- ATLIS plans to use DRIVRZ™ platform to finance and insure its EV subscription and ownership model for consumers
VANCOUVER, BC / May 19, 2021 / PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:PWWBF) (FSE:1ZVA) (“PowerBand“, “PBX” or the “Company“) has reached a Memorandum of Understanding (“MOU”) to use its DRIVRZ™ technology to supply leasing, purchasing, and other financial services to emerging electric truck manufacturer and subscription EV provider, Atlis Motor Vehicles Inc. (“ATLIS”).
Both companies intend to work together to develop a bespoke, white-labelled marketplace for ATLIS, allowing buyers of Atlis XT trucks to purchase, lease, and insure their vehicles from any digital devices.
In addition to traditional ownership models, Arizona-based ATLIS is also building an all-inclusive subscription model for electric vehicle users. It plans to begin selling its XT electric pickup truck and subscriptions in the United States by 2022. It is currently taking advance reservations for the XT, which offers a 500-mile range battery that recharges in less than 15 minutes.
“Working with ATLIS, which is pioneering the subscription model for EV ownership, is another significant advance in PowerBand’s mission to make DRIVRZ the leader in the evolving EV automotive retail sector” said PowerBand CEO Kelly Jennings.
“We are delighted that we have an opportunity to help ATLIS offer its customers a seamless way to acquire an electric vehicle, as well as insurance products, over the internet. We will tailor our DRIVRZ™ suite of technology solutions to ATLIS’s marketplace needs.”
Added Jon Lamb, CEO of DRIVRZ Financial: “Working with ATLIS is incredibly exciting. We believe that our continued focus on creating a stellar customer experience combined with our continuing focus on growing our presence in the electric vehicle sector will allow us to maintain our momentum we have built in the used vehicle market. Our recently announced $2 Billion in lease lines is key in our plan to dominate this space.
Under the agreement, PowerBand, and its finance division DRIVRZ Financial, will work with ATLIS to adapt the DRIVRZ™ platform on a white-label basis. Offering white-label services is part of PowerBand’s strategy to widely introduce emerging and legacy automotive manufacturers, as well as consumers and automotive dealers, to its DRIVRZ™ platform, which can approve leases in as little as eight seconds.
“At ATLIS, we are focused on improving the entire ownership experience and that starts with making the purchase process seamless,” said ATLIS Founder and CEO Mark Hanchett. “The online marketplace we will create with PowerBand will streamline the purchasing experience and allow customers to buy, lease, and insure an ATLIS truck at their convenience anywhere, anytime.”
The MOU stipulates PowerBand is also responsible for “maintaining open lease lines and insurance products” for ATLIS and its customers.
PowerBand and its finance division, DRIVRZ Financial, recently announced an agreement with two U.S. financial institutions that will allow the company to access $2 billion USD in credit facilities to support EV lease lines. Those credit facilities – $1 billion USD per financial institution – are expected to be available for ATLIS subscription and vehicle transactions, providing they meet DRIVRZ Financial approval guidelines.
ATLIS is a start-up mobility technology company developing an electric work truck, and the batteries and motors to drive it. To date, ATLIS has submitted 25 patent protection applications for battery cells, battery thermal management technology, charging technology, modular platform, and various vehicle systems.
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About PowerBand Solutions Inc.
PowerBand Solutions Inc., listed on the TSX Venture Exchange and the OTCQB markets, is a fintech provider disrupting the automotive industry. PowerBand’s integrated, cloud-based transaction platform facilitates transactions amongst consumers, dealers, funders and manufacturers (OEMs). It enables them to buy, sell, trade, finance, and lease new and used, electric- and non-electric vehicles, on smart phones or any other online digital devices, from any location. PowerBand’s transaction platform – being trademarked under DRIVRZ™ – is being made available across North American and global markets.
About Atlis Motor Vehicles
ATLIS is a mobility technology company developing products that will power work. The ATLIS innovators are building an electric vehicle technology platform for heavy and light duty work trucks used in the agriculture, service, utility, and construction industries. To meet the towing and payload capabilities of legacy diesel-powered vehicles, ATLIS is developing proprietary battery technology and a modular system architecture capable of scaling to meet the specific needs of the all-electric vehicle. More information is available on the ATLIS website at www.atlismotorvehicles.com.
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This news release contains forward-looking statements relating to the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
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