Investment group TrueGreen is set to officially reveal its plan to build an electric vehicle production facility in regional NSW.
The investment group and majority owner of electric bus supplier Nexport is scheduled to make the announcement at Circular Quay today.
The investment group purchased a 51-hectare site within an enterprise zone at Moss Vale in the NSW Southern Highlands, in response to the NSW Government's decision to electrify its 8000 fleet of buses.
A TrueGreen spokesperson said the intention of the purchase was to develop "a 7-star rated, zero emissions production facility for electric vehicles - buses, trucks, logistics vans and cars".
Majority owner TrueGreen said it planned to invest $700m in a manufacturing base and "eco village", where it would build electric vehicles and support other CleanTech businesses and projects.
"It is expected to create more than 2000 new skilled jobs over the next five years," the group said in a statement to the media.
Nexport CEO Luke Todd said TrueGreen was focused on "driving change by backing Australia's most innovative CleanTech businesses".
"TrueGreen and Nexport are planning to bring automotive manufacturing back to Australia with the next generation of cost-effective electric vehicles," Mr Todd said.
The purchase follows a 2020 parliamentary inquiry and the testing of a significant number of Nexport buses in metropolitan Sydney.
Nexport is the largest supplier of electric buses in Australia. It uses electric vehicle technology developed by Chinese electric car maker, BYD, which sees itself as competing alongside Elon Musk's Tesla in the marketplace.