Power Solutions International Signs Development Deal With Golden Dragon Bus
Strategic Agreement Reinforces On-Road Momentum in China
WOOD DALE, Ill., Nov. 13, 2015 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. (PSI) (NASDAQ:PSIX), a leader in the design, engineering and manufacture of emissions-certified alternative-fuel and conventional power systems, today announced that it has signed a technical development agreement with Xiamen Golden Dragon Bus Co., Ltd. (Golden Dragon) based in Xiamen City, China. Golden Dragon, a subsidiary of King Long Motor Co., Ltd., is one of the leading bus manufacturers in China based on annual output, range of products and sales volume.
"We are very excited to begin what we hope will be a long and successful business relationship with Golden Dragon,” said Rick Nielsen, PSI’s Executive Vice President of Global Business Development. “This agreement demonstrates the growth potential of the on-highway market in China. The bus market alone is hundreds of thousands of units yearly, and the leading manufacturers are all seeking to offer alternatives to traditional diesel engines. By entering a relationship with yet another leading OEM, PSI is building a strong position to capture this emerging opportunity.”
In addition to the increasing costs and complexity associated with meeting diesel emissions, the shift to gasoline is due in large part to efforts by the Chinese government to focus on clean air as a major policy objective. China’s Ministry of Environmental Protection (MEP) has sought to reduce overall emissions and local particulate matter by tightening vehicle emission standards. In addition, gasoline and other alternative fuel engines are lighter, less expensive, and less complex than traditional diesel engines.
Under the agreement with Golden Dragon, PSI will design and integrate a customized gasoline powertrain into a new medium-size bus being developed by Golden Dragon. The new powertrain will utilize a PSI’s 4.8-liter, V-8 engine and a GM 6L90 automatic transmission.
About Power Solutions International, Inc. Power Solutions International, Inc. (PSI) is a leader in the design, engineering and manufacture of emissions-certified, alternative-fuel power systems. PSI provides integrated turnkey solutions to leading global original equipment manufacturers in the industrial and on-road markets. The Company's unique in-house design, prototyping, engineering and testing capacities allow PSI to customize clean, high-performance engines that run on a wide variety of fuels, including natural gas, propane, biogas, diesel and gasoline.
PSI develops and delivers complete .97 to 22-liter power systems, including the 8.8-liter engine aimed at the industrial and on-road markets, including medium duty fleets, delivery trucks, school buses, RV and commercial chassis. PSI power systems are currently used worldwide in power generators, forklifts, aerial lifts, and industrial sweepers, as well as in oil and gas, aircraft ground support, arbor, agricultural and construction equipment.
Acquired in April 2014, Professional Power Products, Inc. (3PI), is a leading designer and manufacturer of large, custom-engineered, integrated electrical power generation systems serving the global diesel and natural gas power generation market. 3PI specializes in power generation systems for standby, prime, and Co-generation (CHP) power applications.
About Xiamen Golden Dragon Bus Co. Golden Dragon Bus is one of the top bus manufacturers in China. It develops, manufactures, and sells products including city, intercity and mini buses, luxury coaches, special vehicles and light vans to nearly 80 countries and regions in Asia, Middle East, Africa, and South America. Golden Dragon is a subsidiary of King Long Motor Co., Ltd.
Power Solutions International, Inc.
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(November 13, 2015 - 9:09 AM EST)
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