Greenland Technologies Holding Corp., an East Windsor technology developer and manufacturer of electric industrial vehicles, on Friday signed a new distribution agreement with a minimum potential market value of $5 million to $8.4 million.
The agreement includes both fixed and adjustable minimum purchase requirements across a multiyear term to accommodate Greenland’s expanding electric industrial vehicle product line.
Under the agreement, Greenland’s distribution partner, Elive Maroc S.A.R.L. A.U., will have the exclusive right to market and sell the company’s industrial EV vehicles in Morocco.
Raymond Wang, CEO of Greenland, commented: “We could not have structured a better agreement, and we expect this will serve as the blueprint for how we accelerate our sales growth worldwide. Our multiyear agreement has a great deal of upside, and we expect this to be another important growth driver for our business.”
According to a company news release, Morocco is an advantageous market ready for the electrification of industrial vehicles, as electricity costs remain at a market-low price of $0.116 per kilowatt-hour compared to rising diesel costs over $4 a gallon, according to Morocco’s Ministry of Energy Transition and Sustainable Development. The African country has committed to the United Nations a goal of 80% renewable energy use by 2050.