Yageo announced equity investment on the EV startup Canoo2020/08/18
Yageo Corporation (TAIEX: 2327 TW) today announced that it will participate in the equity investment of Canoo, a US EV startup company, through its subsidiary (Yageo Bermuda). The total amount is US$10 million, which is approximately NT$ 294 million.
Canoo is an electric vehicle startup company based in Los Angeles and registered in Delaware, focusing on EV design and development. Canoo has designed a modular skateboard to deliver the maximum vehicle interior space per footprint area while, through its proprietary skateboard technology, offering low development cost and design flexibility for its internal B2C car models and its B2B strategic partners. Canoo is now projected to start its mass production in 1H2022. Canoo has also planned to merge with Hennessy Capital Acquisition Corp. IV, a special purpose acquisition company (SPAC) listed on NASDAQ and will keep Canoo’s name (Canoo Inc.) as the continuing name to be listed on NASDAQ with the ticker “CNOO”.
Yageo has paid close attention to the development of automotive electronic technology in recent years, and has also continued to expand its global presence of automotive electronic components. Following the acquisition of wireless and automotive component maker Pulse Electronics in 2018, the company has just completed the merger of KEMET, a leading automotive passive components supplier in 2020. The equity investment on Canoo will make Yageo’s strategic investment in EV and self-driving vehicle more comprehensive.
Moving forward, Yageo will continue to strengthen its operational fundamentals and core competence, including leading positions in high-end technology, global market presence, and efficient customer service. The company will also focus its end applications on high-end 5G technology, automotive, industrial, aerospace, and medical segments to provide a full range of high-quality services to serve its global customers.