Benzinga | Jan 21, 2022 02:17PM EST

Greenland Inks Distribution Deal To Sell Industrial EVs In Morocco

* Greenland Technologies Holding Corp (NASDAQ:GTEC) signed a new distribution agreement with a minimum potential market value of $5 million to $8.4 million.

* 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.

* The agreement includes fixed and adjustable minimum purchase requirements covering a multi-year term to accommodate Greenland's electric industrial vehicle product line.

* 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 multi-year agreement has a great deal of upside and we expect this to be another important growth driver for our business."

* Price Action: GTEC shares traded lower by 6.78% at $4.95 on the last check Friday.