Share values for Australian electric two-wheel vehicle maker Vmoto jumped 21% on Thursday on news of a substantial $A13 million order from longstanding European customer Greenmo Group.
Filling what is its largest order to date, the ASX-listed Vmoto will supply nearly 6,000 electric two-wheelers to Greenmo Group, which provides zero-emission scooters, bicycles and other last-mile vehicles to the delivery sector.
Shares jumped from 41 cents on Wednesday to a high (so far today) of 50 cents.
Vmoto currently markets three electric moped-style electric vehicles, including the eponymous Vmoto, the E-Max and the Super Soco.
While the Vmoto is aimed at the Asia market, the E-Max is marketed to the Western B2B market, whereas the Super Soco is aimed directly at Western customers.
The E-Max has a 102Ah battery with 70-80 riding range, delivering a maximum speed of 80km/hr and 4kW power from its motor.
Greenmo currently operates in the Netherlands, Belgium, Germany, Turkey and England, and its subsidiary Go Sharing is also in expansion mode, according to a statement released by Vmoto.
The order – which is to be filled in its entirety this quarter – will help the company achieve economies of scale resulting in increased profit margins.
Vmoto managing director Charles Chen said in the statement that, “We are very delighted to have secured this further significant order of 5,904 units from Greenmo Group.
“Greenmo Group has been Vmoto’s partner for more than five years and we are excited to participate in Greenmo Group’s significant growth as their preferred electric scooter supplier for their ride-share and rental delivery offerings.”
In August, Vmoto secured $A9.6 million in a capital raise from investment funds Perennial Value Management, Regal and IFM, as well as from existing investors, according to Stockhead.
Vmoto says it expects more orders from Greenmo in the course of the next 12 months.
Bridie Schmidt is lead reporter for The Driven, sister site of Renew Economy. She specialises in writing about new technology and has been writing about electric vehicles for two years. She has a keen interest in the role that zero emissions transport has to play in sustainability and is co-organiser of the Northern Rivers Electric Vehicle Forum.