Power Solutions International, Inc. Enters into the Second Amendment to Strategic Collaboration Agreement with Weichai Power Co., Ltd
March 27, 2023 at 04:04 pm EDT
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Power Solutions International, Inc. entered into the Second Amendment to Strategic Collaboration Agreement, which amends the Strategic Collaboration Agreement, dated March 20, 2017 and the subsequent First Amendment to Strategic Collaboration Agreement dated March 26, 2020 with Weichai Power Co., Ltd., an affiliate of Weichai America Corp. (together, Weichai). The Amendment extends the terms and obligations under the Collaboration Agreement until March 20, 2026, with the option to extend the Collaboration Agreement through mutual agreement of the parties within two months of the expiration of the term.
All other terms of the Collaboration Agreement remain unchanged. Weichai is currently the Company's stockholder holding 51.2% of the Company's outstanding common stock as of March 22, 2023. The original Strategic Collaboration Agreement was entered into in conjunction with a Share Purchase Agreement, dated March 20, 2017, between the Company and Weichai, and a Shareholder Agreement, dated March 20, 2017, between the Company and Weichai.
Power Solutions International, Inc. designs, engineers, manufactures, markets and sells a broad range of advanced, emission-certified engines and power systems that are powered by a wide variety of clean, alternative fuels, including natural gas, propane, and biofuels, as well as gasoline and diesel options, within the power systems, industrial and transportation end markets. The Companyâs products are primarily used by global original equipment manufacturers (OEMs) and end user customers. The Companyâs products include power systems, electric power generation (gensets), large custom genset enclosures, mobile and stationary gensets for: emergency standby, rental, prime power, demand response, microgrid, oil and gas, data center, renewable energy resiliency (wind, solar, storage), combined heat and power (CHP), industrial material handling, agricultural/arbor care, irrigation/pumps, construction, compressors, wood chippers, stump grinders, and sweepers/industrial scrubbers.