SEA Electric, a Victoria-based manufacturer, will boost its conversion of trucks and vans to electric vehicles by utilising the $5 million funding by CEFC through the Clean Energy Innovation Fund.
SEA Electric has three electric drive systems models that can be suited to commercial vehicles to enable them to become a 100 percent electric operation. The said technology can be used to businesses involved in express freight, waste collection duties, and general delivery in Australia.
CEFC Transaction Lead Melanie Madders stated that the CEFC would provide $5 million to SEA Electric in order to assist the firm in acquiring components and to rescale its manufacturing business to comply the rising customer demand.
In a statement, Madders addressed, “Electric vehicles are a very exciting part of our clean energy transition, and offer significant potential to reduce our overall carbon emissions. Emissions from light vehicles already make up as much as 10 percent of Australia’s total emissions, with overall transport activity expected to continue to grow in the future. The development of cost-effective ways to transition commercial vehicles to lower emissions technologies is paramount for cutting national carbon emissions.”
SEA Electric is an Australian automotive technology company that assembles electric vehicle drive systems into a basic chassis and framework.
Tony Fairweather, SEA Executive Chairman, accepted the aid of the Clean Energy Innovation Fund in boosting its latest technology.
He said, “ Australia has the potential to become a global leader in the rapidly emerging electric vehicle industry, and this finance will help SEA Electric be part of that revolution.”
“With ongoing decreases in the cost of lithium batteries, our electric drive systems are becoming increasingly cost competitive with equivalent petrol or diesel engines, which means that businesses using these vans and trucks can consider 100 percent electric vehicles on a commercial basis as well as for their environmental benefits.”
To read the press release, visit CEFC’s website.