High Velocity Alternative Energy on March 4 announced it had received an annual contract for $30 million to supply a major Midwestern distributor of lubricants, anti-freeze and solvents. The distributor supplies national auto parts stores, convenience stores, national retail chains and gas stations.
Were under a non-disclosure agreement with the contract, because were doing private label products for the distributor, High Velocity Chief Executive Officer Richard Carter told Lube Report. The most appealing thing is it takes us to a bit more national distribution because they distribute to really all over the Midwest and East Coast so it takes us out of our small Chicago market. Were in the process of adding a second shift to get up to speed for it right now. Were working on going to the West Coast now in the other direction, and theyre going to help us out with that as well.