Buys Brand & Factory, Will Emphasize Battery EVs
Amp Electric Vehicles has completed its $5 million purchase of Workhorse from Navistar and is moving to produce battery electric vehicles at the 200,000-square-foot Workhorse factory in Union City, Ind. Other alternative drives and fuels are planned as well, as are gasoline vehicles. this March 16 item re-posted March 20 to include Bill Richardson news
“This acquisition positions Amp as the first truck OEM in the United States to offer medium-duty commercial-grade electric, gasoline, propane, hybrid, and CNG vehicles,” the company says.
The acquisition was effected through Amp Trucks, a new subsidiary of parent Amp Holding (OTCBB and OTCQB:AMPD), of Cincinnati. Amp was to pay $2.75 million in cash with a secured debenture for $2.25 million, according to an 8-K filing after Amp disclosed a definite agreement last week (F&F, March 7).
The Union City facility can produce as many as 30,000 chassis per year, Amp says. Amp plans to manufacture robust step-vans and other vehicle types, taking advantage of an existing network of 440 Workhorse dealers. The acquisition includes the ex-Navistar factory, the Workhorse brand and logos, and all intellectual property and patents.
Bill Richardson Joins
“We look forward to owning Workhorse, a highly respected brand, and having the opportunity to install our electric power train in a well-proven chassis and, at the same time, continuing to satisfy the needs of long-standing Workhorse customers,” Amp chair Jim Taylor said in a release.
Amp said March 19 that Bill Richardson, former U.S. congressman, governor of New Mexico, U.S. Ambassador to the United Nations and Secretary of Energy under Bill Clinton, has joined the Amp EVs advisory board.
“Bill brings extensive knowledge and a strong base of experience in the clean energy and transportation area,” Amp CEO Steve Burns says in the company’s announcement. “He is deeply respected for his environmentally-conscious accomplishments and insights, both nationally and internationally, and we feel Amp will benefit.”
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Source: Amp Holding with Fleets & Fuels follow-up
Amp Trucks plans for the Workhorse factory in Union City, Ind. to be humming again soon.