Noco-noco To Buy Japanese EV Manufacturer Assemblepoint

(RTTNews) - noco-noco Inc. (NCNC) on Monday announced its intention to acquire a 51% stake in Assemblepoint Co. Ltd., a Japanese electric vehicle (EV) manufacturer that operates in the Philippines. The acquisition will be carried out through a share swap arrangement for approximately $3.6 million.

The proposed acquisition combines the strengths of noco-noco's battery technology with Assemblepoint's rapid assembly approach to provide transformative solutions that can help decarbonize the transportation sector.

The acquisition will combine noco-noco's X-SEPA battery technology, known for its long-lasting and high temperature-resistant properties, with Assemblepoint's rapidly scalable electric "Smart Bus" assembly.

According to Masataka Matsumura, the CEO of noco-noco, the partnership is not just about product integration, but also about combining swappable batteries with emissions reduction strategies, innovative battery solutions, and a battery leasing business model forming a symbiotic partnership.

Additionally, the partnership aims to capture over 10% of the commercial vehicle market in the Philippines by 2030, with fleet leasing and carbon credits further enhancing the value proposition for customers.

The acquisition is expected to be accretive to revenue growth and earnings in 2024, upon anticipated completion in the first quarter of that year.