ALTe Powertrain Technologies and MESA Century New Energy Technology have inked a joint venture deal whereby ALTe and the joint venture will foster the deployment of plug-in electric and hybrid powertrain technology in the global fleet vehicle industry while strengthening clean technology adoption in both the United States and China.
The signing ceremony was conducted at the Sunyi Industrial Park in Beijing where the joint venture named as MESA Industrial Technology will establish one of its assembly plants and a research and development center. As per the deal, ALTe will be the owner of one third of MESA Industrial Technology, which will serve the medium duty bus and truck market in China with opportunities to export on multiple vehicle applications worldwide.
Moreover, MESA Industrial Technology will promote the formation of new energy vehicle component technology collaborations that are committed to supply low-cost, high-efficient, superior-quality and advanced electronic devices required in the plug-in electric and hybrid vehicle ecosystem. At full capacity in the upcoming four plants, MESA is expected to achieve at least 240,000 units in production volumes per year. Around $200 million has been allocated to MESA Industrial Technology at this stage.
John Thomas, Chairman at ALTe Powertrain Technologies, stated that the company is happy to implement its global business strategy through the establishment of this joint venture in China. All parties associated with the deal are committed to spur adoption of an economical and sustainable replacement to the conventional petroleum-powered transportation system.
MESA Century New Energy Technology’s Managing Director, S. Moody Alavi informed that China will lead in adopting new energy vehicles because of its sheer size and increasing demands.
ALTe’s Board Member and Lead Investor, Simon Ahn facilitated the deal with the contribution of the Global Cleantech Fund.
Source: http://altept.com