SAIHEAT Signs a Memorandum of Understanding (MoU) to Strengthen its Leadership Position in the Middle East Nuclear and SMR Markets
October 17 2024 - 8:00AM
SAIHEAT Limited (f/k/a SAI.TECH Global Corporation) (“SAIHEAT” or
the “Company”) (NASDAQ: SAIH, SAITW), announces the signing of a
Memorandum of Understanding (MoU) for HEATNUC products. This
agreement aim to enhance strengths in product development and
marketing. The MoUs are designed to boost the company's
competitiveness in the Middle East and global markets. This
strategic move will further advance SAIHEAT's localization strategy
in the region, solidifying market position while expanding
influence.
This Memorandum of Understanding (MOU) was signed with Jiangsu
Xuanrui Vibration Damping Equipment Co., Ltd. and marks the
establishment of a strategic partnership between the two companies,
focusing on the commitment to support hangers and hydraulic
dampers. This includes coverage of second-generation plus, the
introduction of third-generation (EPRAP1000) independent
third-generation ("Hualong One", Guohe One) four-generation nuclear
power, etc., mainly targeting the large-scale nuclear power sector.
The cooperation also covers subcontractors and joint manufacturing.
The aim of this cooperation is to jointly manufacture nuclear and
small modular reactor (SMR) equipment and components, with a focus
on improving competitiveness while expanding the market for
collaboration between the two companies.
The MOU not only emphasizes cooperation through the exchange of
expertise in project management and business practices, but also
focuses on joint marketing efforts in the nuclear and small reactor
sectors. This demonstrates a commitment to mutual development
through the sharing of knowledge and experience. In addition,
HEATNUC and its partners plan to further expand their global reach
by exploring and expanding international markets through joint
ventures.
These initiatives are fully in line with HEATNUC's strategic
goal to strengthen its important position in the global nuclear
industry. Through close cooperation with its partners, HEATNUC aims
to provide innovative solutions while maintaining the highest
standards of quality and safety.
About HEATNUC
HEATNUC is a Small Modular Reactor Division of SAIHEAT,
dedicated to developing 3rd generation PWR and 4th generation SFR
and HTGR. HEATNUC also promotes utilizing the high-temperature
electrolytic refining fuel cycle to extend the usage life of
uranium ore to tens of thousands of years, while actively assisting
in the development of global uranium raw material resources.
About SAIHEAT
SAIHEAT Limited is a Nasdaq-listed (SAIH) company headquartered
in Singapore. SAIHEAT develops technologies for the Advanced
Computing Center Ecosystem (ACCE), a next-gen computing center
featuring high-performance servers, advanced liquid cooling, and
systems for capturing and recycling computing heat. Our innovations
aim to reduce the carbon footprint of Bitcoin mining and AI
operations.
Formerly known as SAI.TECH Global Corporation, SAIHEAT became a
publicly traded company on the Nasdaq Stock Market (NASDAQ) through
a merger with TradeUP Global Corporation in May 2022. For more
information on SAIHEAT, please visit https://www.saiheat.com.
Safe Harbor Statement
This press release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. The words “believe”, “expect”, “anticipate”, “project”,
“targets”, “optimistic”, “confident that”, “continue to”,
“predict”, “intend”, “aim”, “will” or similar expressions are
intended to identify forward-looking statements. All statements
other than statements of historical fact are statements that may be
deemed forward-looking statements. These forward-looking statements
include, but not limited to, statements concerning SAI.TECH and the
Company’s operations, financial performance, and condition are
based on current expectations, beliefs and assumptions which are
subject to change at any time. SAI.TECH cautions that these
statements by their nature involve risks and uncertainties, and
actual results may differ materially depending on a variety of
important factors such as government and stock exchange
regulations, competition, political, economic, and social
conditions around the world including those discussed in SAI.TECH’s
Form 20-F under the headings “Risk Factors”, “Results of
Operations” and “Business Overview” and other reports filed with
the Securities and Exchange Commission from time to time. All
forward-looking statements are applicable only as of the date it is
made and SAI.TECH specifically disclaims any obligation to maintain
or update the forward-looking information, whether of the nature
contained in this release or otherwise, in the future.
Media Contact
pr@saiheat.com
Investor Relations Contact
ir@saiheat.com
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