Energy Plug Technologies Corp. has executed a Letter-of-Intent (LOI) to acquire North American rights from a significant manufacturer and distributor of Electric Vehicle (EV) charging hardware and Battery Energy Storage System (BESS) technologies.
The two companies have agreed to an exclusivity period where the target acquisition will not directly or indirectly solicit, initiate, facilitate, or accept any inquiry, proposal or offer from any person or buyers during the exclusivity period for the purpose of conducting its due diligence investigation of the potential acquisition and its affairs, assets and properties.
Recently appointed Director Broderick Gunning will oversee the due-diligence process. Mr. Gunning has held senior positions in the technology and energy sectors across Asia and the Americas. Mr. Gunning will utilize his extensive experience to conduct a comprehensive due diligence investigation of the potential target acquisition.
“We’re extremely enthusiastic about the possibilities of entering the battery management and energy storage industry. We look forward to the outcome of our due-diligence and building shareholder value by expanding our footprint in the evolving energy storage landscape,” stated Paul Dickson, President and CEO of Energy Plug Technologies Corp.
The Government of Canada published the country’s 2030 Emissions Reduction Plan in March 2022. The plan reflects input from provinces, territories, Indigenous Peoples, the Net-Zero Advisory Body, and interested Canadians on what is needed to reach Canada’s more ambitious climate target of 40-45% emissions reductions by 2030. Thus said, Canada will need 263 Terawatts by 2050 to support its 2050 Zero Emissions targets.
Companies including Tesla, General Motors, EVgo, Pilot, Hertz and bp, among others, are announcing new commitments to expand their networks by thousands of public charging ports in the next two years, using private funds to complement federal dollars and putting the nation’s EV charging goals even closer within reach.