Shorepower Technologies Wins Phase 1 Contract with US Department of Energy

PORTLAND, August 30, 2024 - In June 2024, the U.S. Department of Energy (DOE) announced the 20 teams from 13 states who won Phase 1: Identify!  for the Hero Re-X Before Recycling Prize challenge. Shorepower Technologies Inc. (OTC: SPEV) is pleased to announce they are among this winning cohort and now qualify to participate in Phases 2 and 3, which could yield additional awards of up to $650,000 - to demonstrate and develop an innovative electric vehicle (EV) charging technology.

The Phase 1 grant provides support for Shorepower to begin development of a DC fast charger that includes mobile battery energy storage, using repurposed/recycled EV batteries to power the modules. Internally, Shorepower refers to this as DCFC-BEST (DC Fast Charger - Battery Energy Storage Transportable technology). The award represents the company’s first award in the DC Fast Charger space. Shorepower will be working with local communities and college students to develop the DCFC-BEST system, to ultimately provide more affordable and equitable access to EV charging across the US. The opportunity of focus for Shorepower’s project is the existing and exponentially emerging waste stream of used EV batteries. These used batteries don’t have enough capacity remaining for an electric vehicle, but are well suited for the DCFC-BEST.

From the DOE: “By stimulating innovation and private investment in circular economy approaches, the innovations developed through this prize will reduce life cycle energy and emissions, strengthen circular supply chains for emerging clean energy technologies, and decrease the demand for virgin materials…Competing teams will help to unlock new or expanded supply chains that can reintegrate end-of-use products into the economy via reuse, repair, refurbishment, remanufacturing, and/or repurposing (collectively called “Re-X”).”

Shorepower’s CEO Jeff Kim adds, “We plan to make a positive impact by diverting these batteries from landfills and repurposing them for energy storage and fast charging for EV’s. This will be a cost-effective way to provide EV charging solutions for our disadvantaged community partners, fleets, and others wanting the technology. The impact of this Re-X opportunity is expected to greatly redefine the possibilities of DCFC installation costs and logistics - by minimizing impacts to the local grid for power demand, streamlining the utility permitting phase and simplifying deployment of charging stations, and making DCFC charging a viable economic option within disadvantaged communities. Our modular battery-based charging stations could be installed at sites using solar without any grid connection, or with much lower levels of residential power - thus providing an immediate low-cost charging solution in these communities. This technology would be ideal for remote use such as off-grid retreats, entertainment venues and military operations; solar charging could make the system even more resilient. Our momentum in contract grant awards continues. We anticipate further wins in the weeks ahead and have close to $ 1.2 million in grant proposals outstanding across product lines and geographies.”

Read the winner announcement to learn more about the prize and this phase’s winning teams: https://www.energy.gov/eere/ammto/articles/doe-announces-phase-1-winners-re-x-recycling-prize-extend-product-and-part

Investor Relations Contact:
Inflection Partners, eric@inflectionpartnersllc.com

Shorepower is a transportation electrification company that builds, deploys and operates plug-in stations that allow electric vehicles, trucks, and refrigerated trailers to conveniently access electric power while parked or staged - resulting in cost savings for fleets and drivers, and offsetting petroleum fuel consumption. This significantly reduces associated toxic emissions and greenhouse gases by replacing petroleum fuels with electric power. Shorepower operates the largest heavy-duty focused network of electrified parking spaces in North America. This network includes 60 facilities conveniently located at travel centers - with approximately 1,800 electrified parking spaces. These facilities provide truck stop electrification (TSE) and electric standby transport refrigeration units (eTRU), and several sites include electric vehicle charging stations - a focus that Shorepower will continue to advance.

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Source: Shorepower Technologies