TTT+Partners is pleased to announce our representation of Nuovo Plus Company Limited, a battery cell manufacturer based in Thailand and part of the PTT Group, in its strategic decision to divest its energy storage production plant. Nuovo Plus has entered into a business transfer agreement with 24M Technologies Inc., a leading lithium-ion battery manufacturer based in United States. As part of this transaction, valued at approximately USD 51.08 million, Nuovo Plus will reinvest an equivalent amount from the sale into new shares of 24M Technologies, effectively aligning its investment strategy with the transaction’s value.
Our advisory services were comprehensive, covering the negotiation and finalisation of the Business Transfer Agreement, the Transitional Services Agreement, and the transfer of essential licenses. This deal allows Nuovo Plus to focus on strategic investment in energy assets while maintaining benefits from the energy storage plant and leveraging on the expertise and know-how of 4M Technologies.
Our team was led by Parithat Chamnongsilp, working alongside Supasiri Korattana and Sahatsawat Satpretpry.
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