Heramba Electric plc (NASDAQ: PITA) is experiencing a notable rise in its stock price on US charts today. Shares of PITA have surged by 9.17% in the pre-market session, now trading at $2.50. This jump follows the announcement of a significant multi-million dollar contract that the company has secured, boosting investor confidence.
Major Contract for Battery Upgrade Program
Heramba’s wholly-owned subsidiary, Kiepe Electric (“KIEPE”), has been awarded a $26 million contract by King County Metro in Seattle, Washington. The contract involves a three-year battery upgrade program aimed at enhancing the In Motion Charging (IMC) capabilities of the county’s electric trolley buses.
The upgrade will provide new battery packs with three times the capacity of the original energy storage systems, substantially improving the e-mobility network’s efficiency, reducing carbon emissions, and advancing public transportation in the region. Additionally, KIEPE will provide on-site service support for up to five years, starting in 2024.
Strengthening Market Position in North America
KIEPE’s latest contract in Seattle, combined with a recent win with the Chicago Transit Authority (CTA), highlights the company’s growing presence in North America. Together, these projects represent over $75 million in new orders for 2024. These successes reflect Heramba’s commitment to delivering high-quality, US-made products utilizing German engineering expertise to meet the increasing demand for decarbonization solutions in urban settings.
Aligning with Environmental Goals
Seattle and King County, recognized as some of the most environmentally conscious regions in the United States, are ideal partners for KIEPE’s ambitions to reduce emissions and improve public transportation. The extensive battery upgrade aligns with KIEPE’s goals of advancing sustainable transit solutions. The new battery packs, designed for 174 electric trolley buses delivered between 2014 and 2017, allow these vehicles to operate up to seven miles between overhead wire connections, improving range and efficiency.
A Commitment to Sustainable Public Transit
By collaborating closely with King County Metro, KIEPE is enhancing the energy efficiency and performance of the region’s electric trolley buses while minimizing infrastructure maintenance and service expansion costs. As the demand for electrification grows, Kiepe Electric is gaining global recognition for its comprehensive support throughout the product lifecycle, delivering innovative solutions even for aging fleets.
