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ZAP Announces Strategic Alliance with Tianjin Lishen Battery Company Ltd to Finance Several Thousand US EV Fleet Vehicles


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SANTA ROSA, CA--June 10, 2014: ZAP (ZAAP), an Electric Vehicle (EV) automotive company incorporated in California and headquartered in Santa Rosa, California has entered into a strategic alliance with Tianjin Battery Company Ltd ("Lishen") Lishen , whereby Lishen will provide financing several thousand full vehicle EV conversion of US EV fleet vehicles using Lishen's latest technology in lithium Ion batteries and ZAP's proprietary patented Vehicle Control Unit (VCU). ZAP, over the last few years has been pursuing the EV fleet market in the US, and developed a custom designed power train for a US delivery fleet with the goal of becoming a supplier to their electric power train which will replace the gasoline ones currently being used. After undergoing multiple iterations, its latest version released for trial will undergo extreme weather conditions, using Lishen's battery pack with improved energy efficiency and reliability. ZAP will begin financing discussions with fleet operator pending successful completion of the trial which is likely to run through the winter season.

At the core of ZAP's EV technology is its patented VCU developed by ZAP's joint venture in China, which provides a smart management system (Z-Smart) between the electric motor, the battery management system, and the overall electric power system that supports power brakes, power steering, HVAC, power windows, on-board charge and discharge, fast charge and all of the electrical control units of the vehicle, including GPS and wireless communication to the mobile. Z-Smart is adapted for various configurations, different size motors and battery systems for all of the electric vehicles delivered by ZAP, for both its lithium battery EVs as well as the lead acid battery models. Z-Smart is being incorporated into these fleet vehicles to improve performance, safety and efficiency of the converted vehicles and to provide convenient mobile communication to the driver on the charge levels and recharging status.

This strategic alliance with Lishen to finance EVs in the international market for large scale deployment is being explored in other markets where large volume EV fleets are being deployed by governments and institutions to reduce fossil fuel dependency, fuel costs and reduce pollution in the densely populated cities. ZAP plans to utilize this financing alliance to pursue other volume fleet opportunities in the Americas and S.E. Asia.

Lishen is the premier Li-ion battery supplier in China, and is the qualified supplier to Apple, Samsung, LG, HP, Dell, Lenova and the State Grid of China. It is the largest supplier of automotive EV battery packs in China, supplying to the majority of the electric bus companies, and the new line of EV sedans supplied by Geely, SAIC, GM, Foton (First Auto of China), ChangAnn and many others, and is the largest volume producer of lithium batteries for energy storage in China. It is majority owned by China National Off-shore Oil (CNOOC), various Tianjin funds and large energy corporations in China.

ZAP's joint venture team in China is recognized for its proven EV technology expertise in delivering high performance EV systems, and has delivered multiple power train designs to local vehicle manufacturers including EV versions of KIA in China, with multiple configurations to support fast battery swapping.