Geely Group Partners with Emerald
Company will Work Together on Electric Vehicles
Hazelwood and UK-based Emerald Automotive has been acquired by the Chinese automotive giant Zhejiang Geely Holding Group (Geely Group).
Geely Group, which owns brands including Geely Auto, Volvo Cars and the London Taxi Company, has ambitions to develop sustainable, low-emission vehicles for the global market. Geely Group and Emerald Automotive will work together to plan, develop and validate the advanced technologies for the new range of vehicle.
Emerald Automotive, an electric vehicle start-up company, developed the technologies for its t-001 low-emission van specifically for global fleet operators who wish to maintain vehicle mileage, payload and performance while reducing tail-pipe emissions and operating costs.
Geely Group has declared its intention to invest a minimum of $200 million over the next five years in development of the new vehicles, and will retain the existing Emerald Automotive management team to oversee the development of this new green technology. Furthermore, Geely Group will maintain Emerald’s existing loan relationships with both the Missouri Technology Corporation (MTC) and the city of Hazelwood.
The acquisition is the result of twelve months’ work between the two companies in planning a series of electric urban vehicles based on technology developed by Emerald Automotive.
Hazelwood City Manager Matt Zimmerman said, “We are just as confident about the corporate partnership we’ve formed with Emerald Automotive as we were at the very beginning. Geely Group’s substantial investment in Emerald validates our continued support and desire to see the project come to fruition. While planned job creation many now take longer, the opportunity in front of use is much larger.”
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