SEA ELECTRIC US$42 MILLION EQUITY FINANCING STRENGTHENS MARKET LEADER POSITION

KUALA LUMPUR, March 10 (Bernama) -- Global automotive technology company, SEA Electric Holdings Pty Ltd (SEA Electric) has closed initial private placement equity financing for total gross proceeds of approximately US$42 million. (US$1 = RM4.115)

According to a statement, the net proceeds will allow SEA Electric to solidify its position as a market leader in the electrification of commercial vehicles whilst funding its considerable backlog and facilitating more pilot programmes with operators.

With a global headquarters and key leadership in Los Angeles, SEA Electric currently has operations in five countries and over one million miles of independent Original Equipment Manufacturer (OEM) testing and in-service operation in all markets.

SEA Electric currently partners with commercial vehicle OEM’s, dealers, operators and upfitters to deliver a new range of zero-emissions trucks and is on schedule to deliver more than 1,000 electric commercial vehicles this year.

The company forecast is to have more than 15,000 vehicles on the road by 2023-end.

“2021 will see a paradigm shift in the way developed markets facilitate uptake of commercial electric vehicles and the unstoppable momentum will build year-after-year,” said President and Founder, Tony Fairweather.

Working closely with its shareholders, investors and partners, exclusive financial adviser Eight Capital and international law firm Vinson and Elkins on this financing round, Fairweather confirms the company will also be exploring options to seek a public listing in the United States this year.

Pursuant to the Financing, SEA Electric issued approximately 1.1 million Series A Preferred Shares at a price of US$40.1995 per share.

-- BERNAMA