Following production completion, Revoltz sets up for delivery in accordance with its distribution agreement, aiming to sell 150 vehicles in the first year of the agreement
Tel Aviv, Israel, March 27, 2024 (GLOBE NEWSWIRE) -- Fuel Doctor Holdings, Inc. (OTC: FDOC), a Delaware corporation (“Fuel Doctor”), announced today that Revoltz Ltd. (“Revoltz”) which is 19.9% held by Charging Robotics Ltd., Fuel Doctor’s wholly-owned subsidiary (“Charging Robotics” and together with Fuel Doctor, the “Company”), announced the completion of its first production batch of 50 units of its micro-mobility electric vehicle (“EVs”) for the last-mile delivery market, “PORTO,” Revoltz’s flagship model. Completing the production is a significant step in Revoltz’s preparation for its first shipment in accordance with the distribution agreement it signed this past year.
In 2023, Revoltz entered into an exclusive distribution agreement valued at $2.7 million, with a premier distributor in Israel, dedicated to steering the advanced PORTO EVs into Israel and adjacent markets. As part of the agreement, the distributor initially purchased 50 PORTO units, and has committed to purchasing a total of 150 vehicles in the first year of the agreement term. The five-year agreement includes annual milestones and scaled-up sales targets for each year. Additionally, the distributor will provide service and maintenance for the PORTO vehicles, ensuring high-quality support and longevity for customers, focusing mainly on the local delivery market.
Revoltz has made significant strides in the EV industry with the launch of PORTO, which provides a seamless blend of functionality, sturdy design, and agility, designed specifically for the growing last-mile delivery market. The PORTO vehicle, capable of 100 km with a delivery payload of 250L on a single charge, offers a similar payload capacity to a small hatchback car, at a fraction of the cost and with the ability to maneuver in tight urban environments. PORTO uses an advanced tilting suspension mechanism, ensuring best-in-class stability, even bearing a full load. With high volume loading spaces integrated over both axles, the cargo weight is distributed evenly, making for a safe and confident ride with unmatched vehicle dimensions.
According to Statista, the global last-mile delivery market is expected to grow from $108 billion in 2020 to more than $200 billion by 2027. With this exclusive distribution agreement in place, Revoltz is poised to capture a significant share of this growing market in Israel and surrounding markets.
Amir Zaid, CEO and co-founder of Revoltz, said, "Achieving this production milestone and bringing to light our strategic agreement represents significant steps forward for Revoltz. We are poised to revolutionize the last-mile delivery market with our PORTO EVs. Our collaboration with a leading distributor in Israel is a testament to our shared vision and commitment to excellence. We eagerly anticipate scaling our operations and reinforcing our position as a micro-mobility leader."
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other U.S. Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on the Company’s current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of the Company could differ materially from those described in or implied by the statements in this press release. For example, the Company uses forward-looking statements when it discusses how Revoltz is poised to revolutionize the last-mile delivery market with its PORTO EVs and how it eagerly anticipates scaling its operations and reinforcing its position as a micro-mobility leader.
The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed in any filings with the Securities and Exchange Commission. Except as otherwise required by law, the Company does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. The Company is not responsible for the contents of any third-party websites.
Investor Relations Contact:
Michal Efraty
Investor Relations, Israel
+972-(0)52-3044404
michal@efraty.com
