LION Smart signs development contract for its LIGHT Battery with Fox Automotive Switzerland AG
Munich, 2018-12-04 – LION Smart GmbH, a developer of electrical energy storage devices and lithium-ion battery system technology, has signed an agreement with Fox Automotive Switzerland AG to implement the LION LIGHT Battery in the MIA electric vehicle.
The development contract includes the adaptation and integration of the LION LIGHT Battery into the existing installation space of the series vehicle concept MIA. In addition, MIA vehicles are to be equipped with the LIGHT Battery. The parties have agreed not to disclose the amount of the order.
Tobias Mayer, CEO of LION E-Mobility AG, comments: “With this order we can further design both the LIGHT Battery and the production lines to the needs of mass production. Thus, we can guarantee security of supply when production starts”. LION is cooperating with Hörmann Automotive, among others, in the already started development stage of this project.
“The LIGHT Battery concept convinced us across the board,” says George Walliser, CEO of Fox Automotive Switzerland. “We are determined to consistently renew and further develop our MIA vehicle concept in order to bring the vehicle onto the roads throughout Europe together with our partners. Range and safety play a decisive role in this strategy, and with the LIGHT Battery concept, we are convinced that we can match these criteria”.
Fox holds all rights and patents to the MIA vehicle concept. According to Fox plans, the existing fully automated production line for MIA will be rebuilt in spring 2019 and production will start in the course of 2019.
In the market for electric mobility, up to 15 million new electric vehicles are expected on the roads worldwide by 2030 – not including hybrid vehicles. The drivers for this development are rising costs for operating vehicles based on fossil fuels, stricter regulations and growing market pressure from Asia, as well as a new environmental awareness. However, to date, neither the cost nor the range of battery systems required have often met the high expectations of consumers and automakers. LION is meeting these challenges by constantly improving and further developing its battery system technology.
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About Fox Automotive:
Fox is the owner of all of the IP, patents, trademarks of the MIA Electric Vehicle (EV) brand. It has a full-fledged assembly line, which will be capable of producing 12,000 EV-cars per year by the second half of 2019. Fox continues to advance its electronic vehicle technology to increase mileage per charge and develop affordable mobility options in the electronic vehicle space.
Additional disclosure about Fox, its business, management and financial performance, all as required to meet the requirements of the Exchange, will be publicly disclosed in due course.