Medigus Ltd. (NASDAQ: MDGS) has revealed its plan to join the electric charging markets for electric cars. Medigus has signed a non-binding cooperation agreement with the owners of EMuze (a private firm that designs and builds micro-mobility EV’s) to invest in a joint venture, NewCo, to sell micro-mobility EV automobiles for individual urban use last mile’ and delivery of goods.

Furthermore, Mr. Alon Davidi was named by Medigus as a special advisor for the electric car and charging market. Mr. Davidi currently serves as General Motors’ system lead, overseeing Low-Velocity Maneuvering (LVM) production.

The ability to run complete days on a single charge, hard duty design appropriate for robust service, customized mission-specific models, Hop on – Hop off modes, off-road models available, and low running costs defines the uniqueness of EMuze’s EVs.

With Ningbo, Beijing Shen Jian Machinery Technology, which produces high-end scooters, e-mobility, and skiing equipment, EMuze has already signed a production agreement. Ningbo is provided with specialized machines for machining and inspection, an R&D facility, and a training institute. Ningbo will obtain the first distribution rights for NewCo products as part of the deal.

If the MOU becomes final, Medigus will initially own 19.99 percent of NewCo’s share capital on a completely diluted basis with an initial investment of US$250,000 and may raise its shares to up to 50.1 percent by spending up to an additional US$1,100,000 according to NewCo’s achievement of the MOU thresholds.

On November 19, 2020, Medigus Ltd. (NASDAQ: MDGS) stock soared 22.28% to finish at 2.47. A stock of tech firms involved in advanced medical solutions and innovative technology had a volume of 35.18 million in contrast with an average volume of 4.16 million.