Visedo deepens discussions to access China’s booming EV market

Visedo deepens
discussions to access China’s booming EV market

Wednesday April 4,
2017

HELSINKI – Finnish
manufacturer of heavy duty
electric drivetrains Visedo has signed a letter
of intent to help the company access China’s booming electric vehicles
market.

Visedo CEO Kimmo
Rauma today signed an
understanding with venture
capital and private equity fund
management company, Beijing
Capital Investment, to continue ongoing discussions for an investment
into and cooperation with Visedo to manufacture and sell electric
drivetrains in China. The
potential resulting investment would be made from a new SinordCapital fund to
be established.

The letter of
intent was signed during the
official visit of President of the People’s Republic of China Xi Jinping to
Finland, during the leader’s meeting with President of Finland Sauli Niinistö.

China is pursuing clean technology innovation as part of the nation’s 13th Five-Year Plan and the
related National Strategic Emerging Industries Development Plan, announced by President Xi last
year. Within that time, China is expected to be the world’s single largest
electric vehicle market.

The state-owned Beijing Capital Investment company selected Visedo as one of its candidate portfolio
companies to enter discussions for the
Finnish company’s advanced technologies, innovation capabilities
and expertise in developing hybrid and electric drivetrain solutions for the
commercial and passenger vehicle sectors.

Beijing Capital Investment Company Vice President Lu Wenyi said:

“With its high-speed growth, China is the world’s largest EV market. As one of the
leading Chinese venture capital players, we are actively engaged in investment into cleantech and renewable energy.

“Finland, with its great
innovation and research capability, represents a major
overseas market for cross- border investment. Based on the great potential opportunity for Nordic
high-tech to enter the Chinese market, we started SinordCapital Fund, a collaboration
with Sinord Capital, for the purpose of introducing Nordic technologies and
know-how to China via equity investment.”

“We are glad to explore the collaboration with Visedo based on its technologies, innovation capabilities,
expertise and most importantly, its ambition to play an active role in the
Chinese market.

Visedo CEO
Kimmo Rauma said:

“The revolution to electrify the world’s transport is
already underway and China is doing more than most to make this a reality. The Visedo team understands that as the world’s
largest market for electric vehicles, China is crucial for Visedo’spush to ensure hybrid and
electric drivetrains are the heart of more commercial and heavy duty transport
solutions worldwide.”

“China has been a key market for Visedo, and we’ve been pursuing business opportunities there
since 2012. For Visedo to have a local
venture capital investor like BCI represents
not only the necessary capital contribution for growth and
expansion but also having a door-opener to the Chinese market, through its business networks with potential Chinese clients, OEM factories
and policy makers.”