Ekso Bionics Holdings announced that its wholly-owned subsidiary, Ekso Bionics, Inc., has entered into an agreement with Zhejiang Youchuang Venture Capital Investment Co. and another partner to establish a joint venture designed to develop and serve the exoskeleton market in China and other Asian markets and to create a global exoskeleton manufacturing center. The joint venture will develop, sell and support exoskeleton products into China, Hong Kong, Singapore, and Malaysia, and will be capitalized at greater than $100M over its term. In addition to ZYVC, the other joint venture partner is Zhejiang Silicon Paradise Asset Management Group. Ekso Bionics will license its manufacturing technology and contribute its relevant Chinese patent rights to the joint venture in exchange for a 20% ownership position, with the other partners committing over $90M in cash. As part of the agreement, subject to certain conditions, Ekso Bionics will receive royalties on the joint venture’s medical and industrial product sales in China, Hong Kong, Malaysia, and Singapore. ZYVC and its related parties will also make an equity investment of $10M in Ekso Bionics Holdings, Inc., of which $5M is being invested now and the remaining $5M will be invested after the joint venture begins shipping products. A portion of the joint venture capital will be used to construct a manufacturing facility in Zhejiang, one of the most developed and enterprising regions in China with the highest concentration of privately owned businesses in the country.
https://thefly.com/landingPageNews.php?id=2855955
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