Scage Future Enters into Strategic Cooperation Agreement with China Huaye Group

The potential truck deployment remains subject to project requirements and financing availability.

Rhea-AI Summary

Scage Future (Nasdaq: SCAG) announced that its subsidiary Guizhou Scage Tech entered into a cooperation agreement with China Huaye Group. Signed on September 22, 2026, the agreement is a non-binding framework with a tentative one-year term covering infrastructure, mining, renewable energy and other business areas.

Scage Future is exploring an initial deployment of up to 1,000 electric heavy-duty trucks for mining transportation, subject to project requirements and financing availability. Specific projects require separate definitive agreements after both parties complete internal approvals; the framework does not constitute a truck order.

2 points · 0 major

MixediHow this balance works

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0 major · 2 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointChina Huaye Group cooperation agreement establishes a framework to explore joint projects in China.
• Minor point. Forward-looking: it has not happened yet and may not happen.Up to 1,000 electric heavy-duty trucks are being explored for an initial mining transportation deployment.

Negative

• Moderate pointNon-binding framework has a tentative one-year term; specific projects require separate definitive agreements after internal approvals.
• Minor point. Forward-looking: it has not happened yet and may not happen.Proposed truck deployment depends on project requirements and financing availability.

Argus 15 min delay 12 alerts

+1.71% vs previous close $1.78 last price 91.1x rel. volume Open Argus

Details

Market Reaction – SCAG

+8.5% Peak Tracked

-13.4% Trough Tracked

$1.67 – $2.09 Day Range

$8.62M Mkt Cap at Last Price

On Nov 4, the day this news came out, the latest delayed price for SCAG is 1.71% above the previous close. Argus tracked a peak move of +8.5% during the session. Argus tracked a trough of -13.4% from its starting point during tracking. Our momentum scanner has recorded 12 alerts for this stock so far that day. The latest delayed price is $1.78. Relative volume is exceptionally heavy at 91.1x what this stock usually trades by this time of day.

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Key Figures

Proposed truck deployment: Up to 1,000 trucks Tentative agreement term: One year

Proposed truck deployment

Up to 1,000 trucks

Initial mining transportation deployment, subject to project requirements and financing availability

Tentative agreement term

One year

Non-binding framework agreement

Key Terms

e-fuel, epc

2 terms

e-fuel technical

"a provider of new energy and zero-emission heavy-duty commercial vehicles and e-fuel solutions"

Synthetic liquid or gaseous fuel made by combining hydrogen (usually produced by electrolysis using electricity) with carbon dioxide or carbon monoxide captured from the air, industrial sources, or biogenic streams; also called electrofuels or power‑to‑liquid/gas. Production uses renewable or low‑carbon electricity to split water for hydrogen and chemical processes (e.g., Fischer–Tropsch or methanation) to form hydrocarbons that can closely resemble petrol, diesel, jet fuel, or methane. Whether the fuel is low‑carbon depends on the electricity used and the CO2 source; producing these fuels is energy‑intensive and currently more costly than conventional fossil fuels, which affects how and where they are used.

epc technical

"engineering, procurement and construction (EPC)"

An EPC (engineering, procurement and construction) contract is a single agreement where a contractor designs a project, buys the materials and builds it, then hands over a finished, ready-to-use facility—much like hiring a general contractor to deliver a completed house. For investors, EPCs matter because they concentrate responsibility for cost, schedule and delivery with the contractor, affecting a company’s revenue visibility, cash needs and exposure to construction or performance risks.

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NANJING, China, Nov. 4, 2026 /PRNewswire/ -- Scage Future ("Scage Future" or the "Company") (Nasdaq: SCAG), a provider of new energy and zero-emission heavy-duty commercial vehicles and e-fuel solutions, today announced that its indirect wholly owned subsidiary, Guizhou Scage Tech Ltd., has entered into a strategic cooperation agreement with China Huaye Group Co., Ltd. ("NCMCC"), a major Chinese engineering, construction and mining enterprise within the China Minmetals and China Metallurgical Group corporate system.

The agreement, signed on September 22, 2026 in Nanchang, China, is a non-binding framework agreement with a tentative term of one year. It sets out a framework for collaboration across infrastructure construction, mining operations, renewable energy, circular economy initiatives, financial services, and technological innovation. Both parties intend to leverage their respective expertise, capital resources, and market networks to jointly explore business opportunities, develop projects, and advance sustainable industrial solutions throughout China. Specific projects will be subject to separate definitive agreements, to be entered into after each party completes its internal approval procedures.

Mr. Chao Gao, Chairman and Chief Executive Officer of Scage Future, commented: "We are exploring an initial deployment of up to 1,000 electric heavy-duty trucks to support mining transportation operations, subject to project requirements and the availability of financing. We believe our transportation solutions can address longstanding challenges in mining logistics, including operational efficiency, safety, and transportation costs."

Mr. Yicheng Sun, Manager of Guizhou Scage Tech Ltd., commented: "Scage Future's autonomous heavy-duty mining trucks are designed to transform mining logistics through intelligent, unmanned transportation. Featuring centralized fleet management, remote-control capabilities, and autonomous convoy operation, these vehicles are designed to operate without onboard drivers in suitable mining environments. We envision deploying a fleet of up to 1,000 trucks to transport millions of tons of mining materials, improving operational safety, transportation efficiency, and cost competitiveness while supporting the transition toward greener mining operations."

The proposed fleet would integrate autonomous vehicle technologies with centralized dispatch and monitoring systems, enabling coordinated transportation operations across mining sites and associated logistics networks.

Scage Future believes its intelligent, zero-emission heavy-duty transportation technologies could complement NCMCC's extensive mining development and engineering capabilities, creating opportunities to accelerate the adoption of sustainable transportation solutions in China's mining industry.

About China Huaye Group Co., Ltd. (NCMCC)

China Huaye Group Co., Ltd. ("NCMCC") is a major Chinese engineering, construction, and mining enterprise within the China Metallurgical Group and China Minmetals corporate system. Its principal businesses include engineering, procurement and construction (EPC), mine development and operations, metallurgical engineering, large-scale building construction, and municipal infrastructure development.

About Scage Future

Scage Future is a zero-emission technology provider in China dedicated to decarbonizing commercial transportation through its portfolio of advanced new energy heavy-duty vehicles and innovative e-fuel systems. Through strategic partnerships with established vehicle manufacturers and a comprehensive quality control framework, the Company develops intelligent, high-performance transportation solutions for logistics, mining, and port operations.

Scage Future has experience in the design, production, and testing of next-generation heavy-duty new energy vehicles, including the Dragon II plug-in hybrid dump truck, Galaxy II plug-in hybrid truck, and autonomous tractor-trailer.

Forward-Looking Statements

Certain statements in this press release constitute forward-looking statements within the meaning of applicable securities laws. These statements include, but are not limited to, expectations regarding the strategic cooperation with NCMCC, potential project development, the proposed deployment of up to 1,000 heavy-duty electric trucks, anticipated vehicle performance and transportation capacity, potential financing arrangements, and expected operational and commercial benefits.

Forward-looking statements are based on the Company's current expectations, assumptions, and projections and involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Such risks include, among others, the non-binding nature of the strategic cooperation agreement and the risk that no definitive agreements are entered into, the availability and terms of financing, the successful development and implementation of proposed projects, vehicle performance, regulatory approvals, market conditions, and the ability of the parties to execute their strategic objectives.

The proposed fleet deployment remains subject to financing, commercial arrangements, technical feasibility, and other conditions. There can be no assurance that the anticipated financing, fleet deployment, or other contemplated projects will be completed.

The Company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by applicable law. Investors are encouraged to review the risks and uncertainties described in the Company's filings with the U.S. Securities and Exchange Commission, available at www.sec.gov.

For more information, please contact:

Scage Future
Investor Relations
Emily Wang
Head of Investor Relations
Email: scageIR@scagefd.com 

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SOURCE Scage Future

FAQ

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What did Scage Future agree with China Huaye Group?

Scage Future's subsidiary signed a non-binding cooperation framework with China Huaye Group on September 22, 2026, with a tentative one-year term. Specific projects require separate definitive agreements after each party completes its internal approval procedures.

How many trucks could Scage Future deploy under the China Huaye cooperation?

Scage Future is exploring an initial deployment of up to 1,000 electric heavy-duty trucks to support mining transportation. Deployment is subject to project requirements and the availability of financing.