Aquarius Engines has signed a memorandum of understanding with Japanese auto parts manufacturer TPR, focused on cooperation between TPR and Aquarius's soon-to-be established Japanese subsidiary.
Aquarius Engines is establishing a sister company in Japan to promote and strengthen ties with the existing Japanese partners, including Honda-affiliate Musashi Seimitsu and TPR.`
Aquarius Japan will create strategic partnerships across Asia and promote more business opportunities in the Japanese market. It will also do research and development to adapt the patented Aquarius linear engine to operate on hydrogen and penetrate the Japanese automobile market.
TPR is a Japanese publicly traded manufacturer of components for the global automotive industry and is a non-material shareholder in Aquarius Engines.
According to the memorandum of understanding, which is still subject to several conditions, the two companies will cooperate in many areas, including development, production and supply of parts that Aquarius Engines will use to manufacture its products.
Besides, TPR expressed its willingness to invest in Aquarius's Japanese subsidiary, and both the parties agreed that TPR would be given an option to invest at least $5million in Aquarius Japan, with the opportunity to participate in the company's management.
Aquarius Engines estimates that the new business partnership with TPR could positively impact demand for products developed by the company and give a significant advantage in quality and turnaround.
It looks to Japan as a key destination for strategic collaboration, which is expected to advance its research and development in international markets.
Gal Fridman, Chairman, Aquarius Engines, said, 'Bringing together our subsidiary Aquarius Japan with TPR, we will be able to create long-term relationships with leading manufacturers in the Japanese market and establish Aquarius' status as a key player in manufacturing the cars of the future. Thanks to our innovative products, which will contribute to the green revolution that has already begun in the global automotive industry.'
Aquarius Engines has developed and produced a tiny 10kg linear engine for generating electricity, with an internal combustion mechanism designed primarily for use in generators. Unlike large traditional engines, the engine has only one moving part and converts fuel into electricity without oil. Due to its size and lightweight, the engine has high mechanical efficiency, allowing for low emissions and low pollution.
In addition to its partnerships with the Japanese Musashi Seimitsu and TPR, Aquarius Engines has a partnership with Nokia in remote communication and energy equipment management.
The Aquarius Engines technology currently has around 20 patents registered worldwide. The technology has additional applications in aviation, marine and range extenders for the automotive market.
Aquarius has manufacturing and development centers in Israel, Germany and Poland.