As one of the most important market in the automotive world, China is getting ready to embrace the electric revolution with the same enthusiasm it did premium vehicles a while back.
For LTC, the contract to supply the cells for the two test fleets currently in the making was facilitated by Frazer-Nash Research (FN), who became an investor in the battery manufacturer.
FN will give LTC $10 million and will receive in exchange for half of that common equity, with the rest of the money will come as a committed convertible loan facility. Aside for the money, LTC will gain access to more OEMs and electric vehicle manufacturers.
LTC is already partner with several auto makers in their electric projects, like Volkswagen’s Flottenversuch, Karmann’s electric vehicle, and eRUF’s and DesignLine’s hybrid buses.
"We are pleased to welcome the FN Group as LTC's new partners. The investment and the strategic relationship with the FN Group will allow our company to transition into volume production of our large format Lithium-Ion battery cells at a time when the market is growing at a rapid pace,” said Theo Kremers, LTC CEO.
“We believe that this will create substantial value for our shareholders and will also build a good basis for LTC to create market success with other automotive and non-automotive customers in the future."