Optimal-EV has signed a licensing and marketing agreement partnering with Vicinity Motor Corp.
This licensing and marketing agreement provides rights to VMC to license and sell the Optimal S1 and E1 product lines for a period of 10 years in exchange for an investment of USD$20,000,000. Optimal-EV will produce the vehicles and chassis for Vicinity Motor and Vicinity Motor will market and sell the vehicles directly in Canada and through a dealer network in the U.S. Vehicles will be branded "VMC Optimal" and the two partners will share in revenue and profits. The deal is intended to combine the strengths of the two companies in engineering, procurement, design, sales and support.
With the agreement, Vicinity Motor will have access to:
Over USD$30,000,000 in firm orders for deliveries in 2022
LOI with existing Optimal-EV dealers for potential sales of USD$194,000,000 in 2023
Potential sales pipeline of over USD$600,000,000
"Vicinity was an ideal fit for this partnership with strong brand-recognition throughout North America and a leading position in the electric bus market with its groundbreaking Vicinity Lightning™ EV”,
said Song Young, CEO and Founder of Optimal-EV.
“This synergy - along with their strong commitment to service, long-standing customer loyalty and solid reputation - will lead to a successful partnership and provide a springboard for significant sales of the E1 and S1 through Vicinity's broad dealer network."
William Trainer, Founder and Chief Executive Officer of Vicinity Motor Corp. added,
"This new agreement is a testament to our proven execution, wide sales network and robust footprint throughout North America. With a clear market segment leadership position in Canada and a growing portfolio of U.S. customers, we are confident we can deliver sales results for Optimal-EV and further enhance our presence in the electric vehicle and Medium & Light Duty Cutaway categories. In a total addressable market of USD$26 billion, the agreement will provide access to order book of over USD$30 million for delivery in 2022. Optimal-EV has utilized decades of OEM-level engineering prowess and 5 years of EV-specific development experience to deliver the only low-floor electric shuttle bus in its class. The E1 and S1 products offer industry-leading performance, features, comfort and durability. We look forward to working with the team at Optimal-EV to expand our portfolio of EV vehicles and extend our reach to another segment of the rapidly growing all-electric market."
Having arrived in Q3 2021, the Optimal E1 is a Best in Class fully-electric low floor chassis built on the E450 frame, aimed to be an enabler for zero-emission operation of an extensive range of market segments, including commercial trucks and buses, ambulances, recreational vehicles and fleet trucks. The E1's innovative powertrain system enables more than 125 miles of driving range, 75MPH top speed, 30% gradeability at maximum load-and utilizes high-performance battery systems from Proterra®, which have industry-leading energy density, a flexible design to fit within a wide variety of vehicles, and rigorous pack level validation designed for safe and durable vehicle operation. The E1's flexible rear-drive design integrates the vehicle's fully-electric powertrain, including the 113 kWh Proterra Powered™ high-performance battery pack, in-between the chassis rails to allow for seamless aftermarket body integration. The vehicle can fully charge in about two hours with optional DC fast charging and will feature a gross vehicle weight rating (GVWR) of 14,500 pounds.
The Optimal S1 low floor cutaway shuttle bus, also built on the E450 chassis, takes full advantage of Optimal-EV's OEM-quality design and engineering to introduce a product that is both C/FMVSS and ADA compliant. Its low-floor design, which is made possible by the innovative packaging of battery-electric propulsion, allows for ultra-low 11" step-in height and quick deployment of an ADA-compliant accessibility ramp without the need for the added complexity of kneeling suspension. A variety of seating and storage configurations ensure the Optimal-EV S1 meets all of customers' fleet needs.
Optimal-EV is the market leader in the design, validation and manufacturing of zero-emission electric low-floor shuttle buses. Their suite of low-floor vehicle configurations and equipment options are quiet and ecologically efficient, making them ideal for the seamless migration of your current fleet to being zero-emission. Optimal’s journey into vehicle electrification began in 2015, with the integrated 33 years of automotive design/development and superior CAE (computer aided engineering) optimization skills, and is now augmented by a seasoned bus manufacturing operations team. Leveraging multi-industry insight and innovative approach to engineering and vehicle manufacturing, they identify and integrate the best industry solutions for the customers. Optimal proudly designs, engineers and manufactures vehicles in America, with our engineering and research center in Plymouth, Michigan and manufacturing center in Elkhart, Indiana.
For more information, visit: www.optimal-ev.com
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