Smith Electric Vehicles, producers of medium-duty commercial vehicles, says it has secured a US$42m commitment from Sinopoly Battery Limited.
The first US$2m in funding has closed and the remainder will be invested in two tranches pending what the Smith Electric says are: “Milestones to be achieved by both companies in the coming months.”
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The US$42m investment will position Sinopoly as a strategic shareholder in Smith Electric.
Under the agreement, Sinopoly will become Smith Electric’s exclusive supplier for batteries in vehicle applications that are compatible with Smith Electric’s platforms and customer requirements.
Sinopoly will also become a preferred supplier for certain electric vehicle components that can be manufactured in its Hangzhou facility.
