Quantum Solutions (Quantum), the first Japanese listed EV company, today through its subsidiary, entered into a Framework Agreement (Agreement) with Duke New Energy Vehicle Co. Limited (Duke), an electric vehicle developer and manufacturer based in Jiangsu, China, for potential strategic partnership and cooperation across research, development, design, and manufacturing of electric vehicles. This Agreement furthers Quantum’s entry into the EV sector, laying the groundwork to becoming a leader in quality, affordable, micro-EV.

In January 2022, Quantum FOMM Limited (QF), a subsidiary of Quantum and a joint venture with FOMM Corporation (FOMM), announced it has acquired the manufacturing and distributing rights in select regions of FOMM One, FOMM’s first electric vehicle model and one of Japan’s few approved EV kei car on the road today.

Through this Agreement with Duke, Quantum will leverage Duke’s manufacturing expertise and capabilities in order to reduce the cost of production of the existing model of FOMM One. In addition, Quantum plans to leverage Duke’s existing technologies and designs as well as its vast product portfolio to create Quantum’s long-term roadmap for the development and design of future EV models, potentially expanding its portfolio of quality and affordable mobility solutions significantly.

Located in the Nantong National High-Tech Industrial Development Zone in Jiangsu, China, Duke was established in 2011 and specializes in the research, development, design and manufacturing of new energy vehicles and materials. Duke’s product portfolio spans across commercial, passenger and public transportation models, and is underpinned by the company’s core technologies such as lightweight aluminum alloy material and integrated power chassis. Notably, its fast-charging technology and large lithium battery storage capacity support up to 600 km of driving distance after a 15-minute charge. Five EV models developed by Duke have been produced and sold in China and select Asian markets.

Based in Kanagawa Prefecture, FOMM was founded in 2013 by a team of auto engineers who had previously developed electric vehicles at Suzuki Motor Corporation and a Toyota Motor group company. Over the years, FOMM developed its first micro, electric four-seater kei car model, FOMM One, to cater to the specific needs of the Japanese market.

In Japan, kei means “light”, and this category of microcars makes up about a third of new domestic automobile sales annually. As the Japanese government pledges to decarbonize Japan by 2050 with plans to ban the sale of new gasoline-only vehicles by mid-2030s, FOMM One is well positioned for market share growth in the Japanese car market. Beyond Japan, Quantum and QF plan to expand its footprint to select ASEAN and Latin American cities as national and local governments are embracing affordable and sustainable mobility solutions in unprecedented ways.

About Quantum Solutions Limited (TYO: 2338)
Quantum Solutions is a Tokyo Stock Exchange-listed company engaged in the EV sector.

About Quantum FOMM Limited
Incorporated in Hong Kong, Quantum FOMM is a subsidiary of Quantum Solutions and a joint venture with FOMM Corporation. The joint venture is designated for EV business of Quantum.

About FOMM Corporation
Based in Kanagawa prefecture of Japan and established in 2013, FOMM is an R&D and design-oriented mobility company specializing in planning and developing compact mobility using innovative designs and technologies.

About Jiangsu Duke New Energy Vehicle Co Limited
Based in Jiangsu, China, Jiangsu Duke New Energy Vehicle Co Limited specializes in the research, development, design and manufacturing of new energy vehicles and materials.