(HAZELWOOD, Missouri – Feb. 28, 2014) Hazelwood- and UK-based Emerald Automotive has been wholly acquired by the Chinese automotive giant Zhejiang Geely Holding Group (Geely Group).
The acquisition, announced today in London, is the culmination of twelve months’ work between the two companies in planning a series of light-weight, range-extended, electric urban vehicles, based on technology developed by Emerald Automotive.
Geely Group has declared its intention to invest a minimum of $200million 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 Hazelwood City, a sign that the Group may develop North American manufacturing operations in the longer term.
Over the past decade, Geely Group has become a leading Chinese automotive group with a strong global presence. Geely Group’s entrepreneurial spirit, commitment to innovation, and manufacturing efficiency allow it to provide consumers with well-built vehicles that are stylish, economical, and energy efficient.
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, 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 vehicles.
Andy Tempest, Emerald Automotive CEO, said: “This is a fantastic opportunity which will allow us to expand our current vehicle development work in line with Geely Group’s global vision. The association with Geely Group secures our long term future and builds on the significant support given by Hazelwood City Council and the Missouri Technology Corporation.”
Matt Zimmerman, City Manager for Hazelwood, Missouri, 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 this project come to fruition. This opportunity, brought by Emerald Automotive, will allow us to work closely with Geely Group over the coming years and help support their future plans. While planned job creation may now take longer, the opportunity in front of us is much larger.”
Daniel (Donghui) Li, CFO of Geely Group and Chairman of Geely UK, said: “We are delighted with the addition of Emerald Automotive to Geely Group. By working closely with Emerald, we will be able to offer a new, unique range of vehicles that employ best-in-class technology in targeted markets and regions.”
Contact: Gary Marble, Communications Director (636)384-9575