XALT Signs $1 Billion Electric-Bus Battery Deal With China’s HKEhren Goossens
XALT Energy LLC, a Michigan battery maker, agreed to supply Hybrid Kinetic Group Ltd. with lithium titanate batteries for electric buses under a contract valued at more than $1 billion.
XALT will supply the Hong Kong-based electric vehicle maker with batteries that can be recharged in less than 10 minutes under the multi-year contract, the Midland, Michigan-based company said Tuesday in a statement.
The company will begin supplying the batteries starting in the third quarter for buses that will be delivered across China as part of an effort to curb air pollution in the world’s largest carbon emitter.
XALT’s “high quality and cost competitive battery products fit very well with our group’s strategy of launching all-electric public transit buses in large scale,” Yung Yeung, chairman of Hybrid Kinetic, said in the statement.