• Apr 26th 2011 at 2:02PM
  • 4
In November, Northern Lights Energy signed a letter of intent to buy 1,000 converted electric SUVs from Amp Electric Vehicles. This was the first big step in NLE's plan to turn Iceland into a country full of electric vehicles and deliveries were supposed to start in early 2011 and continue for the following five years. The electric SUVs – initially Chevrolet Equinoxes and then also Mercedes Benz ML vehicles and, potentially, other models – will be first sold in Iceland, and later in Finland, Sweden, Norway, Denmark and the Faroe Islands, Amp said.

Last week, Amp and NLE signed a "definitive agreement" for these 1,000 vehicles, saying that the potential value could be over $100 million (which comes to around $100,000 per Equinox) and that the first delivery is scheduled for May. Twenty more will be delivered in September.

These vehicles will be used by "fifty Icelandic companies and government offices, including the Ministry of the Environment," Gisli Gislason, chairman and CEO of Northern Lights Energy, said in a statement. IF NLE gets its way, this number will increase to 300 companies in the near future. NLE has also ordered 150 all-electric converted Range Rovers from Liberty Electric Cars.

[Source: Amp Holding Inc.]
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$100M for the Supply of 1000 SUV Electric Vehicles to Northern Lights Energy (NLE) of Iceland

-- First Delivery Scheduled for May with Next Twenty Scheduled for Delivery in September --
Cincinnati, OH – April 19, 2011 – 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., announced today the signing of a definitive agreement with the Icelandic company Northern Lights Energy (NLE). The agreement, in fully executed form, would result in potential revenue to AMP in excess of one-hundred million ($100M) and positions AMP to be a leading supplier of electric sport utility vehicles (SUVs). The first NLE unit is scheduled to be delivered within thirty days with the next twenty vehicles scheduled for delivery in the September timeframe.

James Taylor, AMP's CEO, states, "This order represents a major milestone in AMP's efforts to develop an electric vehicle drive-train that will provide both efficient SUV performance along with an estimated range of 100 miles per charge. Our agreement with Northern Lights Energy validates the market interest in practical electric vehicles that can seat up to five people while providing the cubic foot storage advantages of SUVs. The NLE agreement exemplifies our marketing plans to supply electric SUVs to fleet and automotive distribution channels."
AMP's Chairman, Joseph Paresi, adds, "The rapidly expanding market for electric vehicles is driven by a number of political, economic and environmental factors. AMP is well positioned to take advantage of this rising demand for alternate energy vehicles. For example, SUVs represent over twenty-five percent (25%) of all vehicle types purchased annually in the U.S. alone. AMP's initial business plan is to capture a reasonable portion of the SUV market, less than one percent (1%) of annual SUV purchases. This agreement is a significant step forward with our plans which benefits from EV sales in both the United States and in key overseas markets like Iceland".

AMP's President and Founder, Steve Burns, stated, "Northern Lights Energy has been a visionary in the application and advantages of electric driven SUVs. We are extremely pleased to be working closely with NLE in the first large scale deployment of electric SUVs. This agreement represents a major advancement in transportation from conventional combustion engines and hybrid/extended range vehicles into effective SUV-size 100% electric vehicles."

This final definitive agreement with NLE was previously noted in a press release of a Letter of Intent announcement in December 2010. While the initial territory is specific for Iceland, the agreement anticipates expansion throughout the Nordic region to include Finland, Sweden, Norway, Denmark and the Faroe Islands. The agreement also provides flexibility in the base SUV types. The initial deliveries include a Chevrolet Equinox EV (demonstration vehicle already shipped to Iceland) and Mercedes Benz ML EV models. A potential contract expansion of additional models will be defined over the next ninety days.

As previously reported by news corp. Frettabladid, the project is part of a national campaign that aims for a large scale implementation of electric cars in Iceland. Iceland is very suitable venue for electric vehicles due to the fact 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. According to Gisli Gislason, Chairman and CEO of Northern Lights Energy, "Fifty Icelandic companies and government offices, including the Ministry of the Environment, have signed up and will host electric vehicle charging and convert their fleets to electric vehicles". Gislason further said that NLE is looking to sign up a total of three hundred companies. "We are very pleased to sign this EV SUV order and NLE anticipates that our agreement with AMP Electric Vehicles will lead to significant deliveries in Iceland and other countries within the Nordic region".

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.

Forward-Looking Statements
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.


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    • 1 Second Ago
  • 4 Comments
      Marcopolo
      • 4 Years Ago
      As an owner of a LEVRR, I can attest that for performance, range and comfort the Liberty Range Rover is one terrific EV. (Expensive, but then RR ICE isn't cheap). The one place where SUV's are really useful and at home as a legitimate car alternative is Iceland. A cheaper EV SUV is a great idea, especially as most of Iceland's power is Hydro/Geothermal. Applications like these are really good news for EV builders and this decision must put NLE in the running for the worlds most forward thinking power Utility.
      electronx16
      • 4 Years Ago
      $100K a pop? According to their website AMP will convert your Equinox for only $25K including a 37KWH battery. Sounded like a pretty good deal but I never read about any actual sales and this new number seems to indicate why.
      Edge
      • 4 Years Ago
      The Iceland government has money to spend a HUGE $100,000 per EV, but so far refuses (people voted to not pay in a two separate referendums) to pay Europeans for the deposits they had in their banks. That government is out tune with reality, and I hope the lawsuit that Europe is bring against them hits them hard. I'm all for them getting EV's, but not at $100,000 each, when they are not meeting their responsibilities.
        Marcopolo
        • 4 Years Ago
        @Edge
        Firstly. Get your facts straight. $100,000 is not a 'Huge' sum for this type of vehicle, nor is any other EV suitable. (2/3 rds of Iceland roads are unpaved). The purchase of these vehicles is financed by NLE, and leased to the Icelandic Government (and private intuitions). These EV's will pay for themselves by reducing expensive oil imports, assisting Iceland's balance of payments. Such an investment may assist in the return of 35,000 Icelanders forced by the crisis to leave their homeland. The dramatic collapse if the Icelandic banks was part of the GFC. How many other US, UK, European and Asian financial institutions lost far more! The Icelandic banks that lost money were private banks, not government owned. European Bank Deposit Insurers also defaulted due to massive losses in the US, UK, Asia and Europe. It's true that Iceland underwent a period of wild financial over-expansion (encouraged by European financial institutions and even some central banks). But how crazy, greedy and downright dishonest were the institutions and individuals who recklessly banked with, a small nation like little Iceland, whose GDP smaller was smaller than some of the institutions? The major world banks and financial institutions, knew that the Central Bank of Iceland could never act "as a lender of last resort', for deposits 7X greater than Iceland's GDP, yet the advisor's at the EU Central Bank, encouraged Iceland's , incredibly gullible , former government, to deregulate! What, you may ask, was the motivation of the UK Kent County Council, (and 100 other UK County Councils) to bank in Iceland?! (long way from Kent) Or the UK government quango, 'Transport for London'? Or even the UK Audit Authority!!!! Did these guy's perform any due diligence? What was the UK treasury doing allowing such folly? No, 'Europe' is not suing Iceland, in fact European governments and banking syndicates (even Poland and Russia) are advancing funds to resolve the fall out and restore Iceland's finances. This is because it's not the Europeans who can sue Iceland, but Iceland who can claim deposit insurance defaulted by European institutions. Only UK and Holland have threatened to go to the EU court. This is not supported by any other European nation. The German finance minister stated such posturing is unhelpful, undignified, and doomed to failure. Are you really so mean spirited that you expect the less than 290,000 citizens of tiny Iceland, (virtually a small town) to meet the debts of foolish European investors, who greedily invested unwisely in private banks, then tried to weasel out of their share of responsibility for the inevitable disaster? Who taught the Icelandic banks, bad, even, downright dishonest, habits? Will the US government going to reimburse all those who lost 5 times far more investing with Bernie Madoff ? Or are you one of those UK, (euro) residents who want to steal Iceland's fishing rights?