The Finnish heavy vehicle electric drivetrain manufacturer Visedo has signed a landmark production and co-operation agreement with Asia’s largest electric motor producer Teco Electric & Machinery Company.
Visedo CEO Kimmo Rauma announced the new partnership will ensure the company’s market-leading technology powers more hybrid and fully electric passenger road vehicles, heavy duty machinery and marine vessels.
Under the agreement Visedo will benefit from Teco’s significant production capacity and ability to service major tender projects worldwide and particularly in Asia. In turn, Teco will have access to Visedo’s unique expertise in developing synchronous reluctance assisted permanent magnet (SRPM) power systems, a technology superior to currently produced powertrains for heavy electric vehicles.
The agreement will also assist Visedo to further develop commercial opportunities across Asia’s emerging markets. This follows Visedo opening a new Hong Kong office last month and signing a letter of intent with VC firm, Beijing Capital Investment, to help the company access China’s booming EV market – already the world’s single largest.
“We believe this agreement with Teco Electric & Machinery Company marks a historic day for Visedo as it allows our superior technology to disrupt the status quo of the current electric power market for heavy electric vehicles,” said Visedo CEO Kimmo Rauma. “The revolution to electrify the world’s transport and transition away from diesel reliance is already underway. But until now the industry producing powertrains for heavy duty electric vehicles and machines has been dominated by AC induction.
“Our synchronous reluctance assisted permanent magnet (SRPM) technology allows Visedo to deliver the market’s most efficient hybrid and fully electric solutions that are also smaller and lighter than our competitors. Visedo can already guarantee better performing hybrid and fully electric drivetrains in a more compact and robust product – our partnership with Teco will allow Visedo to also compete at the scale and volume of our Tier One OEM rivals.”
“Statistics show that Asia-Pacific is one of the fastest growing markets for electric vehicles worldwide and China is the world’s largest and fastest growing market for electric buses, likely to own over 50 per cent of global market share by 2025,” added Teco Company chairperson Sophia Chiu. “Another promising market is the electrification of marine vessels. The global market of marine electric/hybrid power propelling system is expected to hit US$4.45 billion by 2022. The electric/hybrid marine vessel market of Southeast Asia and China promises infinite potential.
“We’re confident that TECO and Visedo can join hands in seizing the regional business opportunities for joint producing and developing electric drivetrain systems with even higher quality for customers, and creating a win-win for both parties in the Asia-Pacific market.”
Visedo states that the partnership with Teco is part of its ‘concerted efforts’ to further develop opportunities in Asia, an emerging powerhouse for the electric vehicle segment. The greater Asia Pacific region – driven by demand in China and Japan – is forecast to be the world’s fastest growing market for electric vehicles by 2022.