The Two Are to Develop ‘a New, Unique Range of vehicles’
Hazelwood, Mo.- and UK-based Emerald Automotive and its lightweight, range-extended t-001 electric van have been acquired by China’s Zhejiang Geely Holding following a year’s worth of collaboration on a series of lightweight, range-extended, electric urban vehicles based on Emerald technology.
Geely, states an Emerald release, “has declared its intention to invest a minimum of $200 million over the next five years in development of the new vehicles, and will retain the existing Emerald Automotive management team to oversee the development of this new green technology.”
Emerald notes that Geely Group brands include Geely Auto, the London Taxi Company – and Volvo Cars.
Geely will maintain Emerald’s existing loan relationships with both the Missouri Technology Corporation and Hazelwood City, Emerald says, “a sign that the Group may develop North American manufacturing operations in the longer term.” Emerald reported a $5 million loan approval from Hazelwood City and MTC in 2011.
‘A Fantastic Opportunity’
“This is a fantastic opportunity which will allow us to expand our current vehicle development work in line with Geely Group’s global vision,” Emerald CEO Andy Tempest said in a release.
Emerald says it developed the technologies for its t-001 “specifically for global fleet operators who wish to maintain vehicle mileage, payload and performance while reducing tailpipe emissions and operating costs.”
“By working closely with Emerald, we will be able to offer a new, unique range of vehicles that employ best-in-class technology in targeted markets and regions,” Geely Group CFO Daniel Li says in the Emerald announcement.
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Source: Emerald Automotive with Fleets & Fuels follow-up