Benzinga | Aug 3, 2021 08:05AM EDT

Meritor Reports Investment In SEA Electric, No Terms Disclosed

Meritor, Inc. (NYSE: MTOR) today announced an equity investment in SEA Electric Holdings Pty Ltd. ("SEA Electric"), a global leader in commercial electric vehicles for urban delivery and logistics.

With global headquarters in Los Angeles, SEA Electric currently partners with commercial vehicle OEMs, dealers, operators and upfitters to deliver a range of zero-emissions trucks with remote mount electrification solutions to the medium and heavy-duty (Class 3-8) commercial vehicle market.

"This collaboration with SEA Electric gives us another path to apply our expertise in electrification solutions for the medium-duty market," said Chris Villavarayan, CEO and president for Meritor.

"Meritor's investment will help us to accelerate global sales efforts and strengthen the delivery and distribution transportation segment for vehicles that operate in urban and metropolitan areas," said Tony Fairweather, president and founder, SEA Electric. "We are excited for Meritor to join us as a strategic investor and shareholder."

SEA Electric is on schedule to deliver more than 500 electric commercial vehicles this year and plans to have more than 15,000 vehicles on the road by the end of 2023.