China Green Energy Industries has acquired the NICONIA Light-Weight Electric Vehicles (LEV) brand and retail sales network, which is owned by Changzhou Benshen Bicycle.

The total purchase price for the NICONIA brand and retail sales network was approximately $3m.

Benshen is a manufacturer of light-weight electric vehicles with a sales network of approximately 350 retail stores in China.

China Green Energy chairman and CEO Jianliang Shi said that LEV business unit projected to achieve sales in excess of $45m with estimated gross margins of 25% in 2011.

"LEV sales in China have grown at a 29% compound annual growth rate from 2005-2009 and our acquisition of NICONIA enables us to accelerate growth in this segment," Shi said.

China Green Energy is a manufacturer and distributor of high-tech and environmentally-friendly consumer products.