上市捷报丨沙利文助力Noco-noco Inc.通过SPAC方式成功登陆纳斯达克(NASDAQ: NCNC)

Noco-noco Inc.(Stock Code:NASDAQ: NCNC) Eastern Time, United States2023year8month25day after dayPrime Number Acquisition I Corp.（PNACU) The merger was officially completed, and on2023year8month28Daily PassSPACThe method was successfully listed on NASDAQ. The company is a provider of zero-carbon electric vehicle battery technology research and development, as well as decarbonization solutions, dedicated to accelerating the global transition towards a carbon-neutral economy. Frost & SullivanFrost & Sullivan,Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') isNoco-noco Inc.The listing provides exclusive industry advisory services, and we would like to extend our warmest congratulations on its successful listing.

During the process of listing in the US, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the writing of relevant parts of the prospectus (such as the overview, competitive advantages and strategy, industry overview, business, and other important chapters), and assisting the issuer in completingSECCommunication with investors, helping them quickly understand the market ecosystem and competitive landscape, assisting issuers in completingSECFeedback on various industry-related issues, etc.

Investment highlights

The company is a global leader in lithium-ion batteries and zero-carbon solutions;

The company possesses independently developed leading lithium-ion battery technology;

The company assists in the development of carbon trading markets and contributes to the achievement of global carbon neutrality goals.

Global Overview of Zero-Carbon Leasing Industry

Zero-carbon leasing is a leasing business model in which tenants reduce carbon emissions by renting rather than purchasing lithium-ion batteries. Zero-carbon leasing mainly includes three types of business models: zero-carbon electric vehicle leasing, zero-carbon electric vehicle battery leasing, and zero-carbon energy storage battery leasing.

Zero-carbon electric vehicle rental business model: The zero-carbon electric vehicle rental business model helps commercial fleet management companies and individual customers provide an economical, environmentally friendly, intelligent, and effective business model. Through the integration of IoT technology, customers can monitor real-time data on their vehicle performance, usage patterns, and charging status along with operational conditions. This information can be used to optimize driving experiences, reduce operating costs, and improve overall vehicle efficiency. In addition, companies and individuals can save upfront costs and maintenance expenses and benefit from tax incentives and reduced fuel costs through zero-carbon electric vehicle rentals.

Zero-carbon electric vehicle battery rental business model: The zero-carbon electric vehicle battery rental business model allows individuals or organizations to purchase electric vehicles without having to buy batteries, significantly reducing upfront investment. Rental service providers will also provide battery maintenance services, increasing the overall lifespan of the batteries. By installing IoT-enabled battery management systems, fleet management companies and individual customers can utilize intelligent battery management systems (BMS) Real-time control of battery performance and usage, ultimately providing a better user experience. At the same time, this model reduces usage costs, guiding more consumers to purchase electric vehicles, ultimately increasing the ownership of electric vehicles and reducing carbon emissions, thereby benefiting the entire society.

Zero-carbon energy storage system battery leasing business model: Zero-carbon energy storage systemESSThe battery leasing business model involves the lessee paying for the rental of lithium-ion batteries installed in energy storage systems. The zero-carbon energy storage system battery leasing business model helps extend the lifespan of these batteries, reduce electronic waste generated, and provide a sustainable solution for the disposal of used batteries. This model also helps to reduce carbon emissions from additional battery production in energy storage systems and provides clean energy storage solutions for power grids.

Global zero-carbon leasing industry market scale

Due to advancements in lithium-ion technology, the global electric four-wheel vehicle industry has seen significant growth in recent years. The global sales volume of electric four-wheel vehicles is expected to2021year670Ten thousand vehicles grew to2026year3,25010,000 units, with an annual compound growth rate of37.1%The main driving force for industry growth comes from the increase in sales of commercial electric four-wheelers. More and more fleet management companies are choosing the electric four-wheeled vehicle rental business model to reduce initial investment and improve capital return rates. The sales volume of commercial electric four-wheelers is expected to grow from2021year40Ten thousand vehicles grew to2026year34010,000 units, with an annual compound growth rate of54.0%As customers recognize the advantages of the zero-carbon leasing business model, the global zero-carbon leasing industry is also expected to grow exponentially in the coming years.

Global electric four-wheeled vehicle industry market size, by sales

（2021 - 2026forecast

Source: Frost & Sullivan report

Energy storage batteries can be divided into two categories based on their energy storage location and downstream consumer groups: the power generation side, transmission side, and user side.2021In [year], the market scale of energy storage batteries in the power generation and transmission sides reached, calculated based on newly installed capacity16.4 GWhCurrently, the energy generation side accounts for the total market share80%Above,2021New installed capacity in the year13.8 GWhWith the increasing demand for energy consumption, the market scale of the energy storage battery industry is expected to grow significantly, reaching2026Expected to reach in year271.2 GWh, from2021The compound annual growth rate for the year beginning75.4%At the same time, the newly added installed capacity on the power generation side is expected to reach2026Will reach in247.4 GWh, from2021The compound annual growth rate for the year beginning78.2%, accounting for the total market share91.2%.

Global market scale of energy storage batteries, calculated based on new installed capacity on the power generation and transmission sides

（2021 - 2026forecast

Source: Frost & Sullivan report

Overview of the Global Carbon Trading Industry

Carbon trading is a market-based mechanism established to promote global reduction of greenhouse gas emissions, based on the United Nations Framework Convention on Climate Change. If a company exceeds the government-set carbon emission limit, it must purchase credits to meet the emission requirements. Carbon trading markets can be divided into compliance and voluntary carbon trading markets. Compliance carbon trading markets are established according to national or regional regulatory requirements for carbon credit trading. Voluntary carbon trading markets refer to markets where carbon credits are issued, purchased, and sold on a voluntary basis.

Carbon trading is a cost-effective solution to mitigate global warming, and it also provides economic incentives for enterprises to reduce carbon emissions and develop emission reduction technologies. Driven by strict carbon emission regulations and policies introduced by governments around the world to achieve carbon neutrality targets, the demand for carbon credits has increased significantly. It is estimated that the market size of the carbon trading industry will2021year8,510USD billion soared2026year67,301billion US dollars, with an annual compound growth rate of51.2%.

Global carbon trading industry market size, by transaction amount

（2021 - 2026forecast

Source: Frost & Sullivan report

Market development trends and driving factors

Zero-carbon rental demand is increasing

As the global energy trend shifts towards more environmentally friendly options, the demand for zero-carbon rental services is growing day by day. Adopting a business model of leasing zero-carbon electric vehicles and their batteries solves consumers' economic problems related to vehicle purchase and battery life, significantly reducing users' expenses during the process of purchasing and maintaining vehicles. This model also brings other advantages, such as regular assessments and replacements of vehicles and batteries, along with full support from service providers, thereby optimizing user experience and improving vehicle efficiency. The growth of the logistics industry also presents opportunities for zero-carbon electric vehicles and battery rental services, especially for shared mobility, logistics, and delivery companies with large fleets. This model can bring economic benefits in terms of maintenance, service, and replacement of electric vehicles and batteries.

atESSThe field, with zero-carbon leasing becoming a new business model. Energy storage batteries areESSThe core component, with the increasing trend towards renewable energy utilization, lithium-ion batteries have been widely recognized as ideal energy storage batteries. Adopting zero-carbon leasing can increase the flexibility of energy storage system deployment, reduce initial investment and overall risk of projects, and help achieve the goal of zero emissions. Looking ahead, withESSWith the wider application, the global zero-carbon leasing service market will show a strong growth trend.

Battery recycling brings an additional source of revenue to zero-carbon rental companies

Currently, zero-carbon battery rental companies are actively pursuing the recycling and reuse of waste batteries to extend the lifespan of lithium-ion batteries, reduce the adverse environmental impacts of battery manufacturing and disposal, and create new economic benefits. By adopting cascading utilization and battery recycling strategies, the energy efficiency of lithium-ion batteries can be significantly improved. During the large-scale application phase of lithium-ion batteries, when on-board lithium-ion batteries cannot meet the energy supply requirements of electric vehicles, the extracted lithium-ion batteries can be reused.ESSIn this process, the recycling of electrical energy is achieved. It is worth emphasizing that battery costs constituteESSThe main component of initial investment. Therefore, reducing the cost of energy storage batteries will become a key element in promoting the widespread application of energy storage systems, and the hierarchical application of electric vehicle batteries is considered one of the important ways to achieve this goal. Looking ahead, users of energy storage systems will gradually regard scrapped electric vehicle batteries as an important source of energy storage.

View the prospectus

Frost & Sullivan has extensive research experience in the automotive and transportation industries, assisting well-known companies in successfully accessing capital markets. Successful listings include: VinFast（ NASDAQ:VFS), Shengshi Dalianlian NASDAQ:SDA), Youpinche (NASDAQ:UCAR), Hesai TechnologyHSAI.NASDAQ), Yikatong Technology ECX.NASDAQ), Buyang International2457.HK), Newton GroupNWTN.NASDAQ), Zhongchuang New Aviation3931.HK), Leapmotor9863.HK), Deutsche Bank Worldwide2418.HK), Kuaidao Taxi2246.HK), NIO MotorsNIO.SGX), NIO Auto9866.HK), Canggang Railway2169.HK), Yanguang PearlYGMZ.NASDAQ)Asia Express8620.HK),InfinityL&T（1442.HK),TOMOHOLDINGS（6928.HK), iFlytek IntelligenceEH.NASDAQ), Aodi Ma8418.HK), Xiangxing International8157.HK), CIMC Trucks1839.HK), Xunlong1930.HK), CSSC Leasing3877.HK), Chengdu Expressway1785.HK), Tianrui Auto Interior (6162.HK), Beping Holdings2885.HK), Huazhi International2258.HK), Pulin Mountain Formation1809.HK), NIO AutoNIO.NYSE), Wanli Da8482.HK), Qilu Expressway1576.HK), Yingheng Technology1760.HK), Asia Industry1737.HK), Ruifeng Power2025.HK), Gaomeng Technology8065.HK), Hebei Yichen1596.HK), Zhengli Holdings8283.HK), JunGao Holdings8035.HK), Yadi Group1585.HK), Yihai Car RentalEHIC.NYSE), Xincheng Power (1148.HK), Zhengxing WheelsZX.NYSE), Shuanghua Holdings1241.HK), Changfeng Axle (1039.HK).