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Alkane Truck Company and evLabs Announce Agreement for Electric Truck Launch

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| Source: Alkane Truck Company

-Target Mid-2018 Debut For 100% Battery-Electric Class 6 Truck-

-Innovative evLabs Powertrain/BMS Design Plans To Deliver Superior Horsepower and Torque-

Myrtle Beach, SC, Dec. 04, 2017 (GLOBE NEWSWIRE) --  Alkane Truck Company (“Alkane”) announced today that the company has signed a Memorandum of Understanding with evLaboratory Inc. (“evLabs”) to integrate evLabs’ innovative powertrain and battery management system (“BMS”) with Alkane’s OEM alternative fuel truck chassis. The first model to market will be a new Class 6 (up to 26,000 GVWR) all-electric delivery truck for inner-city commerce.

Subsequent launches of Class 4 thru Class 7 all-electric truck models are envisioned. In addition, the parties have agreed to provide evLabs the opportunity to become the Alkane Logistics Manager and Certified Assembler of its new product line of electric trucks.

About Alkane Truck Company

Alkane Truck Company is a uniquely competitive OEM alternative-fuel truck company utilizing strategic supply agreements with leading truck component corporations from the U.S. and around the world to minimize the significant financial investment in design, test compliance, tooling, and production facilities required of a typical OEM truck manufacturer. All of Alkane’s medium-duty and heavy-duty alternative-fueled trucks are shipped to Alkane as knock-down kits from each component manufacturer. The components are then tested and approved to DOT truck regulations before being assembled at a U.S. Alkane certified assembly facility. When the trucks are completed, and all parts are integrated with U.S. based assembly labor, the trucks are then determined to be U.S. OEM (original equipment manufacturer) compliant since the domestic value-add content exceeds 51%. This allows Alkane to issue their own VINs (Vehicle Identification Numbers), qualify for government and military contracts, and deliver a profitable and competitively priced alternative fueled (electric, natural gas, propane) vehicle to the market.

About evLabs

evLabs is a subsidiary of L&P Logistics headquartered in Punta Gorda, FL. The innovative evLabs technology is a universal electric drivetrain system using a sequence of electric motors that can range from 100HP to 700HP with corresponding high levels of torque. The system consists of an electric drivetrain, a controller, a battery management system and a battery pack of 100% recyclable lithium batteries. The evLabs’ initial Class 6 all-electric model is rated at 325HP and 480 lbs-ft giving it superior power and torque compared to other all-electric options.

Robert Smith, Alkane’s Founder and Chief Executive Officer stated, “We are truly excited to begin work with the evLabs management team to integrate their electric powertrain technology with our product line of Alkane OEM alternative fueled trucks. Demand for Zero Emission Vehicles and Low NOx engines will see dramatic growth in the years to come and significant investment incentives are being offered to accelerate fleet transition from fossil fuel to zero and low emission transportation. For example, California has approved clean-air incentive programs that provide fleet vouchers of $90,000 to $100,000 per truck for Class 6 ZEV trucks coming to market in 2018.

In addition, the Federal VW Mitigation Trust has established maximum funding allowances of 75% for non- government owned and 100% for government-owned vehicles of the incremental cost to replace a diesel Class 6 truck with an all-electric Class 6 truck. Launch of the Alkane/evLabs electric truck product line is perfectly timed to take full advantage of the clean-air incentives, net fuel savings, and maintenance savings that fleet managers can benefit from.”

James Lawrence, CEO of L&P Logistics/evLabs and Frank Ziegler, evLabs Chief Marketing Director collectively commented, “Transforming vehicles to the use and storage of electric energy reduces our dependency on foreign oil and helps to reduce the unhealthy emissions proven to cause respiratory problems in children and adults, while at the same time providing a reliable electric platform for fleet owners. We look forward to developing the partnership with Alkane Truck Company to ensure evLabs can garner a leadership position as a compelling participant in the alternative energy market. We believe the evLabs electric system technology advances power and torque performance to new levels not experienced before. Alkane’s primary focus is producing reliable and affordable alternative-fueled vehicles. We are excited to have evLabs become a key Alkane partner in achieving those performance objectives.”

For inquiries or additional information, please contact:

Alkane Truck Company
Website:	www.alkanetruckcompany.com
Phone:	843-839-0109