Benzinga | Mar 8, 2021 08:10AM EST

Atlas Announces Joint Venture Agreement with Zhejiang Energy Group to Partner on Global Maritime and Power Opportunities

Atlas Corp. ("Atlas") (NYSE:ATCO), today announced, the Atlas Corp global platform, combining Seaspan's deep maritime experience and financial strength as the world's leading containership owner and operator, with APR Energy's fast power solutions providing a bridge to permanent power and emerging technologies, now joins together with ZE Group ("ZE") in this new joint venture ("JV") which will leverage the attributes of four unique companies to develop and commercialize projects. Each partner contributes time-tested solutions, engineering and operational expertise and strong leadership and vision through this partnership structure to create sustainable value for all stakeholders.

Bing Chen, President and CEO of Atlas, commented, "This JV represents a major milestone for both groups' commitment to our strategic partnership where we can leverage our unique platform strength to provide creative solutions and competitive value to our customers. We are very honored to have ZE as our partner with deep energy sector experience, networks, solid financial strength, and favorable cost of capital. This strategic partnership will facilitate the development and execution of quality growth projects and long term value creation for our shareholders."