Chinese leading smart electric vehicle company Nio said Monday it will license its technology to a UK-based EV start-up owned by CYVN Holdings – a specialist investment vehicle based in Abu Dhabi.

Under the agreement inked by Nio Technology (Anhui) Co., Forseven Limited will be able to use “certain” existing and future technical information, technical solutions, software and intellectual property rights related to Nio’s smart EV platforms.

The UK start-up may use the undisclosed technology for R&D, manufacturing, sales, import and export of vehicle models sold or marketed under its brand. However, Nio states that this will only be possible if the vehicles meet pre-agreed manufacturer’s suggested retail price thresholds, excluding tax. The deal is also tied to the provision or procurement of certain after-sales services for the licenced products, Kallanish understands.

According to the Chinese carmaker, Forseven will pay Nio a technology licence fee comprising a non-refundable, fixed upfront licence fee plus royalties determined based on the future sales of licensed products. Details on the financial terms were not disclosed.

Forseven is pledging to provide “world-class EV engineering, for the best of British design, for the love of driving.” The start-up says its journey will be guided by seven principles including “collaboration for excellence” and “connecting worlds.”

Kallanish has contacted Forseven for comments. The company has yet to disclose details on its manufacturing plans in the UK, though it promises more transparency on its plans “soon enough.”

“We will streamline the way luxury, dynamically engaging, vehicles are made and offer them via an ecosystem that captures imaginations. By doing so, we will build for a better, circular future and lighten our impact on the planet,” Forseven says on its website.

The company also says it will earn notoriety later, “because when you combine world-class EV engineering, with the best of British design, you’re sure to turn some heads … We’ll be transparent about our plans soon enough, but for now, we’re on the down low.”