Greenland Technologies Holding Corporation (Greenland), a technology developer and manufacturer of electric industrial vehicles and drivetrain systems for material handling machineries and vehicles, has signed a distribution agreement in Morocco with a minimum potential market value of US$5mn to US$8.4mn
Under the agreement, Greenland’s distribution partner, Elive Maroc S.A.R.L. A.U., will have the exclusive right to market and sell Greenland's industrial EV vehicles in Morocco. This will include Greenland's GEF-Series Lithium Electric Forklifts, its GEL-Series Lithium Electric Front Loaders and its GEX-Series Lithium Electric Excavators.
Morocco is an advantageous market ready for the electrification of industrial vehicles as electricity costs remain at a market low price of US$0.116/kWh compared to rising diesel costs over US$4.00/gal. The country has also committed to the United Nations a goal of 80% renewable energy use by 2050.
Raymond Wang, CEO of Greenland, remarked, "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 multi-year agreement has a great deal of upside and we expect this to be another important growth driver for our business.
"This agreement plants a Greenland flag in Africa, which we expect to build upon as we move forward given our advantaged competitive position and expanding electric industrial vehicle product line. With 53 other countries in Africa we have plenty of growth opportunities ahead of us. Our goal in Africa and across the globe is to partner with proven distribution partners that have an established local presence and proven track record. By leveraging their resources, sales networks and relationships, we can more quickly build the Greenland brand for electric industrial vehicles, while accelerating growth in sales and profitability.”
