Extreme Vehicle Battery Technologies Corp. (“EV Battery Tech”) announced that it has signed a marketing and development agreement with Jiangsu RichPower New Energy Co. Ltd. (“RichPower”) and Intelligent Battery Technologies (“IBT”) and closed the acquisition contemplated in its distribution and technology license agreement with Rich Power and IBT.

RichPower is a leader in the battery management system (BMS) and energy storage system (ESS) industries in China. A vertically integrated company, RichPower is involved in activities ranging from research and development to battery production. RichPower operates facilities in Shanghai and Suzhou, two of the largest cities in China. The facilities are host to some of the world’s top research experts and state-of-the-art manufacturing equipment. These facilities offer turnkey and full-cycle services, providing products and services to the electric vehicles, power grid system providers, remote mine energy and commercial building power applications markets.

RichPower has been able to differentiate itself by its ability to use Artificial Intelligence (“AI”) to remotely manage and significantly extend the life of any battery system. Through the use of AI, it has developed a “smart” BMS that learns and evolves with user behaviours resulting in a significant increase in power saving and efficiency. Its AI algorithms can specifically predict future failures and provide more stable operations and remote maintenance on battery systems.

RichPower holds more than 70 national patents ranging from software, technology, invention and utility authorization, with several more patents pending. With RichPower’s experienced R&D department, the Company has no doubt they will continue to provide leading edge customized solutions for the Company’s clients in the North American, South American, European and African markets.

The closing of the Definitive Agreement will now allow EV Battery Tech to develop battery technologies for the Target Markets with features which include, but are not limited to:

• Artificial Intelligence
• Real-time Monitoring
• Remote Maintenance
• Longer Battery Life
• More Efficient Power Supply
• Smart Charging Systems
• Battery Recycling
• Blockchain Infrastructure

“We are very happy to be bringing our technology to the global markets through our partner EV Battery Technologies,” stated Jingke (Jack) Han, President and CEO of RichPower. “We are extremely proud of our technology and the market share we have captured in Asia and we are now excited to partner with EV Battery Tech to become a disruptive force in the global markets,” continued Mr. Han.

Rich Power has created a majority-owned subsidiary, IBT, to assist in developing RichPower’s technologies in the North American market. EV Battery Tech will be working closely with IBT to develop its blockchain technology and adapt RichPower’s battery technology for the North American markets.

“EV Battery Tech is just the business partner we needed to get RichPower’s ground-breaking technologies into international markets, starting here, in North America. We are excited to be able to commercialize quickly with the help of EV Battery Tech,” commented Yoga Yogendran, President and CEO of IBT.

As a closing condition to the definitive agreement, the Company has issued 8,000,000 common shares to IBT.

“We are very fortunate to be bringing a proven technology to the North American market,” stated Bryson Goodwin, President and CEO of EV Battery Tech. “RichPower has not only commercialized these technologies, but made a name for themselves in China. We now have the opportunity to work with them to become an early mover in the North American market,” concluded Mr. Goodwin.