Tropical Mobility and Ellesco sign MoU to Advance Electric Mobility in Jamaica

• Tropical Mobility, a majority owned subsidiary of Tropical Battery Company, announced the signing of a memorandum of understanding with Ellesco. The strategic partnership was formed between the two companies to drive the adoption of electric vehicles in key sectors across Jamaica.
• Under the terms of the partnership, Tropical Mobility will establish a flagship showroom at Tropical Plaza in Half-Way-Tree to promote Tesla passenger vehicles and electric motorbikes from the combined portfolio of both companies.
• The two parties will join forces to commercialise electric kick scooters, bicycles, motorbikes and ATVs, as well as passenger vehicles for private motorists and corporate fleets, commercial vehicles and buses.
• With the increasing demand for last-mile delivery and eco-friendly transportation solutions, the partnership between Tropical Mobility and Ellesco will deliver value to businesses and private motorists alike. It will address the need to adopt low carbon transportation solutions that reduce dependence on imported oil, create high value employment opportunities and strengthen the Jamaican economy in the process.
• Tropical Battery’s stock price has increased by 13.9% since the start of the calendar year, fueled by promising growth opportunities due to recent strategic developments. The stock closed Monday’s trading session at $2.86 and trades at a P/E of 18.1x, below the Junior Market Distribution Sector Average of 20.7x.

(Sources: JSE & NCBCM Research)