Electrical-machinery Maker Fortune Electric Venture Into EV-charging Biz

Taipei, March 19, 2012 (CENS)--Fortune Electric Co., Ltd., an electrical-machinery manufacturer in Taiwan, recently signed a letter of intent (LOI) on cooperation with Siemens of Germany and domestic company Dijiya Energy Saving Technology Inc. to jointly develop electric vehicle (EV) charging-station and battery-exchange equipment.

Fortune Electric's EV charging station and battery exchange equipment are installed at National Taipei University of Technology for demonstration operation, and related systems are expected to be certified by related standards in April and May.

Other electrical-machinery companies in Taiwan are also actively developing EV-related business diversification. Teco Electric and Machinery Co., Ltd., for example, has been aggressively diversifying its industrial-motor product lines into EV motor applications.

Teco has signed a cooperation agreement with SIM-Drive of Japan. The two partners have jointly developed in-hub motors for both two-wheel and four-wheel EVs. Teco's president C.C. Chiu claimed earlier that her company would never be absent from the EV market. The company is now in talks with some automakers in China and Taiwan, and is expected to land some orders before long.

Yulon Group, the largest automobile-manufacturing conglomerate in Taiwan, recently also confirmed that Tec0's in-hub EV motors are being installed on some LUXGEN7 SUV cars for related tests. Yulon, however, already has a subsidiary in developing and making charging-station equipment.

In addition, Fortune Electric also tied up with local Advanced Lithium Electrochemistry Co. by supplying charging-station equipment, and cooperated with some local public-bus companies for pilot operation. The company's products will be showcased at the 2nd Taiwan Int'l Electric Vehicle Show (EV Taiwan 2012).