SEA Electric plans stock exchange listing, Volvo delivers E-truck

Australian turned US-based electric drive train manufacturer SEA Electric is planning a public listing as it further accelerates growth, according to a company post on social media.

At the same time Volvo has delivered the first Battery Electric Volvo truck in Australia to the Linfox fleet where it will be used to deliver Victoria Bitter beer.

The VB truck is the first mass-produced electric truck ‘of its size’ in Australia and one of only 50 Volvo FL E-trucks delivered globally to date.

The truck will be powered by 100 per cent solar power from Asahai Beverages solar farm near Mildura in Victoria.

SEA Electric, which moved its headquarters to Torrence in Los Angeles County, did not say where it would list, but it would likely be in the United States where it sees its biggest markets.

The company said on Linkedin: “SEA Electric will soon become a public company – keep watching our social channels for more news and updates.”

Founded by Tony Fairweather in Melbourne in 2012, SEA Electric manufactures drive trains in Melbourne and is building a truck assembly plant in the La Trobe Valley.

Its its model is to fit its Sea Drive system to existing trucks through partnerships with Isuzu Australia, Toyota Indonesia, Volvo Trucks, Ford Motor Co. and Hino Motors Ltd.

In March this year it raised $54 million from investors to accelerate growth, and in May it displayed five of its truck models assembled in Australia from kits for the first time at the Brisbane Truck Show.

However the company is now heavily focused on the big US market where it has established an innovation centre in Des Moines, Iowa.

SEA Electric’s Americas President said: “It all depends on the market conditions and our needs.

“We’ve got plenty of capital for the next 12 months, and we’re really focused on growth, and if the right opportunity presents itself, we will go for it.”

At this stage Melbourne is still the centre for drive train manufacturing – the company expects to sell 1,000 trucks this year.

But as it grows manufacturing will likely be sited closer to its markets – especially as Canadian battery manufacturer Exro Technologies is a major investor in the company.

Picture: SEA Electric

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