Chinese Auto Parts Producer Plans to Acquire American Wireless EV Charging Company Evatran Group
Dou Shicong
/SOURCE : Yicai
Chinese Auto Parts Producer Plans to Acquire American Wireless EV Charging Company Evatran Group

(Yicai Global) Nov. 23 -- Chinese auto parts producer Zhejiang Vie Science & Technology Co. [SHE:002590] intends to buy the business and assets of American wireless electric vehicle charging technology firm Evatran Group Inc.

Vie Science & Technology currently holds a 16.14-percent stake in the company.

The pair penned an acquisition agreement on Nov. 18. Vie Science & Technology's said today that Evatran's is worth USD12.5 million, valuing an 83.68-percent share in the group at USD10.5 million. Vie Science & Technology is the third largest Evatran shareholder.

Founded in 2012, Evatran is mainly engaged in wireless EV charging system technology research and product design. Its products have been certified as meeting the Electrical Testing Laboratories' security requirements. It is the only enterprise selling wireless EV charging systems.

Vie Science & Technology began backing Evatran's development of its new energy EV charging business in June 2015. The two groups set up a joint venture in China, in which the former holds a 75-percent share, with a registered capital of USD5 million in July last year.

The deal needs to get approval from the Committee on Foreign Investment in the United States (CFIUS), thus uncertainty about the acquisition still exists, Vie Science & Technology said.

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Keywords: Zhejiang Vie Science & Technology , Evatran Group , Electrical Testing Laboratories , Wireless EV Charging