Medigus: Revoltz Initiates on Exclusive Distribution Agreement of $2.7 Million in Revenues and Completes the Production of the First 50 PORTO Micro-Mobility EVs
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 PORTO uses an advanced tilting advanced leaning suspension mechanism ensures best in class stability even under full load.