HG Semiconductor Limited entered into non-legally binding memorandum of understanding with GUH Holdings Berhad. Pursuant to the MOU, the company and GUH intend to collaborate jointly in respect of provision of construction plan of a battery cell factory and procurement of relevant equipment for GUH; provision to GUH of the full modular equipment of 100 MWh energy storage station; and sale of the company's fast charge ebike products in Malaysia and South East Asia. The MOU is not legally binding save for provisions relating to noticing, confidentiality, governing laws, jurisdiction and settlement of disputes.

The proposed cooperation under the MOU shall have duration of an initial period of one year commencing from the date of MOU and may be extended by mutual agreement of the parties.