The Brokerage and Cooperation agreements cover the sales and manufacturing of the Company's products for the Chinese market.
The Chinese government has recently announced plans to spend $200 billion dollars on EV Charging infrastructure over the next decade. China is also one of the world's most vibrant digital outdoor advertising growth markets. The agreements signed will allow Envision Solar to sell and manufacture its EV charging and advertising products in the world's largest and fastest growing market for such products.
The Company's recently patented EV ARC product allows for the rapid scalability required by the Chinese government to reach its ambitious goals for EV charging infrastructure. The clean and renewable energy produced by the EV ARC product makes it ideal for the pollution reduction required in China's major cities. Envision Solar's Solar Tree DC fast charging products are ideal for the highway corridors between China's major cities, where there is sparse grid connectivity. Both products generate all their energy from the sun and do not require grid connections.
Envision Solar selected Fujian Rongzheng Engineering Technology Company, because of its demonstrable history of growing new technology sales, while protecting the intellectual property of the technology originator. The Fujian Rongzheng Engineering Technology Company is led by President and CEO, Yongfeng Wang, who is also the president of the Fujian Province Chamber of Commerce and the Qianhe Information Technology Group.
He and his team have many years of experience in the energy and technology fields and their political, business and legal connections are diverse, strong and highly beneficial to their business activities. Business Development activities will be lead by Xiaoming Chen, VP of Business Development for Mr. Wang. Ms. Chen is also the Executive secretary of the E-commerce Chamber, the former Dean of the Communication and Cooperation Committee in the Strait and Economy Culture Communication Center in Fujian Province and a former Visiting Scholar of William and Mary College in the USA.
Envision Solar consulted with US/China legal and business experts and the China US Chamber of Commerce throughout the process of selecting a partner and negotiating contracts.
"Envision Solar has developed products, which we believe have huge potential in China," said Yongfeng Wang, CEO of Fujian Rongzheng Engineering Technology Company. "China is investing heavily in the electrification of transportation and in pollution fighting technologies. Envision Solar's products do both in unique and intelligent ways. We are very excited to join with Envision Solar to grow this business whilst helping China continue to improve the environment for its citizens as our government leaders have committed to doing."
"We believe that the market potential for our products in China is massive," said Desmond Wheatley, CEO of Envision Solar. "We have worked carefully and diligently to select the right partner and have spent six months negotiating mutually beneficial terms in agreements, which allow for growth and protect our valuable IP. We are thrilled to be working with Mr. Wang and his talented team. It has been a long journey to get here and during that time we have built trust and respect for each other. I am looking forward to building a highly fruitful business together in this exciting market."
