Re US Joint Venture partner a

RNS Number : 6629P

Tanfield Group PLC

27 March 2009

 



Tanfield Group plc ('Tanfield' or 'the Company')

27 March 2009

Re US Joint Venture partner announcement

Tanfield announces that its Joint Venture partner, Smith Electric Vehicles U.S. Corporation (SEV U.S. Corp), is today announcing plans to locate its new assembly plant for the manufacture of all-electric zero emission vehicles in Kansas City, US.   Production of the first vehicles is scheduled to begin in quarter 3, 2009.  

The decision to locate the plant in Kansas City would represent an initial investment of $10 million by SEV U.S. Corp.  In addition SEV U.S. Corp expects to receive close to $3 million in job training funds and other incentives from the state of Missouri and Kansas City.

Tanfield Group plc announced on 6 February 2009 that it had signed Heads of Terms with SEV U.S. Corp to licence Intellectual Property Rights, brand and all existing sales and sales enquiries in North America, in exchange for a 49% equity stake in SEV US Corp and per-vehicle royalties.'

The Tanfield Group Plc	[phone]
Darren Kell, CEO
Charles Brooks, FD
Arbuthnot Securities	[phone]
Nomad and Broker
James Steel/ Katie Shelton

 

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