Fuel Systems Solutions agrees to acquire EvoTek and PCI
Fuel Systems Solutions, Inc will move forward acquiring EvoTek LLC, a top developer of alternative-fuel automotive systems within North America. EcoTek supplies CNG and LPG conversion systems throughout various fleet vehicle platforms in the U.S. The total amount for the transaction is $7 million, which is due to close in September of 2010, subject to closing conditions. EvoTek will then be integrated into the Fuel Systems U.S. automotive division.
Fuel Systems also purchased the alternative fuel vehicle business of Productive Concepts International LLC (PCI) for $11.1 million.
"The combination of EvoTek and PCI with our existing U.S. automotive business is transformative for Fuel Systems in the U.S. marketplace," said Mariano Costamagna, chief executive officer of Fuel Systems Solutions. "The development of the U.S. alternative fuel vehicles market is now accelerating and these transactions allow us to build on our strong, unique leadership position in this market. We remain dedicated to meeting the demands of evolving OEM alternative fuel programs."
Matthew Beale, president, chief financial officer and secretary of Fuel Systems Solutions, said, "EvoTek and PCI together equip our U.S. Automotive business with the complete package of capabilities necessary to be a leader in this market. EvoTek is a strategic transaction that immediately positions Fuel Systems to compete in the dedicated natural gas vehicle (NGV) OEM market emerging in the United States. PCI adds key technology and industry relationships to further our North American OEM and fleet market strategy, and its selection by General Motors to supply CNG fuel delivery and storage systems for the Chevrolet Express and GMC Savana vans is an exciting opportunity to leverage our combined platforms for these customers' evolving alternative fuel vehicle strategy. PCI also expands our vehicle modification and systems integration capabilities for a variety of alternative fuel applications, including hybrid, CNG, propane and dual-fuel diesel."
Mr. Beale concluded, "We continue to believe fleet vehicles offer attractive opportunities for our gaseous fuel solutions in the U.S. We now have a full suite of automotive capabilities in this market, including a CARB certified, dedicated systems product line and in-house OEM systems engineering platform, greatly enhancing our ability to leverage our strong existing relationships with fleet customers and other manufacturers as they roll out CNG and LPG versions of key fleet vehicles."
GM-backed Cruise robotaxis to operate in Dubai from 2023
Futuristic-loving Dubai is teaming up with General Motors to introduce Cruise self-driving taxis in the city from 2023 and become the first to operate the vehicles outside the US.
It plans to ramp up the vehicles, which have been operating in San Francisco, to 4,000 cars by 2030.
In a statement, it said the move supports Dubai’s 2030 vision for self-driving technology, as the emirate seeks to reduce transportation costs by AED900 million a year and save AED1.5 billion a year by reducing environmental pollution by 12 per cent.
It added that it would generate AED18 billion annually by increasing the efficiency of the city's transport sector.
Mattar Mohammed Al Tayer, Director-General, Chairman of the Board of Executive Directors of the RTA, saidt he selection of Cruise was not taken lightly and it engage in a comprehensive, multi-year process to choose the best possible partner.
"Cruise’s technology, resources, purpose-built vehicle, automaker partnerships, approach to safe testing and deployment and strategy give them the ability to launch safely and faster than any other company," he said.
Vehicles collect petabyte-scale data daily from sensors, complementing ML, AI and robotic technology.
In January, Cruise and General Motors entered into a long-term strategic relationship with Microsoft to accelerate the commercialization of self-driving vehicles, leveraging Azure, its cloud and edge computing platform (click here).
Microsoft will join General Motors, Honda and institutional investors in a combined new equity investment of more than $2 billion in Cruise, bringing the post-money valuation of Cruise to $30 billion.
"Advances in digital technology are redefining every aspect of our work and life, including how we move people and goods,” said Satya Nadella, CEO, Microsoft. "As Cruise and GM's preferred cloud, we will apply the power of Azure to help them scale and make autonomous transportation mainstream."