Principal Solar’s Royalty Agreement Partner eTruck to Deploy Hybrid-Converted Semis by End of 2024
Principal Solar, a strategic investor in next-gen energy technologies, announced that its partner eTruck will start producing hybrid powertrains for Class 8 diesel trucks by end of 2024. The retrofitted trucks will combine electric motors, battery packs, and small diesel engines for extended range. eTruck has already sold 23 powertrains for Class 6 trucks. They chose Freightliner trucks due to market ubiquity and aim to offer cost-effective solutions for fleets. Rolls-Royce and Siemens will supply key components. eTruck plans to expand its workforce from 5 to 500 and its facility from 30,000 to 300,000 sq. ft. within two years.
- eTruck to start commercial production of hybrid powertrains by end of 2024.
- 23 powertrains already sold for Class 6 trucks.
- Rolls-Royce and Siemens to supply important components.
- Significant planned expansion: workforce to grow from 5 to 500 employees.
- Facility expansion from 30,000 to 300,000 sq. ft. within two years.
- No patents on eTruck's product suite.
- Challenges with battery supply negotiations due to volume issues.
- Used Class 8 truck prices fell 17.3% YoY, impacting profitability.
Powertrains Replace Diesel Engines on Existing Freightliner Trucks
DALLAS, TX / ACCESSWIRE / June 24, 2024 / 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 and operator of undervalued petroleum-producing properties, today announced that its Royalty Agreement Partner, eTruck Transportation, expects to begin producing powertrains that turn Class 8 diesel trucks into hybrid battery-electric vehicles by the end of 2024.
The powertrain systems are already available for order, and eTruck plans to start commercial production by the end of the year, eTruck company President Russell Knudsen told Transport Topics.
Omaha, Nebraska based eTruck currently offers an option for a Class 6 retrofitted battery-electric truck, with 23 powertrains sold so far, said Knudsen, whose wife, Judith Knudsen, is the CEO of the family-owned company.
Previously, the Knudsens owned Rage Exotic Vehicles, an exotic vehicle designer and manufacturer. Before that, Russ Knudsen was president of Knudsen Automotive, which designed specially prepared vehicles for television series and movies, such as "Miami Vice" and for manufacturers including General Motors.
The target audience is much larger for eTruck, with Knudsen telling TT the company was offering a solution any fleet could buy into.
An electric drive system replaces the diesel engine for the company's Class 6 truck, leaving the transmission and driveshaft in place. An electric motor is attached to the transmission, battery packs are bolted on the outside of the frame rails, and a control system is installed in the truck.
With the retrofitted Class 8 hybrid truck, the electric motor and battery packs remain, but a small diesel engine is added, with a range extension option available that involves a gasoline-powered generator for recharging the batteries, said Knudsen.
"It is very simple. That is one of the things that is going to make this very popular," said Knudsen, adding: "We don't have any competition, and we're not competing with anyone else. Someone that wants a new truck is going to buy a new truck. But for someone who can't afford that, we can offer them three for the price of one new truck."
Rolls-Royce is set to supply the small, twin-turbo turbocharged diesel engine for the hybrid truck, and Siemens will supply recharging system components. Knudsen said eTruck is still in negotiations with battery suppliers.
Talks with battery suppliers are taking time, he said, adding: "They are not used to taking our volume. They're not taking those volumes with their existing customers."
eTruck has not patented its product suite, he said, because if a component is being copied, then it is that of a billion-dollar corporation.
The powertrains will have a 500,000-mile warranty, and the weight will not change compared with the pre-owned diesel truck, Knudsen said.
Customers for eTruck's powertrain will either own the truck already or buy a used truck, and the economics are improving because second-hand truck prices are slumping, Knudsen said.
The used Class 8 truck average retail sales price fell
eTruck has 14 facilities that will carry out installation of the powertrain for the Class 6 product. It expects larger customers to carry out the work with their own technicians, with Knudsen saying it is up to the customers how they want to retrofit the trucks. eTruck is happy to train the technicians, he added.
Knudsen said eTruck chose Freightliner trucks for both the Class 6 and Class 8 options because there were so many in the market. That ubiquity is why eTruck expects to expand quickly.
eTruck has five employees, but the company expects to have 500 employees within two years. Also, it has a 30,000-square-foot facility that it plans to expand to 300,000 square feet within a couple of years.
About eTruck
eTruck's heavy vehicle EV conversion technology is engineered to enable transportation and logistics companies of all sizes to cost-effectively transition their existing fleets from diesel to high performance hybrid electric fleets without waiting for major truck manufacturers to engineer completely new platforms. eTruck's proprietary system lowers operational costs, reduces fuel consumption and emissions, thus enabling diesel fleets to transition towards electric power, without sacrificing performance, range, or utility.
For further information, please visit the Company's website at Home | eTruckTransportation, LLC (etruckus.com).
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's 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 PSWW's 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 PSWW's 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
214.885.0032
SOURCE: Principal Solar, Inc.
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