Greatech partners US-based ATLIS to develop electric vehicle battery pack assembly production line in Arizona
02 Feb 2021
KUALA LUMPUR – Industrial automation solutions provider Greatech Technology Bhd via its unit Greatech Integration (USA) Inc has teamed up with US-based company Atlis Motor Vehicles (ATLIS) to assist ATLIS develop an electric vehicle battery pack assembly production line at its headquarters located in Arizona.
ATLIS is a start-up mobility technology company that is developing a fully electric vehicle platform, proprietary battery cells and packs, and the necessary charging infrastructure to recharge a 500-mile range battery in less than 15 minutes, according to a statement to Bursa Malaysia today.
Currently, ATLIS is nearing the advanced stage of its battery pack development that meets all necessary specifications and intends to move to small-scale production at its headquarters in Arizona.
Through this partnership, the Greatech Group will serve as ATLIS’ strategic partner for a comprehensive battery pack assembly production line and will supply all parts, equipment, and machinery required to form ATLIS’ limited-run prototype battery pack assembly line.
Greatech said if the prototype lines meet ATLIS’ performance and quality expectations, the group will explore the development of high-volume lines designed to produce thousands of packs per month.
“The above strategic partnership arrangement with ATLIS commenced from Feb 1, 2021 (effective date) and shall be effective for an initial term of three years from the effective date (initial term),” said the group.
Contingent upon raising sufficient capital and funding to purchase the equipment, ATLIS agreed to engage Greatech as the sole equipment supplier for its prototype battery pack assembly line at ATLIS’ headquarters.
“The above strategic partnership arrangement will not have any material impact on the earnings per share and net assets of Greatech Group for the financial year ending Dec 31, 2021. None of the directors, major shareholders of Greatech and/or persons connected with them have any interest, direct or indirect, in the above collaboration arrangement,” Greatech added.
At the closing bell today, shares of Greatech settled eight sen or 1.42% higher at RM5.70, valuing the group at RM7.14 billion.
Source: The Edge Markets