Saietta Group announced the 100% acquisition of e-Traction Europe B.V. from Evergrande New Energy Vehicle Group in November 2021, including the entire issued shares of e-Traction, together with all assets including intellectual property owned by the target company.
A key part of the deal was to terminate two intellectual property license agreements between e-Traction and Evergrande. The deal was successfully completed in the proposed time frame.
Netherlands-based e-Traction is a designer and supplier of electric drivetrains for heavy goods vehicles and buses, as well as a designer and manufacturer of high voltage power electronics, including inverters and control systems.
Saietta Group plc (LON:SED) is a multi-national business which designs, engineers and manufactures complete Light Duty and Heavy Duty electric drive (eDrive) systems for electric vehicles on land from scooters to buses (vehicle categories L, M, N and T) as well as marine applications.