Aquarius Engines Gets Approval For Strategic Agreement With Honda-affiliate Musashi Seimitsu
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ROSH HA'AYIN, Israel, April 21, 2021 /PRNewswire/ -- Aquarius Engines (Aquarius Engines AM Ltd) (TASE: AQUA) Board and Audit Committee have approved a strategic agreement with Honda-affiliate Musashi Seimitsu Industry Co. Ltd, a leading publicly traded Japanese auto-parts manufacturer and one of the Aquarius Engines controlling shareholders. In addition, the Audit Committee classified the engagement as a transaction that is not an 'exceptional transaction' in accordance with Section 117 of the Companies Law. The agreement focuses on strategic collaboration on research and development, assembly, distribution, marketing and sales of the Aquarius Engines and generators. The specifics of the deal are still subject to change with negotiations ongoing .
The move comes after Aquarius Engines announced another strategic partnership with Japanese auto-parts manufacturer TPR. Aquarius Engines has also begun the process of establishing a Japanese subsidiary to extend their reach in Japan and propel Aquarius Engines towards its entry into the automotive market through a strategic partnership with a leading player in the industry.
The Government of Japan continues to encourage the development of technological innovations in the field of hydrogen as an energy source and allocates significant resources for this purpose, a move that serves as a fertile ground for the Aquarius Engines plans to revolutionize green energy.
"This week's approval of our strategic agreement with Musashi Seimitsu is one more move towards realising our potential in Japan. Together with our Japanese partners, we hope to welcome a new age of global green energy and transportation," said Gal Fridman, Chairman of Aquarius Engines.
Aquarius Engines has developed and produced a tiny 10kg linear engine for generating electricity, with an internal combustion mechanism. Unlike large traditional engines, the Aquarius Engine only has one moving part and converts fuel into electricity without the use of oil. Due to its size and light weight, the engine has high mechanical efficiency that allows for low emissions and low pollution.
In addition to its partnerships with the Japanese Musashi Seimitsu and TPR, Aquarius Engines has a partnership with Nokia in the field of remote communication and energy equipment management.
The Aquarius Engines technology currently has around 20 patents registered worldwide. With additional applications in the fields of aviation, marine and range extenders for the automotive market. Aquarius has manufacturing and development centers in Israel, Germany and Poland. https://www.aquariusengines.com/
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SOURCE AQUARIUS ENGINES
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