PORTLAND, Ore., July 16, 2024 (GLOBE NEWSWIRE) -- Shorepower Technologies Inc. (OTC: SPEV) has agreed to acquire three Truck Stop Electrification Locations from IdleAir (www.idleair.com). The acquisition of these operations is immediately accretive as the locations already generate revenue and represent nearly 100 connection points.
The three sites are located in Texas: two in Laredo and one in Baytown. The acquisition of these IdleAir sites represents a perfect complement to Shorepower’s geographical footprint. While Shorepower is mostly on the West Coast and in the Northeast, IdleAir’s locations are mostly located in the Southern states.
‘We have long admired IdleAir’s operational strategy and network. We believe this acquisition could be the first of many between the two companies and anticipate Shorepower growing its lead as the largest provider of commercial electrification services nationwide,” says CEO Jeff Kim. Given IdleAir’s 350 domestic connection points, the collection of assets would provide significant scale to Shorepower’s already impressive network.
The acquisition represents Shorepower’s first acquisition and marks a milestone for the company. Shorepower is hopeful that this first foray will be followed by many similar transactions with IdleAir - enabling Shorepower to strengthen its lead as the powerhouse in commercial electrification services in the country. “Cementing this acquisition and others will allow us to surpass our lofty internal revenue goals,” says CEO Jeff Kim.
Over the last 60 days, Shorepower has announced grant awards and projects valued at over $1,000,000, including in-kind and cost-share. The company will continue to grow organically as well as evaluate all inorganic growth opportunities. With the recent acquisition, the Shorepower network now has nearly 1900 connection points.
Shorepower remains focused on building out our Interstate strategy. Charging stations are most needed where urban infrastructure is limited. Therefore, the company continues to develop relationships with travel centers and rest stop operators to provide essential charging infrastructure services.
Investor Relations Contact:
Inflection Partners, eric@inflectionpartnersllc.com
About Shorepower Technologies
Shorepower (www.shorepower.com) 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
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," and "will" and variations of such words and similar expressions are intended to identify such forward-looking statements. All statements in this press release pertaining to our expectations relating to this acquisition constitute forward-looking statements. These forward-looking statements are not guarantees of future performance and involve risks, assumptions and uncertainties, including, but not limited to, the accuracy of our estimates regarding expenses, capital requirements and need for additional financing, our ability to operate our business and generate profits, decline in global financial markets and economic downturn resulting from the coronavirus COVID-19 global pandemic, business interruptions resulting from the coronavirus COVID-19 global pandemic, and general risk factors affecting the restaurant industry, including current economic climate, costs of labor and energy prices
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