Letter of Intent to Create New Principal Solar Partnership Subsidiary in collaboration with eTruck Transportation Expected to Provide Working Capital, Funding for R&D, Sales and Marketing of Heavy Electric Vehicle Conversions, Thereby Meeting Today’s Expanding Market Demand for Electric Fleet Vehicles
DALLAS, TEXAS, March 23, 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 announced that it has executed a Letter of Intent to create a new subsidiary in partnership with electric vehicle conversion company eTruck Transportation (“eTruck”). Through the subsidiary, Principal intends to fund and support the successful, near-term roll-out of eTruck’s heavy electric vehicle offerings by providing the working capital necessary to deliver on expected customer orders, develop future platforms and technologies, to accelerate the growth of eTruck.
“Principal’s partnership with eTruck is perfectly aligned with our goal of rapidly evolving into a full-spectrum “green” 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,” said K. Bryce “Rick” Toussaint, CPA, MBA, Chairman and CEO of PSWW. “The logistics and transportation sectors are seeking EV fleet vehicles that are able to travel all day without recharging, and we believe that eTruck’s conversion technologies offer the best near-term solution. We’re confident that our partnership subsidiary and resulting funding and resources will provide eTruck with the ability to receive and deliver orders for Class 6 and Class 8 fleet vehicles in a manner significantly faster than can be accomplished by traditional truck manufacturers.”
eTruck’s heavy vehicle EV conversion technology is engineered to enable transportation and logistics companies of all sizes to quickly and easily transition their existing fleets from diesel to almost fully electric vehicles without the long development timelines typically required to engineer completely new platforms. Instead of an R&D process that would typically result in a multi-year timeframe from design to delivery, eTrucks intends to begin delivering road-ready heavy electric vehicles in approximately one year.
“For a variety of reasons, logistics companies are looking for immediate ways to transition their fleets to electric vehicles, a process which could take new truck manufacturers five years or more to accomplish,” said Russell Knudsen, President of eTruck Transportation. “Through our partnership subsidiary with Principal Solar and the resulting financial and human resources expected to be devoted to all aspects of eTruck’s sales, marketing, and technology development, we are confident we can begin to address customer need within 12 months, giving us a massive competitive advantage in a growing, profitable, high demand portion of the EV market. When consummated, we are optimistic that this planned transaction will allow us to begin fulfilling orders as soon as the fourth quarter of 2021.”
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. 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.
Principal Solar is constantly seeking and evaluating new partnerships and acquisition opportunities in the clean, renewable, and traditional energy technology spaces and is currently in various stages of discussions with multiple organizations.
The terms of the transaction with eTruck Transportation are expected to be finalized and announced in April of 2021.
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.
Principal Solar Contact
K. Bryce “Rick” Toussaint, CPA, MBA
Chairman and Chief Executive Officer
Investor Relations Contact