ALTe Powertrain Technologies Holds Inaugural Joint Venture Board Meeting in China resulting in Sales Orders and Bridge Financing.
AUBURN HILLS, MIOct. 14, 2013: ALTe Powertrain Technologies (ALTe), 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 October 8, 2013.
Together with its JV partner Henan Benma Company, Ltd., ALTe held its first official JV Board meeting after receiving formal Chinese government approval for the JV. The enterprise is officially named "Henan ALTe New Energy Automobile Company Ltd." based in Changge City of the Henan province in central China.
As a result, the JV is now in possession and able to execute $209 million USD 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 USA facilitated by a commitment made by ALTe's JV 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 an impressive goal of 5,000,000 plug in hybrid and electric vehicles by the year 2020. ALTe's affordable and proven technology will help the country reach that goal at an accelerated pace.