Shorepower Awarded Two New Project in California

Rhea-AI Summary

Shorepower (SPEV) has secured two new projects in California worth over $100,000, involving the installation of 4 Level 2 connection points in Boron and 12 Level 2 connection points in Norwalk. The company currently operates approximately 1,800 connection points in its commercial charging network.

Additionally, Shorepower has introduced a new "medium speed" DC Fast Charger (DCFC) with speeds ranging from 20kW to 40kW, which is 2-4 times faster than typical Level 2 chargers. These new chargers can operate on existing 208VAC 3-phase input, reducing upgrade costs, and are specifically designed for commercial vehicles like box trucks, electric buses, and high-capacity pickup trucks.

Positive

• Secured new projects worth over $100,000 in California
• Large existing network of approximately 1,800 connection points
• New medium-speed DCFC technology offers 2-4x faster charging than Level 2
• New chargers reduce infrastructure costs by using existing 208VAC power
• Potential for additional contract awards through ongoing proposal efforts

Negative

• None.

Company develops and rolls out new “medium speed” DC Fast Charger

PORTLAND, May 16, 2025 (GLOBE NEWSWIRE) -- Shorepower (OTC: SPEV) is pleased to announce they have been awarded two new projects in California totaling over $100,000. The company has been selected to install 4 new Level 2 connection points in Boron, CA and 12 Level 2 connection points in Norwalk, CA. These new awards add to Shorepower’s already robust commercial charging network with approximately 1,800 connection points, making Shorepower one of the leaders commercial charging networks.

Shorepower “Medium Speed” DC Fast Charger (DCFC)

The company is also excited to announce their latest evolution in charging stations: a new “medium speed” DC Fast Charger (DCFC). The new chargers greatly improve cost efficiency and magnify the competitive offering. These chargers range in speed between 20kW and 40kW which are 2 to 4 times faster than most EVs are capable of charging on Level 2 chargers. Some of the new DCFCs are also capable of being powered with existing 208VAC 3-phase input, thus reducing the cost of power service upgrades to 480VAC. These chargers are ideally suited to charging smaller commercial vehicles such as box trucks, electric buses, and higher capacity pickup trucks for work/business operations.

As a result of the Company’s proposal writing efforts, the company anticipates being able to announce additional contract awards in the future. As the percentage of EVs on the roads increases, the number of charging stations will need to increase exponentially.

Jeff Kim, CEO stated, “We are excited about the new additions to our charging network and increasing our product diversity. These products will allow us to capitalize on more opportunities and serve a growing number of customers.”

Kim added: “We will continue to upgrade and expand our footprint organically and through acquisitions. Our focus has been on refreshing our product capabilities and updating existing locations with more advanced charging capabilities. We anticipate augmenting our robust grant writing capabilities to capture more State and Federal funds for the continued build out of our charging station network.”

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

About Shorepower Technologies

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 that offsets petroleum fuel consumption, thus significantly reducing associated toxic emissions and greenhouse gases by replacing petroleum fuels with electric power. We currently operate 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. Most of these facilities are focused on truck stop electrification (TSE) and electric standby transport refrigeration units (eTRU). Still, several sites already include electric vehicle charging stations which will continue to grow.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," and "will" and variations of such words and similar expressions are intended to identify such forward-looking statements. All statements in this press release pertaining to our expectations relating to this acquisition constitute forward-looking statements. These forward-looking statements are not guarantees of future performance and involve risks, assumptions and uncertainties, including, but not limited to, the accuracy of our estimates regarding expenses, capital requirements and need for additional financing, our ability to operate our business and generate profits, decline in global financial markets and economic downturn resulting from the coronavirus COVID-19 global pandemic, business interruptions resulting from the coronavirus COVID-19 global pandemic, and general risk factors affecting the restaurant industry, including current economic climate, costs of labor and energy prices. These and other risks, assumptions and uncertainties are described in Item 1A (Risk Factors) of our most recent Annual Report on Form 10-K and in other documents that we file or furnish with the Securities and Exchange Commission, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. We expressly disclaim any current intention to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/941cd12b-6420-46c3-8a18-7b35915fdb05

FAQ

What new projects has Shorepower (SPEV) won in California for 2025?

Shorepower has won two new projects in California worth over $100,000: installation of 4 Level 2 connection points in Boron and 12 Level 2 connection points in Norwalk.

What are the specifications of Shorepower's new medium-speed DC Fast Charger?

Shorepower's new medium-speed DCFC operates at 20-40kW, is 2-4 times faster than Level 2 chargers, and can run on existing 208VAC 3-phase input, making it ideal for commercial vehicles.

How many charging connection points does Shorepower (SPEV) currently operate?

Shorepower currently operates approximately 1,800 connection points in its commercial charging network.

What types of vehicles are Shorepower's new DC Fast Chargers designed for?

The new DC Fast Chargers are specifically designed for smaller commercial vehicles, including box trucks, electric buses, and higher capacity pickup trucks for work/business operations.