New Partnership to Develop Heavy-Duty EVs for North America

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Dallas-based investor Principal Solar Inc. has executed a development agreement with India-based heavy-duty electric vehicle (EV) maker IPLTech Electric Pvt. Ltd.

Upon completion of the development of a pure-electric truck prototype, Principal and IPLTech will enter into a licensing agreement through which Principal will receive a license to deploy IPLT’s technologies in U.S. truck platforms. The agreement also provides an opportunity for Principal Solar to co-invest in IPLTech alongside private equity funds. In exchange, Principal Solar will receive a combination of exclusive and non-exclusive rights to commercialize IPLT’s proprietary technologies for North American markets.

“This transaction strategically expands Principal’s investments in the electric vehicle sector,” says K. Bryce “Rick” Toussaint, chairman and CEO of Principal Solar. “We believe that this relationship with IPLTech has the potential to bring significant value to our stakeholders by increasing the company’s EV intellectual property investments and providing access to international markets. IPLTech’s proven technologies could also broaden principal’s potential commercial EV solutions for future customers.”

Sid Das, co-founder and CEO of IPLTech Electric, adds, “For months, we have been successfully operating a commercial fleet of trucks in the Indian market. We strongly believe in our partnership with Principal and our combined ability to deliver pure-electric, zero-tailpipe-emissions Class 8 trucks to customers in North American markets.”

Per the terms of the agreement, in exchange for the license, Principal will contract with IPLT to develop a working prototype in India for North American markets. Principal will assist IPLT in acquiring the approvals necessary for the prototype to operate on U.S. roads.

The terms of the transaction are expected to be finalized and closed this month.

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Stephen Lund
Stephen Lund
3 months ago

Two problems: 1. The only way electric Class 8 trucks will be “green” is if the electricity comes from Renewable Electricity from wind/solar/hydro farms. They presently produce 40% of electricity versus 60% from natural gas or coal power plants. Can “Renewable” sources provide the vast amount of electricity that will be needed for Total Electric Transportation? No. So the only answer is increased electric production from natural gas or coal fueled power plants. Why not simply take the natural gas/ Renewable Natural Gas and use it to fuel present Class 8 trucks powered by Westport Fuel Systems using Cummins Westport… Read more »