Medigus Announces Its EV Joint Venture, Revoltz Initiates On Exclusive Distribution Agreement Of $2.7M In Revenues And Completes The Production Of The First 50 PORTO Micro-Mobility EVs

Author: Benzinga Newsdesk | March 27, 2024 08:02am

Following completion of initial production, Revoltz sets up for delivery in accordance with its distribution agreement (the "Agreement"), aiming to sell 150 vehicles in the first year of the Agreement

Tel Aviv, Israel, March 27, 2024 (GLOBE NEWSWIRE) -- Medigus Ltd. (NASDAQ:MDGS), a technology company engaged in advanced medical solutions, innovative internet technologies and electric vehicle ("EV") and charging solutions, announced today that Revoltz Ltd, its EV joint venture, 19.9% owned by its subsidiary Fuel Doctor Holdings, Inc. (67.15%), completed its first production batch of 50 units of its micro-mobility electric vehicle, ‘PORTO'.

The completion of production is a significant step in enabling Revoltz to prepare for shipment of units in accordance with the Agreement signed over the past year.

During 2023, Revoltz and a premier distributor in Israel (the "Distributor") entered into the Agreement, worth $2.7 million in revenue, with the goal to steer the advanced PORTO EVs into Israel and adjacent territories.

As part of the agreement, the Distributor has already purchased 50 PORTO units for the last-mile delivery market and is committed to purchasing a total of 150 vehicles in the first year of the Agreement. The five-year Agreement includes annual and scaling-up sales targets for each year.

The Distributor will provide service and maintenance for the PORTO vehicles as part of the Agreement, ensuring high-quality support and longevity for customers focusing mainly on the local delivery market.

Revoltz has made strides in the EV industry with the launch of its flagship model, PORTO, which provides a seamless blend of functionality, sturdy design, and agility, designed specifically for the growing last-mile delivery market. The PORTO vehicle provides 100 km range with a delivery payload of 250L on a single charge, offering similar payload capacity as a small hatchback car at lower cost and with the ability to maneuver in tight urban environments. The PORTO uses an advanced tilting advanced leaning suspension mechanism ensures best in class stability even under 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.

Posted In: MDGS