T5 Equity Partners, the main investment part of Triple Five Corporation, owned by the Canadian-based Ghermezian family, is behind a big initiative to use fully-electric refuse trucks throughout the US and has teamed up with the Warren Buffett backed Chinese electric vehicle manufacturer, BYD.
Wayne Engineering, which is owned by T5 Equity Partners through Wayne Industrial Holdings, together with BYD launched a fully-electric refuse truck late last, which is now being trialled by a number of sanitation departments of US cities, including Los Angeles.
Ira Perlmuter, managing director of T5 Equity Partners and chairman of Wayne Engineering, said at the time of the deal: “Refuse trucks are a part of every community in the country, and these all-electric trucks will start making a difference right away.”
Launched in 1995, BYD, through its subsidiary BYD Automobile, is now one of the world’s biggest makers of electric vehicles. It is also one of the world’s biggest makers of mobile phone batteries. In 2008, Buffett’s Berkshire Hathaway bought a 10% stake in the Shenzhen-based company, which is listed on the Hong Kong Stock Exchange.
T5 Equity Partners along with Triple Five Corporation, are big investors in private equity and venture capital. The Ghermezian family made their money by building and owning some of North America’s biggest shopping malls.