AMP Holding Inc. (AMPD.ob), a company engaged in the electrification of OEM vehicles, has signed a letter of intent (LOI) with Northern Lights Energy (NLE) to introduce all-electric SUVs to Iceland as part of its national electric vehicle (EV) project. NLE committed to purchase 1,000 all-electric SUVs from AMP over a five-year period.
NLE is actively promoting means of sustainable transportation and has initiated the Icelandic National EV Project, involving various stakeholders such as municipalities, and large companies in a national consortium with the aim to build a nationwide charging infrastructure and end Iceland’s dependence on foreign oil through the electrification of transportation.
"Everything is present–a low cost of electricity coupled with the high cost of gasoline, the inherent short commutes of an island community and the desire to reduce dependence on foreign oil," said Steve Burns, AMP CEO.
AMP expects to deliver its first Electric SUV to NLE in early 2011. After an initial review, NLE intends to demonstrate the AMP’d SUV to the EV Project Consortium members, followed by public exhibition. It is the intention of NLE to purchase a variety of all-electric SUV’s from AMP for utilization within fleet operations as well as for re-sale within the Company’s market region. NLE’s interest and commitment is contingent upon AMP successfully demonstrating and meeting certain conditions pertaining to the production and specifications of its EVs.
"AMP’s 100% electric vehicle technology makes it an ideal partner to work towards our underlying goal of radically improving the transportation industry in Iceland. The SUV segment now captures approximately 35% of the Icelandic car market, and while most industry players are focused on other market segments, we have high hopes for this segment and in AMP’s market-ready technology," said Gisli Gislason, CEO of NLE.
AMP is in discussions with several potential OEM partners to supply the underlying SUVs for AMP’s electric conversions.
Based in Reykjavik, Iceland, Northern Lights Energy is a young, dynamic company that operates in the energy and transportation sectors. NLE focuses on investing in projects that have positive effects for the community and use the country’s rich resources.
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