evTS Announces Agreement to Manufacture and Distribute Its FireFly® ESV in the United Kingdom
- U.S. stocks close down on news of Biden tax proposal
- Biden To Propose Capital Gains Tax As High As 43.4% For Wealthy - Bloomberg
- Intel (INTC) Tops Q1 EPS by 24c, Offers Guidance
- Snap (SNAP) Tops Q1 EPS by 5c, DAUs were 280 million, Offers Guidance
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
BOSTON, Feb. 17, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – ev Transportation Services Inc. (“evTS”), an electric vehicle manufacturer focused on the essential services and urban e-mobility markets, today announced it has entered into a cooperative agreement to have its FireFly® ESV vehicles manufactured and distributed in the United Kingdom by Evtec Automotive, a U.K.-based electric vehicle technology group and part of the Stetford Group.
The agreement calls for assembly and distribution of 5,000 FireFly vehicles over the next 3 years in the U.K. and further grants Evtec rights to expand its distribution network to markets in Western Europe.
“We believe the combination of Stetford Group’s experience and industry leadership in automotive manufacturing technologies and evTS’ experience in design and recent extension of the FireFly platform into new sectors, creates the perfect environment to forge new revenue streams from the many opportunities for use of our vehicles in the U.K. and European markets,” said evTS Chairman and CEO David Solomont.
“This is an exciting development for Evtec Automotive. The innovative FireFly is going to play an important role in the increasing zero-emission commercial utility vehicle market. It will also be able to take advantage of the rapidly increasing demand for electric last-mile vehicles, becoming a pivotal catalyst in improving urban air quality, and making U.K. and European towns and cities better places to live and work. We have hugely exciting ambitions for the way we make and distribute the FireFly and can’t wait to get started,” said Evtec Automotive Chairman David Roberts.
“Evtec Automotive and the wider Stetford Group is exactly the right organisation to drive the FireFly’s success in the U.K. and European markets. It is entering a hugely expanding sector and Evtec will be able to fully exploit that, as well as utilising ambitious plans to expand local supply chains and innovative ways of selling, distributing and servicing the FireFly,” Stretford Advisory board member and former Ford of Europe EV program executive Joe Bakaj said.
ev Transportation Services Inc. (“evTS”) is a specialty vehicle manufacturer that produces purpose built, all-electric lightweight commercial utility vehicles and provides fleet management solutions. Founded in 2015, the Boston-based company’s flagship product, the FireFly ESV is aimed at the essential services transportation and urban e-mobility markets, which represent an annual U.S. domestic replacement market of approximately 100,000 vehicles, or roughly $2.5 billion annually. End user applications for the company’s vehicles include parking management, security and perimeter patrol, parks and sidewalk maintenance, utility meter reading, property and building management, airports, seaports, sanitation, university and corporate campuses, and last mile on-demand urban delivery. For more information, visit the company’s website at www.evts.com.About Evtec Automotive
Evtec Automotive is a U.K.-based group, that focuses on every aspect of the electric vehicle supply chain and the end-to-end lifecycle of EVs. Its mission is to source, make, deliver and then sustainably dispose of all EV technologies, driving social change and the adoption of zero-emission vehicles.
It is a member of the Stretford Group, an investment firm founded by leading entrepreneur David Roberts. Stretford seeks to generate attractive long-term returns within the manufacturing sector and as such has built up an impressive portfolio of private companies, located in the U.K., in a wide variety of sectors including luxury goods, automotive vehicles and trucks, automotive parts and components, consumer goods and industrial products, that compliment each other to provide the market with superior products and services. Stretford’s objective is to push the boundaries of manufacturing excellence through investing in promising companies, clever technology and market leading practices.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company’s SEC filings. These risks and uncertainties could cause the company’s actual results to differ materially from those indicated in the forward-looking statements.
+44 7778 857 firstname.lastname@example.org
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- The Hartford (HIG) Reports Q1 EPS of $0.56; Rejects Additional Proposal from Chubb (CB), Raises Buyback
- AIkido Pharma (AIKI) Announces Withdrawal of S-1 Registration Statement
- SEC Said to Examine Fund Disclosure Rules After Archegos Blowup - Bloomberg