We acquired majority stake in the Kyoto-based EV company GLM Co. in September 2017. GLM produces high quality sports cars and is among the few to have obtained the domestic license to manufacturer electric sports cars in Japan. Their capabilities in manufacturing quality and technologies are proven. We gained lightweight technology and electric stability control to design, innovate and produce high quality EVs for our China collaboration partners.
In late 2017, we closed the investment in Divergent 3D, a Los Angeles-based company principally engaged in the research, design, development, and production of 3D printed vehicle structures, through its proprietary software-hardware platform enabled by laser-based 3D metal printing technology. Other investors of Divergent 3D include Horizon Ventures, Shanghai Alliance Investment Limited and the world-leading automotive and aerospace engineering service provider Altran Technologies.
In early 2018, we closed the investment in EV Power Holding Limited, a rapidly expanding EV charging solutions in China and Hong Kong focusing on both office and residential areas. It provides charging piles installation services to auto OEMs and individual customers. EV Power is the largest EV charging service provider in Hong Kong, accounting for over 80% of the market share in charger installation in Hong Kong. It has built over 7,000 charging piles in China, covering 17 cities today.
We formed the joint venture with SAIL (Shanghai Alliance Investment Ltd ) to engage primarily in the design, development and assembly of EVs for taxis, online hailing services and other B2B vehicles. The SAIL JV will establish a production line for EVs with a production capacity of 10,000 EVs per annum, using 3D printing technologies. It aims to develop capabilities in producing white label products for business customers.
The “Advanced Auto Tech Co” is one of the leading electric sports car manufacturers and it produces one of the fastest and most powerful electrified sports cars in the world. It supplies core EV components to premium European OEMs and has now expanded into infotainment and autonomous driving business. We are in the final stage to conclude the definitive agreement to become a major shareholder of the “Advanced Auto Tech Co” and to establish a joint venture based in Hong Kong, which is focusing on the design, research and development of infotainment systems, advanced driver-assistance systems and other artificial intelligence and autonomous automotive products.
Reducing carbon footprint and efficient use of energy and manufacturing materials are always at the core of sourcing the best technology to power our operations. We are promoting green energy not only by facilitating EV adoption through our business, our technologies such as 3D printing also make the process of EV manufacturing more environmentally friendly. We share our innovative solutions and collaborate across the auto industry to work together to ensure a more sustainable future.