Sea Electric LLC – Kuwait Financial Express http://www.kuwaitfinancialexpress.com Wed, 26 May 2021 11:06:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.3.2 Sea Electric Extends Worldwide Presence With Increased Global Management Team and Strong Showing at Brisbane Truck Show http://www.kuwaitfinancialexpress.com/sea-electric-extends-worldwide-presence-with-increased-global-management-team-and-strong-showing-at-brisbane-truck-show/ Wed, 26 May 2021 11:06:00 +0000 http://www.kuwaitfinancialexpress.com/?p=306124 LOS ANGELES, May 26, 2021 (GLOBE NEWSWIRE) — The recent Brisbane Truck Show (May 13–16, Brisbane Convention & Exhibition Centre, South Brisbane, Australia) held a significant presence for global automotive technology company SEA Electric, showcasing the first–ever public appearance of a full range of operational–ready electric trucks utilizing proprietary SEA–Drive power systems, new SEA Electric branding, and the announcement of senior global leadership taking the company's helm throughout the Asia Pacific region.

The appointment of Bill Gillespie, president of Asia Pacific, and promotion of Glen Walker to vice president of Asia Pacific, bring a wealth of international transport industry and electric vehicle expertise to the region during a time of growth for SEA Electric worldwide. Following a recent US $42 million investment, SEA Electric is bringing electrification solutions and opportunities to nearly every corner of the globe, and in the United States it has added further assembly capacity, creating the current potential for approximately 60,000 units per annum. Further U.S. assembly, including in the area of batteries, is expected in the near future.

According to SEA Electric President and Founder Tony Fairweather, SEA Electric has not only created a low–cost delivery solution, but equally meaningful it has developed a medium voltage/lightweight power system with performance outcomes that exceed the internal combustion engine equivalent. "Our own SEA–badged trucks "" including the SEA 300 and SEA 500 in Australia "" are derived from OEM Semi Knock–Down kits, creating further efficiencies to pass on to our customer base whilst supporting rapid OEM expansion into this segment," said Fairweather.

Gillespie's new leadership role allows him to build upon the company's momentum, which continues to expand on a worldwide basis. "The product showcased in Brisbane sets the framework for SEA Electric to seamlessly fold into OEM dealerships and fleets, bringing forth both new and repowered electrification options," said Gillespie. The current three medium–size EV truck models are sold through a dozen authorized dealers in Australia, while more than 220 U.S. dealers are available to support the North American market needs.

SKD Assembly Provides Solutions Efficiency
Walker further explained the commercial arrangement as a Semi Knock Down (SKD) Assembly Operation "" creating SKD "Glider' kits "" a first–of–its–kind three–way process that begins with the cab,

frame rails, wheels and axle components arriving in Australia, within containers from Japan, and upon arrival being assembled to provide a rolling chassis to support the appropriate proprietary SEA–Drive power–system to create a completely assembled SEA Electric–branded vehicle. The vehicles are then ready for distribution.

But it is their SKD assembly operation's efficiency that creates a real game–changer for SEA Electric and facilitates the solutions and productivity the company can provide. With consistency of assembly, and a process that provides multiple efficiencies, there becomes very little waste, often eliminating extra componentry that previously would have been discarded in other retrofitting processes.

"Our agreements in the U.S. go one step further," said Walker. "We are utilizing SKD and local glider assembly to set the benchmark for ongoing programs in North America and other SEA Electric markets around the world." As an example, when containers in the United States arrive for SKD assembly, all electrification is then performed by authorized upfitters, solely using SEA–Drive power–system technology and branding. The process of building the trucks from SKD kits or glider chassis provides multiple advantages over the retrofit option, including lower cost, quicker build times, and less waste.

The North American market, which recently became the new home for SEA Electric's California–based headquarters, has the largest capability for upfitting capacity at 60,000 units annually. The addition of a Des Moines Technical Center and planned offices in Chicago, Brooklyn, and Miami before August this year represents SEA Electric's commitment to the market.

With available volume and an ambitious capability to assemble the company's SEA–Drive technology, SEA Electric provides immediate and cost–efficient solutions that can be easily scaled to meet the needs for any fleet "" whether new or existing delivery vehicles in need of new EV drive capabilities. The electrification of the yellow school bus industry is also in high demand in the United States.

Perhaps the most important business growth aspect of SKD kit and OEM glider assembly is the ability for the SEA Electric vehicle range to be available from a dealer network that provides complete sales, warranty, and service support.

SEA–Drive Power–Systems
SEA Electric's proprietary SEA–Drive power–systems come in a variety of configurations for all–electric models with a GVM range of 4.5t through to 26t (i.e., 9,990 lbs. to 57,500 lbs. GVWR). Each are designed for 3,000 charge cycles based on a full overnight charge, if applied five days per week, and can result in optimum performance for 10 years.

The Brisbane Truck Show highlighted five new SEA–Electric–branded truck models, including the launch of the SEA 300–45 EV and the SEA 300–85 EV. Both models are fully ADR compliant and assembled in Melbourne for Australian distribution.

The Future for SEA Electric
While SEA Electric's roots originate in Australia, along with various manufacturing and technology capabilities, the company's North American growth brings a business model that can be replicated in Europe, as well. Current U.S. upfitting facility locations include Illinois, Michigan, North Carolina, Indiana, and California.

On the heels of its recent US $42 million equity financing announcement, SEA Electric also closed its latest purchase of 1,000 electric vehicle batteries from long–time technology partner Soundon New

Energy Technology. This important transaction supports SEA Electric's proprietary SEA–Drive 70, 100, and 120 major power–system models. While most of the initial units are slated for the United States, the balance will go to SEA Electric inventories in Australia, New Zealand, and Southeast Asia, as well as the company's first entry into the European market.

About SEA Electric
Global automotive technology company SEA Electric was founded in Australia in 2012, creating its proprietary electric power–system technology (known as SEA–Drive ) for the world's urban delivery and distribution fleets, as well as front powered school bus applications.

Widely recognized as a market leader in the electrification of commercial vehicles on a global basis, SEA Electric commands a global presence, deploying product in six countries including USA, Australia, New Zealand, Thailand, Indonesia, and South Africa with collectively more than one million miles of independently OEM–tested and in–service international operation.

The company's global sales, after–sales and engineering are represented in all subsidiaries, whilst North America, home to the company's headquarters, has the largest upfitting capacity for SEA Electric at 60,000 units per year.

PRESS RELEASE DOWNLOADS
Please follow this link to download this press release and HIGH RESOLUTION versions of our accompanying SEA Electric images and other supporting editorial assets.

https://www.dropbox.com/sh/dqt5opk580rf4em/AAB2vfLr9s2UsePMwcKqSsMTa?dl=0

Contact: Deb Pollack/Strategic Communications

(t) 805.320.9248 (e) deb@debpollack.com

Photos accompanying this announcement are available at:
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Sea Electric Strikes Deal to Purchase 1,000 Electric Commercial Vehicle Battery Sets From Soundon New Energy Technology Co. http://www.kuwaitfinancialexpress.com/sea-electric-strikes-deal-to-purchase-1000-electric-commercial-vehicle-battery-sets-from-soundon-new-energy-technology-co/ Thu, 25 Mar 2021 11:02:00 +0000 http://www.kuwaitfinancialexpress.com/?p=305294 LOS ANGELES, March 25, 2021 (GLOBE NEWSWIRE) — Global automotive technology company SEA Electric, along with its proprietary SEA–Drive technology "" the secret sauce behind the company's leadership within the electrification of commercial vehicles "" has expanded its global reach through the purchase of 1,000 electric vehicle batteries from long–time technology partner Soundon New Energy Technology Co. The newly formed arrangement immediately follows SEA Electric's recently announced US$42 million in equity financing news. (Full background and photos: https://www.dropbox.com/sh/dulvd9izcotdfsm/AACe1q0VJpjuGHNfaWgbFPBpa?dl=0)

Soundon, SEA Electric's sole battery provider since 2012, developed seven SEA–Drive battery solutions during the two companies' shared journey in the electric commercial vehicle space. Through this new relationship SEA Electric is realizing the cost benefits of Soundon's battery and power electronics technical expertise, as well as their production efficiencies. As a result, battery production is underway with fulfillment completion expected sometime in Q2 2021. The deal also allows SEA Electric to realize a significant 36 percent reduction in kilowatt hour (kWh) unit cost.

According to Tony Fairweather, SEA Electric president and founder, Soundon is not only a world–class leader in innovation and battery technology, but highly regarded for its product quality, on time delivery, and competitive pricing. "Our long–term relationship with Soundon has been a very successful commercial journey and we anticipate continuing to share our global successes along the way." While the majority of the initial 1,000 battery units are slated for the United States, the balance will go to SEA Electric inventories in Australia, New Zealand and Southeast Asia, along with the company's first entry into the European market.

SEA Electric's exclusive and proprietary technology fits hundreds of OEM platforms with this large order shared cross three major power–system models:

  • SEA–Drive 70 "" contains 88 kilowatt hours (kWh)
  • SEA–Drive 100 "" contains 101 kilowatt hours (kWh)
  • SEA–Drive 120 "" contains 138 kilowatt hours (kWh)

Soundon's world–class manufacturing operations are located on an eight square–mile footprint within the Hunan Province in China, and utilize a combination of robotics, high intelligence, high digitalization, and high automation to integrate a comprehensive smart–factory solution. From strict production and environmental management to quality assurance, the facility is first rate and is a leader in the new energy industry.

Wu Peng, Vice President of Sales and Marketing for Soundon commented that "this is a significant milestone in our partnership with SEA Electric. Receiving this 1,000–unit order not only facilitates SEA Electric's substantial global growth, but it also positions Soundon as a leader in the export market for commercial electric vehicles. It's a winning proposition for all."

Following substantial growth in new markets, SEA Electric recently announced it has closed initial private placement equity financing for total gross proceeds of approximately US$42 million. The net proceeds from the investment will allow SEA Electric to solidify its position as a market leader in the electrification of commercial vehicles whilst funding its considerable backlog and facilitating more pilot programs with operators.

With global headquarters and key leadership in Los Angeles, SEA Electric currently has operations in five countries and more than one million miles of independent Original Equipment Manufacturer (OEM) testing and in–service operation in all markets.

SEA Electric currently partners with commercial vehicle OEMs, dealers, operators and upfitters to deliver a new range of zero–emissions trucks and is on schedule to deliver more than 1,000 electric commercial vehicles this year. The company forecast is to have more than 15,000 vehicles on the road by the end of 2023.

About SEA Electric

Global automotive technology company SEA Electric was founded in Australia in 2012, creating its proprietary electric power–system technology (known as SEA–Drive ) for the world's urban delivery and distribution fleets.

Widely recognized as a market leader in the electrification of commercial vehicles on a global basis, SEA Electric commands a global presence, deploying product in seven countries including USA, Canada, Australia, New Zealand, Thailand, Indonesia and South Africa with collectively more than one million miles of independently OEM–tested and in–service international operation.

The company's global sales, after–sales and engineering are represented in all subsidiaries, whilst North America has the largest upfitting capacity for SEA Electric at more than 30,000 units per annum.

About Soundon New Energy Technology Co.

Soundon New Energy Technology Co., Ltd. is majority owned by Sound Group, China's leading environmental protection industry enterprise. Soundon is a comprehensive service provider specializing in lithium battery energy research and development and integrated solutions. Located in Xiangtan, Hunan, China, Soundon New Energy is committed to the research and production of lithium battery energy and power–system solutions.

Contact: Deb Pollack/Strategic Communications
(t) 805.320.9248 (e) deb@debpollack.com

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/acb07b92–7f95–4d0d–b452–e83784b8e1f2

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Sea Electric Holdings Pty Ltd. Completes US$42 Million Equity Financing http://www.kuwaitfinancialexpress.com/sea-electric-holdings-pty-ltd-completes-us42-million-equity-financing/ Tue, 09 Mar 2021 12:01:00 +0000 http://www.kuwaitfinancialexpress.com/?p=305868 LOS ANGELES, March 09, 2021 (GLOBE NEWSWIRE) — Following substantial growth in new markets, global automotive technology company SEA Electric Holdings Pty Ltd. (SEA Electric), announced it has closed initial private placement equity financing for total gross proceeds of approximately US$42 million. The net proceeds from the investment will allow SEA Electric to solidify its position as a market leader in the electrification of commercial vehicles whilst funding its considerable backlog and facilitating more pilot programs with operators.

(Please download this press release and HIGH RESOLUTION versions of SEA Electric images and other supporting editorial assets: https://www.dropbox.com/sh/2shmc8051lw62hv/AACViAedt5BIsrAjlI6XAXgha?dl=0 )

With a global headquarters and key leadership in Los Angeles, SEA Electric currently has operations in five countries and more than one million miles of independent Original Equipment Manufacturer ("OEM") testing and in–service operation in all markets.

President and Founder Tony Fairweather stated, "We are very pleased to have completed a heavily oversubscribed equity financing and are excited to welcome aboard a global set of institutional investors as partners. The financing allows SEA Electric to accelerate our sales efforts and grow our backlog as we explore options to seek a public listing in the United States this year."

SEA Electric currently partners with commercial vehicle OEM's, dealers, operators and upfitters to deliver a new range of zero–emissions trucks and is on schedule to deliver more than 1,000 electric commercial vehicles this year. The company forecast is to have more than 15,000 vehicles on the road by the end of 2023.

"2021 will see a paradigm shift in the way developed markets facilitate uptake of commercial electric vehicles and the unstoppable momentum will build year–after–year" said Fairweather.

Additionally, Fairweather commented, "We are also very excited to welcome Exro Technologies as a strategic partner and shareholder of SEA Electric. We look forward to expanding our partnership with Exro and helping to optimize the utilization of batteries in a second–life application."

Exro Technologies, a leading Canadian clean technology company and a strategic SEA Electric partner and shareholder, has been known as a pioneer and a real "game changer' when it comes to the power and efficiency of electric motors. According to Fairweather, the collaboration with Exro will focus on utilizing electric truck batteries for energy storage applications. Exro and SEA Electric will co–develop Exro's Battery Control System (BCS) for operational validation and take the next step toward leadership in power electronics for mobility and energy management.

"We're thrilled to be working together with SEA Electric to increase the momentum of commercial electric vehicle uptake," said Sue Ozdemir, Chief Executive Officer of Exro Technologies. "We have a strong relationship with Tony and the SEA Electric team and are very excited to realize the benefits of the BCS co–development project."

Working closely with its shareholders, investors and partners including Exro, exclusive financial advisor Eight Capital and international law firm Vinson and Elkins on this financing round, Fairweather confirms the company will also be exploring options to seek a public listing in the United States this year.

Background for Series A Round

Pursuant to the Financing, SEA Electric issued approximately 1.1 million Series A Preferred Shares at a price of US $40.1995 per share, convertible into common shares of SEA Electric at the option of subscribers and automatically convert to common shares under certain conditions, including SEA Electric completing a public transaction.

SEA Electric History Timeline

  • 2012 — SEA Electric founded in Australia
  • 2017 "" First SEA Electric model launch after 5 years of product development/field testing,
  • 2017 "" Launch SEA–Drive models
  • 2018 "" (May 2018) Isuzu Australia begin pilot test SEA Electric EV's
  • 2018 "" (September 2018) Melbourne factory facility opens
  • 2019 "" (March 2019) New Zealand facility opens
  • 2020 "" (January 2020) Los Angeles, California facility opens (Torrance)
  • 2020 "" (February 2020) Australia grants SEA Electric patent for Commercial EV management system
  • 2020 "" (May 2020) Staples deploy first SEA Hino 195 EV delivery truck in California
  • 2020 "" (December 2020) Canada grants SEA Electric patent for Commercial EV management system
  • 2020 "" (December 2020) Toyota Indonesia signs with SEA Electric to design and build Toyota Innova EV prototype
  • 2021 "" (May 2021) SEA Electric to launch first SEA Hino Australian SKD assembled EV truck, the SEA Hino 300, at the Brisbane Truck Show

About SEA Electric

Global automotive technology company SEA Electric was founded in Australia in 2012, creating its proprietary electric power–system technology (known as SEA–Drive ) for the world's urban delivery and distribution fleets.

Widely recognized as a market leader in the electrification of commercial vehicles on a global basis, SEA Electric commands a global presence, deploying product in seven countries including USA, Canada, Australia, New Zealand, Thailand, Indonesia and South Africa with collectively more than one million miles of independently OEM–tested and in–service international operation.

The company's global sales, after–sales and engineering are represented in all subsidiaries, whilst North America has the largest upfitting capacity for SEA Electric at more than 30,000 units per annum.

Contact: Deb Pollack/Strategic Communications 805.320.9248

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/ae5c1a9d–0dea–4a99–bb1d–b43ad247afcd

https://www.globenewswire.com/NewsRoom/AttachmentNg/4988c02c–661d–4a5a–9a79–ef6cc7936cc8


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