DALLAS, TEXAS, July 20, 2021 (GLOBE NEWSWIRE) -- Principal Solar, Inc. (OTC: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 Development Agreement ("the Agreement") with India-based heavy electric vehicle maker IPLTech Electric Pvt. Ltd. ("IPLTech", "IPLTech Electric" or "IPLT"). Per the terms of the Agreement, upon completion of the development of a pure electric truck prototype, Principal and IPLTech will enter into a Licensing Agreement (the "License") in which Principal will receive a license to deploy IPLT's technologies in U.S. truck platforms. The Agreement also provides an opportunity for the Company to co-invest in IPLTech alongside private equity funds. In exchange, the Company will receive a combination of exclusive and non-exclusive rights to commercialize IPLT's proprietary technologies for North American markets.
"This transaction strategically expands Principal's investments in the electric vehicle sector," said K. Bryce "Rick" Toussaint, CPA, MBA, Chairman and CEO of PSWW. "We believe that this relationship with IPLTech has the potential to bring significant value to our stakeholders by increasing the Company's EV intellectual property investments and providing access to international markets. IPLTech's proven technologies could also broaden Principal's potential commercial EV solutions for future customers."
Sid Das, Co-founder and CEO of IPLTech Electric, said "IPLTech Electric is an innovation-first company that designs, develops, and manufactures the world's largest on-road electric trucks. We are fully operational and sustainable with each electric truck in operation representing the carbon equivalent savings of 5,600 trees. For months, we have been successfully operating a commercial fleet of trucks in the Indian market. We strongly believe in our partnership with Principal and our combined ability to deliver pure electric, zero tailpipe emissions Class 8 trucks to customers in North American markets."
Per the terms of the Agreement, in exchange for the License, the Company will contract with IPLT to develop a working prototype in India, for North American markets. Principal will assist IPLT in acquiring the approvals necessary for the prototype to operate on U.S. roads.
The terms of the transaction are expected to be finalized and closed in July of 2021. Rajiv Khanna and Stefi Porter of Buchanan Ingersoll & Rooney PC represented IPL Tech Electric Private Limited in this transaction.
About IPLTech Electric Pvt. Ltd.
India-based IPLTech is an innovative developer of pure electric, heavy duty commercial goods carriers with wide-ranging applications in mines, ports, infrastructure development, construction, and inter-warehouse goods transportation.
IPLTech has pioneered several industry-first initiatives including just-in-time delivery of construction materials, deployment of electric trucks, and the successful rollout of a driver app.
For further information, please visit IPLTech's website at www.ipltelectric.com.
About Principal Solar, Inc.
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.
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K. Bryce "Rick" Toussaint, CPA, MBA
Chairman and Chief Executive Officer
Investor Relations Contact