Salt Lake City, UT, June 15, 2023 (GLOBE NEWSWIRE) -- Salt Lake City, UT – June 15, 2023 – Genesis Electronics Group, Inc. (GEGI), the maker of the autonomous road-to-rail patent-pending shipping technology, Glīd, commented today that the recent ban that California regulators made on April 28, 2023 on sales of new diesel big rigs by 2036, and the requirement that all trucks be zero-emissions by 2042 will put great pressure on the market to find solutions that don’t compromise the amount of weight that can be carried and revenue that can be generated.
Currently, manufacturers have not identified a commercially viable way to provide sufficient battery range that trucks require on a daily basis without compromising the amount of cargo that can be hauled based on state, municipal, county, and federal regulations regarding their Gross Vehicle Weight Rating (GVWR). Glīd autonomous vehicles are perfectly situated to solve these problems.
Glīd’s focus is to enable the transportation of freight from road to rail autonomously and as simply as possible. The Company’s patent-pending technology will pick up a fully-loaded semi-trailer from a private property, access the rails and travel to the desired destination, where it will then egress from the rail onto another private property. Once on the property, trucks will pick up the trailers and carry the cargo the final mile.
The goal is to remove as much freight as possible from roads and highways, thus reducing carbon emissions, enabling for a more cost, process, and energy efficient transport, while making roads safer.
Glīd vehicles, when fully loaded with a semi-trailer, will be able to carry 3-4 times the amount of weight as an average semi-trailer. What this means is that Glīd vehicles can add more weight past the 80,000 lb gross weight limit for tractor-trailers because these vehicles will only go from private property to rail to private property. This additional weight can come in the form of additionally electrified capacity, which will increase the range these vehicles can travel.
This can provide significant opportunities for Glīd to capture revenue shipping freight that other electric vehicles may not be able to ship due to range issues.
Kevin Damoa, CEO of Genesis Electronics Group and Glīd commented “I applaud California for being one of the nation’s leaders in their efforts to decarbonize commercial transportation. These regulations however will put a huge amount of strain on manufacturers (to rapidly innovate), national grid infrastructures, and the global battery markets to identify ways to increase range without reducing the amount of cargo that can be carried. We are building Glīd exactly for this purpose, by reducing the amount of trucks on the roads and moving commodities to the rail, it frees up our roads, streets, and highways, which allows them to be cleaner and safer for personal vehicles (to include bicyclists), final mile delivery vehicles, and pedestrians.” Mr. Damoa continued, “The amount of support we are getting from people all over the country is staggering. I am receiving communications weekly where people are asking us to save their local rail industries with our technology. We see short line rail operators across the country as huge allies in helping us push this technology and move more freight via the rails.”
News about California’s recent regulations can be found here.
About Genesis Electronics Group, Inc.
Genesis Electronics Group, through Its wholly-owned subsidiary Glīd, is building first of Its kind autonomous road-to-rail shipping vehicles called Glīders. Glīders will enable fully-loaded semi-trailers access to rails where traditionally it didn’t make sense. Genesis Electronics Group plans on owning and operating each Glīder in its fleet, and providing a “Glider-as-a-Service” business model.
Forward-Looking Statements
This press release may contain “forward-looking statements.” Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements are included in our filings with the Securities and Exchange Commission, including the “Risk Factors” section of our annual disclosure report on the OTC Markets for the year ended December 31, 2020. Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as may be required under applicable law.
Press Contact:
Genesis Electronics Group, Inc.
communications@genesis-electronics.com
