Vmoto Ltd (ASX:VMT) has finalised an agreement with existing customer Greenmo Rent BV, a European company focused on renting electric scooters to food delivery companies.
Vmoto is a scooter manufacturer specialising in "green" electric powered two-wheel vehicles.
The new agreement with Greenmo is expected to accelerate Vmoto’s penetration into European markets.
Greenmo is experiencing a growth in demand for its eco-friendly electric scooter renting business in the Netherlands and across Europe.
In order to fast track its penetration into this important market, Vmoto has agreed to provide a further four containers of its E-Max electric delivery scooters to Greenmo.
Importantly, this is in addition to a past order for six containers of electric scooters.
Vmoto is in the process of further accelerating its sales to Greenmo and penetration into international B2B delivery, fleet, renting and sharing markets.
The company is considering third party financing to facilitate larger scale orders.
Greenmo’s new order for six containers is against 100% payment upfront. Vmoto will receive 25% upfront payment for the additional four containers with the balance payable in 24 monthly instalments.
These orders are an important milestone in executing Vmoto’s strategy of targeting the B2B delivery, fleet and rental markets in Europe and elsewhere.