Shorepower Wins Two State of California Grants totaling $100,000
Shorepower Technologies, Inc. has secured two state grants in California totaling $100,000 for new charging stations, following a previous grant in New Hampshire. The company aims to expand its infrastructure to support the growing electric vehicle market, with a focus on grant writing and engineering capabilities. CEO Jeff Kim highlights the importance of these grants in maintaining the company's leading position in the commercial network sector.
- Shorepower securing two state grants in California for new charging stations.
- Focus on bolstering internal infrastructure and grant writing capabilities.
- Anticipation of further state contract wins in the near future.
- Expansion of charging station network to cater to increasing electric vehicles.
- EPA's new proposal on tailpipe emissions expected to boost electric vehicle sales.
- CEO Jeff Kim emphasizing the significance of the grants for the company's growth.
- None.
These Grants follow the receipt of a New Hampshire grant
PORTLAND, April 26, 2024 (GLOBE NEWSWIRE) -- Shorepower Technologies, Inc. (OTC PINK: SPEV) (“Shorepower”), following it becoming a public company through its merger last March and receipt of funds in connection with the merger, has focused on bolstering its internal infrastructure, grant writing capabilities and sales.
Shorepower is now pleased to announce that it has received two state grants in California. The wins are for facilities based in Bakersfield and Lodi. Each location will host 3 Level 2 Chargers and 2 DC fast chargers equating to a total of 10 new connection points. The California grant awards total
As reported last week, Shorepower also received a grant award in New Hampshire to provide electrification services at the MegaX Truck stop in Raymond, NH. The facility, currently under construction, will have nine stations affording 36 electrification connection points. The Company continues to anticipate being able to announce further state contract wins in the weeks to come.
In addition to bolstering its grant writing capabilities, Shorepower has also added to its engineering staff. Shorepower believes that these additions will enable it to more quickly upgrade and add to its current charging station network.
As more competitively priced electric vehicles come to market, and government incentives continue to foster electrification, the Company believes that it becomes essential to expand the infrastructure to cater to these vehicles. The EPA’s new proposal announcing limits on tailpipe emissions is meant to boost electric vehicle sales 10 fold and is designed to ensure that electric vehicles make up the majority of new US auto sales by 2032. Shorepower believes that this represents yet another significant driver of electric vehicle infrastructure: charging stations. As the percentage of EVs on the roads increases, the number of charging stations will need to increase exponentially in the Company’s view.
CEO and founder of Shorepower, Jeff Kim, said: “Winning grants in California and New Hampshire will help us hold our industry leading position as the largest commercial network in the country. Our commercial network with approximately 1,400 connect points continues to grow and every new connection point adds to its value”
Kim added, “being public provides us the opportunity to upgrade and expand our footprint organically and through acquisitions. Our initial focus will be on refreshing our product offerings and updating existing locations with charging stations. The successful closing of the merger has allowed us to start hiring critical resources. We anticipate augmenting our already robust grant writing capabilities to capture more than our fair share of Federal funds for the continued build out of our charging station network”
Investor Relations Contact:
Inflection Partners, eric@inflectionpartnersllc.com
About Shorepower Technologies
Shorepower is a transportation electrification company that builds, deploys and operates plug-in stations that allow electric vehicles, trucks and refrigerated trailers to conveniently access electric power while parked or staged, resulting in cost savings for fleets and drivers that will offset petroleum fuel consumption, thus significantly reducing associated toxic emissions and greenhouse gases by replacing petroleum fuels with electric power. We currently operate the largest heavy-duty focused network of electrified parking spaces in North America. This network includes 60 facilities conveniently located at travel centers with approximately 1,800 electrified parking spaces. Most of these facilities are focused on truck stop electrification (TSE) and electric standby transport refrigeration units (eTRU), but several sites already include electric vehicle charging stations which will continue to grow.
Forward-Looking Statements
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FAQ
What grants did Shorepower secure in California?
Shorepower secured two state grants in California totaling $100,000 for new charging stations.
What is the focus of Shorepower following the receipt of funds?
Shorepower aims to expand its infrastructure to support the growing electric vehicle market, with a focus on grant writing and engineering capabilities.
What does the CEO Jeff Kim highlight about the grants?
CEO Jeff Kim emphasizes the importance of these grants in maintaining the company's leading position in the commercial network sector.
