Vicinity Motor Signs Licensing Agreement With Optimal-EV - Vicinity Motor (NASDAQ:VEV)

Vicinity Motor Corp VEV has signed a licensing and marketing agreement partnering with Optimal Electric Vehicles, LLC to serve as the exclusive North American distributor of the all-electric product line.
Under the agreement, Vicinity will license and sell the Optimal S1 and E1 product lines for 10 years in exchange for an investment of $20 million.
Optimal-EV will produce the vehicles and chassis for Vicinity Motor, while Vicinity Motor will market and sell the vehicles directly in Canada and through a dealer network in the U.S.
Vehicles will be branded "VMC Optimal" and the two partners will share in revenue and profits.
With the agreement, Vicinity will have access to over $30 million in firm orders for deliveries in 2022, LOI with existing Optimal-EV dealers for potential sales of $194 million in 2023, and a potential sales pipeline of over $600 million.
Price Action: VEV shares are trading higher by 4.81% at $5.67 on the last check Wednesday.