Shorepower Technologies Inc (SPEV)

[Louied91]

$SPEV Shorepower Technologies Acquires Assets from IdleAir

https://www.globenewswire.com/en/news-release/2024/07/16/2913767/0/en/Shorepower-Technologies-Acquires-Assets-from-IdleAir.html

PORTLAND, Ore., July 16, 2024 (GLOBE NEWSWIRE) -- Shorepower Technologies Inc. (OTC: SPEV) has agreed to acquire three Truck Stop Electrification Locations from IdleAir (www.idleair.com). The acquisition of these operations is immediately accretive as the locations already generate revenue and represent nearly 100 connection points.

The three sites are located in Texas: two in Laredo and one in Baytown. The acquisition of these IdleAir sites represents a perfect complement to Shorepower’s geographical footprint. While Shorepower is mostly on the West Coast and in the Northeast, IdleAir’s locations are mostly located in the Southern states.

‘We have long admired IdleAir’s operational strategy and network. We believe this acquisition could be the first of many between the two companies and anticipate Shorepower growing its lead as the largest provider of commercial electrification services nationwide,” says CEO Jeff Kim. Given IdleAir’s 350 domestic connection points, the collection of assets would provide significant scale to Shorepower’s already impressive network.

The acquisition represents Shorepower’s first acquisition and marks a milestone for the company. Shorepower is hopeful that this first foray will be followed by many similar transactions with IdleAir - enabling Shorepower to strengthen its lead as the powerhouse in commercial electrification services in the country. “Cementing this acquisition and others will allow us to surpass our lofty internal revenue goals,” says CEO Jeff Kim.

Over the last 60 days, Shorepower has announced grant awards and projects valued at over $1,000,000, including in-kind and cost-share. The company will continue to grow organically as well as evaluate all inorganic growth opportunities. With the recent acquisition, the Shorepower network now has nearly 1900 connection points.

Shorepower remains focused on building out our Interstate strategy. Charging stations are most needed where urban infrastructure is limited. Therefore, the company continues to develop relationships with travel centers and rest stop operators to provide essential charging infrastructure services.