Principal Solar and eTruck Transportation Provide Subsidiary Partnership Status Update
Operational and Facilities Expansion Currently Underway; Expected to Begin Accepting Potential Customer Purchase Orders in Q4 2021
Dallas, Texas--(Newsfile Corp. - April 19, 2021) - 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 provided a status update regarding the formation of its new subsidiary in partnership with industry-leading heavy electric vehicle conversion company eTruck Transportation ("eTruck").
"Principal and eTruck have made forward progress finalizing the terms of our subsidiary partnership, which we are optimistic will enable us to capitalize on the projected US$803 billion global market for electric vehicles*," said K. Bryce "Rick" Toussaint, CPA, MBA, Chairman and CEO of PSWW. "Declining battery prices, favorable federal, state, and local initiatives, and electric vehicles' substantially lower operational and maintenance costs are driving today's demand. We remain confident that our partnership with eTruck will enable us to begin accepting and fulfilling potential customer purchase orders by the end of 2021."
In order to accommodate anticipated future vehicle sales, eTruck is expanding its Omaha operations and is in the process of closing on a larger facility intended to expedite Class 6 (heavy duty) vehicle-focused research and product development activities. eTruck expects this new R&D facility to become operational and open to prospective customer visits by the end of the second quarter or early in the third quarter of 2021.
"Both eTruck and Principal recognized the potential market opportunity inherent in supplying heavy duty battery electric trucks to the logistics sector," said Russell Knudsen, President of eTruck Transportation. "A recent market report noted that logistics was the highest revenue-generating classification in the U.S. truck market and that heavy duty electric trucks with greater than 300kWh battery capacity were expected to witness the fastest growth in the report's 2020-2030 forecast period.** Our new subsidiary and its logistics-focused, heavy duty vehicle offerings are directly, intentionally positioned to capitalize on this anticipated market demand."
Principal's partnership with eTruck is perfectly aligned with its goal of rapidly evolving into a full-spectrum energy technologies company and capitalizes on today's existing market demand for fully-capable, heavy electric vehicles that can replace diesel trucks without sacrificing range, functionality, or performance. According to Trends Market Research, the global heavy electric vehicle market is projected to reach sales of over 1.8 million units by 2026, up from approximately 125,000 units in 2017 - a compound annual growth rate of nearly 40%.***
As noted in previous announcements, the eTruck partnership is an example of Principal Solar's new multi-faceted go-forward strategy of building accretive growth by investing in and/or acquiring innovative, next-generation technologies and businesses within the renewable energy, electric vehicle, and "green" hydrocarbon capture spaces. Principal's approach then supports its technology developers and new business management teams with growth capital raised specifically for the subsidiary via public markets. Principal also provides the hands-on expertise, manpower, strategies, and sales and marketing resources necessary to equip these businesses and technologies with the maximum potential to thrive - and the maximum potential to deliver returns for all stakeholders.
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.
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.
*US$803 billion by 2027. Source: https://www.statista.com/statistics/271537/worldwide-revenue-from-electric-vehicles-since-2010/
Principal Solar Contact
K. Bryce "Rick" Toussaint, CPA, MBA
Chairman and Chief Executive Officer
Investor Relations Contact
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/80815