PowerBand Solutions (TSXV: PBX) has entered into a memorandum of understanding with an up-and-coming electric vehicle manufacturer. The company has entered the MOU with Atlis Motor Vehicles, an emerging electric truck manufacturer and subscription EV provider.
Under the terms of the MOU, PowerBand is set to supply its leasing, purchasing, and other financial services to the company via its DRIVRZ tech platform. The arrangement will see a bespoke, what label marketplace built for Atlis, which will enable customers of the EV firm to purchase, lease and insure their vehicles from a digital device.
The arrangement will also see PowerBand be responsible for maintaining open lease lines and insurance products for Atlis.
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Based in Arizona, Atlis is expecting to begin production of its XT electric vehicle truck in the US by 2022. The company intends to offer both traditional ownership models as well as all-inclusive subscription arrangements for its electric vehicles, with advanced reservations currently being taken for the XT.
“Working with ATLIS is incredibly exciting. We believe that our continued focus on creating a stellar customer experience combined with our continuing focus on growing our presence in the electric vehicle sector will allow us to maintain our momentum we have built in the used vehicle market. Our recently announced $2 Billion in lease lines is key in our plan to dominate this space.”
Jon Lamb, CEO of DRIVRZ Financial
PowerBand Solutions last traded at $0.98 on the TSX Venture.
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