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noco-noco signs MOU with bus operator Kyushu Sanko Group for fleet decarbonization

Collaboration aims to realize a carbon-negative transport platform in Kyushu region of Japan

April 27, 2023 [Press releases]

SINGAPORE, April 26, 2023 – Decarbonization solution provider noco-noco Pte. Ltd. (“noco-noco”) today announced the conclusion of a Memorandum of Understanding (“MOU”) with the Kyushu Sanko Group (Kyushu Sanko Bus Co. Ltd., Sanko Bus Co. Ltd., and Kyushu Sanko Auto Service Co. Ltd.) and 3DOM Alliance Inc.’s group companies Binex Inc. and Freet Inc. The collaboration will work to make buses operated by the Kyushu Sanko Group progressively carbon-neutral and carbon-negative through noco-noco’s fleet decarbonization solution utilizing long-life batteries equipped with the proprietary X-SEPATM and fuel cells powered by sorghum-derived biomethanol.

By implementing noco-noco’s innovative solutions, the collaboration aims to serve the growing urgency for tangible decarbonization initiatives in the public transport sector and underpins noco-noco’s commitment to truly sustainable transformations – a vision shared by its fellow members of the 3DOM Alliance Group. The Kyushu Sanko Group is one of the leading public transportation operators in the Kyushu region of Japan, serving community needs and seeking to better the local environment. 

Per the MOU, noco-noco will provide the vehicle and battery/fuel cell assets to the transport operator through lease and subscription services. Batteries will include the X-SEPATM developed by 3DOM Alliance Inc., a revolutionary separator technology designed to extend battery lifespan and enhance reliability. 

To further realize carbon-neutral electric buses, noco-noco aims to provide the necessary carbon credits to offset carbon emissions from vehicle manufacturing, and also promote charging from renewable energy sources. Data from vehicle operations will be analyzed and fed back for product and service improvements. The fuel cells will be powered by sorghum-derived biomethanol provided by Binex Inc., and going ahead, the collaboration aspires to make the vehicles equipped with these fuel cells carbon negative by capturing and sequestering more than enough CO2 from the sorghum plants to offset emissions. 

“This agreement brings together like-minded partners who share our vision to deliver truly sustainable solutions and support local communities across Japan. We are bringing our domain expertise to instill circular economy efficiencies not only in urban areas, but also to revitalize rural areas through the benefits of a sustainable transport system,” said noco-noco CEO Masataka Matsumura.

The collaboration intends to conduct a proof of concept for fuel cell buses in 2025 and for electric buses in time.

This is one of multiple projects through which noco-noco is working to introduce its fleet decarbonization solution to market, including an electric minibus project in the Philippines with Assemblepoint Co., Ltd. Through these projects, noco-noco aims to alleviate hurdles to electrification for fleet operators and drive a more sustainable and efficient transport sector.

Media Contact:
Nandini Prashad
Head of PR and Strategic Communications, noco-noco Pte Ltd
Email: nandini.prashad@noco-noco.com

About noco-noco Pte. Ltd.
noco-noco Pte. Ltd. is a decarbonization solutions provider working to accelerate the global transformation to a carbon-neutral economy and an affiliated entity to 3DOM Alliance. Through use of the X-SEPA™, a proprietary multilayer battery separator, and by providing sustainable mobility services and an innovative energy management platform, noco-noco addresses the need for clean, affordable, and sustainable energy solutions.

Important Information and Where to Find It
On December 29, 2022, Prime Number Holding Limited, an exempted company limited by shares incorporated under the laws of the Cayman Islands (“PubCo”), Prime Number Acquisition I Corp. (“PNAC”), Prime Number Merger Sub Inc., a Delaware corporation and a direct wholly-owned subsidiary of PubCo, Prime Number New Sub Pte. Ltd., a Singapore private company limited by shares and a direct wholly-owned subsidiary of PubCo, noco-noco, and certain shareholders of noco-noco collectively holding a controlling interest, entered into a business combination agreement, pursuant to which PNAC is proposing to enter into a business combination with noco-noco involving a merger and a share exchange. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. PNAC’s stockholders and other interested persons are advised to read, when available, the proxy statement/prospectus and the amendments thereto and other documents filed in connection with the proposed business combination, as these materials will contain important information about noco-noco, PNAC and the proposed business combination. When available, the proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to stockholders of PNAC as of a record date to be established for voting on the proposed business combination. Such stockholders will also be able to obtain copies of the proxy statement/prospectus and other documents filed with the Securities and Exchange Commission (the “SEC”), without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to PNAC at its principal executive offices at c/o 1129 Northern Blvd, Suite 404, Manhasset, NY 11030, United States.

Forward-Looking Statements
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No Offer or Solicitation
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Participants in the Solicitation
noco-noco, PNAC, and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of PNAC’s stockholders in connection with the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of PNAC’s stockholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus on Form F-4 to be filed with the SEC.