Visedo and TECO sign historic partnership Technology agreement set to disrupt heavy EV motor industry
TAIPEI, TAIWAN – Finnish manufacturer of electric drivetrains for heavy vehicles Visedo has signed a historic supply and purchase agreement with Asia’s largest electric motor producer TECO Electric & Machinery Company.
Visedo CEO Kimmo Rauma today announced the new partnership that will ensure the company’s market-leading technology will power more hybrid and fully electric passenger road vehicles, heavy duty machinery and marine vessels.
Under the agreement Visedo will benefit from TECO’s significant production capacity and ability to service major tender projects worldwide and particularly in Asia. In turn, TECO will have access to Visedo’s unique expertise in developing synchronous reluctance assisted permanent magnet (SRPM) power systems, a technology superior to currently produced powertrains for heavy electric vehicles.
The agreement will also assist Visedo to further develop commercial opportunities across Asia’s emerging markets. This follows Visedo opening a new Hong Kong office last month and signing a letter of intent with VC firm, Beijing Capital Investment, to help the company access China’s booming EV market – already the world’s single largest.
Visedo CEO Kimmo Rauma said:
“We believe this agreement with TECO Electric & Machinery Company marks a historic day for Visedo as it allows our superior technology to disrupt the status quo of the current electric power market for heavy electric vehicles.
“The revolution to electrify the world’s transport and transition away from diesel reliance is already underway. But until now the industry producing powertrains for heavy duty electric vehicles and machines has been dominated by AC induction.
“Our synchronous reluctance assisted permanent magnet (SRPM) technology allows Visedo to deliver the market’s most efficient hybrid and fully electric solutions that are also smaller and lighter than our competitors. Visedo can already guarantee better performing hybrid and fully electric drivetrains in a more compact and robust product – our partnership with TECO will allow Visedo to also compete at the scale and volume of our Tier One OEM rivals.”
TECO Company Chairperson Sophia Chiu said:
“Statistics show that Asia-Pacific is one of the fastest growing markets for electric vehicles worldwide and China is the world’s largest and fastest growing market for electric buses, likely to own over 50 per cent of global market share by 2025.
“Another promising market is the electrification of marine vessels. The global market of marine electric/hybrid power propelling system is expected to hit US$4.45 billion by 2022. The electric/hybrid marine vessel market of Southeast Asia and China promises infinite potential.
“We’re confident that TECO and Visedo can join hands in seizing the regional business opportunities for joint producing and developing electric drivetrain systems with even higher quality for customers, and creating a win-win for both parties in the Asia-Pacific market.”
Visedo’s SRPM technology delivers more efficiency than traditional power systems based on induction machines (IM) or standard permanent magnet motors (PM).
The Finnish company has developed and installed its technology to power fully electric buses in the Finnish capital Helsinki and in the Swedish city of Umeå. In the marine segment Visedo has also helped deliver Asia’s first hybrid electric ferry; Finland’s first all-electric ferry; and is currently developing the power system for the world’s largest electric E-ferry in Denmark.
The partnership with TECO is part of Visedo’s concerted efforts to further develop opportunities in Asia, an emerging powerhouse for the electric vehicle segment. The greater Asia Pacific region – driven by demand in China and Japan – is forecast to be the world’s fastest growing market for electric vehicles by 2022.
About Visedo OY (www.visedo.com)
Founded in 2009, Visedo is a Finnish manufacturer of smart hybrid and electric drivetrains for electric vehicles across the marine industry, commercial vehicle and heavy-duty machinery sectors. Visedo powertrains are suitable for hybrid and electric systems within the power range of 30-2,000kW. Visedo’s head office is located in Lappeenranta, Finland, and the company has subsidiaries in the Netherlands and Hong Kong. Visedo has a broad, international client base, with exports to Europe and Asia representing 90 percent of its sales.
About TECO Electric & Machinery Co Ltd (www.teco.com.tw)
TECO is a leading heavy electrical industrial brand, as well as a leading manufacturer of home appliances, telecommunications equipment, IT systems, electromechanical components, and commercial electronics. TECO group has about 30 subsidiaries and affiliations across Asia, America and Europe, with tens of thousands of total employees. TECO is dedicated to long-term development, creating new competitive advantages, enhancing service quality, developing top-flight personnel and creating outstanding products.