Nearly everyone knows about solar, electric and hybrid cars when it comes to the transportation industry. They are working their way through growing pains and developmental issues and one day will help to cut back significantly on natural resource reliance and pollution of the planet.
Also falling into the industry are the personal transportation vehicles that continue to gain traction and grow in numbers worldwide. It has been 20 years since Dean Kamen first announced the inaugural Segway® Personal Transporter, a self-balancing, zero emissions personal transportation vehicle.
The personal transportation market may have Segway as the household name, but they are by no means the only player. Costa Mesa, California-based T3 Motion, Inc. (OTCBB:TTTM) is slowly taking its share of the market with its green personal transportation vehicles. T3 is quickly growing its name with law enforcement and security companies with it three-wheel stand-up vehicles.
Earlier this month, T3 shipped the first shipment of a blanket order valued at up to $1,881,000 to Luxury Carts, the exclusive T3 ESV (Electric Stand-up Vehicle) in Saudi Arabia. The value of the first shipment was $117,600 with the blanket order in effect until August 31, 2012.
T3 Motion is establishing a sizeable footprint in the Middle East, with contracts in Qatar, Iraq, Jordan, Lebanon, Saudi Arabia and the UAE. T3 ESVs will be featured at the Gulf Defense Show in Kuwait this December.
A part of the presence in the Middle East is with the Kuwaiti Ministry of the Interior. In a show of the shift in trend today, the Ministry of Interior unveiled their fleet of T3 ESVs at the 2011 Police Academy graduation ceremony, replacing the traditional horseback riders for the ceremony.
They are apparently pleased with the vehicles as today, T3 announced that the Kuwaiti Ministry of the Interior placed additional orders for more of the T3 ESV, bringing the total deployment in Kuwait to $448,000. The Ministry of Interior is initially using the ESV’s for use in airport security and coastal patrols.
The TTTM share price has been on a slide since the beginning of June when it was at or above the $6 mark. This is, of course, common with junior companies as a product of their own growing pains until sales and costs can start to balance the scales a bit more evenly, but the purely developmental years are starting to distance themselves from the present day.
Shares dipped to 70 cents less than two weeks ago, but have found a nice rebound to squeeze on the dollar level again. The upstart firm (the first T3 products hit the streets in 2006) may be getting some legs under it as distribution overseas continues to grow and the ongoing green revolution shepherds the products to the mainstream domestically. Due diligence is always encouraged.
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