Tropical Battery forms another subsidiarySunday, November 28, 2021
Tropical Battery Company Limited has formed another subsidiary, Tropical Mobility, a new electric mobility solutions company, to serve the needs of the emerging electric mobility market in Jamaica and across the Caribbean.
This is the second subsidiary formed by Tropical Battery in less than a year, having incorporated in April of this year a 50-50 joint venture energy-saving solutions company, Enervate, with air-conditioning company CAC 2000.
The Jamaica Observer understands that the business was formed to take advantage of the growing use of electric vehicles (EVs) in Jamaica.
Sunday Finance has been reliably informed that Tropical Mobility is now closing on a number of supplier contracts with overseas suppliers of EV batteries with talks in the pipeline for a possible foray in the market for electric-powered scooters.
Our sources indicate that Tropical Mobility is also looking to establish a presence in other regional markets and might make its foray through mergers, acquisitions or even strategic partnerships.
However, when contacted, Tropical Battery CEO Alexander Melville declined to give any details on neither the new subsidiary nor the supplier contracts being negotiated, stating that such information might constitute a breach of non-disclosure agreements (NDAs) in place with certain third party companies.
He promised to divulge more details on the company at the appropriate time but was adamant to maintaining the NDAs, now in place with these third party companies. Tropical Mobility was formed recently with Oliver Hill being appointed CEO, effective October 4, 2021.
Hill brings a wealth of experience in mergers and acquisitions intelligence and as a consultant to the Inter-American Development Bank, where he provided support on projects related to energy efficiency, renewable energy, electric mobility, water resource management and citizen security.
Based on the company's regional outlook and Hill's expertise in mergers, acquisitions and renewable energy, it is not surprising that he was handpicked for this position.
As part of its Strategic 2021 Growth Plan, Tropical Battery's management advised shareholders earlier this year that the company is moving ahead in identifying acquisitions and partnerships with “aligned profitable companies in Jamaica and across the Caribbean region,” and has entered into discussions with “several key partners to assist in identifying suitable acquisition targets.”