ALTe Powertrain Technologies Signs Joint Venture Agreement in China
Company to open four factories in China while receiving a $70 million USD engineering services contract
BEIJING, Aug. 31, 2012 /PRNewswire/ -- ALTe Powertrain Technologies is pleased to announce today that it has 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 in Mr. Thomas' enthusiasm as he stated "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." 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, GA.
About ALTe Powertrain Technologies, Inc.:
ALTe is the developer of the first range-extended plug-in electric hybrid powertrain used to power light commercial vehicles. The system will be retrofit into existing fleet vehicles while also being used in "glider" applications of new vehicles to dramatically increase their fuel economy and lower emissions. Designed to replace a base V-8 internal combustion engine powertrain, the system's patented technology improves fuel economy from 80 percent to 200 percent. Based in Auburn Hills, Michigan, the company is headquartered in a 185,000-square-foot facility where it will assemble its powertrains that will be shipped to installation locations across North America. For more information, visit http://www.altept.com and follow us on Twitter at @ALTePowertrain.
About MESA Century New Energy Technology (Beijing) Co., Ltd.:
Mesa Century is a newly formed investment holding company established in China to facilitate investments in clean technology companies based in China.
About Global Cleantech Fund, LLC.
The Global Cleantech Fund is a conglomerate of syndicates, institutions, organizations and private individuals focused on making direct investments into public or privately-held Cleantech and Alternative Energy companies. For additional information visit their website http://www.globalcleantechfund.com/
SOURCE ALTe Powertrain Technologies
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