Shorepower Wins Two State of California Grants totaling $100,000

These Grants follow the receipt of a New Hampshire grant

PORTLAND, April 26, 2024 (GLOBE NEWSWIRE) -- Shorepower Technologies, Inc. (OTC PINK: SPEV) (“Shorepower”), following it becoming a public company through its merger last March and receipt of funds in connection with the merger, has focused on bolstering its internal infrastructure, grant writing capabilities and sales.

Shorepower is now pleased to announce that it has received two state grants in California. The wins are for facilities based in Bakersfield and Lodi. Each location will host 3 Level 2 Chargers and 2 DC fast chargers equating to a total of 10 new connection points. The California grant awards total $100,000.

As reported last week, Shorepower also received a grant award in New Hampshire to provide electrification services at the MegaX Truck stop in Raymond, NH. The facility, currently under construction, will have nine stations affording 36 electrification connection points. The Company continues to anticipate being able to announce further state contract wins in the weeks to come.

In addition to bolstering its grant writing capabilities, Shorepower has also added to its engineering staff. Shorepower believes that these additions will enable it to more quickly upgrade and add to its current charging station network.

As more competitively priced electric vehicles come to market, and government incentives continue to foster electrification, the Company believes that it becomes essential to expand the infrastructure to cater to these vehicles. The EPA’s new proposal announcing limits on tailpipe emissions is meant to boost electric vehicle sales 10 fold and is designed to ensure that electric vehicles make up the majority of new US auto sales by 2032. Shorepower believes that this represents yet another significant driver of electric vehicle infrastructure: charging stations. As the percentage of EVs on the roads increases, the number of charging stations will need to increase exponentially in the Company’s view.

CEO and founder of Shorepower, Jeff Kim, said: “Winning grants in California and New Hampshire will help us hold our industry leading position as the largest commercial network in the country. Our commercial network with approximately 1,400 connect points continues to grow and every new connection point adds to its value”

Kim added, “being public provides us the opportunity to upgrade and expand our footprint organically and through acquisitions. Our initial focus will be on refreshing our product offerings and updating existing locations with charging stations. The successful closing of the merger has allowed us to start hiring critical resources. We anticipate augmenting our already robust grant writing capabilities to capture more than our fair share of Federal funds for the continued build out of our charging station network”