On October 10, Gelonghui announced that Acme Intl Hldgs (01870.HK) issued a notice on October 10, 2024. The company's wholly-owned subsidiary, Blooming Power Limited ("BPL"), signed a memorandum of understanding ("Cooperation MoU") with DCH Investment and Construction JSC. ("DCH," a company registered in Vietnam) for an initial period of three years, unless extended in writing by BPL and DCH. BPL or DCH may terminate the Cooperation MoU by giving written notice to the other party 30 days in advance.
According to the Cooperation MoU, BPL and DCH agreed to establish a cooperation framework to invest, develop, and operate renewable energy projects (referred to as the "Project") at a digital hub datacenter in Nam Chau Duc Industrial City Service Park, Baidutou County, Ba Ria-Vung Tau Province, Vietnam ("the digital hub"). DCH will be responsible for the investment, construction, and operation of the digital hub. BPL and DCH will collaborate in investing, financing, developing, and operating rooftop solar energy projects and ground solar energy projects within the digital hub.
The announcement stated that due to Vietnam's economic growth and industrial upgrading, the demand for electricity consumption is increasing. Vietnam is striving to transition from traditional energy generation to renewable energy generation, with a huge market and development potential for renewable energy. Through the cooperation project between BPL and DCH, it will pave the way for the group to enter the Vietnamese renewable energy market and establish a good foundation for further business development in the region.
