Zeeba Selects ELMS for Its First Order of Commercial Electric Vehicles

Rhea-AI Summary

Electric Last Mile Solutions (ELMS) has secured a purchase order from Zeeba Vans for 50 all-electric Urban Delivery vans, with plans for larger orders in 2022. Zeeba aims to add 2,500 electric vans by end of 2023 as part of its growth strategy. This partnership highlights the transition towards all-electric fleets in the growing commercial van rental market. Zeeba experienced over 100% business growth in 2021, projecting a threefold increase in 2022, with ELMS playing a key role in this expansion.

Positive

• Secured a purchase order for 50 all-electric Urban Delivery vans from Zeeba.
• Potential for hundreds more orders from Zeeba in 2022.
• Zeeba plans to add 2,500 electric vans by end of 2023, indicating strong demand.
• Partnership positions ELMS favorably within the growing commercial van rental market.

Negative

• None.

• ELMS finalizes initial Zeeba purchase order for 50 all-electric Urban Delivery vans, with Zeeba’s intent to purchase hundreds more in 2022
  
• Zeeba, a market leader in van rentals, plans to add 2,500 all-electric vans by end of 2023

TROY, Mich., Dec. 01, 2021 (GLOBE NEWSWIRE) -- Electric Last Mile Solutions, Inc. (NASDAQ: ELMS; ELMSW) (“ELMS” or “the Company”), a pioneer of electric and intelligent mobility solutions for commercial vehicle customers, today announced a firm purchase order from Zeeba Vans (“Zeeba”), a Los Angeles-based mobility company, for 50 ELMS Urban Delivery vans with the intent to purchase hundreds more in 2022.

Zeeba, a pioneer in the urban van rental and leasing space, has a fleet that consists of several thousand vans with plans to add 2,500 all-electric vans by the end of 2023. The electrification program accounts for approximately one-third of Zeeba’s two-year growth plan. Zeeba has turned its focus to two areas: commercial business-to-business rentals and leasing and a San Francisco van sharing pilot program. The San Francisco program, set to launch in the first quarter of 2022, is a key vertical through which Zeeba’s customers will utilize the ELMS Urban Delivery.

“ELMS is pleased that Zeeba selected the Urban Delivery to propel its nationwide electrification and growth strategy,” said Ron Feldeisen, Chief Revenue Officer, ELMS. “Commercial van rentals are a growing business vertical in the last mile delivery space and rental customers are vying for all-electric mobility options.”

Zeeba chose the Urban Delivery as the first commercial EV in its fleet due to its connected data capabilities, reliability, ESG benefits and lower total cost of ownership, which all support Zeeba’s aggressive transition to an all-electric fleet. Zeeba plans to leverage the ELMS Air telematics system, which provides fleet management and deep data analytics tools for customers, to run its van-sharing platform which will begin deployment in San Francisco.

“In 2021 we grew our business over 100% compared to 2020,” said Zeeba Chief Revenue Officer Mike Paletz. “Our initial projections for 2022 have us increasing our business three times over 2021 – our best year to date. Our partnership with ELMS will be instrumental in allowing us to achieve these goals.”

About Electric Last Mile Solutions, Inc.
Electric Last Mile Solutions, Inc. (Nasdaq: ELMS; ELMSW) is focused on defining a new era in which commercial vehicles run clean as connected and customized solutions that make our customers’ businesses more efficient and profitable. ELMS’ first vehicle, the Urban Delivery, is the first Class 1 commercial electric vehicle in the U.S. market. The Company will begin production of its second vehicle, the Class 3 Urban Utility EV, in the second half of 2022. ELMS is headquartered in Troy, Michigan. For more information, please visit www.electriclastmile.com.

About Zeeba
Zeeba is the future of passenger and cargo van rentals connecting travelers and businesses with its on-demand mobile app. Zeeba aims to do away with long lines, burdensome paperwork, and distant locations by having convenient stations in densely populated urban areas and major airports for a large group of travelers to find a nearby van, reserve, unlock, and get on their journey.

Zeeba is the market leader specializing in van rentals. Our mission is to offer competitive prices and high-quality van rentals with personalized service to our customers. From our founding in late 2014 to our rapid nationwide expansion, Zeeba continues to provide local and out of state renters with a large selection of 12 passenger vans, 15 passenger vans, cargo vans, and minivans for rent nationwide.

Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance of the business, the size, demands and growth potential of the markets for the Company’s products and the Company’s ability to serve those markets, the Company’s ability to develop innovative products and compete with other companies engaged in the commercial delivery vehicle industry and/or the electric vehicle industry, the Company’s ability to attract and retain customers, the estimated go to market timing and cost for the Company’s products, and the implied valuation of the Company. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the inability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of the Company to grow and manage growth profitably and retain its key employees; (2) changes in applicable laws or regulations; (3) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (4) the impact of COVID-19 on the Company’s business; (5) any delays the Company may experience in realizing its projected timelines and cost and volume targets for the production, launch and ramp up of production of the Company’s vehicles and the modification of its manufacturing facility; (6) the ability of the Company to obtain customers, obtain product orders, and convert its non-binding pre-orders into binding orders or sales; (7) the Company’s ability to implement its business plans and strategies; and (8) other risks and uncertainties described in the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 and in the Company’s future filings with the Securities and Exchange Commission. Some of these risks and uncertainties may in the future be amplified by the COVID-19 outbreak and there may be additional risks that the Company considers immaterial or which are unknown. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

Contacts
Media: elms-svc@sardverb.com  
Investor Relations: IR@electriclastmile.com

FAQ

What is the significance of ELMS's purchase order from Zeeba Vans?

The purchase order for 50 all-electric Urban Delivery vans marks a significant step for ELMS in expanding its market presence and responding to the demand for electric vehicle solutions.

How many electric vans does Zeeba plan to add by the end of 2023?

Zeeba plans to integrate 2,500 all-electric vans into its fleet by the end of 2023 as part of its electrification initiative.

What does the partnership with Zeeba mean for ELMS?

The partnership with Zeeba is crucial for ELMS as it enhances their market reach and supports their strategic goal of providing electric vehicle solutions in the commercial sector.

What are Zeeba's growth projections for 2022?

Zeeba projects to triple its business growth in 2022 compared to 2021, indicating a strong market demand and the importance of their partnership with ELMS.

What type of vehicles does ELMS manufacture?

ELMS primarily manufactures electric commercial vehicles, including the Urban Delivery, which is the first Class 1 commercial electric vehicle in the U.S. market.