Things had been quiet for a long time around the Stromer start-up Detroit Electric, which started in the USA and later relocated to Great Britain. Now the company is back with the announcement of an extensive investment: The electric vehicle manufacturer EV Electra is investing over 500 million US dollars (approx. 440 million euros) in the acquisition of a majority stake, announced Detroit Electric.
Detroit Electric became known to a wider public a few years ago with a planned electric roadster similar to the first Tesla. In 2017, further models and expansion plans were announced, but they were not implemented – probably due to money problems. With the capital injection, the start-up now wants to bring hydrogen electric vehicles to the market in addition to battery-powered vehicles.
The new investor EV Electra claims to be an automobile manufacturer with branches in Lebanon, Germany, Canada and the Netherlands and aiming to build battery models. The most important production and research facilities are to be built in Lebanon.
“This investment will enable Detroit Electric to expand its operations in Europe and Asia with the goal of bringing multiple electric and hydrogen-electric hybrid models to market over the next five years,” said one Message. The last four years have been spent working on a vehicle platform with next-generation hydrogen-electric hybrid technology. Now Detroit Electric is ready to realize the next stage of its expansion plans – “by offering exciting, innovative, environmentally friendly vehicles for the mass market”.
“We are proud to receive this new round of investments that will drive the next phase of our growth,” said Detroit Electric CEO Albert Lam. “In addition to our continuous focus on battery-powered vehicles, the hydrogen hybrid drive will also be an essential part of our technology. Our team has worked intensively on various innovative technologies in order to offer customers a selection of pure electric and hydrogen-electric hybrid models. “
“We now want to expand our engineering teams in Europe and Asia in order to be able to offer innovative and first-class products. We will continue to use our ‘asset-light’ model with contract manufacturing and manage our expansion through strategic partnerships, ”said Lam. Plans call for the introduction of “a few new models” over the next five years, ranging from an SUV to a sedan to a roadster.
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