Electra's Polish unit wins €70m Tesla electro-mechanical deal

Elon Musk

Electra M&E Polska will perform 70% of the electromechanical works at the electric vehicle plant that Tesla is building near Berlin.

Electra Ltd. (TASE: ELTR) announced today that Polish unit Electra M&E Polska has signed a strategic agreement with Tesla to perform electro-mechanical work at the electric vehicle manufacturing plant that it is currently building near Berlin. This will be Tesla's fourth factory worldwide and its first in Europe.

Electra will carry out 70% of the electro-mechanical work in the 300,000 square meter factory including the air-conditioning, heating and ventilation systems, electrical and low tension works, and control systems for an overall value of €70 million.

Electra M&E Polska specializes in these types of electro-mechanical projects for Europe's leading vehicle manufacturers. The company recently completed projects worth €65 million for Volkswagen at its plants in Poland and Germany, for Audi at the plant it is building in Ingolstadt in Germany, and for Mercedes at a plant it is building in Western Poland. The company also holds a service contract for Volkswagen in Poland.

Electra CEO Itamar Deutsch said, "We are proud to be partners in this strategic agreement with a groundbreaking company like Tesla, and we see it as a major milestone in Electra's positioning as a leading player in electro-mechanics in Europe. This collaboration joins a range of agreements that Electra has signed over the past two years for undertaking electromechanical works for leading car manufacturers in Europe. The technological knowhow and experience Electra has gained over many years in managing work in this field will enable us to express our overall capabilities and the group's skills at the highest level of implementation and quality."

Published by Globes, Israel business news - en.globes.co.il - on September 3, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020

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