The funding follows up last week's announcement that Amp delivered its first heavy-duty battery-electric step van to Navistar. That vehicle is said to have a 100-mile single-charge range as well as 1,000 cubic feet of cargo capacity.
Amp opened its first dealership this spring (pictured), exhibiting its GCE (based on a Jeep Grand Cherokee) and the MLe (which uses a Mercedes-Benz ML350) battery-electric vehicles in the process. Those SUVs have a single-charge range of as many as 125 miles. In January, Amp priced the Jeep-based EV at $57,400. Amp is also partnering with FedEx to convert two 14,000-pound trucks to EVs that will be tested in the Washington, D.C. area. Amp's press release announcing the $7.5 million is below.
AMP business plan continues expanded production efforts in area of all-electric heavy-duty fleet vehicles and larger consumer EVs.
Cincinnati, OH (PRWEB) August 28, 2012
AMP Electric Vehicles (OTCBB and OTCQB: AMPD) electric drive motor vehicle manufacturer CEO, Steve Burns today announced that AMP Holding, Inc., the parent company of AMP Electric Vehicles Inc., has secured a commitment of $7,500,000 from Kodiak Capital Group, LLC, a Newport-Beach based private investment fund, subject to such commitment being registered with the Securities and Exchange Commission as well as other conditions.
Steve Burns stated, "As we continue our expected EV production growth and add products to our offering, Kodiak is the perfect partner for AMP. The inroads we are making into the EV commercial fleet and consumer market are steady, persistent, and well-suited for our proprietary technology and the AMP EV propulsion system."
"AMP is a perfect match for our interest in the electric vehicle industry," commented Colin Manners, Director, Kodiak Capital Group, LLC. "We are especially interested in AMP's EV heavy truck fleet vehicle development and production in the fleet vehicle industry. The potential for this patent-pending technology is very exciting, and we at Kodiak see the advantages of making this sizable commitment into AMP under Mr. Burns' direction."
Burns continued, "With assistance from Kodiak, AMP will be able to expand our expected EV production, allowing us to make additional major advances into the commercial fleet market, as well as expanding our EV network. I am thankful for their confidence. With this team in place, we are moving into the next phase in our development."
"Further, I am happy to report that we have delivered and successfully tested our all-electric 1,000 cubic foot commercial step van, taking our first step in our development deal with Navistar, for large commercial EVs built for the urban delivery market," continued Burns.
The AMP vehicles built under the Navistar agreement are designed for 100 miles of range on a single charge, and have a maximum gross vehicle weight of 19,500 lbs. The electrification architecture is based on the well proven AMP platform, and has been engineered to be suitable for both re-powering of existing diesel vehicles in a fleet as well as new vehicles that may be ordered by fleets in the future.
"All is on track, and I look forward to bringing further updates as they are made available," concluded Burns.
About Kodiak Capital Group, LLC Kodiak is an institutional investor headquartered in Newport Beach, CA. Kodiak's experienced professionals manage a portfolio of investments in public and private entities. These investments are in a wide range of companies and industries emphasizing life sciences, energy and technology. Kodiak's investments range from multiyear financial commitments to fund growth to special situation financings to long-term strategic capital offering companies certainty, flexibility and consistency. For more information, visit kodiak-capital.com
About Navistar Navistar International Corporation is a holding company whose subsidiaries and affiliates produce International® brand commercial and military trucks, MaxxForce® brand diesel engines, IC Bus™ brand school and commercial buses, and Navistar RV brands of recreational vehicles. The company also provides truck and diesel engine service parts. Another affiliate offers financing services. Additional information is available at http://www.Navistar.com/newsroom.
About AMP Holding Inc. AMP is a plug-in electric drive motor vehicle manufacturer, founded in 2007 by entrepreneurs who have created several hi-tech companies. AMP recently released two all electric demonstration models: the AMP MLe, based on the Mercedes ML 350, and the AMP GCE, based on the Jeep Grand Cherokee, both qualifying for the federal tax credit for EVs. In the commercial area, the company also concentrates on the electrification of fleet vehicles, including heavy-duty trucks and vans. Over the past several years, the company's vehicle electrification technology has provided new solutions to America's energy demands.
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