Benzinga | Jan 11, 2022 08:33AM EST

Taoping Reports Signed Strategic Cooperation Deal With Zhicheng Chuangtou To Expand Smart Charging Pile Market, No Terms Disclosed

Taoping Inc. (NASDAQ:TAOP, the &ldquo, Company&rdquo, or &ldquo, TAOP&rdquo, ))), a provider of blockchain technology and smart cloud services, announced today that the Company has entered into a strategic cooperation agreement with Shenzhen Zhicheng Chuangtou New Energy Co., Ltd. ("Zhicheng Chuangtou") to expand its smart charging pile market.

Established in 2019 by Shenzhen Golway Technology Co., Ltd., Zhicheng Chuangtou. is a company focused on the construction, operation, and service of the smart infrastructure of smart cities.

Pursuant to the agreement, which has a term of three years, TAOP is responsible for the market development and installation of the smart charging piles produced by Zhicheng Chuangtou. Zhicheng Chuangtou is responsible for providing charging piles and other ancillary products, as well as for the operation and management of smart charging piles after installation. TAOP plans to use its channels like Taoping Alliance to expand the market across the country and reach out to potential property management companies. The Company expects to expand coverage to 50 cities by the end of 2022 and complete pilot projects in these cities.

According to iResearch, as of the end of 2020, ownership of electric two-wheelers, such as electric bikes and scooters, in China was about 325 million, and it is estimated to reach 350 million in 2022. However, the number of public charging pile ports to charge the electric two-wheelers was only 9.7 million, according to a report by Shenzhen-based online research consultancy ChinaIRN. Through this collaboration, TAOP and Zhicheng Chuangtou can leverage respective resources to accelerate the installation of smart charging piles and seize the market opportunity.

"We are very pleased to become a strategic partner of Zhicheng Chuangtou," said Mr. Jianghuai Lin, Chairman and CEO of TAOP. "This cooperation is TAOP's new attempt in the field of new energy. We expect to accelerate the construction of an integrated digital service ecosystem and generate new revenues from it."