SF Motors To Acquire EV Battery Module Startup InEVit, Headed By Industry Pioneer Martin Eberhard

SANTA CLARA, Calif., Oct. 19, 2017 /PRNewswire/ -- SF Motors, a Silicon Valley electric vehicle (EV) company, today announced the acquisition of InEVit Inc., an electric vehicle (EV) battery modularization startup headed by industry trailblazer and former Tesla CEO, Martin Eberhard. The company has developed and patented a unique EV chassis architecture, battery module design innovations and manufacturing techniques that will allow the EV industry to rapidly scale manufacturing of cost-and-feature-competitive vehicles. The pre-revenue company will become a wholly owned subsidiary of SF Motors, and will continue to market and license its innovations to competitive vehicle OEMs.

Eberhard had previously worked with SF Motors as a key strategic advisor, and will now serve as Chief Innovation Officer and Vice Chairman of SF Motors' Board when he joins the company. In this new role, Eberhard will primarily focus on technology innovation, product development, product positioning and branding – all with the goal of helping SF Motors meet global EV demands. InEVit's expertise, patented technologies and manufacturing techniques will be leveraged to help SF Motors rapidly and profitably scale e-powertrain production for its own future products, and will look to license this technology to other automakers to help speed zero emission vehicle proliferation across the industry.

Other key members of the InEVit leadership team will join SF Motors in senior roles. Heiner Fees will now serve on the SF Motors Innovation Committee and continue as Managing Director of InEVit GmbH, while company CEO Mike Miskovsky will become SF Motors' Chief Development Officer while also retaining his prior title at InEVit.

"I have truly enjoyed working with SF Motors and playing a role in the company's strategic vision, and am excited to join the company along with the rest of the InEVit family as we work to establish the next great milestone in clean mobility," said Eberhard.

"We are extremely pleased to add Mr. Eberhard to our executive team, along with his knowledgeable and talented colleagues at InEVit. As a visionary in the EV space and one of the most respected names in the industry, Mr. Eberhard has been an invaluable advisor to SF Motors. We look forward to welcoming him to the company as we work to build the next generation of clean, intelligent vehicles," said Xinghai Zhang, Chairman of Sokon Group and SF Motors.

InEVit has been working on a chemistry- and form-factor-agnostic battery module design that has led to key breakthroughs in energy density, manufacturing, serviceability and safety for its OEM partners. With this merger, SF Motors aims to further increase its investment in the development of e-powertrain systems and broaden its licensing and supply relationships with global OEM customers.

For more information on SF Motors, please visit http://sfmotors.com/media/.

ABOUT SF MOTORS

Headquartered in Silicon Valley, Calif. and dedicated to creating intelligent, next-generation electric vehicles and components, SF Motors is a subsidiary Sokon Industry Group. The company is establishing R&D facilities, and is in process of designing and producing a US-based, clean electric vehicle brand. The company most recently has established an R&D center in Silicon Valley, as well as an R&D branches in Ann Arbor, Michigan, Beijing, Germany and Japan. SF Motors also has manufacturing facilities in place both in Indiana, US and in Chongqing, China.

SOURCE SF Motors

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