CINCINNATI, Nov. 29, 2010 /PRNewswire-FirstCall/ -- AMP Holding Inc. (OTC Bulletin Board: AMPD), a company engaged in the emission-free electrification of OEM vehicles, announced it 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. Under terms of the letter of intent, subject to various conditions described below, NLE committed to purchase 1,000 all-electric SUVs from AMP over a five-year period.
"The combination of EVs and Iceland make for a perfect storm," said Steve Burns, AMP CEO. "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. We are delighted to be doing business together."
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.
"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 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 is in discussions with several potential OEM partners to supply the underlying SUVs for AMP's electric conversions. AMP's intention is now to extend those discussions to the Iceland project for what should become the world's leading EV test bed of 2011.
About AMP Holding Inc.
AMP was founded in 2007 by automotive industry veterans who have created several hi-tech companies. Currently, the AMP team is comprised of top engineers and business executives, as well as two key pioneers of GM's EV1 project. AMP's first all electric demonstration models were the Chevrolet Equinox, the Saturn Sky, and Pontiac Solstice. 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 wide range of OEM vehicles and SUVs, and expects to announce new model additions in 2010. The Company expects its vehicle electrification technology will provide new solutions to America's energy demands.
To learn more, visit the AMP website at www.ampelectricvehicles.com.
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. Its projects must be profitable and show potential for subsequent growth. NLE's guidelines require they establish their own projects, although also invest in other companies or in projects created outside the Company.
NLE aims to launch projects that will benefit the community, managing and cultivating them with the objective of exporting the knowledge and experience they bring. The underlying principles that underpin choice of projects are social responsibility and value for the community in Iceland. These tenets strongly influence selection and help in the decision-making process.
To learn more, visit the NLE website at http://en.nle.is.
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.
SOURCE AMP Holding Inc.