AMP Electric Vehicles has signed a definitive agreement with the Icelandic company Northern Lights Energy (NLE) that will be worth $100 million once fully executed.
The first NLE AMP Electric SUVs are is scheduled to be delivered within thirty days with the next twenty vehicles scheduled for delivery to NLE by September of this year.
The initial deliveries include a Chevrolet Equinox electric SUVs and Mercedes Benz ML electric vehicle models.
The Chevrolet Equinox electric SUVs are powered by Remy International motors, and have a range of up to 150 miles per charge, with a top speed of 90 miles an hour.
The initial deal is specific to Iceland, but AMP expects to Northern Lights Energy to expand distribution of the vehicles to Finland, Sweden, Norway and Denmark.
The agreement, initially announced in November, is part of a larger EV project in Iceland to expand electric vehicles.
Most of Iceland’s electricity is from cheaper hydro power and geothermal sources, making it more cost-effective than imported gasoline.