Engaged in advancing innovative solutions for large-scale market applications
OMER, Israel, Nov. 19, 2020 – 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.
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.
Medigus Ltd. is a technology-based company engaged in advancing innovative solutions for large-scale market applications. To learn more about Medigus’ advanced technology, please visit www.medigus.com.