MSB Global Unit, Zhejiang GSP&DC Eye Malaysia's Energy Storage Market; Shares Drop 5%

MT Newswires Live

01/27

MSB Global (KLSE:MSB) subsidiary, MSB Machinery Corporation (Malaysia), signed a memorandum of understanding with China-based Zhejiang GSP&DC Energy Technology to jointly explore and develop the energy storage market in Malaysia, according to a Monday Malaysian bourse filing.

Shares of MSB Global fell about 5% in Tuesday's midday trade.

The MOU aims to combine Zhejiang GSP&DC Energy Technology's expertise in solid-state lithium-ion battery and energy storage technologies with MSB Machinery's local operations and distribution network.

Both parties will form a project team to develop market strategies and explore commercial, industrial and residential energy storage applications.

The agreement will be valid for six months, it said.

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