LY'ON Superchargers Announces $20 Million in Funding
LY'ON Superchargers, Inc., a rapidly-growing Quebec, Canada-based manufacturer of next generation rechargeable energy storage solutions for commercial applications with a satellite office in Hong Kong, has announced that $20 million in new inward investment is to be provided by a private equity group that wishes to remain anonymous.
News of the investment follows the company's recent announcement of its plan to increase capacity at its main site in Pointe Claire, Quebec.
The investment will be used to scale manufacturing, research & development and further development activities at the Hong Kong office for the company's leading energy storage technology products. It will also be used to enable LY'ON Superchargers to qualify for Chinese governmental incentives targeted at foreign corporations establishing manufacturing facilities on the mainland.
"This investment is a resounding vote of confidence in the path we've decided to follow in our effort to rise to the challenge of increased competition within the energy storage solutions industry. It is our firm belief that, upon completion of the capacity upgrades at Pointe Claire, we will have a state-of-the-art facility capable of producing 300 megawatt hours (MWh) of lithium-ion cells annually," said President of Lyon Superchargers, Andrew Richardson.
LY'ON Superchargers, which is nearing the conclusion of negotiations to supply power cells to a leading hybrid bus company in South East Asia, says it is keen to build a manufacturing facility in China, which it believes will enable it to compete with local competitors on price
