XALT signs 6.2 billion yuan deal to supply EV batteries to Hong Kong bus maker
XALT Energy, a Michigan battery maker, has agreed to supply Hybrid Kinetic Group with lithium titanate batteries for electric buses under a contract valued at more than $1 billion (6.2 billion yuan).
XALT will supply the Hong Kong electric vehicle maker with batteries that can be recharged in less than 10 minutes under the multiyear contract, the Midland, Mich., company said Tuesday in a statement.
The company will begin supplying the batteries starting in the third quarter for buses that will be delivered across China as part of an effort to curb air pollution.
XALT's "high quality and cost competitive battery products fit very well with our group's strategy of launching all-electric public transit buses in large scale," Yung Yeung, chairman of Hybrid Kinetic, said in the statement.
XALT Energy, formerly known as Dow Kokam, was spun off in 2013 by Dow Chemical Co. The chemical giant sold its stake in Dow Kokam to a fellow investor, an affiliate of Maryland-based Townsend Ventures.
The company will begin supplying the batteries starting in the third quarter for buses that will be delivered across China as part of an effort to curb air pollution.
XALT's "high quality and cost competitive battery products fit very well with our group's strategy of launching all-electric public transit buses in large scale," Yung Yeung, chairman of Hybrid Kinetic, said in the statement.
XALT Energy, formerly known as Dow Kokam, was spun off in 2013 by Dow Chemical Co. The chemical giant sold its stake in Dow Kokam to a fellow investor, an affiliate of Maryland-based Townsend Ventures.
