Power Solutions International Signs Engine Supply Agreement With JAC Motors for New Luxury Bus Program Date : 09/28/2015 @ 2:11PM Source : GlobeNewswire Inc. Stock : Power Solutions International, Inc. (MM) (PSIX) Quote : 22.84 0.0 (0.00%) @ 8:35AM
Power Solutions International, Inc. (PSI) (NASDAQ:PSIX), the global alternative-fuel engine company, today announced a multiyear agreement to provide engines and transmissions to China-based JAC Motors (SHA: 600418) for the production of a new luxury mini bus.
Beginning in 2015, PSI will supply JAC with up to 500 certified, 4.8-liter engines equipped with 6L90 transmissions. The quantity supplied is expected to increase during the following two years, to a range of 1000 to 1500 units in 2017.
"We are pleased to advance the growth of our on-highway business in China by partnering with a global leader like JAC," said Gary Winemaster, PSI's Chairman and Chief Executive Officer.
According to JAC, the vehicle represents a completely new commercial offering in terms of size, class and fuel for the company. The 4.8-liter engine is designed to run on gasoline, essentially creating a new large commercial vehicle category in China, where diesel is the norm. The engine will conform to the Ministry of Environmental Protection (MEP) China IV engine certification standard.
JAC and PSI plan to complete engine certification for the new tour coach in the second half of 2015, with production to begin in the fourth quarter of the year. JAC Motors, based in Hefei, Anhui Province, is one of the top six small and medium bus producers in China.
Power Solutions International, Inc. (PSI) is a leader in the design, engineering and manufacture of emissions-certified, alternative-fuel power systems. PSI provides integrated turnkey solutions to leading global original equipment manufacturers in the industrial and on-road markets. The company's unique in-house design, prototyping, engineering and testing capacities allows PSI to customize clean, high-performance engines that run on a wide variety of fuels, including natural gas, propane, biogas, diesel and gasoline.
PSI develops and delivers complete .97 to 22-liter power systems, including the 8.8-liter engine aimed at the industrial and on-road markets, such as medium duty fleets, delivery trucks, school buses and garbage/refuse trucks. PSI power systems are currently used worldwide in power generators, forklifts, aerial lifts, and industrial sweepers, as well as in oil and gas, aircraft ground support, agricultural and construction equipment.
PSI recently acquired Professional Power Products, Inc. (3PI), a leading designer and manufacturer of large, custom-engineered, integrated electrical power generation systems serving the global diesel and natural gas power generation market. 3PI specializes in systems for both standby and prime power applications.
CONTACT: Jeremy Lessaris Vice President of Marketing & Communications Power Solutions International +1 (630) 350-9400 jlessaris@psiengines.com
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