Valmet Automotive, a Uusikaupunki, Finland-based electric vehicle developer and manufacturer, has received a €20m equity investment from Finnish Industry Investment Ltd and Pontos Group.Following the transaction, whose completion is still subject to receiving the necessary regulatory permits, the investors will own 34% of the company’s total capital stock. Metso Corporation will continue to be a majority shareholder.
Valmet Automotive provides engineering, manufacturing and business services for the automotive industry. In 2009, the company generated net sales of €56m and employed some 800 people.
It manufactures Porsche Cayman sports cars, electric Garia golf cars and THINK City urban cars in Uusikaupunki, Finland.
Serial production of Fisker Karma hybrid cars is planned to start in the first quarter of 2011.
The investment will enable Valmet Automotive to acquire Karmann’s convertible vehicle roof business and expand into Germany and Poland.
FinSMEs
08/11/2010