SEA Electric to purchase 1,000 battery sets from Soundon New Energy Technology Co for electric trucks
Global automotive technology company SEA Electric has expanded its global reach through the purchase of 1,000 electric vehicle batteries from long-time technology partner Soundon New Energy Technology Co. The newly formed arrangement immediately follows SEA Electric’s recently announced US$42 million in equity financing news.
Global automotive technology company SEA Electric has expanded its global reach through the purchase of 1,000 electric vehicle batteries from long-time technology partner Soundon New Energy Technology Co. The newly formed arrangement immediately follows SEA Electric’s recently announced US$42 million in equity financing.
Soundon has been providing SEA Electric with batteries since 2012, and the two companies have worked together closely on the development of seven SEA-Drive battery solutions over the course of the nine year relationship. SEA Electric is leveraging the cost benefits of Soundon’s battery and power electronics technical expertise, and their production efficiencies. The deal also allows SEA Electric to realise a significant 36 percent reduction in kilowatt hour (kWh) unit cost, and fulfilment of the battery production is expected to be completed in Q2 2021.
Soundon New Energy Technology’s manufacturing centre in China. Image: SEA Ealectric
According to Tony Fairweather, SEA Electric president and founder, Soundon is not only a world-class leader in innovation and battery technology, but highly regarded for its product quality, on time delivery, and competitive pricing. “Our long-term relationship with Soundon has been a very successful commercial journey and we anticipate continuing to share our global successes along the way.” While the majority of the initial 1,000 battery units are slated for the United States, the balance will go to SEA Electric inventories in Australia, New Zealand and Southeast Asia, along with the company’s first entry into the European market.
SEA Electric’s SEA-Drive technology fits hundreds of OEM platforms according to the company, with this large order from Soundon shared cross three major power-system models:
An Isuzu truck with SEA-Drive technology. Image: SEA Electric
SEA-Drive 70 – contains 88 kilowatt hours (kWh)
SEA-Drive 100 – contains 101 kilowatt hours (kWh)
SEA-Drive 120 – contains 138 kilowatt hours (kWh)
Wu Peng, Vice President of Sales and Marketing for Soundon commented that “this is a significant milestone in our partnership with SEA Electric. Receiving this 1,000-unit order not only facilitates SEA Electric’s substantial global growth, it also positions Soundon as a leader in the export market for commercial electric vehicles. It’s a winning proposition for all.”
With global headquarters and key leadership in Los Angeles, SEA Electric currently has operations in five countries and more than one million miles of independent Original Equipment Manufacturer (OEM) testing and in-service operation in all markets.
SEA Electric is an Australian success story, and currently partners with commercial vehicle OEMs, dealers, operators and upfitters to deliver zero-emissions trucks around the world. The company is expected to deliver more than 1,000 electric commercial vehicles this year. The company forecast is to have more than 15,000 vehicles on the road by the end of 2023.
Soundon New Energy Technology’s manufacturing centre in China. Image: SEA Ealectric
An example of SEA Electric’s SEA-Drive unit for OEMs. Image: SEA Electric
Australian commercial EV manufacturer SEA Electric completes US$42 Million equity financing
This week, SEA Electric announced it has closed initial private placement equity financing for total gross proceeds of approximately US$42 million. The net proceeds from the investment will allow SEA Electric to solidify its position as a market leader in the electrification of commercial vehicles whilst funding its considerable backlog and facilitating more pilot programs with operators.
The SEA-Drive Power System. Images: SEA Electric
Founded in Australia in 2012, SEA Electric Holdings Pty Ltd. (SEA Electric) has become an international success story with its proprietary electric power-system technology (known as SEA-Drive®) now found across the world's urban delivery and distribution fleets.
With products in seven countries including USA, Canada, Australia, New Zealand, Thailand, Indonesia and South Africa, SEA Electric has more than one million miles of independently OEM-tested and in-service operation behind its technology.
This week, SEA Electric announced it has closed initial private placement equity financing for total gross proceeds of approximately US$42 million. The net proceeds from the investment will allow SEA Electric to solidify its position as a market leader in the electrification of commercial vehicles whilst funding its considerable backlog and facilitating more pilot programs with operators.
According to President and Founder Tony Fairweather, the financing allows SEA Electric to accelerate its global sales efforts and further utilize its proprietary Sea-Drive® 120b battery power system, while strengthening the delivery and distribution transportation segment for vehicles that operate in urban and metropolitan areas.
SEA Electric issued approximately 1.1 million Series A Preferred Shares at a price of US $40.1995 per share, convertible into common shares of SEA Electric at the option of subscribers and automatically convert to common shares under certain conditions, including SEA Electric completing a public transaction.
Fairweather stated, “We are very pleased to have completed a heavily oversubscribed equity financing and are excited to welcome aboard a global set of institutional investors as partners. The financing allows SEA Electric to grow our backlog as we explore options to seek a public listing in the United States this year.”
SEA Electric currently partners with commercial vehicle OEMs, dealers, operators and upfitters to deliver a new range of zero-emissions trucks and is on schedule to deliver more than 1,000 electric commercial vehicles this year. The company forecast is to have more than 15,000 vehicles on the road by the end of 2023.
“2021 will see a paradigm shift in the way developed markets facilitate uptake of commercial electric vehicles and the unstoppable momentum will build year-after-year” said Fairweather.
It is a notable achievement that in the face of lacklustre government support for clean technology in Australia, a company like SEA Electric has successfully conquered the international market in eight years. Companies like SEA Electric, Tritium and Evans Electric exemplify the technical and creative capital that exist in Australia that must be nurtured to support jobs, manufacturing and the transition to clean energy technologies.
