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The Grand Opening of Greenway Indonesia Subsidiary: A New Milestone in Globalization Strategy

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SURABAYA, Indonesia, Nov. 22, 2024 /PRNewswire/ — On November 22, PT GREENWAY ENERGY INDONESIA, the Indonesian subsidiary of Greenway (SHSE:688345), a global leader in micromobility lithium battery solutions, held a grand opening ceremony. The establishment and commencement of production at this factory mark a significant milestone in Greenway’s global strategic expansion, enabling the company to achieve localized production and services. The factory will primarily focus on products such as batteries for light vehicles, home energy storage, and portable energy storage.

During the opening ceremony, Mr. Zhang Zhiping, Chairman of Guangdong Greenway Technology Co., Ltd., Ms. Liu Cong, Vice Chairman, Mr. Yanto, Chairman of Polygon, Mr. B. Prabowo Kartoleksono, Vice Chairman of R&D at the Indonesia Electric Vehicle Industry Association (Periklindo), along with numerous partners and employee representatives, gathered to witness this landmark moment.

In his speech, Chairman Zhang Zhiping reflected on Greenway’s 18-year journey. Since its founding in 2006, the company started with notebook batteries and gradually expanded into electric bicycle batteries, electric motorcycle batteries, and energy storage batteries. In 2017, the acquisition of a battery cell factory enabled Greenway to integrate upstream resources. In 2018, the company entered the two-wheeler battery swap market. By 2021, Greenway successfully went public, and in the following year, it launched the innovative 34145 large cylindrical “Gingu Bang” Battery. The establishment of the Indonesia factory marks a new starting point for Greenway’s development in the Southeast Asian market. Chairman Zhang expressed Greenway’s vision and strategic goals for the Indonesia factory through three numbers: 0, 10, and 100. “0” signifies the courage and determination to start overseas manufacturing from scratch. “10” reflects Greenway’s confidence in the future development of the Indonesian and Southeast Asian markets. “100” represents Greenway’s full commitment and dedication to the Indonesian market.

Mr. Yanto, Chairman of Polygon, recognized Greenway’s strengths in lithium battery technology and expressed his confidence in the future prospects of their partnership.

China is Indonesia’s largest trading partner and second-largest source of foreign investment. As the largest economy in Southeast Asia, Indonesia holds immense market potential. During Indonesian President Prabowo Subianto’s visit to China, both nations signed cooperation agreements worth $10.07 billion at the China-Indonesia Business Forum, aimed at strengthening collaborations in areas like electric vehicles and lithium batteries. Against this backdrop of deepening economic ties between China and Indonesia, Greenway has entered a strategic partnership with the globally renowned bicycle and electric bicycle brand Polygon to establish the Indonesia factory. Polygon plays a pivotal role in the bicycle industry both in Indonesia and globally. Combining Polygon’s market expertise with Greenway’s advanced lithium battery technology, the two companies aim to deliver greener, smarter mobility solutions to consumers and promote the development of green transportation in Indonesia and Southeast Asia.

In terms of technological capabilities, Greenway will inject its globally leading lithium battery technology and PACK production expertise into the Indonesia factory. Using this as a starting point, the company aims to gradually achieve localized production of battery cells. On October 20, 2024, the Greenway Indonesia factory successfully obtained its production license, laying a solid foundation for the subsequent construction and full-scale operation of the project.

“To become the most competitive global leader in lithium battery solutions” has been Greenway’s corporate vision since its inception. Guided by this mission, the company has continuously focused on green energy, making breakthroughs in research and production, and promoting the adoption of sustainable mobility and environmentally friendly lifestyles. The launch of the Indonesia factory is expected to significantly accelerate the adoption of lithium batteries in the local two-wheeler market while also supporting the growing global demand for high-quality lithium batteries. Looking ahead, Greenway will further deepen its global expansion efforts, working alongside global partners to advance energy transitions and contribute to the achievement of net-zero emissions targets. Through innovative technologies, Greenway aims to play a pivotal role in promoting global sustainable development.

About Greenway

Guangdong Greenway Technology Co., Ltd. was established in 2006, specializing in the micromobility lithium battery sector. The company provides ODM and OEM products and services, It was listed on the STAR Market in June 2021, and is the first company on the A-share market to focus primarily on lithium batteries for two-wheeler market.

 

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SOURCE Greenway

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XLCS Partners advises Concurrent Utility Services on sale to UniTek Global Services

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July 23, 2026

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NASHVILLE, Tenn., July 23, 2026 /PRNewswire/ — XLCS Partners, Inc., a leading middle market investment bank, is pleased to announce that it served as exclusive M&A advisor to Concurrent Utility Services LLC on its acquisition by UniTek Global Services, Inc., a portfolio company of New Mountain Finance Corporation (Nasdaq: NMFC) and its affiliates, and BTG Pactual Strategic Capital.

Headquartered in Miami, Florida, Concurrent is a licensed general and electrical contractor providing infrastructure development and maintenance services to electric utilities, telecom providers, and land developers throughout the Southeast United States. The company’s capabilities span overhead and underground utility construction, professional telecom services, emergency service restoration, in-building networks, environmental services, and data center development. Backed by a safety-first culture and an experienced workforce, Concurrent has built a strong regional platform and a reputation for quality across the markets it serves.

UniTek is a leading digital infrastructure services provider supporting the expansion of fiber and data center connectivity across the U.S. and Canada. With over 600 employees and 60 locations, UniTek delivers a full suite of infrastructure services. The acquisition of Concurrent accelerates UniTek’s Power Services Division, which launched in July 2025 to broaden the company’s maintenance, repair, upgrade, and new infrastructure development services for the power sector. Concurrent’s established Southeast footprint and power capabilities directly complement UniTek’s existing broadband and data center infrastructure platform, positioning the combined company to capitalize on growing demand for resilient, modernized power infrastructure. Concurrent will continue to operate under its established brand, maintaining uninterrupted service for its customers.

“Selling Concurrent was one of the biggest decisions of my career, and Anthony, Jay, and the XLCS team guided us through every step with professionalism and genuine care for our people,” said Steve Sarno, CEO of Concurrent. “They stayed fully engaged throughout, gave us honest and thoughtful advice, kept our best interests front and center, and delivered an outcome that exceeded our expectations. I would recommend them without hesitation to any owner considering a transaction.”

XLCS acted as the exclusive M&A advisor to Concurrent, and the transaction was led by Anthony Contaldo, Partner, and Jay Cremer, Vice President. The transaction was completed on July 1, 2026.

About XLCS Partners, Inc.

XLCS Partners is a leading global investment banking firm providing M&A advisory services. Visit www.xlcspartners.com for more information.

Media Contact: 
Kendra Span 
kspan@xlcspartners.com
615-379-7783

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SOURCE XLCS Partners, Inc.

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XLCS Partners advises Concurrent Utility Services on sale to UniTek Global Services

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4 minutes ago

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July 23, 2026

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NASHVILLE, Tenn., July 23, 2026 /PRNewswire/ — XLCS Partners, Inc., a leading middle market investment bank, is pleased to announce that it served as exclusive M&A advisor to Concurrent Utility Services LLC on its acquisition by UniTek Global Services, Inc., a portfolio company of New Mountain Finance Corporation (Nasdaq: NMFC) and its affiliates, and BTG Pactual Strategic Capital.

Headquartered in Miami, Florida, Concurrent is a licensed general and electrical contractor providing infrastructure development and maintenance services to electric utilities, telecom providers, and land developers throughout the Southeast United States. The company’s capabilities span overhead and underground utility construction, professional telecom services, emergency service restoration, in-building networks, environmental services, and data center development. Backed by a safety-first culture and an experienced workforce, Concurrent has built a strong regional platform and a reputation for quality across the markets it serves.

UniTek is a leading digital infrastructure services provider supporting the expansion of fiber and data center connectivity across the U.S. and Canada. With over 600 employees and 60 locations, UniTek delivers a full suite of infrastructure services. The acquisition of Concurrent accelerates UniTek’s Power Services Division, which launched in July 2025 to broaden the company’s maintenance, repair, upgrade, and new infrastructure development services for the power sector. Concurrent’s established Southeast footprint and power capabilities directly complement UniTek’s existing broadband and data center infrastructure platform, positioning the combined company to capitalize on growing demand for resilient, modernized power infrastructure. Concurrent will continue to operate under its established brand, maintaining uninterrupted service for its customers.

“Selling Concurrent was one of the biggest decisions of my career, and Anthony, Jay, and the XLCS team guided us through every step with professionalism and genuine care for our people,” said Steve Sarno, CEO of Concurrent. “They stayed fully engaged throughout, gave us honest and thoughtful advice, kept our best interests front and center, and delivered an outcome that exceeded our expectations. I would recommend them without hesitation to any owner considering a transaction.”

XLCS acted as the exclusive M&A advisor to Concurrent, and the transaction was led by Anthony Contaldo, Partner, and Jay Cremer, Vice President. The transaction was completed on July 1, 2026.

About XLCS Partners, Inc.

XLCS Partners is a leading global investment banking firm providing M&A advisory services. Visit www.xlcspartners.com for more information.

Media Contact: 
Kendra Span 
kspan@xlcspartners.com
615-379-7783

View original content to download multimedia:https://www.prnewswire.com/news-releases/xlcs-partners-advises-concurrent-utility-services-on-sale-to-unitek-global-services-302833542.html

SOURCE XLCS Partners, Inc.

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Fathom Applauds Introduction of the FRONTIER Act, the First Federal Blueprint for Independent AI Verification

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July 23, 2026

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Reps. Lori Trahan (D-MA-03) and Jay Obernolte (R-CA-23) introduce a bill to build a competitive marketplace of independent verifiers for frontier AI models.

WASHINGTON, July 23, 2026 /PRNewswire/ — Fathom welcomes the introduction of the FRONTIER Act, the most complete federal framework yet for independent, third-party verification of frontier AI. The legislation is built to earn public trust as AI technology continues to accelerate. As frontier systems begin to take autonomous action in the world, the gap between what these models can do and our ability to keep them in check is widening. FRONTIER is the starting point to close that gap.

“AI governance keeps running into the same wall. The technology is hard to measure and it moves faster than any law can keep up with,” said Andrew Freedman, Co-Founder and CEO of Fathom. “Trying to write the perfect rules and freezing them in place won’t work. What will work is a competitive market of independent verifiers who are accountable for real-world outcomes and who the government can actually count on. The FRONTIER Act shows we can move fast and still get this right.”

The bill gets the fundamentals correct. It sets one public standard – the adequate mitigation of catastrophic risk – and holds both the AI companies and their independent verifiers accountable to it. FRONTIER does not freeze a single testing method into statute. Instead, it licenses competing verification organizations, allows them to sharpen their methods, and gives the government the power to revoke a license when a verifier’s work does not hold up in the field. That is how you build a system that keeps pace with the science instead of falling behind it.

Fathom thanks Reps. Trahan and Obernolte for their leadership, and for their courage in releasing a discussion draft, inviting scrutiny, and incorporating substantive improvements from across the field. One priority improvement as the bill advances: giving the government a fuller range of tools to act upstream – for pushing companies to close identified gaps in risk mitigation early, rather than only once a catastrophe is imminent. We are committed to working with these sponsors, committees of jurisdiction, and Congressional leadership to continue refining the bill in the weeks and months ahead.

About Fathom
Fathom is an independent nonprofit whose mission is to build a governance architecture that helps society navigate the transition to a world with AI by fostering trust, safety, and innovation. Fathom has developed and championed the independent verification model for AI and works with policymakers across the country to put it into practice. Learn more at http://fathom.org.

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SOURCE Fathom AI Inc.

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