Tantech Holdings has completed the acquisition of 70% equity interest in Suzhou E Motors, a specialty electric vehicles and power batteries manufacturer based in Zhangjiagang City, Jiangsu Province.
The company has acquired a 70% equity interest in Suzhou E Motors from a shareholder. It said the buy would broaden its customer base and cross-selling opportunities, boost revenue and earnings growth and establish itself as a "leader in environmental-friendly technology".
A Bloomberg listing describes Tantech as primarily a maker of products using bamboo-based charcoal with applications including automotive air purification. Suzhou E Motors is described as a developer, manufacturer, and seller of electric vehicles including buses, cars, and commercial vehicles. It also offers solar cells, lithium-ion batteries, auto parts, and electric control systems to customers in China and overseas. Tantech was formed in 2001 and Suzhou E in 2011
Zhengyu Wang, chairman and chief executive officer of said, commented, "We are pleased to complete this acquisition, by acquiring 70% equity interest in Suzhou E Motors which will make us a leader in specialty EVs in China."