Aug,20,2009
U.S. electric vehicle pioneer ZAP (OTCBB: ZAAP) and Malaysia's home grown green technology company, ETI Tech Corporation Berhad (listed on ACE Market of Bursa Malaysia: 0118.KL; ETITECH), jointly announced today their intention to form a manufacturing and distribution joint venture.
ZAP and ETI Tech have signed a binding Memorandum of Understanding (MOU) for the supply of ETI Tech batteries and battery management systems (BMS) for ZAP personal transportation electric vehicles. The two companies have also agreed to joint manufacturing and distribution and expect to execute a definitive agreement within ninety days from the date of signing the MOU.
Under the MOU, ZAP shall provide its personal transportation vehicle line to ETI Tech in Malaysia for the integration of its battery and BMS technology. Well known for its high standard of quality, ETI Tech is entrusted by ZAP to be responsible for the manufacturing and quality assurance of the completed electric vehicles before distribution. ZAP has further agreed to appoint ETI Tech as the distributor of ZAP electric vehicles in Malaysia and other international markets to be determined by the two companies. ETI Tech retains the rights to assign another distributor on behalf of ZAP in Malaysia, but will remain the supplier to the venture.
"ETI Tech is a maker of high quality electronics that are complementary to the strategy ZAP is taking in the market. Not only will this help expand and improve our manufacturing capacity, it opens new markets for ZAP," said CEO Steve Schneider. "We look forward to scaling up production over time to include larger, conventional electric cars and trucks."
Schneider intends to travel to China later this week for discussions with a manufacturer of high quality lithium batteries to secure for the new venture with ETI Tech.
"It is a marvelous occasion and a great opportunity for ETI Tech to be able to work hand-in-glove with a prestigious alternative fuel technology vehicle company such as ZAP," said ETI Tech Executive Director Dennis Chuah. "This joint venture with ZAP marks a new era for ETI Tech and puts ETI Tech on the Green Technology World Map. We are honoured and proud to say that ETI Tech's undying effort is finally recognized after one and a half years of commitment in the R&D of electric vehicles. With a concerted effort from both ETI Tech and ZAP, we will be able to expedite the commercialization of our new range of electric vehicles as planned."
Priscilla M. Lu, Ph.D. to Chair Electric Vehicle Pioneer ZAP Board
Aug,21,2009
SANTA ROSA, California (August 21, 2009) – The board of directors of electric vehicle pioneer ZAP (OTC BB: ZAAP) unanimously elected Priscilla M. Lu, Ph.D. as Chair of its Board of Directors.
Dr. Lu is a 30-year telecommunications and networking executive and entrepreneur formerly with AT&T Bell Laboratories as well as Founder, Chairman and CEO of interWAVE Communications Ltd., and ViDeOnline Communications Ltd.
“We are delighted to have Dr. Lu leading our Board of Directors,” said ZAP CEO Steve Schneider. “With her vision and background, we unanimously agreed her passion, focus and global industry experience in technology companies producing exceptional quality and innovative products are ideally suited for ZAP’s Chair position. Eqbal Al Yousuf was pleased to nominate her and shares the same vision and priorities in the significant opportunities ahead for ZAP. He believes in the same principles of focus and building strong fundamentals, thus monetizing the practical experience base the Company has had through its long history in the electric vehicle industry.”
Dr. Lu, Ph.D. succeeds Eqbal Al Yousuf, who served as Chairman of ZAP since June of 2008. Mr. Al Yousuf will remain a director on ZAP’s board.
“The electric vehicle industry is on a new trajectory invigorated by a sense of urgency and support from both the governments of major nations and the auto industry globally,” said Dr. Lu. “This situation is driven by demands for all alternatives to dependency on oil and strong interest from consumers as well as institutions in need of more ecological and economical alternative energy vehicles. With the recent rapid advancement in battery and motor technologies, we are seeing practical and viable designs for electric vehicles offering a wide range of options in performance and capabilities.”
“ZAP has a long history in electric vehicles and extensive experience in electric power train conversion and new technology integration, so the company is well positioned to take the lead in providing a competitive, durable and quality product line working in partnership with established auto industry players. As Chairperson of ZAP, I will draw on my expertise in technologies and relationships with global partners and clients in this sector to enhance the Company’s product offerings and differentiated value while accelerating its market penetration,” she concluded.
Dr. Lu is currently the Managing Partner and Founder of Cathaya Funds, a global private equity fund based in Silicon Valley and China focusing on international business alliances in China. Its Hong Kong-based Better World International, Ltd. invests and develops electric vehicle technologies and electric fast charge smart grid infrastructure networks for power grid companies. ZAP recently announced Better World International's $25 million investment and financing with the company to help accelerate a multi-stage growth strategy on electric power train technologies, with integration of state of the art battery management systems, battery technologies as well as multi-gear motor engines.
Through her involvement with Cathaya Funds, Dr. Lu also is a principal in the foundation of China Broadband Inc., a company heavily invested in interactive broadband, wireless and cable media programming in China. For the five years prior, Dr. Lu was China Advisor to Mayfield Fund, a forty-year old venture capital firm with over $2.8 billion under management. Dr. Lu helped found GSR Fund for Mayfield, a venture capital fund in China overseeing more that $700 million in investments.
She holds a Ph.D. in Electrical Engineering and Computer Science from Northwestern University and B.S. and M.S. degrees in Computer Science and Mathematics (Honors) from the University of Wisconsin and has over 50 patents in the area of telecommunications and networking.
For more news and information on ZAP, visit www.IRGnews.com/coi/ZAAP where you can find the CEO's video, a fact sheet on the company, investor presentation, and more.
SANTA ROSA, California (August 21, 2009) – The board of directors of electric vehicle pioneer ZAP (OTC BB: ZAAP) unanimously elected Priscilla M. Lu, Ph.D. as Chair of its Board of Directors.
Dr. Lu is a 30-year telecommunications and networking executive and entrepreneur formerly with AT&T Bell Laboratories as well as Founder, Chairman and CEO of interWAVE Communications Ltd., and ViDeOnline Communications Ltd.
“We are delighted to have Dr. Lu leading our Board of Directors,” said ZAP CEO Steve Schneider. “With her vision and background, we unanimously agreed her passion, focus and global industry experience in technology companies producing exceptional quality and innovative products are ideally suited for ZAP’s Chair position. Eqbal Al Yousuf was pleased to nominate her and shares the same vision and priorities in the significant opportunities ahead for ZAP. He believes in the same principles of focus and building strong fundamentals, thus monetizing the practical experience base the Company has had through its long history in the electric vehicle industry.”
Dr. Lu, Ph.D. succeeds Eqbal Al Yousuf, who served as Chairman of ZAP since June of 2008. Mr. Al Yousuf will remain a director on ZAP’s board.
“The electric vehicle industry is on a new trajectory invigorated by a sense of urgency and support from both the governments of major nations and the auto industry globally,” said Dr. Lu. “This situation is driven by demands for all alternatives to dependency on oil and strong interest from consumers as well as institutions in need of more ecological and economical alternative energy vehicles. With the recent rapid advancement in battery and motor technologies, we are seeing practical and viable designs for electric vehicles offering a wide range of options in performance and capabilities.”
“ZAP has a long history in electric vehicles and extensive experience in electric power train conversion and new technology integration, so the company is well positioned to take the lead in providing a competitive, durable and quality product line working in partnership with established auto industry players. As Chairperson of ZAP, I will draw on my expertise in technologies and relationships with global partners and clients in this sector to enhance the Company’s product offerings and differentiated value while accelerating its market penetration,” she concluded.
Dr. Lu is currently the Managing Partner and Founder of Cathaya Funds, a global private equity fund based in Silicon Valley and China focusing on international business alliances in China. Its Hong Kong-based Better World International, Ltd. invests and develops electric vehicle technologies and electric fast charge smart grid infrastructure networks for power grid companies. ZAP recently announced Better World International's $25 million investment and financing with the company to help accelerate a multi-stage growth strategy on electric power train technologies, with integration of state of the art battery management systems, battery technologies as well as multi-gear motor engines.
Through her involvement with Cathaya Funds, Dr. Lu also is a principal in the foundation of China Broadband Inc., a company heavily invested in interactive broadband, wireless and cable media programming in China. For the five years prior, Dr. Lu was China Advisor to Mayfield Fund, a forty-year old venture capital firm with over $2.8 billion under management. Dr. Lu helped found GSR Fund for Mayfield, a venture capital fund in China overseeing more that $700 million in investments.
She holds a Ph.D. in Electrical Engineering and Computer Science from Northwestern University and B.S. and M.S. degrees in Computer Science and Mathematics (Honors) from the University of Wisconsin and has over 50 patents in the area of telecommunications and networking.
For more news and information on ZAP, visit www.IRGnews.com/coi/ZAAP where you can find the CEO's video, a fact sheet on the company, investor presentation, and more.
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