Solectria Shifts Business Focus with Singapore Equity Stake
With Toyota, Honda and General Motors selling electric or hybrid cars, Solectria Inc., which helped pioneer the field, is shifting gears to become a parts supplier with an eye toward an initial public offering.
The 12-year-old developer of all-electric cars, hybrid (electric and either gas or diesel) panel trucks and school buses, yesterday said it received an $11 million equity investment from Singapore Technologies Kinetics Ltd.
The company, which plans to expand electric car development in China and other parts of Asia, is a wholly owned subsidiary of Singapore Technologies Pte Ltd., a multibillion-dollar global corporation with diverse business holdings.
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