On Wednesday, March 14, in presence of the Swedish Prime Minister Stefan Löfven, an important agreement was signed by NEVS and Chinese Investment firm GSR Capital, whereby GSR will invest 500 MUSD (about 4 BSEK) in NEVS.

At the same time, GSR unveiled plans to start production of EV batteries on NEVS premises in Trollhättan.

NEVS and GSR have been in discussions on cooperation for a long time. On Wednesday, these common plans were confirmed by a formal signing at a ceremony at NEVS in Trollhättan.

GSR Capital has recently invested money in NEVS. Now GSR confirm the interest by investing heavily in NEVS. According to the contract signed on Wednesday, GSR will invest 500 MUSD.  

The investments will be made as a convertible loan that might be converted to shares in NEVS AB.

“This means a lot for our company. We have been looking for a long term partner and GSR Capital is a very good match, in many ways”, says Stefan Tilk, President and CEO at NEVS.

“GSR will not only give us a financial injection, the company is also very much involved in Electric Vehicles and the business around EVs, which makes this match even better”, he adds.

One example is the announcement made at the same press conference: GSR Capital has plans to establish production of batteries for electric vehicles in Trollhättan.  

The EV batteries produced in Trollhättan will be aimed for NEVS vehicles but also for other actors in Sweden.

“NEVS fulfills all the requirements; perfect location, good supply of electrical power, close to the river, roads and trains, and we are situated in the industrial heart of Sweden, with NEVS, Volvo and many other companies in the automotive industry. Within NEVS premises there is also access to land to build the factory”, Stefan Tilk states.

In October 2017, NEVS signed an agreement on cooperation with DiDi Chuxing, China´s ride hailing giant.

Already in December 2012, GSR decided to invest in DiDi Chuxing whereby GSR became DiDi’s first institutional investor.

“Our relations with DiDi Chuxing have been important in the discussions with GSR and in finalizing this deal”, says Kai Johan Jiang, main owner of NEVS.

GSR Capital focuses on electric vehicles, clean energy, modern agriculture, biotechnology, wireless solutions areas and internet finance.

“With GSR´s investments, NEVS will be able to take further important steps towards the green goal with sustainable mobility solutions of the future”, Kai Johan Jiang concludes.

Trollhättan March 14, 2018

For more information, please contact Fredrik Fryklund, Communications Manager NEVS, +46 739 666449 or email: fredrik.fryklund@nevs.com

Facts on GSR Capital

GSR was founded in 2004 (by Sonny Wu and Richard Lim). Today, "GSR Ventures", "GSR United Capital" and "GSR Capital" are three independent yet complementary teams.

The spirit of "Golden Sand River" is that of a magical river, eternally flowing towards the Yangtze River symbolize GSR’s firm commitment towards "innovation" and "investing to building future industries" to serve the world.

Over the past decade, GSR has invested in game changing companies like:  Lattice Power, Didi Chuxing, Xindayang EV, Silevo Solar and many more innovative enterprises.

In electric vehicles area, GSR Capital has invested in the following companies: Fisker, Boston Power, ICONIQ, IAT, Protean and NEVS.

GSR capital is very much involved in production of EV batteries:

On February 25, Turkey’s Zorlu Holding signed an agreement with GSR Capital for investments in battery production totaling $4.5 billion until 2023.

In August 2017, Nissan sold its electric battery business and production facilities to GSR Capital. The sale and purchase agreement covered Nissan's battery subsidiary, Automotive Energy Supply Corporation (AESC), as well as battery manufacturing operations in Smyrna, Tennessee, owned by Nissan North America Inc. (NNA), and in Sunderland, England, owned by Nissan Motor Manufacturing (U.K.) Ltd. (NMUK). Assets sold to GSR also included part of Nissan's Japanese battery development and production engineering operations located in Oppama, Atsugi and Zama. This transaction is subject to CIFUS approval.

GSR Capital has offices in Beijing, Hong Kong and Silicon Valley, Beijing Office.

FACTS ON NEVS AB

NEVS was founded in 2012 and acquired the main assets of the Saab Automobile bankruptcy estates. The company has been mainly owned by NME Holdings Ltd., Tianjin Bin Hai Hi-tech Industrial Development Area (THT) and State Research Information Technology Co., Ltd. (SRIT).

NEVS’ vision is to shape mobility for a more sustainable future. Core to this is a global portfolio of fully electric premium cars, mobility solutions and sustainable city offerings.

NEVS’ head office and main research and development facilities are located in Trollhättan, Sweden, with a second production plant and an R&D Centre under construction in Tianjin, China.

In January 2017, the Chinese government approved NEVS’ application to start production of electric vehicles in its manufacturing plant in Tianjin. NEVS is the first joint venture company with investors from outside China that is granted a New Energy Passenger Vehicle Project investment approval by NDRC.