Thunder Power, an Innovative Manufacturer of Premium EVs, Going Public via Business Combination with Feutune Light Acquisition Corporation

Thunder Power develops and plans to manufacture premium passenger electric vehicles with a high degree of customization:

• Thunder Power’s technology offers a highly competitive, long-range drive on a single charge of approximately 750 km (466 miles), along with many other proprietary solutions.
• Thunder Power intends to target EV markets in the US, Europe, and Asia via a phased rollout.
• Upon completion of the transaction, Thunder Power is expected to have on its balance sheet up to $53 million in cash (assuming no redemptions by stockholders of Feutune Light Acquisition Corp. and before payment of transaction expenses and deferred underwriting fees)  to accelerate research and development and fund the first manufacturing run of the Limited Edition Coupe.
• The enterprise value of Thunder Power is estimated to be US$400 million, with another potential US$200 million in earnout shares to be released, contingent on the satisfaction of certain performance conditions during the fiscal years ending December 31, 2023 to December 31, 2026.

Metuchen, NJ, Oct. 27, 2023 (GLOBE NEWSWIRE) -- Thunder Power Holdings Limited (“Thunder Power” or the “Company”), a technology innovator and manufacturer of premium electric vehicles, and Feutune Light Acquisition Corporation (“Feutune Light”) (NASDAQ: FLFV), a special purpose acquisition company, announced today that they have entered into a definitive business combination agreement (the “business combination agreement”, and the transaction contemplated therein, the “Transaction”).

“Feutune Light was formed to identify a prospective target with great growth potential through the efforts of a combined management team.” said Feutune Light’s CEO Tony Tian.  “I am thrilled to announce our partnership with a company with deep experience in both the automotive and electric vehicle technology space.”

“The emergence of electric vehicles as a competitive, mainstream alternative to gas vehicles continues to gain traction with consumers throughout Asia, Europe, and North America,” commented Mr. Tian. “Thunder Power represents an eco-friendly opportunity to innovate at scale, offering upside through its proprietary technologies and low-cost production and providing our stakeholders with a clear path forward in claiming a stake in the electric mobility sector.”