DALLAS, TEXAS, Dec. 13, 2021 (GLOBE NEWSWIRE) -- Principal Solar, Inc. (OTC Pink: PSWW) (“Principal” or “the Company”), a strategic investor in and acquirer of organizations and technologies that support next-generation opportunities in traditional, renewable, and clean energy sectors as well as an investor in and acquirer and operator of undervalued petroleum-producing properties, today announced that it has extended its Memorandum of Understanding (“MOU” or “the Agreement”) with India-based heavy electric vehicle maker IPLTech Electric Pvt. Ltd. (“IPLTech”, “IPLTech Electric” or “IPLT”). Per the amended terms of the Agreement, IPLT has modified its original licensing deal with a revised payment schedule that now extends into 2022.
“The extension of our Agreement is proof positive that IPLT and Principal remain committed as ever to the future success of our business relationship,” said K. Bryce “Rick” Toussaint, CPA, MBA, Chairman and CEO of PSWW. “Not only does our collaboration with IPLTech have the potential to bring significant value to Principal’s stakeholders, it also aligns perfectly with our corporate mission of supporting the near-term commercialization of green and transitional emissions reduction technologies.”
According to the Union of Concerned Scientists, U.S. medium- and heavy-duty trucks comprise only 10% of road-going vehicles, yet account for 28% of the country’s global warming emissions. Diesel exhaust pollutants include climate-damaging greenhouse gases as well as ozone-forming oxides of nitrogen and health-harming fine particulates.
Fortunately, industry and consumers alike are driving the demand for heavy electric vehicles. Government incentives and policies are also contributing to the burgeoning market for emissions-free transportation and logistics solutions.
“Demand for heavy EVs is huge, growing, and here today,” said Mr. Toussaint. “The global electric truck market is projected to reach nearly $1.9 billion by 2027 – that’s a CAGR of 25.8% from 2020*. Vehicle demand in 2021 alone is estimated at almost 70,000 units and is expected to hit over 1.4 million units by 2030 – a 40% increase from 2021**. Through our Agreement with IPLT, we believe Principal will be well positioned with the right products and technologies at the right time to take maximum advantage of this tremendous opportunity.”
Per the terms of the Agreement, upon completion of the development of a pure electric truck prototype, Principal and IPLTech will enter into a Licensing Agreement (the “License”) in which Principal will receive a license to deploy IPLT’s proprietary technologies in U.S. truck platforms. The Agreement also provides an opportunity for the Company to co-invest in IPLTech alongside private equity funds. In exchange, the Company will receive a combination of exclusive and non-exclusive rights to commercialize IPLT’s proprietary technologies for North American markets. Per the terms of the Agreement, in exchange for the License, the Company will contract with IPLT to develop a working prototype in India. Principal will assist IPLT in acquiring the approvals necessary for the prototype to operate on U.S. roads.
About Principal Solar
Principal Solar is a strategic investor in and acquirer of organizations and technologies that support next-generation opportunities in traditional, renewable, and clean energy sectors as well as an acquirer and operator of undervalued petroleum-producing properties.
For further information, please visit the Company’s website at www.pswwenergy.com.
About IPLTech Electric Pvt. Ltd.
India-based IPLTech is an innovative developer of pure electric, heavy-duty commercial goods carriers with wide-ranging applications in mines, ports, infrastructure development, construction, and inter-warehouse goods transportation.
IPLTech has pioneered several industry-first initiatives including just-in-time delivery of construction materials, deployment of electric trucks, and the successful rollout of a driver app.
For further information, please visit IPLTech’s website at www.ipltelectric.com.
*Source: Allied Market Research: https://www.prnewswire.com/news-releases/electric-truck-market-to-reach-1-89-billion-globally-by-2027-at-25-8-cagr-allied-market-research-301107400.html
**Source: Markets and Markets: https://www.marketsandmarkets.com/Market-Reports/electric-truck-market-221011937.html?gclid=Cj0KCQiA2NaNBhDvARIsAEw55hijglAPap4M460q39lB3oN4Q5EBGF2jSCwG1EnoU-M1z2tINlHlCYEaAtcgEALw_wcB
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
The statements contained in this news release which are not historical facts may be "forward-looking statements" that involve risks and uncertainties which could cause actual results to differ materially from those currently anticipated. For example, statements that describe PSWW' hopes, plans, objectives, goals, intentions, or expectations are forward-looking statements. The forward-looking statements made herein are only made as of the date of this news release. Numerous factors, many of which are beyond PSWWs' control, will affect actual results. PSWW undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. This news release should be read in conjunction with PSWWs' most recent financial reports and other filings posted with the OTC Markets and/or the U. S. Securities and Exchange Commission by PSWW.
Principal Solar Contact
K. Bryce “Rick” Toussaint, CPA, MBA
Chairman and Chief Executive Officer
kt@pswwenergy.com
214.885.0032
Investor Relations Contact
Michael Briola
invest@pswwenergy.com
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