Aquarius Engines signs MOU on $1bfactory in UAE

13 Jun, 2021 10:39 Globes correspondent

The MOU is with Kampac International PLC, a UK-listed energy company active in Dubai.
Aquarius Engines (TASE: AQUA), founded by its chairman Gal Fridman, CEO Ariel Gorfung,and Shaul Yaakoby, has announced that is has signed a memorandum of understanding(MOU) with energy company Kampac International PLC (KIP) on setting up a joint factory inthe United Arab Emirates to manufacture products for the automotive industry based onthe technology developed by Aquarius Engines. The factory will be constructed and run by acompany formed by the two sides, Aquarius Automotive Middle East.
Under the MOU, KIP will raise $1-1.2 billion for setting up the project, to be invested in thecompany to be formed, against an allocation of shares to be agreed between the parties.
KIP has also been given an option to buy 10% of the shares in Aquarius Engines itself, at acompany valuation of $5 billion, within 14 months of the MOU being signed.

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the UK, Ghana, Nigeria, and Congo.
Last month, Aquarius announced what it described as a breakthrough in the developmentof its technology. The linear engine it has developed successfully underwent a test runningon hydrogen fuel only, with no assistance from fossil fuels, with near zero gas emissions.
Aquarius Engines has various sites around the world. In Israel, it is based in the Rosh
Ha'ayin industrial zone. The company employs 90 people in Israel, Poland, Germany, andItaly. Among its shareholders are Marius Nacht, Leon Recanati, Shlomi Eliahu, Japanesecorporation Musashi, and Japanese vehicle parts company TPR.
The MOU with KIP is an important milestone in Aquarius's preparations for substantial
activity in the global vehicle industry. The collaboration represents a further vote ofcon dence in our groundbreaking technology, and we believe that KIP's capabilities andbusiness ties will help us to advance and consolidate our capabilities in the automotiveworld."
Aquarius Engines' stock price is up by more than 20% on the Tel Aviv Stock Exchange thismorning.
Marius Nacht is the former life partner of Anat Agmon, one of the controlling shareholders in"Globes". The two are involved in a personal and nancial dispute.
Published by Globes, Israel business news - en.globes.co.il - on June 13, 2021
© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

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