Sinopoly to Invest $42 Million in Smith Electric Vehicles

Smith Electric Vehicles also have a factory here in the UK, but they stopped production at their U.S. factory near Kansas City airport late in 2013. Now they have announced that they have:

Secured a $42 million commitment from Sinopoly Battery Limited, a worldwide leader in the research, development, production, distribution and sale of Lithium-ion batteries and related EV products. The first $2 million in funding closed today, and the remainder will be invested in two tranches pending milestones to be achieved by both companies in the coming months.

The $42M investment will position Sinopoly as a strategic shareholder in Smith Electric. Under the agreement, Sinopoly will become Smith Electric’s exclusive supplier for batteries in vehicle applications that are compatible with Smith Electric’s platforms and customer requirements. Sinopoly will also become a preferred supplier for certain electric vehicle components that can be manufactured in its Hangzhou facility.

Bryan Hansel, chief executive officer of Smith Electric Vehicles, said that:

Demand for all-electric commercial vehicles is rapidly increasing in China, and Sinopoly’s investment in Smith Electric highlights the important role we will play in the global marketplace,” said Bryan Hansel, chief executive officer of Smith Electric Vehicles. This investment provides both companies with the opportunity to leverage the synergies between our operations while Smith maintains the financial and operational flexibility to scale manufacturing, transition and strengthen our supply chain, and move toward company profitability.

whilst Mr. Cao Zhong, the chairman and executive director of Sinopoly Battery Limited, said that:

Smith is an internationally renowned supplier of EVs. Sinopoly’s investment in Smith represents an important and strategic advance step in establishing Sinopoly as a significant integrated player in the EV industry. The combined expertise of Smith and Sinopoly, which will adopt the name of FDG Electric Vehicles Limited shortly, along with the macro-subsidy policy for alternative energy vehicles, uniquely positions us to capitalize on the rapidly growing commercial EV market in China and the U.S.

Smith (or should that now be FDG?) chairman of the board Charles Gassenheimer hinted at a future IPO, saying that:

Sinopoly’s investment in Smith Electric Vehicles marks an important milestone in recapitalizing and restructuring the company in preparation for the public market. This agreement underscores Sinopoly’s institutional understanding of the global electric vehicle industry and the company’s commitment to working with Smith Electric to create a major player in the market.

Western Power Distribution will be one of many UK companies breathing a sigh of relief that Sinopoly have breathed new life into their favourite supplier of electric commercial vehicles. Perhaps the U.S. Department of Defense will do likewise?

A Smith Electric Vehicles Newton stake bed truck

A Smith Electric Vehicles Newton stake bed truck

Fort Carson Microgrid Adds Bidirectional Chargers

Burns & McDonnell say they are “a full-service engineering, architecture, construction, environmental and consulting solutions firm” and they have announced that:

A team of Burns & McDonnell engineers, along with subcontractor Coritech Services, has developed a system of bidirectional, fast-charging stations for a fleet of plug-in electric vehicles at Fort Carson, Colorado. This first-of-its-kind system will push power back to the base microgrid when needed to meet installation demand or improve overall power quality.

On Aug. 29, the team successfully commissioned five bidirectional chargers and the aggregating control system as part of the Smart Power Infrastructure Demonstration for Energy Reliability and Security (SPIDERS) microgrid project at Fort Carson. Commissioning was performed using both Boulder Electric Vehicle and Smith Electric trucks, which are being provided for use on SPIDERS under separate agreements with the U.S. Army’s Construction Engineering Research Laboratory (CERL) and Tank Automotive Research, Development and Engineering Center (TARDEC).

Commissioning of the vehicle charging stations represents an important milestone of the Fort Carson SPIDERS project, which is nearing completion. The project is managed by the U.S. Army Corps of Engineers (USACE), Omaha District, and includes technical guidance from CERL and TARDEC.

The bidirectional charging units are capable of providing up to 300 kilowatts (kW) of power to plug-in electric vehicles and also can discharge a like amount of stored energy from the vehicle batteries to the grid or microgrid via Society of Automotive Engineers (SAE) standard J1772-compliant bidirectional charging cables. The vehicle-to-grid (V2G) charging includes power factor correction, which is a growing concern at locations such as Fort Carson that are experiencing a growth in on-site solar power generation, resulting in utility rate penalties.

Here’s what a Smith Electric Vehicle looks like, both inside and out: