BusinessJAPANESE AUTO-PARTS GIANT TPRINVESTS ADDITIONAL $5M IN AQUARIUS
ENGINESFebruary 1, 2022, 8:00 AM GMT+2
JAPANESE AUTO-PARTS GIANT TPR INVESTS ADDITIONAL $5M IN AQUARIUS ENGINESPR Newswire
YAKUM,Israel, Feb. 1, 2022
YAKUM,Israel, Feb. 1, 2022 /PRNewswire/ -- Japanese auto-parts manufacturer
TPR have invested $5M in Aquarius Engines. TPR is a Japanese publicly tradedmanufacturer of engine components for the global automotive industry and was
already a non-material shareholder in Aquarius Engines (TASE: AQUA). The newcapital will accelerate the development, production, and distribution of theAquarius Engine in Japan and beyond.
A rendition of the future Aquarius Engines concept car with its revolutionary
onboard generator powered by the 10kg Aquarius Engine.
The private investment would be the equivalent of 489,284 shares at NIS 32,66
per share.
The news comes as the two companies continue to negotiate an additional TPR
investment in Aquarius Engines' subsidiary in Tokyo, as reported in October
2021. As well as a potential manufacturing agreement under which TPR will
manufacture Aquarius Engines' products in Japan.
"TPR is a leading force in the Japanese automotive industry, specializing inengine parts. Beyond the monetary investment, we see TPR as a natural partner
to champion our interests in Japan and beyond. As we continue to promote andexplore collaborations with other significant strategic players in all of ourglobal target markets." Said Ariel Gorfung, CEO of Aquarius Engines.
TPR was the second major Japanese automotive company to invest in Aquarius
Engines following Honda-affiliate Musashi Seimitsu in 2019.
In November 2021, Aquarius Engines reported it's first purchase order forgenerators from the Italian-based Tecnoelettra, which supplies
state-of-the-art power solutions to a wide range of clients, including thosein the telecommunications industry. The €5M order was received after
successful completion of a series of field tests, with the supply ofgenerators to begin in stages from October 2022 until the end of 2023.
Aquarius Engines also enjoys a strategic partnership with Nokia in the fieldof remote communication and energy equipment management. The Aquarius Engines
Generator is currently undergoing additional field tests in North America,
Europe, Asia and Australasia.
The 10kg Aquarius Engine was invented in 2014 and is designed to be used as an
onboard power generator in a vehicle or as a stand-alone electricitygenerator. Unlike most conventional engines that are made of hundreds ofparts, the Aquarius Engine has just twenty components and one moving part. The
lightweight streamlined design makes it inexpensive and highly efficient withminimal need for maintenance, compared to traditional engines.
The Aquarius Engines technology currently has around two dozen patents
registered worldwide. The company Chairman is Gal Fridman and CEO is Ariel
Gorfung. Aquarius Engines has manufacturing and development centers in Israel,
Germany and Poland. https://www.aquariusengines.com/
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SOURCE AQUARIUS ENGINES
Contact: Avi Hyman, +972546330768

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