$SEII On June 8, 2022, Sharing Economy International Inc. (“SEII”, the “Company”), And QEV Technologies S.L. (“QEV”) Entered into a Memorandum of Understanding, whereby the two companies entered into the plan to jointly develop a joint venture company for the commercialization and distribution of the whole range of environmental electric and hydrogen vehicles, which will target to the markets in Europe, North America and South America. Referring to the European Union proposal of effective ban for new fossil-fuel cars from 2035, the demand for environmental new energy vehicles will increase. Under the new joint venture, QEV will provide the technical expertise in developing electric and hydrogen vehicles, while SEII will bring the license and certificate to allow the new joint venture company to distribute the vehicles in the planned markets. The foregoing description of the Strategic Framework Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Agreement, which is incorporated herein by reference and attached hereto as exhibit 10.1.
