Smith Electric Vehicles Stock
$35M planned investment in new entity responsible for US product development, sales, marketing Smith will invest Smith brand, license for Newton EV design and IP Strategic partner FDG will invest $15M, license for commercial EV design and IP.
– Smith Electric Vehicles, (‘Smith Electric’ or ‘the Company’), a global leader in all-electric medium-duty commercial vehicles, today announced that it has executed an agreement to form a joint venture (‘the JV’) with strategic partner and investor FDG Electric Vehicles Limited (‘FDG’). FDG, an international company listed on the Hong Kong Stock Exchange, is a vertically integrated electric vehicle and lithium-ion battery manufacturer engaged in the R&D, production and distribution of all-electric vehicles.
The Joint Venture
The purpose of establishing the new company is to bring world-class next generation technology to accelerate commercial fleet electrification in the US market. The new entity, a Delaware corporation, will offer a combined portfolio of all-electric vehicles and fleet electrification solutions for customers in the United States and its protectorates across a broad range of segments including delivery and transit. This portfolio includes the Smith Newton platform configuration and Smith sub systems (Smith Drive, Smith Link and Smith Power), the FDG all-electric commercial EV platform, its lithium-ion batteries and all-electric powertrain, as well as infrastructure, energy contracts and financing.
The JV will contract exclusively with Smith Electric for product development services, vehicle manufacturing, service and support, and with FDG for the supply of lithium-ion batteries and SKD kits. Smith Electric retains its rights outside of the United States for the commercialisation of the Newton and Edison vehicles and Smith sub systems.
Over the past months, Smith Electric and FDG have collaborated to develop a ground-up, commercial electric vehicle platform in the 12, 000 to 16, 500 GVW range. This new platform design will be offered in multiple configurations including cab/chassis, van, including step-through van, and transit. Unlike existing offerings in this GVW range, which are modified versions of passenger vans or require a separate upfit, this platform has been designed, from the ground-up, exclusively for long-life commercial applications like postal and parcel delivery and people transit. It will complement the existing all-electric Newton platform, which is currently offered in the 14, 000 to 26, 000 GVW range.
The reason for this transaction is simple: we believe the time is now for market acceptance of commercial electric vehicles. We are seeing all of the indications that the market that we helped establish has now turned the corner from the R&D phase to the commercial phase. In establishing this JV, we believe this will accelerate our new technology platform development. The new company leverages FDG’s ground-up commercial all-electric vehicle designs and its electric vehicle manufacturing facility, which can produce up to 100, 000 vehicle per annum, as well as Smith’s 12M+ miles of commercial vehicle experience to offer a complete fleet electrification solution
commented Bryan Hansel, Chief Executive Officer of Smith Electric.
FDG believes that the electric vehicle is the future mainstream of the global automotive industry and that’s why we are a pure electric vehicle company. We deeply value our relationship with Smith and the formation of the JV represents the mutual recognition of each other’s technologies, the mutual respect for both teams’ professionalism, dedication and passion for electric vehicles. The combined force will be well positioned as a global leader
commented CAO Zhong, executive chairman of FDG.
Smith Electric, which restarted production of its re-tooled Newton line of commercial electric trucks in January, expects to scale up manufacturing operations in the United States over the coming 18-24 months commensurate with the launch of this new product.
Smith Electric believes that urban transport and delivery is a significant opportunity for fleet electrification, a market in which operator demand, logistical viability, political support and environmental benefit are all aligned. Smith’s experience with its customers and twelve million miles of operational experience positions it uniquely to create novel approaches for driving electric vehicle adoption in support of global energy independence.
The growing demand for fleet transformation through electrification is driven by Smith Electric’s customers in recognition of the significant economic and environmental benefits of short haul fleet electrification. Medium duty gas and diesel trucks are expensive to operate and are one of the biggest contributors to urban pollution. These vehicles typically travel on fixed routes of fewer than 100 miles in a single day and are based in a centralised depot, making them ideal for fleet electrification.
Customers who work with Smith Electric to transform their fleets save an estimated 70% annually on fuel and maintenance during the life of the vehicle and eliminate all vehicle-based emissions. Across a large fleet this can mean millions of dollars in annual operational savings, hundreds of thousands of gallons of fuel offset, and saving the environment from exposure to tens of thousands of tons of greenhouse gases.
Forward-Looking Statements: This press release includes statements that may constitute ‘forward-looking’ statements, usually containing the words ‘believe’, ‘estimate’, ‘project’, ‘expect’ or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. In making these forward-looking statements, Smith Electric undertakes no obligation to update these statements for revisions or changes after the date of this release.
About Smith Electric Vehicles
Smith Electric Vehicles Corp. is a global leader in commercial fleet electrification. Smith produces zero-emission vehicles that deliver a significantly superior performance to traditional diesel trucks, at greater operational efficiency and significantly lower cost. The Smith mission is to be the leading producer of high efficiency, zero-emissions vehicles in the commercial transportation industry, utilizing its unique platform to partner with world class brands to transform their entire fleets, help them operate more profitably and return energy to the grid.
The Smith Newton and Edison models are deployed in several countries across a variety of applications, including parcel, food, beverage and equipment delivery, and personnel transport. Smith Electric provides a full end-to-end approach to fleet transformation, comprising Smith Drive (fully integrated EV drive and control system maximising vehicle performance), Smith Power (networked battery & power management system) and Smith Link (networked performance data). The Company operates a manufacturing facility in Kansas City, Mo., and a technology centre in Newcastle, U.K.How to make joint tips round? How to roller skate tricks? Where can i buy samsung earbuds replacement tips? How to dry land pratice snowboarding tricks.? What is the meaning of they/them? how to use helper tools for instagram What is the meaning of coconut? How meth tricks and retains the brain? What does josei mean? What does sd mean in movies? How to reset hp laptop? What does tata mean in spanish? What time does kay jewelers open? What does bhp mean? Tips how to skate ski? How to stop leg cramps immediately home remedies? What dies repent mean? What does dsb mean on snapchat? how much does a tiler helper get per hour What does kismet mean? What was the name of the paper clip that give you tips microsoft word? How to draw legs? what other cells are cd4+ besides t helper What area code is 469? What size are king pillow cases? How to use sharepoint? What does ts mean sexually? What does a blue rose mean? What does panda mean? What causes right arm pain from shoulder to finger tips? What is the meaning of watermelon sugar high harry styles? What is the meaning of propitiation in the bible? according to the helper how was the south dependent on the north? How to remove nail glue from skin? How to defrag a computer? How to get minecraft on oculus quest 2? What does rebuild database do on ps4? What does pernicious mean? What is parboiled rice? What is la casa de papel meaning? How to turn a guy on? What is your greatest weakness? Where do my bluebird fly lyrics meaning? In where meaning? What with my tongue in your tail meaning? What is the meaning of james? What does ar mean? What does community mean to you? How to cook spaghetti squash in the microwave? How to calculate retained earnings? what is a train helper set How to screen record on macbook? browser helper objects what is it? How to parameterize any function tricks? What does trust mean? How to get a crook out your neck? What does credit balance mean? How to clean stove drip pans? How to lose underarm fat? What a nose ring meaning? How to watch free movies? Why is america overconsumed about tips? What causes hemp plants to get brown tips? What is the meaning of jibe? How to pack clothes for moving? Who tricks horton the elephant into sitting on her egg? cindy lou? How to talk to a gurl? how long can you keep hamburger helper after expiration date What is a high dose of klonopin? What channel is the phoenix suns game on tonight? what happened to good scrabble helper app you could use while word feud was open How to tell if someone blocked your number on iphone? What does 500cc look like? What is pdt? What is the meaning of evelyn? What does sandbagging mean? How to cut metal roofing? Provide 2 tips for how you might overcome these barriers.? How to get siri on iphone 12? What is the capital of alabama? What allocated tips mean? What does sight mean? What does crap mean? Tips when looking for glitches? What does bro mean? What does pandemonium mean? What does hospice mean? What is the meaning of physical appearance? What is the meaning of lithium by nirvana? How long does it take to get pcr results? How to make yourself horny? What does initially mean? How to slow dance? What is sos? Those who remain tips? Tips on how to have a healthy relationship? How to break up a dog fight? when was aaron called as mosses helper Tips on how to drill a straight hole through 2x4? What does palm sunday mean? How to fake a fever? How to keep rabbits out of garden?