Highway Holdings Limited (NASDAQ: HIHO) signed a letter of intent with Guangdong Huahu New Energy Technology Co., Ltd. to establish a joint venture. The Hong Kong-based entity, tentatively named Huahu International New Energy Technology Company Limited, integrates Huahu’s battery storage technology with Highway Holdings’ manufacturing and commercial operations.
Initial contributions to the joint venture are valued at $3.5 million.
The partnership aims to scale Huahu’s Wowtiger brand globally. Highway Holdings will leverage its international presence to provide technical support and manufacturing, specifically targeting European markets. The venture also intends to pursue expansion into the United States and South America.