SHOREPOWER TECHNOLOGIES INC. (: SPEV)

Shorepower is a transportation electrification company that builds, deploys and operates plug in stations enabling electric vehicles, trucks and refrigerated trailers to access electric power while parked or staged. The company operates the largest heavy duty focused network of electrified parking spaces in North America comprising 60 facilities at travel centers with approximately 1,800 electrified parking spaces. Shorepower originally started as a truck stop electrification TSE provider and has since expanded its portfolio to include electric standby transport refrigeration units eTRU and electric vehicle charging infrastructure. Its current network includes over 300 electric vehicle charging connection points that have been sold or controlled and could be upgraded to Level 2 or DC fast charger capability. Shorepower estimates that by upgrading existing TSE stations it could expand its total charging connection points to more than 2,000 across its 60 locations. The company has secured or is pursuing approximately $1,000,000 in grant funding to support the conversion of sites to Level 2 and DC fast charging stations.

Shorepower generates revenue from the sale and installation of its TSE eTRU and EV charging stations. It also earns ongoing service fees, usage based charges, and maintenance contracts linked to its electrified parking spaces. The company receives income from government grants and contracts that fund the deployment of its infrastructure. Shorepower sells ancillary equipment such as portable heaters, heavy duty extension cords, and cab wiring kits to enable customers to use its TSE facilities. Additionally, the firm derives revenue from its proprietary back office payment and control system which includes software subscriptions and transaction processing fees.

Shorepower positions itself as a leader in heavy duty transportation electrification claiming the largest network of electrified parking spaces in North America. It competes with firms such as ChargePoint, ABB, Tesla, EVGo, Electrify America, Blink and others in the EV charging market, and with IdleAir in the truck stop electrification space. The company’s competitive advantages include its low cost build out and operating model, proprietary back office payment and control systems, a strong track record of securing government grants, and long term relationships with manufacturers of commercial charging equipment. Shorepower leverages approximately twenty years of experience in the transportation electrification sector to inform its product development and customer service approach. The firm aims to offer the lowest build out and operating costs, competitive end user pricing, and high energy cost savings to achieve faster returns on investment for its customers compared with rivals.

Shorepower serves long haul truck drivers, fleet operators, refrigerated trailer owners, and operators of electric vehicles seeking charging while parked. Its customers include truck stop and travel center operators, logistics companies, refrigerated transport firms, and EV owners who utilize its TSE eTRU and charging stations at its 60 facilities across major interstate corridors. The company’s sites are located along key routes such as I 5 on the West Coast, I 95 on the East Coast, I 80 and I 90 in the North, and I 10 and I 20 in the South, as well as other connecting highways. Shorepower’s electrified parking spaces are used by drivers who need to power hotel loads during mandatory rest periods and by operators of refrigerated trailers requiring electric standby to preserve cargo such as ice cream, meat, vegetables, and pharmaceuticals. Additionally, the firm serves EV owners looking for Level 2 or DC fast charging options while their vehicles are parked at travel centers.