Scage Future (NASDAQ: SCAG) shares were in the negative Wednesday. The Nanjing, China-based company, a provider of new energy and zero-emission heavy-duty commercial vehicles and e-fuel solutions, today announced that its indirect wholly owned subsidiary, Guizhou Scage Tech Ltd., has entered into a strategic cooperation agreement with China Huaye Group Co., Ltd., a major Chinese engineering, construction and mining enterprise within the China Minmetals and China Metallurgical Group corporate system.
The agreement, signed on September 22, in Nanchang, China, is a non-binding framework agreement with a tentative term of one year. It sets out a framework for collaboration across infrastructure construction, mining operations, renewable energy, circular economy initiatives, financial services, and technological innovation.
Both parties intend to leverage their respective expertise, capital resources, and market networks to jointly explore business opportunities, develop projects, and advance sustainable industrial solutions throughout China. Specific projects will be subject to separate definitive agreements, to be entered into after each party completes its internal approval procedures.
Scage CEO Chao Gao commented, "We are exploring an initial deployment of up to 1,000 electric heavy-duty trucks to support mining transportation operations, subject to project requirements and the availability of financing.
“We believe our transportation solutions can address longstanding challenges in mining logistics, including operational efficiency, safety, and transportation costs."
SCAG shares gave up 17 cents, or 9.7%, to $1.59.
Related Stories
