Electric Vehicles

ALTe Signs Joint Venture Agreement for PHEV & Hybrid Powertrain Expansion in China & U.S.

September 05, 2012

BEIJING – ALTe Powertrain Technologies announced Aug. 31 that it entered into a joint venture agreement with MESA Century New Energy Technology, Inc. with a signing ceremony held at the Sunyi Industrial Park in Beijing where the JV will locate one of its assembly factories and a R&D center. ALTe and the JV are committed to spur adoption of plug-in electric and hybrid powertrain technology in the worldwide fleet vehicle industry, while bolstering clean technology employment in both China and the United States.

Under the agreement, ALTe will own one third of the joint venture known as MESA Industrial Technology Corporation, which will be dedicated to serving the medium-duty bus and truck market in the P.R.C. with opportunities to export globally on multiple vehicle applications. Additionally, the joint venture will foster the creation of new energy vehicle component technology company partnerships dedicated to supplying the JV and ALTe with state of the art, high quality, efficient, and affordable electronic devices needed in the growing electric and plug in hybrid vehicle ecosystem. At full capacity in the forthcoming four factories, MESA is projected to realize production volumes of at least 240,000 units annually. A total of $200 million USD has been committed to the JV at this stage.

"ALTe is elated to be able to execute its global business plan through the formation of this joint venture in China. All parties to the transaction share the vision of growing the entire electric vehicle ecosystem to achieve an unprecedented scale allowing for the accelerated adoption of an affordable and sustainable alternative to the traditional petroleum based transportation system," said ALTe Chairman John Thomas.

S. Moody Alavi, managing director of MESA Century, shared Thomas’ enthusiasm. "China is clearly going to be the leader in adoption of new energy vehicles due to its sheer size and growing needs. The commercial vehicle segment is an intelligent first market to focus on and we plan to continue to expand from there," Alavi stated.

 

Simon Ahn, board member and lead investor of ALTe, facilitated the transaction with the participation of the Global Cleantech Fund, LLC based out of Atlanta.

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