First Electrified Mercedes ML of $100M Agreement Delivered

An electrified Mercedes-Benz ML, which was converted to run on electric current by AMP Holding, was delivered to Gisli Gislason, Chairman and CEO of Northern Lights Energy (NLE) of Iceland. The vehicle is the first of a long term supply agreement that was signed between the two parties on April 14 this year.

The AMP/NLE agreement is set to bring AMP a revenue of $100 million and also promote the company as a leading supplier of electric SUVs. AMP expects to debut volume deliveries in September 2011.

"The demand for SUVs is very high in Iceland at approximately 35 percent 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."

The two companies see Iceland as a country that is perfectly suitable for EVs, as most of its electricity comes from a mix of hydro power and geothermal resources, thus allowing the electrical supply to be much more economical that the imported gasoline. The agreement anticipates a spread throughout the Nordic region to include Finland, Sweden, Norway, Denmark and the Faroe Islands.