#Saudi Arabia #Wireless Charging #Al Khobar #HEVO Inc. #Fleet Tracking Technologies

HEVO Inc. and Fleet Tracking Technologies Announce Strategic Partnership

In a significant move that promises to advance electric vehicle technology, HEVO Inc., based in New York, has joined forces with Fleet Tracking Technologies Co., Ltd. (FTT), a prominent fleet management technology provider in Saudi Arabia. This strategic partnership aims to implement wireless charging and fleet electrification solutions throughout Saudi Arabia and the surrounding Middle East region.

Partnership Overview

This collaboration is formalized through a Memorandum of Understanding (MOU), which outlines a comprehensive approach to deploying HEVO's innovative Rezonant™ wireless charging hardware alongside the Journey™ software platform. This powerful combination is expected to catalyze fleet electrification across various sectors, including transport and logistics.

With HEVO's cutting-edge charging systems that comply with UL and SAE standards, and FTT's established presence and regulatory expertise in the Middle Eastern market, the two companies are set to create tailored solutions for fleet operators. The MOU spells out specific initiatives such as joint engineering projects, coordinated commercial engagements, and a focus on pilot deployments with major industrial and energy players in the region.

According to Jeremy McCool, Founder and CEO of HEVO, “The partnership with FTT is crucial as Saudi Arabia and the wider Middle East enter a transformative period for fleet electrification and autonomous mobility. The regulatory knowledge and long-standing relationships that FTT has cultivated make them an ideal partner in this venture.”

Objectives and Initiatives

The partnership will not only provide a pathway for the distribution and integration of HEVO's systems but also aims to execute joint engineering initiatives geared towards developing smarter fleet management solutions.

Key focuses of their collaboration include:

• - Regional Distribution: Effectively integrating HEVO's Rezonant™ hardware and Journey™ software across the region.
• - Joint Engineering Workstreams: Collaborating on telematics integration, API alignment, and customized operator configurations.
• - Pilot Deployments: Identifying and executing a flagship deployment with a notable industrial or energy enterprise in Saudi Arabia.
• - Commercial Engagement: Coordinated efforts with logistics fleets and OEMs to promote the benefits of wireless charging solutions.
• - Regulatory Approvals: Jointly pursuing required certifications for the deployment of wireless charging systems.
• - Configuration Development: Co-developing specific hardware or software solutions based on client needs.

This strategic approach illustrates both companies' commitment to pioneering advancements in fleet electrification and mobility solutions, aiming for a comprehensive rollout within a year of the MOU's activation.

Future Directions and Strategic Investment

Furthermore, the MOU contemplates a potential equity investment by FTT in HEVO, contingent on achieving predetermined commercial milestones, ensuring long-term collaboration.

FTT has established itself as a leader in fleet management, holding key certifications from the Transport General Authority in Saudi Arabia and utilizing its affiliate Al-Khodari Industrial Trading Services (KITS) for vendor registrations with major industrial operators. Their expertise in telematics and logistics will be invaluable as they work with HEVO to modernize fleet operations.

In summary, the strategic alliance between HEVO Inc. and Fleet Tracking Technologies represents a forward-thinking response to the growing demand for efficient and sustainable fleet management in the Middle East. With their combined expertise, innovative solutions can be realized, ultimately leading to a more robust electric and autonomous vehicle ecosystem in the region.