KUALA LUMPUR, March 26 -- Global automotive technology company SEA Electric, along with its proprietary SEA-Drive® technology, has expanded its global reach through the purchase of 1,000 electric vehicle batteries from Soundon New Energy Technology Co.
According to a statement, the newly-formed arrangement immediately follows SEA Electric’s recently announced US$42 million in equity financing news. (US$1 = RM4.146)
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 realising 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 this year, whereby the deal also allows SEA Electric to realise a significant 36 per cent reduction in kilowatt hour (kWh) unit cost.
SEA Electric president and founder, Tony Fairweather said: “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.”
“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,” said Soundon Vice-President of Sales and Marketing, Wu Peng.
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.
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 testing and in-service operation in all markets.
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The Authority, which was established in 2011 achieved its first decade of operation on 1st September this year. As a statutory body under the Ministry of Natural Energy and Resources (KeTSA), SEDA Malaysia is responsible for the development of the sustainable energy industry in Malaysia.
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