U.S. financial services firm American Wealth Mining has signed a joint venture (JV) agreement with Hong Kong-based e-mobility manufacturer New Energy Asia Pacific for the global distribution of electric construction vehicles.
According to the companies, the demand for electric construction vehicles is at an all-time high and is expected to continue in 2023, driven by factors such as government incentives and up to 40% lower operating costs.
Under the agreement, the JV will have exclusive rights to distribute the vehicles in the U.S., Canada, Singapore, United Arab Emirates, Indonesia, South Korea, Malaysia and Australia. Earlier this year, American Wealth Mining took a 10-percent stake in the Asian company.
“There is tremendous untapped potential in the construction EV market; unlike the consumer EV sector, the construction market is relatively nascent,” Ryan Fishoff, CEO of American Wealth Mining, said. “This JV aligns with the company’s overall strategy to invest in sustainable and cutting-edge businesses as part of the “wealth mining” strategy that was unveiled over the summer.”
New Energy recently signed memorandum of understandings to deliver 30 units of new light trucks, 40 units of heavy dumper trucks and 25 units of cement mixer trucks in the 2023 in Hong Kong. The deals are subject to registration and licensing clearance on the specifications of the vehicles.
New Energy currently distributes two electric industrial vehicle brands - Foton, which manufactures electric dump trucks and mixers, and eTech, which manufactures electric wheel loaders and excavators. In Hong Kong alone, the company is projecting to deliver more than 300 vehicles in 2023 and 500 in 2024.
The global off-highway electric vehicle market size is projected to grow at a CAGR of 31.7% to reach $42.7 billion by 2030, according to a report by Grand View Research.
Based in Los Angeles, California, American Wealth Mining aims to help people in their pursuit of health, wealth, and happiness by building a financial educational lifestyle platform that combines crypto, Fintech, retail personal wealth building, nutrition and wellness.