Tantech Holdings Ltd. , an alternative energy company based on the use of bamboo-based charcoal products announced it completed the acquisition of 70% equity interest in Suzhou E Motors Co., Ltd. , a specialty electric vehicles and power batteries manufacturer based in Zhangjiagang City, Jiangsu Province.
- Acquiring 70% equity interest in Suzhou E Motors from Mr. Henglong Chen
- Broadening customer base and cross-selling opportunities
- Accelerating revenue and earnings growth
- Establishing Tantech Holdings as leader in environmental-friendly technology
Mr. Zhengyu Wang, Chairman and Chief Executive Officer of Tantech, commented, “We are pleased to complete this acquisition today, by acquiring 70% equity interest in Suzhou E Motors which will make us a leader in specialty EVs in China,”
Mr. Wang continued, “As discussed in our letter to shareholders on February 2017, improving the environment is the Company’s core mission. The acquisition brings economic synergies, new advanced technologies and accelerates our research and development efforts – resulting in what we believe will be tremendous value for the Company and its shareholders.”
Tantech had originally negotiated to acquire 100% of Suzhou E Motors but minority shareholders, Zhangjiagang Jinke Venture Capital Co., Ltd. (Jinke Venture Capital), a local government-led VC fund, opted to retain its 30% interest as it believes the synergy between Tantech Holdings and Suzhou E Motors to be extremely promising.
ST Staff Writers
This post was prepared by Solar Thermal Magazine staff.