CINCINNATI, May 11, 2011 /PRNewswire/ -- AMP Holding Inc. (OTCBB: AMPD), a company engaged in the emission-free electrification of OEM vehicles through its wholly owned subsidiary, AMP Electric Vehicles, Inc., at a press conference at their Cincinnati, OH facility, presented the first AMP electrified Mercedes Benz ML to Gisli Gislason, Chairman and CEO of Northern Lights Energy (NLE) of Iceland.
This is the initial delivery committed in AMP's long term supply agreement with the Icelandic company signed on April, 14, 2011. We expect to begin volume deliveries in the September 2011 timeframe.
The AMP/NLE agreement, when fully implemented, would result in potential revenue to AMP of one-hundred million ($100M) and we believe positions AMP to be a leading supplier of electric sport utility vehicles (SUVs).
"The demand for SUVs is very high in Iceland at approximately 35% of new vehicle sales," said James Taylor, CEO AMP. "Our AMP Electric Mercedes ML SUV fits NLE and Iceland's needs perfectly. The vehicle comfortably fits five people, and offers the efficient performance of 100 miles per charge. We are very pleased to have presented the first vehicle, and look forward to supplying the rest of this 1,000 vehicle agreement." The order represents a major milestone in AMP's business plan to capture a portion of the SUV market in both the United States and key overseas markets like Iceland.
"We were very excited to receive and drive the AMP Mercedes ML EV today," said Gisli Gislason, Chairman and CEO of Northern Lights Energy. "The vehicle drove extremely well, and I feel will fit perfectly in our Iceland program. We have fifty Icelandic companies and government offices, including the Ministry of the Environment, signed up to host electric vehicle charging and to convert their fleets to 100% electric vehicles and their expectations are high. In my opinion, this AMP EV will meet and exceed all expectations."
Iceland is a very suitable venue for electric vehicles in that most of the country's electricity is derived from a combination of hydro power and abundant geothermal resources, making the electric supply extremely economical versus expensive imported gasoline.
While the initial sales territory is specific for Iceland, the agreement anticipates expansion throughout the Nordic region to include Finland, Sweden, Norway, Denmark and the Faroe Islands.
"This is an extremely important EV order for our entire AMP team and we are focused on all necessary steps to execute NLE's requirements," continued Taylor.
About AMP Holding Inc.
AMP was founded in 2007 by entrepreneurs who have created several hi-tech companies. Currently, the AMP team is comprised of top automotive industry veterans and business executives, as well as two key pioneers of GM's EV1 project. AMP's first all electric demonstration models were the Saturn Sky and the Chevrolet Equinox. Since its inception, AMP's unique electrification technology has proven to be an idea that has generated an extreme amount of interest, with inquiries coming from around the world. AMP's intent is to electrify a range of OEM SUVs, and expects to announce new model additions in 2011. The Company expects its vehicle electrification technology will provide new solutions to America's energy demands.
About Northern Lights Energy
Based in Reykjavik, Iceland, Northern Lights Energy is a company that operates in the energy and transportation sectors and is a leading electric vehicle service provider, offering full range of services in various integrated mobility packages to enable rapid and widespread adoption of electric vehicles. NLE has initiated the Icelandic National EV Project involving a national consortium, various key stakeholders including municipalities and many of Iceland's largest and most influential companies. NLE aims to build a nationwide charging infrastructure in Iceland to accelerate the transition to electric vehicles and further utilize Iceland's abundant renewable energy.
Certain statements contained in this press release may constitute "forward-looking statements". Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website (http://www.sec.gov). In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.
Media: Mike Dektas
SOURCE AMP Holding Inc.