Visedo focuses on Asia’s electric vessel revolution with Hong Kong office
Finnish manufacturer of heavy duty electric drivetrains Visedo is focused on hastening the transition to hybrid and electric marine vessels, including ferries, across the Asia Pacific region with the opening of a new office in Hong Kong.
Visedo CEO Kimmo Rauma today announced the new subsidiary location to assist the company to expand into emerging markets across Mainland China, East Asia, South-East Asia and the Pacific.
This follows the company’s recent signing of a letter of intent with venture capital and private equity fund management company, Beijing Capital Investment, to help Visedo access China’s booming electric vehicles market.
China is already the world’s single largest electric vehicle market, and the greater Asia Pacific region – driven by demand in China and Japan – is forecast to be the world’s fastest growing market for electric vehicles by 2022. As part of the nation’s 13th Five-Year Plan for emerging industries, China is investing heavily in electric vehicles and cleantech innovation.
Visedo Asia’s office in Hong Kong will focus on delivering hybrid and electric drivetrain solutions for three segments: marine vessels including ferries, passenger road vehicles including buses, and heavy duty machinery – in markets across Mainland China, Hong Kong, Taiwan, Macao, Singapore, Japan, South Korea, Australia and markets in South East Asia.
To open the company’s first office in Asia, Visedo worked closely with InvestHK, which provided strategic advice and logistics for siting its office in Hong Kong, at the gateway to Asia and Mainland China.
Visedo CEO Kimmo Rauma said:
“Since 2012 we’ve understood that markets across Asia Pacific present a unique opportunity in the race to electrify transport, not only for potential sales but for the beneficial impact such a transition will have on local populations.
“With roadside and marine-based pollution blamed for causing thousands of premature deaths across the region each year, Visedo is proud to be electrifying more commercial and heavy duty transport solutions, such as Asia’s first hybrid electric ferry in Taiwan launched earlier this year.”
Managing Director of Visedo Asia Tony Wong said:
“For the past five years Visedo has been involved in pursuing electrify opportunities in Asia which has resulted in the company currently collaborating in several major prototype projects in the region.
“Visedo Asia has many goals for the future, including continuing to pursue series production orders, supporting our customers locally and confirming local manufacturing partners for our hybrid and electric vehicle powertrains. We estimate that half of the company’s worldwide revenue will come from Visedo Asia within five years.”
Invest HK Associate Director-General of Investment Promotion, Charles Ng said:
"Hong Kong offers an important strategic location for Visedo to take its technology to the heart of Asia and importantly to mainland China, especially as corporates and governments in the region are becoming increasingly aware of their environmental responsibilities.
“Commercial and heavy duty vehicles are a major source of roadside and marine-based air pollution in Asia and Visedo’s design and manufacturing expertise will help speed up the historic transition of more eco-friendly hybrid and electric commercial and heavy duty vehicles in Hong Kong and across the region.”