EP Manufacturing Bhd signs MOU with Sharkgulf and CIS Pride Silver Rock Fund as funding partners for the group’s impending venture into two-wheeled EV manufacturing in Malaysia.
Background on the EV project, the Government of Qingdao West Coast New Area District and Sharkgulf Technologies Group Limited joined hands for the establishment of Blueshark Gigafactory for electric vehicles (EV). A fund linked to Qingdao Municipal Government as well as Sharkgulf was to co-invest in the Gigafactory. Sharkgulf is the developer and manufacturer of the “Blueshark” brand two-wheeled EV.
Since securing rights for Malaysia and SEA, EPMB will be venturing into the manufacturing, assembly, and distribution of two-wheeled EVs for Malaysia and other Southeast-Asia countries, as the company looks to expand its footprint into multi-billion-dollar global two-wheel EV industry. The Group will be establishing a Manufacturing Plant and a Sales and Distribution Centre in Malaysia for the Blueshark-branded two-wheeled EVs. In addition, EPMB will also be establishing a Research and Development (“R&D”) Centre, which will share technical know-how and resources to Sharkgulf’s Gigafactory in Qingdao West Coast New Area.
CIS will be the main funder for this new venture, the firm will assist in terms of investments or procure investments for the establishment of Sharkgulf’s manufacturing plant in China and EPMB’s manufacturing plant in Malaysia.
CIS is an investment fund managed by Silver Rock Capital Limited, Realchamp Asset Management Limited, and The Pride Group Limited. Silver Rock is an investment platform co-founded by Mr. Steven Rockefeller III and Silver Mountain Group. Silver Mountain Group was established in Hong Kong by a European family in 2013. Silver Mountain Group has an extensive network in healthcare and international resources, and strives to become the bridge between China, the US, and Europe.
Commenting on the tripartite agreement between EPMB, Sharkgulf, and CIS, Dato’ Madani said: “I would like to congratulate EPMB and its partners for the signing event today, as this is an important milestone for Malaysia. Blueshark is positioning for a global presence and I am happy that EPMB is partnering with them. This partnership is also with CIS Pride Silver Rock Fund, which has global exposure. The partnership has all the right ingredients to march forward.