Smith US bid for independence in electric truck market

March 10, 2010

Smith US produces the Smith Newton truck, which offers a 16,000-llb payload

Kansas City company Smith Electric Vehicles US Corporation is hoping to set itself up as a major electric commercial vehicle manufacturer.

The firm is seeking to buy out the Smith Electric Vehicles business as based in the United Kingdom.

It has made a conditional offer to the parent company Tanfield Group plc, which has granted Smith US a four-month period of exclusivity to make an offer.

The deal hinges on whether Smith US can secure the required financing.

The transaction would include the purchase of all Smith US stock held by Tanfield, as well as the intellectual property rights necessary to operate the combined business globally.

Bryan Hansel, CEO of Smith US, said: “Once completed, this transaction will create a unified entity that will be well positioned globally for growth in the rapidly expanding electric commercial vehicle market.”

The US firm has retained Jefferies & Company, Inc., as its advisor on the transaction.

Mr Hansel said: “We believe this combination will create operational efficiencies and market synergies that will help Smith continue its strong sales momentum and cost reductions.”

Smith Newton

Smith US is owned by private investors, senior management and Tanfield, parent company of the Smith UK Division, which has been producing battery-operated commercial vehicles in Europe since the 1920s.

The company has been producing the Smith Newton since 2009, which it claims as the world’s largest plug-in battery-electric truck. With a top speed of 50mph, the vehicle offers a payload up to 16,280 lbs and a range of up to 100 miles on a single eight-hour recharging.

Smith US said last year that its Smith Newton was the first commercial all-electric truck to meet California’s new vehicle emissions certification.

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http://www.greenbigtruck.com/ Aaron
Except the Newton is not the largest electric truck on the market. I think that title goes to Balqon currently, unless you count hydrogen fuel cells, then it probably goes to Victory.
http://www.greenbigtruck.com Aaron
Except the Newton is not the largest electric truck on the market. I think that title goes to Balqon currently, unless you count hydrogen fuel cells, then it probably goes to Victory.