Hongli Group to Explore Battery, Energy Storage Collaboration With Sidus Energy Storage
Hongli Group (HLP) signed a non-binding memorandum of understanding to explore a potential strategic manufacturing collaboration on advanced battery and energy storage products with Sidus Energy Storage, according to a Monday statement.Under the MoU, Hongli will contribute its production capabilities and Sidus will provide its IBM-licensed battery technology and commercial pipelines for the collaboration, Hongli said. The companies plan to assess product development, automated production feasibility, capacity planning, and supply chain localization, Hongli added.No financial terms were disclosed. Hongli said the proposed collaboration is part of its clean energy evaluation, but noted that there is no guarantee over any definitive deals or business outcome from the collaboration.Shares of Hongli Group were up more than 3% around midday Monday.Price: $0.53, Change: $+0.03, Percent Change: +5.00%