Sea Electric Strikes Deal to Purchase 1,000 Electric Commercial Vehicle Battery Sets From Soundon New Energy Technology Co.

Majority of Battery Purchase Slated for the United States following US$42 million Equity Financing Secured for SEA Electric

LOS ANGELES, March 25, 2021 (GLOBE NEWSWIRE) -- Global automotive technology company SEA Electric, along with its proprietary SEA-Drive^® technology – the secret sauce behind the company’s leadership within the electrification of commercial vehicles – has expanded its global reach through the purchase of 1,000 electric vehicle batteries from long-time technology partner Soundon New Energy Technology Co. The newly formed arrangement immediately follows SEA Electric’s recently announced US$42 million in equity financing news. (Full background and photos: https://www.dropbox.com/sh/dulvd9izcotdfsm/AACe1q0VJpjuGHNfaWgbFPBpa?dl=0)

Soundon, SEA Electric’s sole battery provider since 2012, developed seven SEA-Drive^® battery solutions during the two companies’ shared journey in the electric commercial vehicle space. Through this new relationship SEA Electric is realizing the cost benefits of Soundon’s battery and power electronics technical expertise, as well as their production efficiencies. As a result, battery production is underway with fulfillment completion expected sometime in Q2 2021. The deal also allows SEA Electric to realize a significant 36 percent reduction in kilowatt hour (kWh) unit cost.

According to Tony Fairweather, SEA Electric president and founder, Soundon is not only a world-class leader in innovation and battery technology, but highly regarded for its product quality, on time delivery, and competitive pricing. “Our long-term relationship with Soundon has been a very successful commercial journey and we anticipate continuing to share our global successes along the way.” While the majority of the initial 1,000 battery units are slated for the United States, the balance will go to SEA Electric inventories in Australia, New Zealand and Southeast Asia, along with the company’s first entry into the European market.

SEA Electric’s exclusive and proprietary technology fits hundreds of OEM platforms with this large order shared cross three major power-system models:

• SEA-Drive^® 70 – contains 88 kilowatt hours (kWh)
• SEA-Drive^® 100 – contains 101 kilowatt hours (kWh)
• SEA-Drive^® 120 – contains 138 kilowatt hours (kWh)
  

Soundon’s world-class manufacturing operations are located on an eight square-mile footprint within the Hunan Province in China, and utilize a combination of robotics, high intelligence, high digitalization, and high automation to integrate a comprehensive smart-factory solution. From strict production and environmental management to quality assurance, the facility is first rate and is a leader in the new energy industry.

Wu Peng, Vice President of Sales and Marketing for Soundon commented that “this is a significant milestone in our partnership with SEA Electric. Receiving this 1,000-unit order not only facilitates SEA Electric’s substantial global growth, but it also positions Soundon as a leader in the export market for commercial electric vehicles. It’s a winning proposition for all.”

Following substantial growth in new markets, SEA Electric recently announced it has closed initial private placement equity financing for total gross proceeds of approximately US$42 million. The net proceeds from the investment will allow SEA Electric to solidify its position as a market leader in the electrification of commercial vehicles whilst funding its considerable backlog and facilitating more pilot programs with operators.

With global headquarters and key leadership in Los Angeles, SEA Electric currently has operations in five countries and more than one million miles of independent Original Equipment Manufacturer (OEM) testing and in-service operation in all markets.

SEA Electric currently partners with commercial vehicle OEMs, dealers, operators and upfitters to deliver a new range of zero-emissions trucks and is on schedule to deliver more than 1,000 electric commercial vehicles this year. The company forecast is to have more than 15,000 vehicles on the road by the end of 2023.

About SEA Electric

Global automotive technology company SEA Electric was founded in Australia in 2012, creating its proprietary electric power-system technology (known as SEA-Drive®) for the world’s urban delivery and distribution fleets.

Widely recognized as a market leader in the electrification of commercial vehicles on a global basis, SEA Electric commands a global presence, deploying product in seven countries including USA, Canada, Australia, New Zealand, Thailand, Indonesia and South Africa with collectively more than one million miles of independently OEM-tested and in-service international operation.

The company’s global sales, after-sales and engineering are represented in all subsidiaries, whilst North America has the largest upfitting capacity for SEA Electric at more than 30,000 units per annum.

About Soundon New Energy Technology Co.

Soundon New Energy Technology Co., Ltd. is majority owned by Sound Group, China’s leading environmental protection industry enterprise. Soundon is a comprehensive service provider specializing in lithium battery energy research and development and integrated solutions. Located in Xiangtan, Hunan, China, Soundon New Energy is committed to the research and production of lithium battery energy and power-system solutions.

Contact:  Deb Pollack/Strategic Communications
(t) 805.320.9248 (e) deb@debpollack.com

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/acb07b92-7f95-4d0d-b452-e83784b8e1f2

https://www.globenewswire.com/NewsRoom/AttachmentNg/156f694e-1090-48df-ad48-4122d3550912

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