ALTe Powertrain Technologies Holds Inaugural Joint Venture Board Meeting in China
AUBURN HILLS (WWJ) -- ALTe Powertrain Technologies, the developer of the first plug-in electric hybrid vehicle powertrain system for light commercial vehicles and independent producer of new energy powertrain systems in China, crossed a significant milestone in its international business development strategy on Oct. 8, 2013.
Together with its JV partner Henan Benma Co. Ltd., ALTe held its first official joint venture board meeting after receiving formal Chinese government approval for the joint venture. The enterprise is officially named "Henan ALTe New Energy Automobile Co. Ltd." and is based in Changge City of the Henan province in central China.
As a result, the joint venture is now in possession and able to execute $209 million of purchase orders for the ALTe patented plug in electric hybrid powertrains. These powertrains will be installed in 3,000 light commercial vehicle units starting in April 2014.
In connection with the formation of the Henan ALTe Joint Venture in China, Citibank Commercial Banking Group approved a multimillion dollar line of credit for ALTe in the United States, facilitated by a commitment made by ALTe's joint venture partner in China.
ALTe has one of the only viable qualifying technologies for use in a wide array of commercial vehicles and passenger cars in China which currently benefit from a significant subsidy to accelerate adoption of new energy vehicles in China.
China has a goal of 5 million plug-in hybrid and electric vehicles by the year 2020. ALTe's affordable and proven technology will help the country reach that goal.
ALTe develops plug-in electric and hybrid powertrain systems launching initially in the commercial vehicle segment. The system is engineered for use in both new vehicle applications as well as being able to be retrofit into existing vehicles, resulting in dramatic increases in fuel economy and lower emissions. ALTe's patented technology improves fuel economy from 80 to 200 percent. The company is based in a 185,000-square-foot manufacturing and office complex in Auburn Hills.
More at www.altept.com.
