other decision in respect of the transactions. Before making any voting decision, investors and shareholders of Black Spade are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the Company, Black Spade and the Business Combination.

Investors and shareholders will be able to obtain free copies of the registration statement, proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Black Spade through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by Black Spade may be obtained free of charge from Black Spade's website at https://www.blackspadeacquisition.com/ or by written request to Black Spade at Black Spade Acquisition Co, Suite 2902, 29/F, The Centrium, 60 Wyndham Street, Central Hong Kong.

INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Participants in Solicitation
Black Spade and the Company and their respective directors and officers may be deemed to be participants in the solicitation of proxies from Black Spade's shareholders in connection with the proposed transaction. Information about Black Spade's directors and executive officers and their ownership of Black Spade's securities is set forth in Black Spade's filings with the SEC, including Black Spade's Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 10, 2023, and the Registration Statement. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the proxy statement/prospectus regarding the proposed transaction. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus carefully before making any voting or investment decisions. You may obtain free copies of these documents as described in the preceding paragraph.

No Offer or Solicitation
This document is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the proposed transactions or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.


Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

TVS Motor Company and Apollo Tyres set a new 24-hour Indian National Speed Endurance Record on the TVS Apache RR 310; clocks 3,657 kms at an average speed of 152 km/h at NATRAX, Indore

  • TVS Apache RR 310 fitted with Apollo Alpha H1 tyres broke the previously held record of 3,141 kms in India
  • The challenge has made its way into the India Book of Records for covering 3657.92 kms in 24-hours, as certified by FMSCI

Singapore, July 5, 2023 – (ACN Newswire) – Dominating racetracks and unleashing its racing DNA, TVS Motor Company, a reputed manufacturer of two and three-wheelers globally, along with India’s leading tyre maker, Apollo Tyres Ltd, set a new Indian National Speed Endurance Record on TVS Apache RR 310 motorcycle shod with Apollo Alpha H1 tyres. As part of the 24-hour speed endurance challenge, a milestone of 3,657.92 kms was achieved at NATRAX, Indore – Asia’s longest highspeed track, as certified by FMSCI.


TVS Apache RR 310, the ultimate track weapon engineered by TVS racing is renowned for its exceptional power and agility. With a top speed of 173 km/hr, and an astounding average speed of 152 km/hr the TVS Apache RR 310 fitted with Apollo Alpha H1 tyres, proved its dominance on the racetrack, solidifying its position as a force to be reckoned with.

Fostering the company’s ‘Track to Road’ philosophy, the TVS Apache series recently achieved a significant milestone of five million global sales, solidifying its reputation as the fastest-growing premium motorcycle and earning the trust and loyalty of customers worldwide.

Commenting on this milestone, Mr. Vimal Sumbly, Head Business – Premium at TVS Motor Company, said, “Setting a new benchmark in speed and endurance, the TVS Apache RR 310 and Apollo Tyres have defied all limits during the 24-hour speed endurance race that put the motorcycle through such a rigorous challenge. This remarkable achievement is a testament to our commitment to innovation and performance. The TVS Apache RR 310’s exceptional performance on the track showcases its cutting-edge technology and unwavering reliability. We couldn’t be prouder of the entire team and the motorcycle’s capabilities, as it continues to push the boundaries of speed and endurance. This record-breaking accomplishment solidifies the TVS Apache’s position as a true champion in the world of motorcycling.”

Key highlights from the 24 hours Speed Endurance Challenge:

  • The team consisted of 18 riders who relayed on 3 TVS Apache RR 310 motorcycles, shod with Apollo Alpha H1 tyres, starting off the 24-hours speed endurance challenge at 10:00 AM IST on July 2, 2023
  • As part of the challenge, the riders covered a total of 322 laps, at an average speed 152 km/hr
  • The top speed recorded during the challenge was 173 km/hr
  • The challenge has made its way into the India Book of Records for covering 3657.92 kms in 24-hours
  • The key factors contributing to TVS Apache RR 310’s exceptional performance have been its advanced aerodynamic design, crafted in wind tunnel. This has yielded the best-in-class coefficient of drag, to achieve maximum downforce and minimum wind blast, and a higher top speed
  • The race derived power plant makes 34bhp, built to endure & perform at extreme conditions.

About TVS Motor Company:

TVS Motor Company is a reputed two and three-wheeler manufacturer globally, championing progress through Sustainable Mobility with four state-of-the-art manufacturing facilities in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia. Rooted in our 100-year legacy of Trust, Value, and Passion for Customers and Exactness, we take pride in making internationally aspirational products of the highest quality through innovative and sustainable processes. We are the only two-wheeler company to have received the prestigious Deming Prize. Our products lead in their respective categories in the J.D. Power IQS and APEAL surveys. We have been ranked No. 1 Company in the J.D. Power Customer Service Satisfaction Survey for consecutive four years. Our group company Norton Motorcycles, based in the United Kingdom, is one of the most emotive motorcycle brands in the world. Our subsidiaries in the personal e-mobility space, Swiss E-Mobility Group (SEMG) and EGO Movement have a leading position in the e-bike market in Switzerland. TVS Motor Company endeavours to deliver the most superior customer experience across 80 countries in which we operate. For more information, please visit www.tvsmotor.com

For more information, please contact:
Namrata Sharma – 81383034



Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Monarch Tractor Expands AI R&D Team in Singapore

SINGAPORE, Jun 21, 2023 – (ACN Newswire) – Monarch Tractor, maker of the MK-V, the fully electric, driver-optional, connected tractor, today announces the expansion of its operations in Singapore, signaling major growth and appetite for the company's A.I., robotics and smart farming technology within the Asia Pacific region (APAC). Building off of its existing Singapore presence and successful expansion into Hyderabad, India, earlier this year, Monarch Tractor will move to develop the next generation of data scientists, machine learning engineers and A.I. practitioners by partnering with government agencies and academic institutions to grow their A.I. research & development team.
Monarch Tractor Hero

Monarch Tractor Hero


"After our early success in Singapore with the development of our 'Monarch Auto Drive' tractor operation, we're excited to continue to evolve our technology with the help of Singapore's finest talent," said Praveen Penmetsa, Co-Founder & CEO, Monarch Tractor. "In partnership with the Singapore government, Monarch Tractor is able to provide more job opportunities and also propel our mission for a greener future. More than ever, farmers, government bodies and consumers are looking for more viable options to sustain our planet."

Building upon Singapore's early success to develop the MK-V's driverless capabilities, Monarch's expansion and development of new talent will work to create automation capabilities that extend to full farm operations leading to the enablement of profitable and sustainable agricultural practices within the region and globally.

As almost 25 percent of global GHG emissions result from agriculture, this strategic expansion will champion and enable large-scale emissions reductions that support Singapore's Green Plan 2030, including the country's aspiration to become net-zero by 2050. Monarch is currently hiring talent throughout Singapore to support and develop cutting-edge A.I. robotics technology – creating a smarter, greener and safer farming industry.

Following its launch in 2020, Monarch Tractor has continued to revolutionize the agriculture industry at a global scale through innovative electric and autonomous capabilities. Moving to bring AI to farmer's fingertips, the company has captured the attention of other major sustainable-focused countries within APAC including New Zealand, where Monarch delivered the first-ever electric tractor to the NZ0 farm.

To learn more about Monarch Tractor, visit www.monarchtractor.com.

About Monarch Tractor

Founded in 2018, Monarch Tractor's Founder Series MK-V is the world's first fully electric, driver-optional, connected tractor set to enhance farmers' existing operations, alleviate labor shortages, and maximize yields. Monarch Tractor is committed to elevating farming practices to enable clean, efficient, and economically viable solutions for today's farmers and the generations of farmers to come. With cutting-edge technology, global reach, and an experienced team, Monarch is delivering meaningful change for the future of farming. For more information, visit www.monarchtractor.com.

Monarch Tractor Media Contact
Sling & Stone l monarchtractor@slingstone.com

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Wuling Motors Has Formed the Export Layout of Three Major Developed Markets of the United States, Japan, and Europe

HONG KONG, Jun 19, 2023 – (ACN Newswire) – Wuling Motors (00305.HK) has once again expanded the new energy business of a city and deeply participated in global competition!

On June 8, 2023, Liuzhou Wuling New Energy Automobile Co., Ltd. (hereinafter referred to as "Wuling New Energy"), the associated company of Wuling Motors, held the E-BOX M Release Ceremony of Cooperation Project and the First Batch Delivery to Europe with FEST Europe. The first batch of new energy battery electric logistics vehicles developed and produced by Wuling New Energy were officially delivered to FEST and entered the European market.

It is reported that the E-BOX M pure electric logistics vehicle of Wuling Motors has passed the EU E-mark certification for complete vehicles and parts, and obtained the WVTA certificate. The vehicles are equipped with efficient motors and high-performance batteries according to the targeted needs of the European market. It is powerful, lightweight and durable, and offers lasting performance. Meanwhile, it has a large loading space and can run fast, fully meeting the distribution needs of local warehousing and distribution in Europe and urban end logistics. At the same time, it is environmentally friendly and economical, which can save 3,972 euros per year while reducing carbon dioxide emissions.

In the past decades, overseas markets have been dominated by European, American, and Japanese brands for a long time. However, with the rapid rise of China's new energy vehicle brands, brand barriers in overseas markets are gradually breaking down. This is also confirmed by the increase and growth speed of China's new energy vehicle overseas sales in recent years. The overseas market contains huge market potential, which is a market from 0 to 1, and also a very good opportunity for the globalization of China's automobile brands.

Facing the tide of the times, Yuan Zhijun, Chairman of board of directors of Wuling Motors, said that the Group will seize the opportunity of transformation to new energy and accelerate the development of new energy vehicle industry. Especially through investment in Wuling New Energy, the Group's new energy vehicle business segment will be built to accelerate development.

As an important layout of Wuling Motors in the new energy vehicle industry, Wuling New Energy has advanced and large-scale production facilities covering an area of about 550,000 square meters. It adopts advanced technology construction in China's automobile industry and installs advanced automatic production line to carry out welding, painting, final assembly, and other production procedures required for producing new energy vehicles, with an annual capacity of 200,000 units.

With the continuous improvement of Wuling Motors' technical level and insight into user needs, Wuling Motors' related new energy vehicle products have also been unanimously recognized and have entered the market of traditional automobile powers for many times.

For example, as early as September 26, 2021, more than 130 Wuling EV50 new energy logistics vehicles were shipped to North America at Yantai Port. The first "going global" won a good reputation in developed countries, which also became the first successful demonstration of China's logistics vehicle products "going global".

In January 2022, a cooperation framework agreement was signed with Japan ASF at the RCEP Business Leaders Forum, which opened RCEP's first batch of Guangxi orders. On February 28 this year, the project was officially launched and the first batch of products were officially delivered in batches, successfully achieving mass production and launching, and moving towards the goal of 100,000 vehicles within 5 years. This is also the first time that Guangxi's new energy vehicles have been sold in Japan.

In August 2022, Wuling New Energy signed a cooperation framework with FEST to give full play to its rich vehicle manufacturing experience and manufacturing advantages in the whole supply chain according to the needs of the European market and FEST, so as to rapidly promote project cooperation. On June 8, 2023, Wuling New Energy successfully delivered the first batch of vehicles ordered and officially released E-BOX M to the world. Earlier, when E-BOX M was promoted in Europe, it received a strong response from overseas markets. Many world-class enterprises including Amazon, Coca-Cola, Carrefour, France Post, and Chile Post paid attention to this product.

Yuan Zhijun said that at present, Wuling Motors has formed an export mode of three major economically developed markets of the United States, Japan, and Europe, which lays a good foundation for its products to go global. As an important participant in the production and consumption market of new energy vehicles, Wuling Motors will also closely follow the China's "dual carbon" goal policies and market trends, continue to increase the layout of the new energy vehicle industry, and continuously invest in R&D production capacity. It is hoped that with continuous efforts, the proportion of Wuling Motors' new energy business will further increase and eventually reach 50%. Of course, to achieve such a goal, it is also necessary to work with more overseas partners to jointly promote the popularization of new energy vehicles worldwide.


Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

eDriving Helps Fleets Reduce Eco Impact with NEW EcoDrive powered by Greater Than Feature in its Driver Safety & Sustainability Application, Mentor

CAPE MAY COURT HOUSE, NJ and STOCKHOLM, SWEDEN, Jun 15, 2023 – (ACN Newswire) – eDriving(SM), a Solera company and leading global provider of digital driver risk management solutions, today announced the global availability of its EcoDrive feature powered by Greater Than (GREAT:ST), a global provider of technology that converts GPS data into powerful insights and driver scores. The integration of EcoDrive into eDriving's award-winning digital driver safety app, Mentor(SM), will enable eDriving to further support its global clients in achieving their safety AND sustainability goals.


Revolutionising driver risk management for over 25 years, eDriving is the trusted partner of choice for many of the world's largest sales, service, and delivery fleets, supporting over two million drivers in 125 countries with award-winning digital driver risk management solutions. Its smartphone-based Mentor programme identifies and remediates drivers' risky habits behind the wheel with scoring, training, coaching, and gamification, achieving up to an 89% reduction in risky driver behaviour over 18 months.

The integration of Greater Than's AI-based technology extends Mentor's value proposition from a comprehensive driver safety solution to a holistic driver safety AND sustainability solution. The optional EcoDrive enhancement to Mentor empowers organisations to help drivers reduce their CO2 emissions/EV battery consumption while ensuring their safe return home each day. This strategic step elevates Mentor's sustainability benefits by enabling reduction of carbon emissions and EV battery consumption of up to 20%. In addition, EcoDrive facilitates more accurate Environmental, Social and Governance (ESG) reporting with harmonised data on an organisation's CO2 savings.

"We are absolutely thrilled to see our customers embracing this new offering so quickly, with deployments of EcoDrive already beginning around the world. Our health- and safety-minded customers are keen to take ownership of their climate impact and contribute to their organisations' ESG initiatives by quantifying and reporting on their sustainability efforts," said Ed Dubens, CEO/Founder of eDriving. "By helping fleet drivers understand the impact of their driving on the environment, Mentor and EcoDrive can help them evolve to more eco-friendly behaviours."

Mentor's EcoDrive powered by Greater Than leverages Greater Than's unique pattern-AI technology trained since 2004, using data from over 106 countries and 1,600 cities. This technology conducts real-time driving analysis to calculate CO2 emissions/EV battery consumption savings per individual driver after each trip. Providing a uniform measure of environmental impact, EcoDrive enables fair, transparent, unbiased evaluation of individual drivers' eco performance. Drivers will be able to see their eco impact rating following each trip on their Mentor dashboard, helping them keep sustainability goals top of mind.

"We are delighted to provide the AI analysis to power this exciting feature in Mentor by eDriving. It's becoming more important, mandatory in some cases, for companies to measure and report on their ESG activities. And, of course, it's also about doing the right thing for the planet. We're proud that our technology empowers eDriving's customers with previously unseen climate impact insights to help them elevate their eco efforts," said Liselott Johansson, CEO, Greater Than.

EcoDrive powered by Greater Than is available globally in eDriving's flagship Mentor business solution, available for fleets of all sizes and vehicle types.

Press contact, eDriving:
Sheila Leverone, Chief Marketing Officer
press@edriving.com

Press contact, Greater Than:
PR@greaterthan.eu
+46 855 593 200

About Solera

Solera is the global leader in vehicle lifecycle management software-as-a-service, data, and services. Through four lines of business – vehicle claims, vehicle repairs, vehicle solutions and fleet solutions – Solera is home to many leading brands in the vehicle lifecycle ecosystem, including Identifix, Audatex, DealerSocket, Omnitracs, LoJack, Spireon, eDriving/Mentor, Explore, cap hpi, Autodata, and others. Solera empowers its customers to succeed in the digital age by providing them with a "one-stop shop" solution that streamlines operations, offers data-driven analytics, and enhances customer engagement, which Solera believes helps customers drive sales, promote customer retention, and improve profit margins. Solera serves over 300,000 global customers and partners in 100+ countries. For more information, visit www.solera.com.

About eDriving

eDriving, a Solera company, helps organisations around the world improve safety, reduce injuries, licence endorsements, carbon emissions, and total cost of fleet ownership through its patented digital driver risk management programmes. These include the Mentor by eDrivingSM smartphone app with FICO(R) Safe Driving Score; the patented, five-stage Crash-Free Culture(R) risk reduction programme; and the Virtual Risk Manager(R) platform, all designed to work together within a privacy-first, data-secure environment that supports drivers and their managers every step of the way. eDriving is the digital driver risk management partner of choice for many of the world's largest organisations, supporting over 2,000,000 drivers in 125 countries. Over the past 25 years, eDriving's research-validated programmes have been recognised with over 120 awards around the world. For more information, visit www.edriving.com.

About Greater Than

Greater Than is a driving data analytics company that specialises in understanding driver impact on the roads. Through the power of artificial intelligence (AI), Greater Than converts GPS data into driver scores that predict crash probability and climate impact. The scores can be further enhanced with additional intelligence including an analytics dashboard, prevention tool, and summary reports.

Insurance companies, underwriters, fleet solution providers, mobility providers and other owners of GPS data use Greater Than's analysis to optimise driver risk management, achieve insurance profitability, manage sustainability & ESG reporting, and monetise GPS data. Greater Than (GREAT.ST) is listed on Nasdaq First North Growth Market. FNCA Sweden AB is the Company's Certified Adviser. Learn more at www.greaterthan.eu.

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Toyota Ramps Up Commitment to Electrification with U.S. BEV Production and Additional Battery Plant Investment

PLANO, Texas, May 31, 2023 – (ACN Newswire) – Advancing its commitment to vehicle electrification and building where it sells, Toyota will assemble an all-new, three-row, battery electric SUV at Toyota Kentucky starting in 2025. The company's first U.S.-assembled BEV will be powered by batteries from Toyota North Carolina. The new battery plant, which is currently under construction, will receive an additional $2.1 billion investment to support the company's drive toward carbon neutrality.

"We are committed to reducing carbon emissions as much as possible and as soon as possible" said Ted Ogawa, president and chief executive officer, Toyota Motor North America. "To achieve this goal, customers must have access to a portfolio of options that meet their needs now and in the future. It is exciting to see our largest U.S. plant, Toyota Kentucky, and our newest plant, Toyota North Carolina, drive us into the future together with BEV and battery production for our expanding electrified lineup."

Kentucky to Launch Toyota's First U.S. BEV

Today's announcement confirms that Toyota Kentucky will lead the company's vehicle carbon reduction efforts with its first U.S.-assembled BEV, a 3-row SUV.

"Toyota Kentucky set the standard for Toyota vehicle manufacturing in the U.S. and now we're leading the charge with BEVs," said Susan Elkington, president of Toyota Motor Manufacturing, Kentucky. "Our incredible team of Kentuckians is excited to take on this new challenge while delivering the same great quality and reliability that our customers expect."

The decision to assemble a BEV in the U.S. demonstrates the company's belief in electric vehicles and its commitment to design, engineer and produce vehicles for the market.

"This is incredible news that furthers Kentucky as the center of the electric vehicle sector," said Kentucky Governor Andy Beshear. "Toyota has long been a vital part of the automotive industry in the commonwealth, and now the company is positioned to help lead us into the future. I want to thank the company's leaders for their commitment to our state's incredible workforce, and I can't wait to see what's next for Toyota and Kentucky."

North Carolina Brings the Power

Toyota is investing $2.1 billion in its North Carolina battery manufacturing plant for new infrastructure to support future expansion. This brings total investment in Toyota North Carolina to $5.9 billion.

"Toyota's significant investment in our state, now nearly $6 billion, is terrific news and more evidence that North Carolina is a leader in the clean energy economy," said North Carolina Governor Roy Cooper. "Toyota believes in our world-class workforce to power its future success and I appreciate this enormous commitment here."

The facility will be Toyota's hub for developing and producing lithium-ion batteries needed for its expanding portfolio of electrified vehicles. Production at the Liberty plant is slated to begin in 2025 with six battery production lines, four for hybrid electric vehicles and two for BEVs.

"The future is bright at Toyota North Carolina," said Sean Suggs, president, Toyota Battery Manufacturing, North Carolina. "With this proactive infrastructure investment, we will be able to quickly support future expansion opportunities to meet growing customer need."

Additional Quotes from North Carolina Officials

"Toyota's continued commitment in North Carolina confirms our status as a manufacturing powerhouse," said North Carolina Senate President Pro Tempore Phil Berger. "This expansion further cements our thriving partnership, and it wouldn't be possible without the reforms the General Assembly implemented to transform North Carolina into a jobs-friendly state."

"Toyota and the State of North Carolina have formed a strong partnership that will transform the future for North Carolina," said Tim Moore, Speaker of the North Carolina House of Representatives. "Our state has proven to be – again and again – one of the best locations for companies of all sizes to do business, and Toyota's continued investment in our state is indicative of that recognition."

Clear Leader in Electrification

A pioneer in electrified vehicles, Toyota has put more than 23 million hybrids, plug-in hybrids, fuel cell electric and battery electric vehicles on the road globally – more than all other automakers combined. The company currently offers 22 electrified vehicle options in the U.S. across the Toyota and Lexus brands, the most among any automaker. By 2025, the company plans to have an electrified option available for every Toyota and Lexus model globally.

Over the last two years, the company has invested more than $8 billion in its U.S. manufacturing operations primarily to support its product electrification efforts.

About Toyota

Toyota (NYSE:TM) has been a part of the cultural fabric in the U.S. for more than 65 years, and is committed to advancing sustainable, next-generation mobility through our Toyota and Lexus brands, plus our nearly 1,500 dealerships.

Toyota directly employs more than 39,000 people in the U.S. who have contributed to the design, engineering, and assembly of more than 33 million cars and trucks at our nine manufacturing plants. By 2025, Toyota's 10th plant in North Carolina will begin to manufacture automotive batteries for electrified vehicles. With more electrified vehicles on the road than any other automaker, Toyota currently offers 22 electrified options.

To help inspire the next generation for a career in STEM-based fields, including mobility, Toyota launched its virtual education hub at www.TourToyota.com with an immersive experience and chance to virtually visit many of our U.S. manufacturing facilities. The hub also includes a series of free STEM-based lessons and curriculum through Toyota USA Foundation partners, virtual field trips and more. For more information about Toyota, visit www.ToyotaNewsroom.com.

MEDIA CONTACTS:
Kentucky Media Contact:
Kim Ogle
256-746-5407
kim.ogle@toyota.com

North Carolina Media Contact:
Emily Holland
662-507-5148
emily.holland@toyota.com

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

PowerUP Asia 2023 Opens Tomorrow with Power Electronics Trends in Focus

TAIPEI, TW, May 23, 2023 – (ACN Newswire) – The inaugural PowerUP Asia, organized by AspenCore, publisher of EETimes Asia, EETimes India, and EDN Asia, opens tomorrow with the latest power electronics topics, including wide-band gap (WBG) devices such as gallium nitride (GaN) and silicon carbide (SiC), power semiconductors, and related technologies, in focus.

With the theme Spotlight on Asia’s Power Electronics Innovations, Trends, and Developments, PowerUP Asia is a three-day virtual conference and exhibition (May 24-26, 2023) highlighting the latest technology developments, challenges, and opportunities in the power electronics sector.

PowerUP Asia builds on the success of the established PowerUP Expo, a virtual conference and exhibition being held by Power Electronics News. Focusing on trends and innovations in this region, speakers include:

  • Francesco Muggeri, Vice President of Marketing & Applications, Power Discrete & Analog, APeC/China, STMicroelectronics, WBG Technologies Toward Sustainability
  • Alex Lidow, CEO and Co-Founder, Efficient Power Conversion (EPC), GaN Evolution – The Present and the Future
  • Stephen Coates, General Manager (Asia) and VP of Global Operation, GaN Systems, GaN is Pushing the Boundaries of Power Density and Efficiency
  • Jacky Wan, Vice President, Supplier Management & Engineering – APAC, Arrow Electronics, and Jason Khor, Senior Manager, Engineering, Arrow Electronics, Powering the Future: The Rise of Wide Bandgap Materials in Industrial, Automotive, and Renewable Energy Applications
  • Andrea Bricconi, Chief Commercial Officer, Cambridge GaN Devices, Powering Up the Future with GaN: Why and How GaN is Replacing Silicon in Power Conversion
  • Dr. Ravinder Pal Singh, Product Application Engineer, Infineon Technologies, Wide Bandgap Devices for a Greener Future
  • Daryl Wan, Regional Sales Director, India, ASEAN, ANZ, Analog Devices Inc., Power to Unleash Your Innovations
  • Mark Gerber, Sr. Director, Engineering & Technical Marketing, ASE Inc., Advanced Packaging: Enabling Greater Power Efficiency
  • Hyungmook Choi (Michael Choi), VP of Power Business Development, UTAC Group, Revolutionizing the Semiconductor Market: Preparing for Future Growth in Automotive, AI, and HPC with Innovative Package Development for SiC, GaN, and Silicon Devices
  • Gabriel Rojas, Application Engineer, Rohde & Schwarz, Best Practice on Probing with High Voltage Differential Probes
  • Alvin Tan, Senior Marketing Manager, NXP Semiconductors, NXP EVSE Solutions for the Future

Spotlight on WBG

The WBG market has experienced expansion and rising industrial acceptance. As technology advances, businesses are creating a wide range of products that offer advantages in a number of applications for the industrial, automotive, and consumer industries, among others. Devices such as GaN and SiC are supplying the market with the proper input by offering fresh solutions to the challenges that designers confront in an era where “efficiency” is the watchword.

At PowerUP Asia, a panel of industry experts from some of the leading companies focusing on GaN and SiC technologies will discuss the challenges that engineers currently face in a variety of application contexts, as well as the obstacles that still need to be removed for widespread adoption, to produce improved performance and lower costs that will benefit the industry as a whole.

With the theme “Recent Advances and Upcoming Challenges for Wide Bandgap Semiconductors,” the panel discussion will be moderated by Eng. Maurizio Di Paolo Emilio, Ph.D., Editor-in-Chief of Power Electronics News and EEWeb, will feature the following panelists:

  • Andrea Bricconi, CCO, Cambridge GaN Devices
  • Thierry Bouchet, CEO, Wise Integration
  • Stephen Coates, General Manager (Asia) and VP of Global Operation, GaN Systems Inc.
  • Amitava Das, Co-Founder & COO, Tagore Technology
  • Pete Losee, Director of Technology Development, Qorvo Inc.
  • Francesco Muggeri, Vice President of Marketing & Applications, Power Discrete & Analog, APeC/China, STMicroelectronics

For more information and to register, visit https://ve.eetasia.com/powerup2023.

About AspenCore

AspenCore is a unique collection of brands and products that have set the standard in meeting the demands of today’s engineers.

We reach over 15 million technologists, designers, engineers, and managers. We connect this electronics community to reliable news, authoritative analysis, industry trends, and daily information on new technology.

Our brands include EE Times, Electronic Products, EPSNews, ESM China, IoT Times, Power Electronics News, EDN, EEWeb, Electro Schematics, Elektroda.pl, Embedded.com, Planet Analog, and more.

For more information, visit https://aspencore.com.

Contact Person
Celia Shih
Marketing Manager
Taiwan/ASEAN Marketing and Circulation Department
T: +886 227591366 Ext. 103/222
E: celia.shih@aspencore.com



Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

VinFast To Publicly List Through Business Combination With Black Spade Acquisition Co

HONG KONG, May 12, 2023 – (ACN Newswire) – VinFast Auto Pte. Ltd. ("VinFast" or "the Company"), and Black Spade Acquisition Co (NYSE: BSAQ) ("Black Spade") announced today that they have entered into a business combination agreement. After the transaction, VinFast will have an equity value of over US$23 billion and be listed in the U.S.
Representatives of Vingroup, VinFast and Black Spade at the Signing Ceremony


The business combination values VinFast at an enterprise value of approximately US$27 billion and an equity value of US$23 billion, not including cash from BSAQ's approximately US$169 million of cash in trust (assuming no Black Spade shareholders elect to have their Black Spade shares redeemed for cash as permitted).

The transaction is expected to close in the second half of 2023, subject to regulatory and shareholder approvals, and other customary closing conditions. After the transaction, existing shareholders of VinFast will hold approximately 99% shares of the combined company.

Madame Thuy Le, Global CEO of VinFast Auto Pte. Ltd., said: "VinFast has already demonstrated the ability to quickly reach international markets. The partnership with Black Spade and listing of VinFast in the U.S. represents the perfect capital raising avenue for our future global ambitions and is also an important accomplishment for Vingroup."

Mr. Dennis Tam, Chairman and Co-CEO, Black Spade Acquisition Co, shared, "VinFast has demonstrated their execution excellence by building up a maximum production facility of up to 300,000 electric vehicles (EVs) a year and having a full range of beautifully designed high quality EVs, all within the span of a few years. With the support of Vingroup, one of the largest conglomerates in Vietnam, VinFast is very well positioned to take advantage of the EV lifestyle trend and we are very excited about the future potential growth of VinFast in Vietnam and globally."

VinFast, a member of Vingroup, was founded in 2017 and envisioned to drive the movement of global smart electric vehicle revolution. VinFast manufacturers and exports a full portfolio of e-SUVs, e-scooters and e-buses across Vietnam, North America, and, soon, Europe. The Company operates a state-of-the-art automotive manufacturing complex in Hai Phong that boasts up to 90% manufacturing automation and annual production capacity (i.e. maximum number of vehicles that can be constantly manufactured in a year with additional shifts per day throughout the year) of up to 300,000 units in phase 1.

VinFast is committed to its mission of creating a sustainable future for everyone. The Company converted into a fully EV manufacturer in 2022, and has delivered four EV models: VF e34, VF 8, VF 9 and VF 5 to customers in Vietnam to date. VinFast recently crossed an important milestone on the journey to becoming a recognized global EV brand with the first VF 8 EVs exported to North America earlier this year.

Black Spade, listed on the NYSE, was founded by Black Spade Capital, which runs a global portfolio consisting of a wide spectrum of cross-border investments, and consistently seeks to add new investment projects and opportunities to its portfolio.

Additional information about the proposed transaction, including a copy of the business combination agreement, is available in Black Spade's Current Report on Form 8-K, filed on May 12, 2023 with the Securities and Exchange Commission ("SEC") at www.sec.gov, and will be available on the VinFast investor relations page at www.vinfastauto.com.

More information about the proposed transaction will also be described in VinFast registration statement that include BSAQ's proxy statement and VinFast's prospectus relation to the business combination, which will be filed with the SEC.

About VinFast
VinFast – a member of Vingroup – is the leading Vietnamese automotive manufacturer, committed to its mission of creating a green future for everyone. VinFast manufacturers and exports a full portfolio of electric SUVs, e-scooters and e-buses across Vietnam, the United States, and, soon, Europe. Learn more at www.vinfastauto.com.

About Black Spade Acquisition Co
Black Spade Acquisition Co ("BSAQ") is a blank check company incorporated for the purpose of effecting a business combination (Special Purpose Acquisition Company). Listed on the NYSE, BSAQ was founded by Black Spade Capital, which runs a global portfolio consisting of a wide spectrum of cross-border investments, and consistently seeks to add new investment projects and opportunities to its portfolio. Learn more at: https://www.blackspadeacquisition.com/.

Advisors
Chardan is serving as M&A advisor to VinFast and JonesTrading Instituional Services is serving as financial advisor to Black Spade.

Forward-Looking Statements Legend
This document contains certain forward-looking statements within the meaning of U.S. federal securities laws with respect to the proposed transaction between VinFast Auto Ltd. (the "Company") and Black Spade Acquisition Co ("Black Spade"), including statements regarding the benefits of the transaction, the anticipated benefits of the transaction, the Company or Black Spade's expectations concerning the outlook for the Company's business, productivity, plans and goals for product launches, deliveries and future operational improvements and capital investments, operational performance, future market conditions or economic performance and developments in the capital and credit markets and expected future financial performance, as well as any information concerning possible or assumed future results of operations of the Company. 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 their managements' current predictions, projections and other statements about future events that are based on current expectations and assumptions available to the Company and Black Spade, 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: (i) the risk that the proposed transaction may not be completed within the prescribed time frame, which may adversely affect the price of Black Spade's securities, (ii) the risk that investors of the Company may not receive the same benefits as an investor in an underwritten public offering, (iii) the risk that the Black Spade securities may experience a material price decline after the proposed transaction, (iv) the adverse impact of any shareholder litigation and regulatory inquiries and investigations on the Company's business, (v) a reduction of trust account proceeds and the per share redemption amount received by shareholders as a result of third-party claims, (vi) the risk that the transaction may not be completed by Black Spade's business combination deadline and an extension period, (vii) the risk that distributions from trust account may be subject to claw back if Black Spade is deemed to be insolvent, (viii) the ability of the Company to get approval for listing of its ordinary shares and warrants and comply with the continued listing standards of the Nasdaq, (ix) the failure to satisfy the conditions to the consummation of the transaction, certain of which are outside of Black Spade or the Company's control, (x) the ability of the Company to achieve profitability, positive cash flows from operating activities and a net working capital surplus, (xi) the ability of the Company to fund its capital requirements through additional debt and equity financing under commercially reasonable terms and the risk of shareholding dilution as a result of additional capital raising, if applicable, (xii) risks associated with being a new entrant in the EV industry, (xiii) the risks that the Company's brand, reputation, public credibility and consumer confidence in its business being harmed by negative publicity, (xiv) the Company's ability to successfully introduce and market new products and services, (xv) competition in the automotive industry, (xvi) the Company's ability to adequately control the costs associated with its operations, (xvii) the ability of the Company to obtain components and raw materials according to schedule at acceptable prices, quality and volumes acceptable from its suppliers, (xviii) the Company's ability to maintain relationships with existing suppliers who are critical and necessary to the output and production of its vehicles and to create relationships with new suppliers, (xix) the Company's ability to establish manufacturing facilities outside of Vietnam and expand capacity within Vietnam timely and within budget, (xx) the risk that the Company's actual vehicle sales and revenue could differ materially from expected levels based on the number of reservations received, (xxi) the demand for, and consumers' willingness to adopt EVs, (xxii) the availability and accessibility of EV charging stations or related infrastructure, (xxiii) the unavailability, reduction or elimination of government and economic incentives or government policies which are favorable for EV manufacturers and buyers, (xxiv) failure to maintain an effective system of internal control over financial reporting and to accurately and timely report the Company's financial condition, results of operations or cash flows, (xxv) battery packs failures in the Company or its competitor's EVs, (xxvi) failure of the Company's business partners to deliver their services, (xxvii) errors, bugs, vulnerabilities, design defects or other issues related to technology used or involved in the Company's EVs or operations, (xxviii) the risk that the Company's research and development efforts may not yield expected results, (xxix) risks associated with autonomous driving technologies, (xxx) product recalls that the Company may be required to make, (xxxi) the ability of the Company's controlling shareholder to control and exert significant influence on the Company, (xxxii) the Company's reliance on financial and other support from Vingroup and its affiliates and the close association between the Company and Vingroup and its affiliates and (xxxiii) conflicts of interests with or any events impacting the reputations of Vingroup affiliates or unfavorable market conditions or adverse business operation of Vingroup and Vingroup affiliates. The foregoing list of factors is not exhaustive. Forward-looking statements are not guarantees of future performance. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the Company's registration statement on Form F-4 to be filed by the Company with the U.S. Securities and Exchange Commission (the "SEC"), Black Spade's Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 10, 2023, and other documents filed by the Company and/or Black Spade from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and all forward-looking statements in this document are qualified by these cautionary statements. The Company and Black Spade assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither the Company nor Black Spade gives any assurance that either the Company or Black Spade will achieve its expectations. The inclusion of any statement in this communication does not constitute an admission by the Company or Black Spade or any other person that the events or circumstances described in such statement are material.

Additional Information and Where to Find It
This document relates to a proposed transaction between the Company and Black Spade. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The Company intends to file a registration statement on Form F-4 that will include a proxy statement of Black Spade and a prospectus of the Company with the SEC. After the registration statement is declared effective, the definitive proxy statement/prospectus will be sent to all Black Spade shareholders as of a record date to be established for voting on the proposed transaction. Black Spade also will file other documents regarding the proposed transaction with the SEC. This document does not contain all the information that should be considered concerning the proposed transactions and is not intended to form the basis of any investment decision or any other decision in respect of the transactions. Before making any voting or investment decision, investors and shareholders of Black Spade are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction.

Investors and shareholders will be able to obtain free copies of the registration statement, proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Black Spade through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by Black Spade may be obtained free of charge from Black Spade's website at https://www.blackspadeacquisition.com/ or by written request to Black Spade at Black Spade Acquisition Co, Suite 2902, 29/F, The Centrium, 60 Wyndham Street, Central Hong Kong.

Participants in Solicitation
Black Spade and the Company and their respective directors and officers may be deemed to be participants in the solicitation of proxies from Black Spade's shareholders in connection with the proposed transaction. Information about Black Spade's directors and executive officers and their ownership of Black Spade's securities is set forth in Black Spade's filings with the SEC, including Black Spade's Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 10, 2023. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the proxy statement/prospectus regarding the proposed transaction when it becomes available. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents as described in the preceding paragraph.


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BluWave-ai and Dubai Taxi Sign Partnership to Decarbonize Fleet With Electric Vehicles Managed by Artificial Intelligence

OTTAWA, ON, May 2, 2023 – (ACN Newswire) – Dubai Taxi Corporation (DTC), a division of the Roads and Transport Authority (RTA) of Dubai UAE, signed an agreement with BluWave-ai to partner with its built-in-Canada AI platform to further enhance energy efficiency. The signing ceremony took place in the DTC headquarters in Dubai, co-chaired by Mansour Rahma Alfalasi, CEO of Dubai Taxi, and Devashish Paul, CEO of BluWave-ai, with the presence of a number of officials from both parties. The Canadian company is represented by Al Usul Company in the United Arab Emirates.
BluWave-ai and Dubai Taxi


The agreement will bring the BluWave-ai specialized artificial intelligence solutions into the fields of renewable energy and transport electrification to develop optimization models in EV energy management and revenue maximization for DTC's fleet, which is projected to grow to over 2000 EVs. DTC is accelerating the partnership with multiple years of historical and live data from real-world operations that will allow BluWave-ai to develop operating models for the electrical vehicles that combine elements such as charging durations, levels, vehicle on-road activity, weather and holiday impacts, events, and revenue concentration vs. charging time opportunity costs. During the project, the offline models will be taken to live deployment to be continuously retrained and enhanced. The agreement includes the appointment of a joint committee from both sides to follow up with the operational plan and mission objectives, and study performance outputs to exchange the best practices in innovation and collaboration.

This agreement was announced in unison with DTC's plans to transform 100% of its fleet to low-carbon footprint vehicles by 2027. This encompasses hybrid, hydrogen fuel cell, and electrical vehicles. The plan has been approved by the RTA to further the corporate strategy to provide innovative and sustainable transportation services in accordance with the highest international standards for which an AI platform is instrumental.

"The new cooperation agreement between Canada's BluWave-ai and Dubai Taxi Corporation will support UAE's net zero by 2050 and electrify the transportation sector," said Jean-Philippe Linteau, Consul General of Canada in Dubai and the Northern Emirates. He also added, "This agreement will help bring environment-friendly vehicles to Dubai as an example of a Canada-UAE climate change partnership milestone ahead of COP28."

The BluWave-ai EV Fleet Orchestrator software product uses AI to assist fleet operators in integrating electric vehicles into their fleets. The solution offers features such as intelligent EV charging, route and schedule optimization, and depot and BESS management to optimize the use of EVs. The product uses AI and machine learning algorithms to help fleet operators make informed decisions, thus reducing costs and increasing efficiency. The overall goal of the product is to help fleet operators overcome the challenges of adopting EVs, which will ultimately lead to a reduction in their carbon footprint.

"The Dubai Taxi Corporation is keen to provide safe and sustainable digital transportation solutions using the latest technologies by consolidating the foundations of strategic partnership with a globally experienced company," said Mansour Rahma Alfalasi, the CEO of Dubai Taxi. "This agreement comes in line with the Dubai government strategy towards comprehensive environmental sustainability by implementing targets to reduce carbon emissions in the taxi sector, as per the requirements of the Dubai Supreme Council of Energy, and the transition towards a green economy. This partnership is enhancing the exchange of expertise and experiences to improve services that contribute to achieving its vision of leadership in providing safe and sustainable digital transportation services."

"This partnership with Dubai Taxi is laying the foundation to show real-world AI-enabled decarbonization in the lead-up to COP28," said Devashish Paul, CEO of BluWave-ai. "We are thrilled to implement the strategic directions of the Dubai government aimed at offering green vehicles for a more sustainable environment, praising the advanced and reliable transport services provided by the company to its customers. This emphasizes the commitment to achieve the full outputs of the agreement through cooperation and ensuring the integration of the efforts of both sides, based on working in a team spirit to achieve our shared goals."

To purchase BluWave-ai's EV Fleet Orchestrator(TM) and EV Everywhere products or to participate with BluWave-ai's interoperability testing, please contact info@bluwave-ai.com.

Contact Information:
Brandon Paul
Senior Corporate Marketing Manager
brandon.paul@bluwave-ai.com

SOURCE: BluWave-ai

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