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Medigus Reports Signed Memorandum Of Understanding To Enter Electric Vehicles, Electric Charging Market

Medigus Ltd. (NASDAQ:MDGS) (TASE:MDGS), a technology company engaged in advanced medical solutions and innovative technology, today announced its intention to enter into the electric vehicle and electric charging

· 11/19/2020 09:16

Medigus Ltd. (NASDAQ:MDGS) (TASE:MDGS), a technology company engaged in advanced medical solutions and innovative technology, today announced its intention to enter into the electric vehicle and electric charging markets. Medigus signed a non-binding memorandum of understanding with the founders of EMuze (a privately held company that designs and develops electric mobility micro vehicles), to invest in a joint venture, NewCo, for the commercialization of EV micro-mobility vehicles for individual urban use, “last mile” and cargo delivery.

In addition, Medigus appointed Mr. Alon Davidi as special advisor for the electric vehicle and charging market. Mr. Davidi currently serves as system lead at General Motors, managing the development of Low Velocity Maneuvering (LVM).

EMuze's unique EVs are characterized by the ability to operate full days on a single charge, heavy duty design suitable for rigid operation, tailored mission-specific designs, Hop on - Hop off modes, available off-road versions and low cost of operation.

EMuze has already signed a manufacturing agreement with Ningbo Beijing Shen Jian Machinery Technology, which manufactures high-end scooters, E-mobility and skiing machines. Ningbo is equipped with advanced machining and inspection facilities, an R&D center, and a training institute. As part of the agreement, Ningbo will receive first manufacturing rights for NewCo products.

If the MOU materializes into a definitive agreement, Medigus shall initially hold 19.99% of NewCo’s share capital on a fully diluted basis in consideration for an initial investment of US$250,000, and may increase its holdings to up to 50.1% by investing up to an additional US$1,100,000 subject to NewCo’s achievement of the milestones as set forth in the MOU.