GAC has acquired 21.63% of Virginia-based Viridian (note: this is not Viridian Power) and brings engineering and design experience in the electric truck market from its Liberty Electric Cars business. GAC acquired UK-based Land Rover-conversion company Liberty in 2012 for about $17 million in stock. California-based Newport Coachworks will launching its first electric shuttle bus in February and will utilize Viridian's presence on the East Coast.
While little trucks like this aren't exactly the sexiest vehicles in the world, there is a market for practical EVs like this. Viridian's press release (available below) cites a recent Navigant Research market study predicting annual global sales for electric and hybrid trucks will rise from under 10,000 in 2013 to more than 100,000 in 2020.
Riverside, California, January 9th 2014, Green Automotive Company (OTCQB:GACR) today announced that it has acquired 21.63% of Viridian Motor Corporation (VMC), a US based electric truck manufacturer. Thanks to this alliance, the company continues to follow its strategy to become a leading player in electric vehicle niche markets.
With its unique experience in the electric truck market in the Europe thanks to their Liberty Electric Cars business, GAC decided that the American electric truck market was the next sector in which they should develop. According to a recent market study led by Navigant Research, the global annual unit sales for hybrid and electric trucks – including light duty trucks used by commercial fleets and all medium and heavy duty on-road trucks – will rise from under 10,000 in 2013 to more than 100,000 in 2020.
Ian Hobday, CEO of GAC, states: "There are an important number of synergies to explore especially with regards to supply chain management and commercial activities with our existing Californian bus manufacturing business Newport Coachworks, who plans to launch their first electric shuttle bus this February. This combination should be very beneficial for both businesses. Viridian would become our support partner for electric buses on the East Coast, where we currently do not have any presence."
Viridian Motor Corporation (VMC) is a company devoted to advancing twenty-first century transportation technology using alternative fuels and propulsion systems. This Virginian based company, is building fully electric, light duty trucks using their own electric drive train and unique battery packs.
Terry Langhorn, CEO of Viridian is confident that this deal will help both businesses strengthen their positions in this growing market: "We are very pleased to partner with the Green Automotive team, who has incredible experience in electric vehicle engineering thanks to their Liberty Electric Cars business. We look forward to working with them and providing a comprehensive support structure for the East Coast as they introduce their pure electric shuttle bus."
About Green Automotive Company
Green Automotive Company is a state-of-the-art niche vehicle design, engineering, manufacturing, and sales company, driving innovation in the use of cutting edge zero and low emission technologies. Our 3 main divisions are Liberty Electric Cars Ltd , Newport Coachworks Inc and GoinGreen Ltd. Green Automotive Company shares are traded on the OTC QB under the symbol "GACR".
For further info, visit www.thegreenautomotivecompany.com.
Forward Looking Statements
This release includes forward-looking statements. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements.