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Modec US deal signed and sealed
Green van-maker Modec has signed a joint venture agreement that will see it link up with US truck-maker Navistar to build and sell its all-electric van across the Americas. The Coventry firm currently employs 80 people at its Binley base. The US deal, formally announced yesterday, is backed by $39m worth of grants from the Obama administration's economic stimulus package and will enable Modec to expand its presence in the world's most important commercial automotive market. Four hundred all-electric vehicles will be built in the US in 2010, with sales volumes forecast at several thousand within a couple of years. In the UK, Modec vehicles have already been sold to companies such as Tesco, FedEx and UPS. In the US, the vehicles will be sold through Navistar's nationwide "Workhorse" sales division. Birmingham law firm HBJ Gateley Wareing advised Modec on the joint venture. It has represented Modec ever since Lord Borwick, the ex-chairman of London taxi manufacturer Manganese Bronze, founded the company in 2004. Partner Nick Smith said: "We are delighted to be supporting Modec in what is a significant deal for the British 'cleantech' and automotive industries."
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