Shorepower Technologies Wins Phase 1 Contract with US Department of Energy

Eligible to Apply for Phases 2 and 3, valued at $650k

/EIN News/ -- PORTLAND, Ore., Aug. 30, 2024 (GLOBE NEWSWIRE) -- In June 2024, the U.S. Department of Energy (DOE) announced the 20 teams from 13 states who won Phase 1: Identify! for the Hero Re-X Before Recycling Prize challenge. Shorepower Technologies Inc. (OTC: SPEV) is pleased to announce they are among this winning cohort and now qualify to participate in Phases 2 and 3, which could yield additional awards of up to $650,000 - to demonstrate and develop an innovative electric vehicle (EV) charging technology.

The Phase 1 grant provides support for Shorepower to begin development of a DC fast charger that includes mobile battery energy storage, using repurposed/recycled EV batteries to power the modules. Internally, Shorepower refers to this as DCFC-BEST (DC Fast Charger - Battery Energy Storage Transportable technology). The award represents the company’s first award in the DC Fast Charger space. Shorepower will be working with local communities and college students to develop the DCFC-BEST system, to ultimately provide more affordable and equitable access to EV charging across the US. The opportunity of focus for Shorepower’s project is the existing and exponentially emerging waste stream of used EV batteries. These used batteries don’t have enough capacity remaining for an electric vehicle, but are well suited for the DCFC-BEST.

From the DOE: “By stimulating innovation and private investment in circular economy approaches, the innovations developed through this prize will reduce life cycle energy and emissions, strengthen circular supply chains for emerging clean energy technologies, and decrease the demand for virgin materials…Competing teams will help to unlock new or expanded supply chains that can reintegrate end-of-use products into the economy via reuse, repair, refurbishment, remanufacturing, and/or repurposing (collectively called “Re-X”).”

Shorepower’s CEO Jeff Kim adds, “We plan to make a positive impact by diverting these batteries from landfills and repurposing them for energy storage and fast charging for EV’s. This will be a cost-effective way to provide EV charging solutions for our disadvantaged community partners, fleets, and others wanting the technology. The impact of this Re-X opportunity is expected to greatly redefine the possibilities of DCFC installation costs and logistics - by minimizing impacts to the local grid for power demand, streamlining the utility permitting phase and simplifying deployment of charging stations, and making DCFC charging a viable economic option within disadvantaged communities. Our modular battery-based charging stations could be installed at sites using solar without any grid connection, or with much lower levels of residential power - thus providing an immediate low-cost charging solution in these communities. This technology would be ideal for remote use such as off-grid retreats, entertainment venues and military operations; solar charging could make the system even more resilient. Our momentum in contract grant awards continues. We anticipate further wins in the weeks ahead and have close to $ 1.2 million in grant proposals outstanding across product lines and geographies.”

Read the winner announcement to learn more about the prize and this phase’s winning teams: https://www.energy.gov/eere/ammto/articles/doe-announces-phase-1-winners-re-x-recycling-prize-extend-product-and-part

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, and offsetting petroleum fuel consumption. This significantly reduces associated toxic emissions and greenhouse gases by replacing petroleum fuels with electric power. Shorepower operates 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. These facilities provide truck stop electrification (TSE) and electric standby transport refrigeration units (eTRU), and several sites include electric vehicle charging stations - a focus that Shorepower will continue to advance.

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.

These and other risks, assumptions and uncertainties are described in Item 1A (Risk Factors) of our most recent Annual Report on Form 10-K and in other documents that we file or furnish with the Securities and Exchange Commission, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. We expressly disclaim any current intention to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/47dd4c1a-9faa-40d0-9d1f-ed7fd86b0736