Ventia and SEA Electric have delivered the first custom-built, fully electric vehicle (EV) truck for Victoria’s arterial road construction and maintenance industry, on behalf of the Netflow Consortium.
A year in the making, the SEA Hino 917 EV supports the Victorian Government’s position to reach net zero emissions by 2050.
Ventia’s Group Chief Executive Officer, Dean Banks said the company applies a client-focused, innovative and sustainable approach to essential infrastructure services and is excited to bring this approach to support the Victorian Government.
“Ventia has a strong commitment to deliver our services in a sustainable and innovative manner,” said Mr Banks.
“This EV innovation is an example of our commitment and how we are also addressing a key challenge facing our industry: transition of traditional heavy vehicles to more sustainable power sources.”
As the Services Contractor to Netflow for the 23-year term of the Western Roads Upgrade Project (WRU), Ventia will maintain 260 kilometres of recently upgraded roads between West Melbourne and Werribee.
Instead of sourcing a diesel maintenance truck for its fleet and adding to greenhouse gas emissions, Ventia and SEA Electric developed a flexible EV that not only leads the way for future projects but is purpose-built for maintenance and landscaping work.
Compared to a diesel truck, the EV will reduce greenhouse gas emissions by 11 tonnes a year. Emitting no exhaust fumes, it will also improve air quality, which is another key sustainability target.
The EV truck has already received innovation recognition from the Infrastructure Sustainability Council as a market transforming opportunity.
“Our use of transport infrastructure, such as the use of cars and trucks, currently makes up 20% of national emissions. Early uptake of innovations such as electric heavy vehicles are not only critical for helping bring down the carbon footprint associated with construction and maintenance of our assets but pave the way to scale the technology which will be critical in achieving net zero more broadly,” said ISC’s Chief Operating Officer, Patrick Hastings.
“We congratulate Ventia, Netflow, and the Victorian Government on the use of electric heavy vehicles and are pleased that we can reward and recognise their introduction into the fleet through the IS Rating Scheme.”
Mr Banks said transitioning all vehicles to more sustainable power sources, including trucks, is aligned with Ventia’s commitment to the Sustainable Development Goals for climate action.
“The success of our first EV truck in Ventia’s fleet paves the way to introduce more EVs in our contracts across Australia and New Zealand. We hope this will encourage other companies to use EVs in their fleets too,” Mr Banks said.
Read the full article at Fleet Auto News published on December 29, 2021.
Two new side-loading electric vehicles have joined Waiheke’s roadside collections fleet, making Waiheke’s weekly collections 100 per cent zero emissions. These two FSR/SEA-Drive® 120 vehicles join a smaller Isuzu NQR, which has been in service for the past twelve months.
Electric vehicles are a lot quieter than diesel trucks, so pay attention when they’re passing through your neighbourhood.
Local Board chair Cath Handley says, “Waiheke is future focused and making changes right now to clean up our air and to play our role in preserving the planet. We invite everyone to act, not just to talk about change. These trucks are helping every local household to reduce its carbon footprint.”
Stephen Fairweather, General Manager at SEA Electric (NZ) shares how they are “proud to be involved in the electric vehicle movement on Waiheke Island, with technology that genuinely makes a positive change for the environment. The SEA-Drive® power-system has made it possible for these vehicles to be 100 per cent electric, not only for driving operations, but also by providing power for all of the ancillary refuse functions of the vehicles.”
Read the full article at Make the Most of Waste published on December 17, 2021.
SEA Electric, a provider of electric commercial vehicles originally from Australia and now based in Los Angeles has received another major order: US school bus dealer Midwest Transit Equipment (MTE) wants SEA to convert 10,000 existing school buses to electric vehicles.
SEA Electric and Midwest Transit Equipment have partnered up to equip 10,000 school buses with battery-electric drive systems. Midwest Transit Equipment is to provide the chassis that are to be equipped with the SEA-Drive propulsion system and thus become purely electric school buses. SEA Electric will not only provide the electric drives but will conduct with conversion within its “extensive network of up-fitting partners,” as Nick Casas, VP of Sales and Marketing told electrive.com. The eventually fully-electric buses will also have a vehicle-to-grid (V2G) function that of course means the vehicles will be able to act as grid-balancing vehicles and will be able to “smart charge” when energy prices are cheapest.
The retrofit of the 10,000 school buses is to be completed in the next five years. The school buses to be converted are of the US school bus class Type A and Type C. Type A is the smallest US school bus type with a length of 6 to 7.5 metres and is based on a van chassis. The traditional Type C school buses are built on truck architectures.
SEA Electric says that the conversion will extend the life of the buses by more than ten years and that two to three converted buses can be had for the price of one new electric bus. Mike Menyhart, President Americas and Chief Strategy Officer at SEA Electric says: “The secondary use of school buses fitted with all-electric drivetrains makes a lot of sense; it keeps costs down, opens up considerable availability, creates green jobs right here in the US all while making a difference in the environment and the health of the communities we serve.”
According to John McKinney, president and CEO of Midwest Transport Equipment, the partnership with SEA Electric will ensure that it can respond more quickly to customers’ needs. “As the industry moves towards zero emissions we are positioned well with our SEA Electric partnership to be a leader of the electrification movement,” says John McKinney, president and CEO of Midwest Transport Equipment.
Indeed, Nick Casas revealed to electrive.com, that SEA Electric will soon be launching in the UK, and aims to launch in six countries in Europe, including Germany.
SEA Electric is a manufacturer of US Class 3 to 8 electric commercial vehicles, light to heavy-duty. According to information from early August, SEA will have delivered more than 500 electric commercial vehicles this year alone and plans to put more than 15,000 electric vehicles on the road by the end of 2023. Just a few weeks ago, SEA Electric announced an order for 1,150 electric trucks from the GATR EV company.
SEA Electric also recently announced an electric platform for a small truck that can be driven with a normal car driver’s licence. The manufacturer also recently closed a financing round of 42 million US dollars (about 36 million euros) to further expand its business. The main investor in this round was Exro Technologies, a Canadian company with which SEA Electric has also inaugurated a strategic partnership in the course of this agreement. This financing will no doubt also come in handy with SEA Electric’s planned expansion across the pond into the UK and Europe.
Read the full article at Electrive by Carrie Hampel published on December 7, 2021.
TORRANCE, Calif., – SEA Electric and Midwest Transit Equipment (MTE) have partnered to update 10,000 school buses with battery-electric power-systems, the biggest deal of its kind to date, which paves the way for a zero-emissions future for children’s transport in North America.
MTE, one of the largest school bus dealers in the country, will be able to provide clients with a near new 100% electric bus at a fraction of the cost of a new electric school bus. The deal will cover both Type A and Type C school buses, with the deliveries scheduled over the next five years.
These buses will be powered by SEA Electric’s SEA-Drive(R) power system that currently powers buses and work trucks on four continents and six countries with over a million miles of real-world use globally.
SEA Electric will power near-new fully electric buses and extend their service life by ten plus years. This partnership promotes the ESG principle of secondary use, while reducing waste, eliminating diesel particulates and most importantly positively impacting the health and wellbeing of our students.
Each bus will have the ability to deliver full vehicle-to-grid capabilities, with the SEA-Drive(R) power system able to feed electricity back into the power grid to improve stability when connected to a charging station.
The partnership signifies a major step forward in reducing the carbon footprint of bus fleets, while also accelerating the industry to electrification at a desirable price point. Two to three re-powered buses can be delivered at the same price as a new electric bus.
“This commitment is the most significant in this segment to-date. It not only illustrates the appetite for transition to 100% electric transport, it defines the point-in-time that the commercial vehicle industry transitioned to sustainable scale, without the need for incentives” – said Tony Fairweather, Founder and CEO.
“This partnership will allow us to react to our customer’s needs more quickly and will compliment new bus sales. As the industry moves towards zero emissions we are positioned well with our SEA Electric partnership to be a leader of the electrification movement.” said John McKinney, President and CEO of Midwest Transport Equipment.
“The secondary use of school buses fitted with all-electric drivetrains makes a lot of sense; it keeps costs down, opens up considerable availability, creates green jobs right here in the US all while making a difference in the environment and the health of the communities we serve,” said Mike Menyhart, President – Americas and Chief Strategy Officer at SEA Electric.
Read the full article at School Transportation News published on December 6, 2021.
In 2021, SEA Electric launched Australia’s first volume produced range of all-electric trucks, including the SEA 300 and the SEA 500 models, suiting applications from 4.5 tonne car licence vehicles through to 22.5 tonne 3 axle trucks.
The SEA-Drive® Power system is currently available in four specifications, ranging from 180HP/700Nm, through to 470HP/3,500Nm, with various battery capacities from 88kWh through to 220kWh.
The trucks are produced from a Semi Knocked Down (SKD) kit, with the donor truck cab mated to chassis rails, suspension, wheels and all drive-train components at the SEA Electric factory.
The process has resulted in many specialist jobs being created, both in the company’s engineering ranks and within the factory.
Read the full article at HVIA published on November 19, 2021.
TORRANCE, Calif. – SEA Electric will showcase four different examples from its lineup, with visitors able to sample the vehicles in the Ride & Drive experience. SEA Electric is a rapidly expanding global leader in electric power-systems technology for urban delivery and distribution fleets. Meritor, a recent strategic investor in SEA Electric, will also present on the SEA Electric stand.
Global automotive technology innovator SEA Electric is set to shine at the annual Advanced Clean Transportation (ACT) Expo, with a range of market-leading EV products to be showcased at North America’s premier transportation technology and clean fleet event.
Schedule to run from August 30th to September 2nd at the Long Beach Convention Center, Long Beach, CA, the ACT Expo provides SEA Electric with the ideal platform to demonstrate its cutting edge solutions.Since 2012, SEA Electric has been developing its proprietary 100% electric SEA-Drive Power System, which is adaptable to most OEM glider chassis, from Class 3 to Class 8.
Over the past 18 months, SEA Electric has rapidly established its presence in North America, including relocating its headquarters to Los Angeles and working with multiple leading OEM and industry collaborators on significant projects.This includes partnering with Hino Trucks USA for ‘Project Z’, Hino’s push towards a zero-emissions range of medium and heavy-duty trucks.
“The ACT Expo comes at an exciting time in the history of SEA Electric; we have created the ability to upfit 60,000 units per year, with opportunities in trucks, delivery vehicles, buses and government fleets,” said Tony Fairweather, president and founder, SEA Electric.
“Concurrently with our growth in North America, we have experienced remarkable global expansion, including throughout Asia, the Pacific, and now into Europe, with a range of projects ongoing with a variety of automotive leaders.
“What we bring to the market is a proven solution and track record, with over a million miles of real-world use to date. We have extensive strategic partner backing, most recently with Tier 1 supplier Meritor, who will be joining our stand at the event. We are looking to continue to drive our momentum forward at the ACT Expo, ultimately to our planned IPO”.
Meanwhile, for Mike Menyhart, SEA Electric President – Americas and Chief Strategy Officer, the ACT Expo offers the chance to connect with a broad cross-section of companies looking to take leadership with EV technology. “The ACT Expo is our most important event of the year to build relationships and educate attendees about our company and product options,” said Mr Menyhart.
“Over the past 18 months, we have grown our presence in the USA with a strong leadership group at the head of a 50 plus strong team.To date, we have already seen impressive sales growth, with many different models already on the road locally”.
“The Ride & Drive experience at the ACT Expo is the perfect point in case, with a Staples box truck and a FedEx Ground step van, demonstrating that we have already created significant progress with major corporations. However, there are many more major announcements in the pipeline with multiple large contracts, which will be revealed in due course”.
“One of the most exciting innovations we will display at the event is our in-house developed all-electric alternative for the Ford Step Van Class 6 (SV6) platform, which has massive potential in the delivery space.”
Alongside the SV6 chassis on display will be a SEA Hino M5 EV chassis, with the Ride & Drive section featuring a SEA Hino M5 EV (Staples box truck) and a SEA SV6 EV (FedEx Ground step van).
All four examples presented at the ACT Expo will be powered by the SEA-Drive® 120a, which is specified for cab/chassis platforms with a GVWR of 13,000lbs to 18,000lbs (Class 3-5), complete with a 1,106lb-ft electric motor.
The 138 kWh battery pack on the vehicles delivers a class-leading unladen range of up to 200 miles, and a typical break-even period of fewer than four years, without applicable grants and subsidies. The ACT Expo will also mark the first public event since leading transport drivetrain supplier Meritor announced its strategic investment and shareholding in SEA Electric this month.
To mark this occasion, a Meritor 14Xe ePowertrain will be displayed in the SEA Electric booth, with the system ideal in multiple installation types, including Class 8 refuse and linehaul trucks, Class 6-7 pickup and delivery, plus school bus applications.The investment by Meritor follows in the footsteps of Canadian power control solutions manufacturer Exro Technologies, who partnered with SEA Electric in February. Throughout the ACT Expo, SEA Electric can be visited in the Expo Hall at Stand 1627, while the Ride & Drive experience will be located in the Freeman Marshall Yard, from 11:00am to 2:00pm on Wednesday, September 1st.
Read the full press release at School Transportation News published on August 26, 2021.
TROY, Mich., Aug. 3, 2021 — Meritor, Inc. (NYSE: MTOR) today announced an equity investment in SEA Electric Holdings Pty Ltd. (“SEA Electric”), a global leader in commercial electric vehicles for urban delivery and logistics.
With global headquarters in Los Angeles, SEA Electric currently partners with commercial vehicle OEMs, dealers, operators and upfitters to deliver a range of zero-emissions trucks with remote mount electrification solutions to the medium and heavy-duty (Class 3-8) commercial vehicle market.
“This collaboration with SEA Electric gives us another path to apply our expertise in electrification solutions for the medium-duty market,” said Chris Villavarayan, CEO and president for Meritor.
“Meritor’s investment will help us to accelerate global sales efforts and strengthen the delivery and distribution transportation segment for vehicles that operate in urban and metropolitan areas,” said Tony Fairweather, president and founder, SEA Electric. “We are excited for Meritor to join us as a strategic investor and shareholder.”
SEA Electric is on schedule to deliver more than 500 electric commercial vehicles this year and plans to have more than 15,000 vehicles on the road by the end of 2023.
Read the full press release at Meritor published on August 3, 2021.
SEA Electric Extends Worldwide Presence with Increased Global Management Team and Strong Showing at Brisbane Truck Show
LOS ANGELES, May 26 (Korea Bizwire) — The recent Brisbane Truck Show (May 13-16, Brisbane Convention & Exhibition Centre, South Brisbane, Australia) held a significant presence for global automotive technology company SEA Electric, showcasing the first-ever public appearance of a full range of operational-ready electric trucks utilizing proprietary SEA-Drive® power systems, new SEA Electric branding, and the announcement of senior global leadership taking the company’s helm throughout the Asia Pacific region.
The appointment of Bill Gillespie, president of Asia Pacific, and promotion of Glen Walker to vice president of Asia Pacific, bring a wealth of international transport industry and electric vehicle expertise to the region during a time of growth for SEA Electric worldwide. Following a recent US $42 million investment, SEA Electric is bringing electrification solutions and opportunities to nearly every corner of the globe, and in the United States it has added further assembly capacity, creating the current potential for approximately 60,000 units per annum. Further U.S. assembly, including in the area of batteries, is expected in the near future.
According to SEA Electric President and Founder Tony Fairweather, SEA Electric has not only created a low-cost delivery solution, but equally meaningful it has developed a medium voltage/lightweight power system with performance outcomes that exceed the internal combustion engine equivalent. “Our own SEA-badged trucks – including the SEA 300 and SEA 500 in Australia – are derived from OEM Semi Knock-Down kits, creating further efficiencies to pass on to our customer base whilst supporting rapid OEM expansion into this segment,” said Fairweather.
Gillespie’s new leadership role allows him to build upon the company’s momentum, which continues to expand on a worldwide basis. “The product showcased in Brisbane sets the framework for SEA Electric to seamlessly fold into OEM dealerships and fleets, bringing forth both new and repowered electrification options,” said Gillespie. The current three medium-size EV truck models are sold through a dozen authorized dealers in Australia, while more than 220 U.S. dealers are available to support the North American market needs.
SKD Assembly Provides Solutions Efficiency
Walker further explained the commercial arrangement as a Semi Knock Down (SKD) Assembly Operation – creating SKD ‘Glider’ kits – a first-of-its-kind three-way process that begins with the cab,
frame rails, wheels and axle components arriving in Australia, within containers from Japan, and upon arrival being assembled to provide a rolling chassis to support the appropriate proprietary SEA-Drive® power-system to create a completely assembled SEA Electric-branded vehicle. The vehicles are then ready for distribution.
But it is their SKD assembly operation’s efficiency that creates a real game-changer for SEA Electric and facilitates the solutions and productivity the company can provide. With consistency of assembly, and a process that provides multiple efficiencies, there becomes very little waste, often eliminating extra componentry that previously would have been discarded in other retrofitting processes.
“Our agreements in the U.S. go one step further,” said Walker. “We are utilizing SKD and local glider assembly to set the benchmark for ongoing programs in North America and other SEA Electric markets around the world.” As an example, when containers in the United States arrive for SKD assembly, all electrification is then performed by authorized upfitters, solely using SEA-Drive® power-system technology and branding. The process of building the trucks from SKD kits or glider chassis provides multiple advantages over the retrofit option, including lower cost, quicker build times, and less waste.
The North American market, which recently became the new home for SEA Electric’s California-based headquarters, has the largest capability for upfitting capacity at 60,000 units annually. The addition of a Des Moines Technical Center and planned offices in Chicago, Brooklyn, and Miami before August this year represents SEA Electric’s commitment to the market.
With available volume and an ambitious capability to assemble the company’s SEA-Drive® technology, SEA Electric provides immediate and cost-efficient solutions that can be easily scaled to meet the needs for any fleet – whether new or existing delivery vehicles in need of new EV drive capabilities. The electrification of the yellow school bus industry is also in high demand in the United States.
Perhaps the most important business growth aspect of SKD kit and OEM glider assembly is the ability for the SEA Electric vehicle range to be available from a dealer network that provides complete sales, warranty, and service support.
Read the full article at Korea Bizwire published on May 26, 2021.
SEA Electric Grows U.S. Base Through Electrification Solutions, New Facilities and Management Growth
EV Company’s Strategy Includes New National Sales Leadership Team and Alignment with President Biden’s Infrastructure Plan
LOS ANGELES, April 29, 2021 (GLOBE NEWSWIRE) — U.S.-based global automotive technology company SEA Electric is leading the charge to provide immediate electrification solutions that will align with U.S. President Joe Biden’s $174 billion proposed investment and EV infrastructure plan.
With an established upfitting capability for 60,000 units per year, SEA Electric is growing its strategic assembly facilities and technical centers while expanding an experienced management team throughout North America to meet the demands and opportunities for commercial and transit programs including trucks and delivery vehicles, school buses, and government fleets.
According to SEA Electric President and Founder Tony Fairweather, the company’s ‘rapid repower’ initiative enables large fleets to electrify within a cost-efficient AND timely manner. “We’ve positioned ourselves to deliver an immediate volume solution and our recent US $42 million investment has expanded our reach with wholly owned sales and service operations throughout the country. In addition, our current alliance with five third-party facilities to customize and retrofit commercial vehicles offers aftermarket conversions that become very attractive to companies that can appreciate the government incentives.”
An aggressive, relationship-driven national sales management team has been carefully curated to meet the demands within SEA Electric’s own infrastructure, with key leaders taking on the entire North American marketplace.
Vice President of Sales for North America Nick Casas will lead SEA Electric’s growth, leveraging his more than 12 years of national partnership expertise that includes franchise and fleet expansions on a global platform and working closely with partner companies including Sumitomo and Michelin.
“Key for expanding our company is a combination of individuals with strong business development backgrounds that align with massive relationship management skills,” said Casas. “Our long-term goals go far beyond North America, including our movements throughout Canada – but our sights are already set worldwide.”
In place to support U.S. and Canada fleet accounts larger than 1,000 units is Director of National Accounts, Anna Plaza. Her primary role includes truck and van accounts, and all Class 3 vehicle fleets that are up to 16 feet. With more than two decades of global and domestic business development experience, she has held senior leadership roles for Sygne Corp. and most recently with COOP by Ryder.
Plaza has an MBA from Florida International University and an undergraduate degree from American University.
Tedd Rossi, Strategic Account Manager for the West Coast, brings nearly a decade of best-in-class relationship-based sales experience within the automotive arena with Cox Automotive to SEA Electric, expanding his target-marketing expertise within the commercial EV field. A graduate of Vermont’s Champlain College with an International Business degree, Rossi merges his successful automotive technology support and account management skillset within the sustainability sector to bring SEA Electric’s proprietary SEA-Drive® powertrain platform to companies and organizations that can take advantage of state incentives within the Western region.
The Future for SEA Electric
While SEA Electric’s roots will always remain in Australia, along with various manufacturing and technology capabilities, the company’s North American growth brings an advantage that can be replicated in Europe, as well. Current U.S. upfitting facility locations include Illinois, Michigan, North Carolina, Indiana, and Iowa. SEA Electric also recently opened a new Technical Center in Des Moines, Iowa, and will be adding facilities in Chicago, the NY/NJ tri-state area, and Florida later this year.
On the heels of its recent US $42 million equity financing announcement, SEA Electric also closed its latest purchase of 1,000 electric vehicle batteries from long-time technology partner Soundon New Energy Technology (China’s leading environmental protection industry enterprise). This important transaction supports SEA Electric’s proprietary SEA-Drive® 70, 100, and 120 major power-system models. While most of the initial units are slated for the United States, the balance will go to SEA Electric inventories in Australia, New Zealand, and Southeast Asia, as well as the company’s first entry into the European market.
Read the full article at Yahoo! Finance published on April 29, 2021.
Mike Menyhart, Chief Strategy Officer, and Kathleen LaVoy, General Counsel, Ready to Lead SEA Electric Growth with Seniority and Expertise Following Company’s US $42 million Equity Financing
LOS ANGELES, April 07, 2021 (GLOBE NEWSWIRE) — Continuing to balance a recent string of successful business strategies, global automotive technology company SEA Electric is expanding the leadership team in its US-based global headquarters with the recent management additions of Michael (Mike) Menyhart, Chief Strategy Officer and Kathleen (Katie) LaVoy, General Counsel and Corporate Secretary. Both executives secure a strong Midwest presence, bridging SEA Electric’s national expanse which already includes the West Coast, an innovation center in Iowa and plans to build a presence in the greater New York area. (Photos and full background.)
According to Tony Fairweather, SEA Electric president and founder, the company’s biggest learnings over the past year may well have been their silver lining. “The virtual and remote world in which we’ve all become accustomed has opened opportunities for talents and human capital not tied to a single location – and our growth is a living example. The management team we have created, and now led by Mike and Katie, provide access to the best talent to match our world class technology and IP.”
Menyhart joins SEA Electric with a strong background in banking, corporate development, finance, and general management with former senior positions at Accenture, SunTrust Bank, and Genpact. His experience brings a solid foundation and base of capital markets relationships that can lead SEA Electric through its natural evolution toward one as a publicly traded company. In addition, his previous work in the digital transformation and advanced technology space will help keep SEA Electric as the leader in commercial electric vehicle power systems.
“It’s exciting to become involved in an industry and company that will not only deliver tremendous global environmental impact but also deliver compelling outcomes for our clients through unmatched total cost of ownership and reliability,” said Menyhart. “We are in a position to lead the movement for global environmental sustainability. The delivery and logistics industry is at an inflection point and SEA Electric is driving the industry transformation from harmful greenhouse gases to zero emissions. We will make a huge difference in the world while significantly improving the driver experience and building a better alternative to the internal combustion engine.”
The addition of Katie LaVoy as General Counsel and Corporate Secretary brings proven expertise of strategic thinking and commercial knowledge to find legal and compliance solutions. “Good governance starts before you go public,” said LaVoy. “My number one goal is to apply my past experience and leadership from public companies to build the worldwide compliance necessary for SEA Electric to be regarded as a top tier company – one that positions its technology and sustainability on the forefront and recognizes the people that created it.”
LaVoy’s various leadership roles have stemmed from 13 years of experience at the publicly traded Great Lakes Dredge & Dock Corporation – a large global corporation within the maritime industry that enables marine transportation. She holds a JD (Doctor of Law) degree from the Northwestern University School of Law and an Executive MBA from the Kellogg School of Management. Her litigation portfolio includes delivering high-value legal solutions to challenging issues.
The Future for SEA Electric
While SEA Electric’s roots will always remain in Australia, along with various manufacturing and technology capabilities, the company’s US growth brings an advantage that can later be replicated in Europe, as well. “The sheer size of the opportunities before us, which began in Australia and the Pacific region, are exponentially growing within the US and European markets,” said Fairweather.
“We have an extremely compelling story to tell, from the solid foundation of the technology and people behind us in our original home in Australia to those who are joining our journey worldwide. We are anxious for the future and the positive direction it holds.”
On the heels of its recent US $42 million equity financing announcement, SEA Electric also closed its latest purchase of 1,000 electric vehicle batteries from long-time technology partner Soundon New Energy Technology (China’s leading environmental protection industry enterprise). This important transaction supports SEA Electric’s proprietary SEA-Drive® 70, 100 and 120 major power-system models. While most of the initial units are slated for the United States, the balance will go to SEA Electric inventories in Australia, New Zealand and Southeast Asia, as well as the company’s first entry into the European market.
Read the full article at GlobeNewswire published on April 7, 2021.
Sea Electric Strikes Deal to Purchase 1,000 Electric Commercial Vehicle Battery Sets from Soundon New Energy Technology Co.
LOS ANGELES, March 25 (Korea Bizwire) — Global automotive technology company SEA Electric, along with its proprietary SEA-Drive® technology – the secret sauce behind the company’s leadership within the electrification of commercial vehicles – has expanded its global reach through the purchase of 1,000 electric vehicle batteries from long-time technology partner Soundon New Energy Technology Co. The newly formed arrangement immediately follows SEA Electric’s recently announced US$42 million in equity financing news. (Full background and photos.)
Soundon, SEA Electric’s sole battery provider since 2012, developed seven SEA-Drive® battery solutions during the two companies’ shared journey in the electric commercial vehicle space. Through this new relationship SEA Electric is realizing the cost benefits of Soundon’s battery and power electronics technical expertise, as well as their production efficiencies. As a result, battery production is underway with fulfillment completion expected sometime in Q2 2021. The deal also allows SEA Electric to realize a significant 36 percent reduction in kilowatt hour (kWh) unit cost.
According to Tony Fairweather, SEA Electric president and founder, Soundon is not only a world-class leader in innovation and battery technology, but highly regarded for its product quality, on time delivery, and competitive pricing. “Our long-term relationship with Soundon has been a very successful commercial journey and we anticipate continuing to share our global successes along the way.” While the majority of the initial 1,000 battery units are slated for the United States, the balance will go to SEA Electric inventories in Australia, New Zealand and Southeast Asia, along with the company’s first entry into the European market.
SEA Electric’s exclusive and proprietary technology fits hundreds of OEM platforms with this large order shared cross three major power-system models:
- SEA-Drive® 70 – contains 88 kilowatt hours (kWh)
- SEA-Drive® 100 – contains 101 kilowatt hours (kWh)
- SEA-Drive® 120 – contains 138 kilowatt hours (kWh)
Soundon’s world-class manufacturing operations are located on an eight square-mile footprint within the Hunan Province in China, and utilize a combination of robotics, high intelligence, high digitalization, and high automation to integrate a comprehensive smart-factory solution. From strict production and environmental management to quality assurance, the facility is first rate and is a leader in the new energy industry.
Wu Peng, Vice President of Sales and Marketing for Soundon commented that “this is a significant milestone in our partnership with SEA Electric. Receiving this 1,000-unit order not only facilitates SEA Electric’s substantial global growth, but it also positions Soundon as a leader in the export market for commercial electric vehicles. It’s a winning proposition for all.”
Following substantial growth in new markets, SEA Electric recently announced it has closed initial private placement equity financing for total gross proceeds of approximately US$42 million. The net proceeds from the investment will allow SEA Electric to solidify its position as a market leader in the electrification of commercial vehicles whilst funding its considerable backlog and facilitating more pilot programs with operators.
With global headquarters and key leadership in Los Angeles, SEA Electric currently has operations in five countries and more than one million miles of independent Original Equipment Manufacturer (OEM) testing and in-service operation in all markets.
SEA Electric currently partners with commercial vehicle OEMs, dealers, operators and upfitters to deliver a new range of zero-emissions trucks and is on schedule to deliver more than 1,000 electric commercial vehicles this year. The company forecast is to have more than 15,000 vehicles on the road by the end of 2023.
Read the full article at Korea Bizwire published on March 25, 2021.