SAI.TECH Announces MOU Signings for HEATNUC Targeting Nuclear and SMR Markets in the Middle East

Rhea-AI Summary

SAI.TECH has announced the signing of two Memorandums of Understanding (MoUs) aimed at enhancing its HEATNUC product line for nuclear and Small Modular Reactor (SMR) markets in the Middle East. The first MoU, with Suzhou East Instrument Technology, focuses on exporting electrical and instrumentation control systems for nuclear projects. This includes a range of Class IE K1, K2, K3, and non-safety-related equipment, alongside nuclear safety management initiatives. The second MoU, with Kunshan Three-Dimensional Heat Exchanger, targets the joint production of nuclear and SMR equipment, leveraging high-end technology and alloy materials. The partnerships are designed to improve competitiveness and localization in the Middle East while exploring joint export ventures to international markets. These agreements signify SAI.TECH's commitment to innovation, quality, and growth in the global nuclear sector.

Positive

• SAI.TECH signed two strategic MoUs, enhancing its position in the nuclear and SMR markets.
• Partnership with Suzhou East Instrument Technology focuses on exporting advanced electrical and instrumentation control systems.
• Collaboration with Kunshan Three-Dimensional Heat Exchanger aims for joint production of high-end nuclear equipment.
• MoUs target improved competitiveness and localization in the Middle Eastern market.
• Agreements include nuclear safety and quality management initiatives, ensuring high standards.

Negative

• None.

SINGAPORE, July 09, 2024 (GLOBE NEWSWIRE) -- SAI.TECH Global Corporation (“SAI.TECH” or “SAI” or the “Company”) (NASDAQ: SAI, SAITW) announces the signing of two Memorandums of Understanding (MoU) for HEATNUC products aimed at strengthening cooperation within the small modular reactor industry. These MoUs are set to enhance SAI.TECH’s competitiveness in the Middle Eastern and international markets while increasing localization efforts in the region.

The first MoU, signed with Suzhou East Instrument Technology Co., Ltd., signifies a strategic partnership focused on the export of electrical and instrumentation control system equipment for nuclear power and engineering projects. This includes Class IE K1 and K2 electrical and instrumentation control equipment, Class IE K3 equipment, non-safety-related packaged air equipment, and instrumentation and control equipment for nuclear power plants. The collaboration also encompasses nuclear safety and quality management initiatives.

The second MoU, inked with Kunshan Three-Dimensional Heat Exchanger Co., Ltd., outlines plans for joint production of nuclear and Small Modular Reactor (SMR) equipment and components. This collaboration aims to enhance competitiveness and localize production in the Middle East. Kunshan 3D specializes in the development of high-end equipment such as aerospace science experimental devices, nuclear power equipment, and test benches, utilizing high-temperature alloys, titanium alloys, and various metal materials. The partnership will extend to providing specialized services including testing, maintenance, diagnostics, inspections, engineering services, and the supply of spare parts.

Both MoUs underscore the commitment to mutual growth through the exchange of project management expertise, enterprise management practices, and collaborative marketing efforts targeting nuclear-grade and SMR sectors. Additionally, HEATNUC and its partners will explore opportunities for expanding their presence in international markets through joint export ventures.

These initiatives align with HEATNUC's strategy to solidify its position as a key player in the global nuclear industry, leveraging partnerships to deliver innovative solutions and uphold the highest standards of quality and safety.

About HEATNUC

HEATNUC is a Small Modular Reactor Division of SAI.TECH, 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 SAI.TECH

SAI.TECH is a Nasdaq-listed (SAI) sustainable distributed bitcoin mining operator headquartered in Singapore. SAI’s mission is to become a sustainable distributed digital asset mining operator and heating supplier globally, while simultaneously promote the clean transition of the bitcoin mining, power and heating industries.

In May 2022, SAI became a publicly traded company under the new ticker symbol “SAI” on the Nasdaq Stock Market (NASDAQ) through a merger with TradeUP Global Corporation. For more information on SAI.TECH, please visit https://sai.tech/.

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@sai.tech

Investor Relations Contact

ir@sai.tech 

FAQ

What recent agreements has SAI.TECH signed for HEATNUC products?

SAI.TECH has signed two Memorandums of Understanding (MoUs) for HEATNUC products targeting nuclear and SMR markets in the Middle East.

Which companies are involved in SAI.TECH's new MoUs?

The MoUs involve Suzhou East Instrument Technology and Kunshan Three-Dimensional Heat Exchanger.

What is the focus of SAI.TECH's MoU with Suzhou East Instrument Technology?

The focus is on exporting electrical and instrumentation control systems for nuclear power and engineering projects.

What are the goals of the collaboration with Kunshan Three-Dimensional Heat Exchanger?

The goals include joint production of nuclear and SMR equipment and enhancing competitiveness and localization in the Middle East.

How do the MoUs align with SAI.TECH's strategy?

The MoUs align with SAI.TECH's strategy to solidify its position in the global nuclear industry, focusing on innovation, quality, and market expansion.