Sunderland based manufacturer Hyperdrive Innovation has landed a £40m deal with Foxlink Automotive Technology. Hyperdrive have signed a long term arrangement that will help them to access new markets in Asia, where they anticipate both making and selling their modular lithium-ion battery pack.
A new manufacturing facility is planned for Taiwan under the partnership and will be based on the Hyperdrive’s current operations on Wearside. The business already has a global supply agreement with Sunderland based Nissan which, coupled with the new Foxlink deal, has boosted growth plans for the company. Hyperdrive expect turnover to double this year through a growing customer base in off-highway vehicles, autonomous industrial machines and energy storage.
Chris Pennison, Hyperdrive Chief Executive, said: “The support of such a major partner is a terrific endorsement. The agreement will give us a foothold in Asia and shows the North-East’s strength as a world-leader in battery technology.”
Energy expert view
“This is great news for Hyperdrive Innovation and the North East region’s battery electric vehicle/energy storage sector. It will certainly help raise the profile of the region’s activity in this sector across international markets.” Alastair Fells MEI, Incorporated Eng, PG Dip Fuel Tech, BSc Hons
To find out how our energy law specialists can help your business, please contact Andrew Davison on 0191 211 7950 or to read more click here.