Principal Solar, Inc. and IPLTech Electric Pvt. Ltd. to Develop Heavy Duty EV Trucks for North American Markets
July 20, 2021 at 08:00 am
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Principal Solar, Inc. announced that it has executed a Development Agreement IPLTech Electric Pvt. Ltd. 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. 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.
Principal Solar, Inc. is a strategic investor in and acquirer of organizations and technologies that support opportunities in traditional, renewable, and clean energy sectors as well as an acquirer and operator of undervalued petroleum-producing properties. The Company conducts business through its subsidiaries, providing consulting in the energy sector, licensing, and commercializing energy related intellectual property, and engaging in a selection process and conducting due diligence for future acquisitions. Its subsidiaries include Bayou Road Investments, Inc. (Bayou Road Investments), NexTeal Energy, and E-3 Petroleum. Bayou Road Investments seeks to acquire licenses for patented technology, primarily in the green energy sector, and to subsequently monetize these technologies. NexTeal is focused on heavy electric vehicle (EV) technologies. E-3 Petroleum houses the Companyâs investments and acquisitions in oil and gas properties.