PESTECH announced that the Company had on 13 January 2022 entered into a Memorandum of Understanding (“MoU”) with Green Li-Ion Pte. Ltd. (“GLPL”) in relation to a Proposed Collaboration of exploring possibilities in the Lithium-Ion battery recycling activities and businesses (“Collaboration”). Under the MoU, the Parties shall co-operate jointly in the promulgation of LION Batteries recycling activities and businesses in the region of Malaysia and Cambodia (“Region”).

PESTECH will conduct the necessary due diligence on the technical and financial viability of the GLMC-1 LION Batteries recycling solutions, and if found feasible, proceed further with the execution of an exclusive affirmative collaboration agreement for the Region with GLPL for the establishment of a LION Batteries recycling facility.