Solectria Corp. Receives $11.0 Million Dollar Equity Investment

February 11, 2001 by Jeff Shepard

Solectria Corp. (Wilmington, MA) announced that it has received an equity investment of $11.0 million from Singapore Technologies Kinetics Ltd. (ST Kinetics), a wholly-owned subsidiary of Singapore Technologies Engineering Ltd. This investment follows a previous investment by ST Kinetics two years ago, and the formation then of a strategic alliance by Solectria Corporation and ST Kinetics to commercialize electric vehicles (EVs) in the growing Asia Pacific market, including China. At that time, the two

companies entered into a distribution agreement. Solectria and ST Kinetics are now also targeting the distributed generation (DG) market.

“This new investment provides Solectria with working capital to pursue our aggressive growth plans, taking advantage of exciting new opportunities in the distributed generation and HEV markets," stated Eric Costa, Solectria's CFO. “The investment and the backing of ST Kinetics strengthen Solectria's position as a major player in our target markets. In fact, our commercial alliance with ST Kinetics has already helped Solectria establish a strong presence in China."