At the previous close, Principal Solar Inc [OTCPink: PSWW] stock was buckling as it surged 28.76% to $0.1249, the highest close in 30 days. PSWW stock saw 6.44 million shares traded versus an average volume of 7.02 million shares over the past 30 days.
The PSWW stock value ranged between $0.0019 and $0.7000 during the 52-week period. PSWW stock price has risen on the news that it will convert its first two Class 6-sized vehicles to electric cars within the next few weeks.
Why does PSWW make those conversions?
Principal Solar invests in and acquires companies, organizations, and technologies that support the development of renewable, clean, and traditional energy sources. Moreover, PSWW acquires undervalued oil and gas producing properties and operates them.
Renewable energy company Principal Solar announced last week that it has begun converting two Class 6 trucks into electric vehicles for demonstrations.
- As PSWW releases eTruck, this marks a milestone in its market launch.
- PSWW will demonstrate through these conversions how its solution is well suited for companies that are looking to transition to EVs now instead of 5 years from now.
- Transport and logistics companies of all sizes can easily convert their existing fleets from diesel to nearly fully electric with PSWW’s heavy-duty vehicle EV conversion technology.
- As a result of these conversions, PSWW eliminates the lengthy development processes normally associated with inventing entirely new platforms.
- By minimizing the time between design and delivery, PSWW is able to eliminate the traditional multi-year R&D process.
Principal Solar announced recently that it will be applying for the Department of Energy’s SuperTruck 3 program and partnering with eTruck Transportation (“eTruck”) through a subsidiary. On April 15, 2021, the program announced its commitment to electrifying freight trucking and increasing infrastructure, along with efforts to lower emissions, allocating $162 million for the same.
How will PSWW take advantage of this opportunity?
The statement was seen by Principal Solar (PSWW) as a further endorsement of its decision to create NexTeal, its EV-focused operating company, and to form a partnership with eTruck Transportation for their heavy-truck electrification business. PSWW’s NexTeal and its new subsidiary partnership are well suited to exploit SuperTruck 3 funding opportunity. The program was something that PSWW intends to apply for.
Department of Energy’s announcement details a program that will fund solutions to mitigate the largest contributors to the transportation sector’s greenhouse gas emissions. Nearly a quarter of all the emissions in the sector are caused by medium- and heavy-duty trucks.
