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© Nevs Electronics Production | March 14, 2018

Chinese investment firm invests $500M in Nevs

Today – March 14, 2018 – an important agreement was signed by Nevs and Chinese Investment firm GSR Capital, whereby GSR will invest USD 500 million (about SEK 4 billion) in Nevs.
At the same time, GSR unveiled plans to start production of EV batteries on Nevs premises in Trollhättan, a press release reads.

The electric car manufacturer and the Chinese investment firm have been in discussions regarding cooperation for a long time now. And today, these common plans were confirmed by a formal signing at Nevs operations in Trollhättan.

The investments will be made as a convertible loan that will be converted to shares in Nevs AB.

“This means a lot for our company. We have been looking for a long term partner and GSR Capital is a very good match, in many ways”, says Stefan Tilk, President and CEO at Nevs, in the press release. “GSR will not only give us a financial injection, the company is also very much involved in Electric Vehicles and the business around EVs, which makes this match even better”, he adds.

At the same time, GSR Capital has plans to – via Nissan Batteries – establish production of batteries for electric vehicles in Trollhättan. The EV batteries produced in Trollhättan will be aimed for Nevs vehicles – but also for other actors in Sweden.

“Nevs fulfills all the requirements; perfect location, good supply of electrical power, close to the river, roads and trains, and we are situated in the industrial heart of Sweden, with Nevs, Volvo and many other companies in the automotive industry. Within Nevs premises there is also access to land to build the factory”, Stefan Tilk states.

In August 2017, Nissan sold its electric battery business and production facilities to GSR Capital. he sale and purchase agreement covered Nissan's battery subsidiary, Automotive Energy Supply Corporation (AESC), as well as battery manufacturing operations in the US and the UK. This also included part of Nissan's Japanese battery development and production engineering operations located in Oppama, Atsugi and Zama.

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June 15 2018 12:12 am V9.6.1-1