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Tuesday, May 3, 2011

Amp Electric Vehicles scores $100M deal in Iceland

With its short driving distances and tech-friendly population, tiny Iceland could become the electric-car capital of the world. And a Cincinnati-area manufacturing company could help make it happen.

Amp Electric Vehicles will supply 1,000 sport-utility vehicles to Reykjavik-based Northern Lights Energy as part of the country's strategy to go electric.

Steve Burns, president of four-year-old Amp, hopes the new, $100 million contract with Northern Lights is just a hint of things to come for the company as the rest of the world seeks alternatives to fossil fuels.

"We cannot continue to send this much money out of country every day for oil," Burns said. "There's some threshold where America won’t take it anymore. And if you’re an electric car company in middle of that, it could be a good thing."

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