Solectria Secures $11 Million Second Round Funding
(Wilmington, MA) - Solectria Corporation announced today that it has received an equity investment of $11 million from Singapore Technologies Kinetics Ltd. ("ST Kinetics"), a wholly-owned subsidiary of Singapore Technologies Engineering Ltd.
This investment follows a previous investment by ST Kinetics two years ago, and the formation then of a strategic alliance by Solectria Corporation and ST Kinetics to commercialize electric vehicles (EVs) in the growing Asia Pacific market, including China. At that time, the two companies entered into a distribution agreement that has greatly broadened the reach of Solectria's world-class electric and hybrid-electric vehicle technology.
Solectria and ST Kinetics are now also targeting the Distributed Generation (DG) market. Solectria's technology and ST Kinetics' experience in the Asian market are together providing the foundation for tapping into this rapidly burgeoning sector of the electrical power generation industry.
"Following an extensive evaluation of the global transportation and energy industry, ST Kinetics concluded that Solectria offered superior technology and the best opportunity for future growth. We are excited about moving forward with such a progressive company, and are pleased to acknowledge this strong endorsement of our products and business strategies," said James Worden, chief executive officer of Solectria.
"This new investment provides Solectria with working capital to pursue our aggressive growth plans, taking advantage of exciting new opportunities in the Distributed Generation and Hybrid Electric Vehicle markets," stated Eric Costa, Solectria's chief financial officer. "The investment and the backing of ST Kinetics strengthen Solectria position as a major player in our target markets. In fact, our commercial alliance with ST Kinetics has already helped Solectria establish a strong presence in China," he added.
"We decided to increase our investment after an extensive evaluation of Solectria’s capabilities and potential. We believe Solectria can emerge as a major component and system supplier in alternative energy transportation and the DG industry," stated Mr. Wu Tzu Chien, President of ST Kinetics, which brings 29 years of automotive engineering design and specialty vehicle manufacturing experience to this joint business venture. ST Kinetics is part of Singapore Technologies Pte Ltd, a multi-billion dollar global corporation with diverse business holdings that include electronics manufacturing, semiconductors, information technology, aerospace and marine technology, and financial services.
Solectria Corporation develops and manufactures a wide range of components for electric, hybrid, and fuel cell vehicles, and for the distributed power generation industry. Solectria also offers comprehensive engineering services for electric drivetrain design and integration. Solectria's Preform Engineering Group provides composite process engineering support and develops manufacturing equipment for composites parts production. Over 2000 vehicles worldwide - including cars, trucks, buses, and industrial machines - rely on Solectria's proprietary drive system technology.
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