Arrivo announced today a strategic partnership with Genertec America, Inc. ("GTA"), an affiliate of China National Technical Imp. & Exp. Corp. ("CNTIC"), a wholly-owned subsidiary of ChinaGeneral Technology (Group) Holding Co., Ltd ("GENERTEC").
As part of the agreement, GTA will make available to a qualifying project owner a US$1 Billion line of credit to fund the engineering, procurement and construction (EPC) of a project which utilizes Arrivo's products.
This US$1 Billion line of credit is available for projects worldwide.
"Arrivo provides a unique solution for regional mobility and a great complement to high speed rail and airports. We are excited to be an early partner in the deployment of mobility systems utilizing Arrivo's transformative technology," says Yalin Li, President of Genertec America, Inc. "We look forward to many opportunities to build this new mode of transportation in regions around the world."
Arrivo has projects advancing in many regions. "The demand for urban mobility is increasing, and technologies such as autonomous vehicles will only increase demand," notes Arrivo CEO Brogan BamBrogan. "We expand the supply side of this equation with our high-throughput corridors. We are extremely excited to have Genertec as a partner to help bring commercially viable, high-speed, and zero emissions transportation to markets around the world."
Arrivo is dedicated to increasing the capacity of available vehicle miles traveled (VMT) of urban regions while at the same time eliminating traffic congestion. Arrivo guideways are capable of 10 times the vehicle throughput of ordinary highways and can operate multiple product types, including public transit and package delivery vehicles. To minimize deployment cost, the technology can utilize existing transportation corridors.
"Arrivo is focused on commercializing the core technology and working with strategic partners to achieve external goals such as financing and the delivery of transportation projects," added Andrew Liu, President of Arrivo. "The Genertec Group has become a global leader in developing, financing, and constructing innovative transportation, energy, and infrastructure projects. This partnership will provide project owners – public or private, domestic or international – an available source of financing to fund construction and purchase of Arrivo products."