American Business Corporation (ARBU)

[The Claw]

In May Smith reached an agreement with Sinopoly Battery Limited, a Hong Kong based battery manufacturer which aims to raise $40 million for the firm.[52][53]

On 9 June Smith launched the first all electric commercial truck in Italy. This Italian version of the Newton was delivered to Niinivirta Transport S.p.A. at a ceremony in Milan.[5

Smith could be profitable selling just 500 made-in-Kansas-City Newton box trucks and step vans a year, and Hansel said it wants to concentrate on making the numbers there before it builds its new plants in the Bronx and Chicago. “We’ll be starting the Kansas City line back up mid-summer,” he said.

Sinopoly gains a major U.S.-based customer for its batteries, but in some cases where “Buy America” rules are in effect, Smith will have to shop elsewhere. Sinopoly may also make some electric truck parts at its plant in Hangzhou. Sinopoly now owns what Hansel calls a minority position in Smith; the CEO said that the company’s biggest investor is Potomac Energy Fund. It should be noted that Sinopoly has had some financial challenges of its own. (You can read all about them here.) The company's LIFePO4 cells have been popular with EV converters because they're relatively cheap and reliable.

Smith is still keen to become a public company, after one failed attempt in 2012. It said then it was turning to the private sector, and the Sinopoly investment seems to have emboldened the company for a second bid. “It certainly is our plan to be in the public markets,” Hansel said. “We want to be on a major exchange.”





Read more: http://www.mnn.com/green-tech/transportation/blogs/smith-electric-keeps-on-truckin#ixzz37B17RJhn