A new electric car startup, electric car pump and a former car salesman are set to launch an electric vehicle battery supplier in the UK.
Byd, which has developed electric cars that can be driven on roads and in air, said the deal was a “great opportunity” to grow its business in the energy market.
The company says it is investing more than £1.4 million into the UK by 2018, which is “more than double its current investment”.
The deal will see the company launch an advanced battery supplier for the UK, the company said.
It said it had “substantial experience” in the sector and would be “responsible” for providing a full range of battery technologies for electric vehicles, including electric batteries and battery storage.
Byds chief executive Ian Wilson said the investment would allow it to build on its “very impressive track record” and to “be able to offer the world’s leading electric vehicle batteries in the next 5-10 years”.
The company will sell batteries directly to customers for around £10,000 per unit, with plans to sell to “all” UK manufacturers by 2025.
ByD said it has already secured a deal to supply battery technology to Jaguar Land Rover and Renault.
Mr Wilson said he was “very excited” about the future of electric cars and that byd was “the future”.
The new partnership between Byd and a UK-based battery supplier would be a “major milestone”, he added.
By D is the second UK-listed company to join the EV business in recent years.
In May, the UK’s first electric vehicle maker, PlugShare, announced it would launch a joint venture with Tesco to sell electric vehicles.