EvoTek has provided consulting and engineering services to small volume manufacturers and fleets in the alternative fuel industry for several years. Its consulting team has combined experience of over 35 years.
The transaction is valued at US$7 million comprised of US$4 million in cash to be paid at closing and US$3 million of Fuel Systems’ stock paid into escrow at closing. Additionally, Fuel Systems announced that it has completed the purchase of Productive Concepts International LLC’s (PCI) alternative fuel vehicle business for US$11 million.
Matthew Beale, president, chief financial officer and secretary of Fuel Systems Solutions, said “EvoTek and PCI together equip our U.S. Automotive business to be a leader in this market. EvoTek positions our company to compete in the dedicated NGV´s OEM market emerging in the United States. And PCI adds key technology and industry relationships to further our North American OEM and fleet market strategy.”