Techna-X shares jump 15% after report of EV venture

TheEdge Thu, Apr 22, 2021 10:10am - 2 years View Original


KUALA LUMPUR (April 22): Techna-X Bhd jumped more than 15% in early trade after announcing a move to enter the electric vehicle (EV) market with the development of a low-voltage drive system.

At 9.45am, the counter had added two sen to 15 sen, with 119.27 million shares changing hands.

Techna-X, via its subsidiary HK Aerospace Beidou New Energy Industry Technology Co Ltd, has signed a joint-venture (JV) agreement with Monika Mikac and Igor Pongrac, former co-founders of Rimac Automobili, a technology powerhouse in the electrical hypercar domain, together with Nordin Catic, a material specialist, and Benjamin Bozic, an electronic system design expert.

In a statement yesterday, Techna-X said the JV company had been registered as E-Rex d.o.o. (E-Rex), in which Techna-X will own a 51% equity, while the co-founders will hold the remaining 49%.

It said E-Rex will initially focus on the development of a low-voltage power train suitable for low-voltage EV passenger cars and commercial vehicles up to 2.5T (currently using batteries in the 250V to 800V voltage range for the drive train).

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