NEVS is to receive a cash injection of US$108m from Beijing Zhenghuon Technology into its joint venture in Tianjin, China, although it remains unclear what precisely this means for the ownership structure of the Swedish mobility company.
“It is a new partner – exactly the percentage we don’t disclose today at least,” a NEVS spokesman told just-auto from Sweden. “What is important for NEVS is we get new partners and new finance coming in.”
NEVS CFO, Jörgen Scribe added: “This is really good news for NEVS.” “This means we get new money and an active owner in our JV.”
The new partner is an investment company investing in new technologies and has been cooperating for some time with SRIT, one of NEVS’ current owners.
“Beijing Zhigan Shenghuo Technology brings a lot of competence and a network with banks and investment company who are interested in making further investments in NEVS,” noted Scribe.
NEVS is currently in an intense development phase which requires investments, both in new technologies, factories and machinery and has been looking for partners for some time.
The news caps a busy summer for NEVS, which in late June, inked an an MOU, with Chinese taxi company, DiDi Huaxing, in the presence of among others, Swedish Prime Minister, Stefan Löfven. Didi will also enter as a major partner in NEVS.
“The discussions with DiDi have been going on all summer. We hope they will lead to a binding agreement during this autumn”, said NEVS CEO and acting president, Stefan Tilk.
NEVS is owned by Kai Johan Jiang through National Modern Energy Holdings (NMEH) and Tianjins development area: Tianjin Binhai Hi-tech Industrial Development Area (THT) and Beijing State Research Information Technology (SRIT).
NEVS owns a number of different subsidiaries. One of them is the JV in China, National Vehicle Technology Development Company.
This JV now has a number of owners: NEVS, SRIT and now Beijing Zhigan Shenghuo Technology.