Midland-based lithium‐ion battery maker XALT Energy has signed a $1-billion contract to provide lithium titanate batteries for electric buses in China.
The agreement is expected to create 300 high-tech and manufacturing jobs in Midland, the company announced. Hiring has begun and 80 jobs are expected to be filled next month.
The multiyear agreement with Hybrid Kinetic Group of China calls for production to start during the third quarter of this year.
Every electric bus that the HK Group will lease to municipal transit companies all over China will be outfitted with a 68‐100 KWh high-performance rapid-charging battery.
The battery recharges in fewer than 10 minutes.
“It has always been our objective to enable electrification of global transportation markets since we ventured into the battery industry several years ago,” XALT Energy chairman Dennis Townsend said in a written statement Tuesday. “Today’s signing of the exclusive supply agreement with the HK Group witnesses a significant step forward towards that goal.”
Yung Yeung, chairman of HK Group, called the deal “a fine example of Sino‐American energy cooperation.”
Founded as Dow‐Kokam in 2009, XALT Energy has since invested $600-plus million in its Midland plant. The company has 130 employees now.