Electrical car startup Canoo stated Tuesday Walmart has agreed to purchase a minimum of 4,500 of its upcoming electrical supply vans, in a big win for the embattled car maker.

Shares of Canoo have been up greater than 70% in premarket buying and selling after the information was introduced to commerce above $4 per share.

Walmart has signed a “definitive settlement” to buy a minimum of 4,500, and probably as many as 10,000, of its all-electric Life-style Supply Automobiles, a small electrical van designed for native supply service, Canoo stated.

The massive-box retailer plans to make use of the vans for native deliveries of things ordered on-line. The vans will likely be constructed at Canoo’s Oklahoma manufacturing unit and are anticipated to enter service subsequent 12 months. Phrases of the deal weren’t disclosed.

Canoo is one among a number of U.S.-based electrical car startups to have gone public through mergers with special-purpose acquisition corporations, or SPACs. The corporate’s shares briefly surged to over $20 after its stock-market debut in late 2020, however have slid since co-founder and CEO Ulrich Kranz departed final 12 months.

Correction: This story has been up to date to mirror that the vans will likely be inbuilt Canoo’s manufacturing unit in Oklahoma.