Taiwan-based Teco Electric and Machinery Co will launch a green motor project with a total investment of $135 million in Wuxi New District, Wuxi, Jiangsu province, the Wuxi Daily reported April 30.

Wang Quan, the mayor of Wuxi, and Chiu Chun-chih, the president of the company, attended the signing ceremony.

As one of the earliest Taiwan companies settling in the city, Teco has been a pioneering company in the motor manufacturing industry, said Wang. He expressed gratitude to the company's contributions to the social and economic development of the city and hoped that the new project would facilitate the local industrial transformation.

Chiu said the sound investment environment and supporting environment are the reasons behind the company's decision to launch the new project in Wuxi. She also added that if the green motor project turns out to be a success, the company will consider bringing more investments in the city.

Teco Electric and Machinery Co, founded in 1956 in Taiwan, is a conglomerate with worldwide business operations. Starting out as an industrial motor manufacturer, Teco has engaged in home appliances, telecommunications equipment, IT systems, electromechanical components and commercial electronics. So far, it has opened four companies in Wuxi New District with a total investment reaching $120 million.