$162 Million Department of Energy Program to Fund Projects to Electrify Medium- and Heavy-Duty Freight Trucks, Fund Heavy Electric Vehicle Charging Technologies and Infrastructure
DALLAS, TEXAS, May 13, 2021 – — Principal Solar, Inc. (OTC Pink: PSWW) (“Principal” or “the Company”), a strategic investor in and acquirer of technologies that support next-generation opportunities in traditional, renewable, and clean energy sectors as well as an investor in an acquirer and operator of undervalued petroleum-producing properties, today stated its intention to participate in the Department of Energy’s SuperTruck 3 program by application, via its subsidiary partnership with vehicle conversion company eTruck Transportation (“eTruck”). The program, announced on April 15, 2021, provides $162 million in opportunities aimed at electrifying freight trucking, along with efforts to expand infrastructure and lower emissions.
“We see this as further validation of our decisions to create NexTeal, Principal’s EV-focused operating company, and to form our heavy vehicle electrification subsidiary partnership with eTruck Transportation,” said K. Bryce “Rick” Toussaint, CPA, MBA, Chairman and CEO of PSWW. “SuperTruck 3 is a funding opportunity that feels tailor-made for NexTeal and our new subsidiary partnership. We plan to apply to participate in the program.”
According to the Department of Energy’s announcement, the program seeks to fund solutions that will mitigate the largest contributors to transportation sector greenhouse gas emissions, of which medium- and heavy-duty trucks are responsible for nearly a quarter.
The Department of Energy’s Office of Energy Efficiency and Renewable Energy (EERE) launched the original SuperTruck initiatives in 2009 with the goal of improving heavy freight truck efficiency by 50%. SuperTruck 2, launched in 2016, sought to double the efficiency of 18-wheeler (class 8) trucks. SuperTruck 3’s funding is focused on even higher efficiency via a range of approaches to electrification.
The complete announcement from the Department of Energy regarding the program may be found here: https://www.energy.gov/articles/doe-announces-162-million-decarbonize-cars-and-trucks
As noted in previous Company 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 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 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