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SAIHEAT Announces the Signing of Memorandum of Understanding (MoUs) to strengthen its position in the nuclear and Small Modular Reactor (SMR) markets
SINGAPORE, Oct. 10, 2024 (GLOBE NEWSWIRE) -- SAIHEAT Limited (f/k/a SAI.TECH Global Corporation) (“SAIHEAT” or the “Company”) (NASDAQ: SAIH, SAITW), announces
About this update from Saiheat Limited
[{"type":"text","content":"SINGAPORE, Oct. 10, 2024 (GLOBE NEWSWIRE) -- SAIHEAT Limited (f/k/a SAI.TECH Global Corporation) (“SAIHEAT” or the “Company”) (NASDAQ: SAIH, SAITW), announces the signing of two Memorandum of Understanding (“MoUs”) concerning HEATNUC products. These MoUs aim to promote cooperation in the Middle Eastern and international small modular reactor sectors while also gaining broader corporate management experience. The MoUs are intended to enhance SAIHEAT's competitiveness in the Middle Eastern and global markets, further advancing its regional localization strategy as they jointly expand cooperative markets. The MoU entered into with Kinze Nuclear Innovation (Beijing) International Energy Technology Services Co., Ltd., signifies the establishment of a strategic partnership focused on providing nuclear technology consulting and training, system, software, and hardware V&V, as well as digitalization services for the nuclear and oil & gas industries in China. The objective is to enhance technical capabilities within the Chinese nuclear industry and create greater value as a strategic goal. The collaboration also includes joint R&D activities and the provision of critical systems and components. The other MoU, inked with Jiangsu Jintonglingguang Nuclear Energy Technology Co., Ltd., outlines plan for joint production of nuclear equipment, SMR equipment and spare parts, aiming to enhance competitiveness and localization rates. This MoU aims to leverage complementary advantages in nuclear power and SMR projects to improve competitiveness in the Middle East and international markets, as well as increase localization rates. Jiangsu Jintong has the capability for batch manufacturing of main equipment for nuclear islands and conventional island turbine generator units, covering all domestic technical routes including Generation II+, imported Generation III (EPR, AP1000), indigenous Generation III (Hualong One, Guohe One), Generation IV nuclear power (sodium-cooled fast reactor, high-temperature gas-cooled reactor), and modular small reactors for offshore floating platforms. This collaboration facilitates the exchange of management experience and broader corporate management practices for both parties. These MoUs emphasize collaborative development and mutual benefit by sharing expertise in project management, marketing, and business practices wi...