Hongli Group Inc (HLP) News & EventsHLPHongli Group Inc

Hongli Group Receives Deficiency Letter from Nasdaq

Hongli Group announced that on it received a deficiency letter from Nasdaq. The notice informed the company that, based upon the closing bid price of the Company's Class A ordinary shares over the 30 consecutive business day period between May 19 and July 1, the company is not in compliance with the requirement to maintain a minimum bid price of $1.00 per Class A Ordinary Share for continued listing on Nasdaq as set forth in Nasdaq Listing Rule 5550.

Hongli Group Signs Strategic MOU with Sidus Energy Storage

Hongli Group provided an update regarding the advanced battery technology and research and development of Sidus Energy Storage, a California-based battery technology company. As previously announced, Hongli Group recently entered into a strategic non-binding Memorandum of Understanding, MOU, with Sidus to explore a potential collaboration relating to battery manufacturing. The proposed collaboration is intended to evaluate opportunities relating to advanced battery manufacturing, including product development, automated production feasibility, capacity planning, supply chain localization, and the potential development of manufacturing facilities for Sidus battery products. "Our proposed collaboration with Sidus represents an important step in Hongli Group's long-term value creation strategy," said Mr. Jie Liu, Chairman and Chief Executive Officer of Hongli Group. " By combining our deeply established manufacturing execution, structural engineering capabilities, and supply chain infrastructure with Sidus's IBM-licensed solid-state battery technology, we are position-building to help scale a safer, more powerful, and scalable battery solution for the global market, and expect to unlock value for our shareholders."

Hongli Group Signs Strategic MOU with Sidus Energy Storage

Hongli Group entered into a non-binding Memorandum of Understanding with Sidus Energy Storage to explore a potential strategic manufacturing collaboration relating to advanced battery and energy storage products targeting the high-growth North American and European energy storage markets. This proposed collaboration represents a further step in Hongli Group's clean energy evaluation. It follows the Company's recent initiatives over the past two months, including the planned formation of its New Energy Solid-State Battery Division and the engagement of Dr. Phillip A. Medina IV as Independent Technical Advisor to capture high-margin energy storage opportunities. This strategic MOU is designed to leverage Hongli Group's deeply entrenched industrial manufacturing capabilities alongside Sidus's battery technology. Sidus has licensed foundational battery technology from IBM and has successfully developed advanced battery products characterized by high energy density. The parties intend to jointly evaluate product development, automated production feasibility, capacity planning, and supply chain localization. As contemplated by the MOU, Hongli Group is expected to contribute its extensive mass-production experience, scalable operational infrastructure, and business expansion expertise to support the proposed collaboration, including with respect to the potential development, construction and operation of manufacturing facilities. The Company's precision profile design is suited to optimize the structural integrity and cost-efficiency of battery enclosures, packs, and racking infrastructure. Sidus is expected to contribute to its IBM-licensed battery technology, product know-how, technical specifications, and established commercial pipelines to accelerate time-to-market.