Green Automotive Company announced that it has signed an agreement to acquire Liberty Electric Cars Limited, a UK-based developer of electric drive trains, unique battery management systems and provider of full support programs for all types of electric vehicles.
Green Automotive will purchase all of the issued and outstanding stock of Liberty Electric Cars Ltd. and its subsidiary LEC 2, Limited, in exchange for 39,172,178 shares of Green Automotive Company common stock.
Earlier this month, Green Automotive said that it has entered into detailed discussions with Liberty Electric Cars.
Liberty, formed in 2006, was the first company in the world to successfully convert the Range Rover into a high speed pure electric 4×4 capable of 200 miles on a single charge and driven by 4 individual motors.
The Liberty Electric Range Rover was hailed as the world’s best luxury EV in 2010 and provided the most telling example of the company’s capabilities. Liberty’s expertise will serve as Green Automotive’s foundation for its expansion into the European Electric Vehicle market as well as provide the technology for the conversion activities planned for the North American market.
Liberty, through its E-Tech division, is involved in a number of advanced research programs for developing next generation EV solutions, many in partnership with Tier 1 automotive manufacturers. These include the prestigious “Deliver” project where Liberty is working together with Volkswagen, Fiat and Michelin to develop a pure electric commercial vehicle. In addition the “Motore” project in which Liberty is partnered with Cranfield University, Rolls Royce Electric Machines and Protean aims to develop a “rare earth” free electric motor technology. Moreover Liberty’s engineers have invented, IP-protected, innovative electric vehicle (EV) drive train technologies, that can be employed in a wide variety of vehicle platforms (trucks, buses, 4×4, SUV, MPV and pickup trucks) as reveled in its flagship technology demonstrator, the Liberty E-Range — the worlds first, pure electric, luxury 4×4.
Liberty, through its E-Care division, has pioneered the creation of after sales support for Electric Vehicles, by providing the most comprehensive maintenance program throughout Europe for electric trucks and cars. This E-Care service delivers properly trained, highly skilled engineers equipped with new and unique diagnostic tools; experience in safe intervention for high voltage systems and access to the right parts to affect quality repairs. Liberty’s E-Care clients include UPS, FedEx, Navistar, Veolia, Tesco and many more.