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Diesel Developer Launches Second Joint Venture in China
Michigan-based EcoMotors International Inc. has begun a venture with China's FAW Group Corp. to produce a new type of diesel engine claimed to be 30% lighter and at least 20% more fuel efficient than conventional diesels, The Wall Street Journal reports.
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Michigan-based EcoMotors International Inc. has begun a venture with China's FAW Group Corp. to produce a new type of diesel engine claimed to be 30% lighter and at least 20% more fuel efficient than conventional diesels, The Wall Street Journal reports.
FAW's Jingye Engine Co. will own 51% of the venture and invest more than $200 million to launch production, according to the Journal. EcoMotors is contributing intellectual property on a nonexclusive basis. The partners plan to open a factory late next year in Shanxi province with capacity to make 100,000 engines annually.
The deal is the second for EcoMotors, a five-year-old startup backed in part by Microsoft Corp. founder Bill Gates.
Last year the company and China's Zhongding Holding Group Ltd. started a nonexclusive venture to make engines for power generators, off-road equipment and commercial trucks. The partnership is expected later this year to begin making as many as 150,000 engines annually in a $200 million factory in Anhui province.
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