mPhase Announces First Auto Dealer EV Charging Contract – to Provide Level 3 Chargers to Ford Dealership in Pennsylvania
Rockville, MD, May 05, 2022 (GLOBE NEWSWIRE) -- mPhase Technologies, Inc. (OTC Pink: XDSL) (“mPhase” or the “Company”), a technology company developing the mPower EV+ (electric vehicle) charging network and consumer engagement platform, today announced that it has signed a purchase order with Shelly Electric Co., Inc. for two 120KW level 3 DC fast chargers for a Pennsylvania-based Ford dealership. The Company is excited to participate in the first phase of this charger installation, which is also expected to include level 2 chargers in the future.
Like other major auto makers, Ford is in the process of transitioning its fleet to electric vehicles, which will require an increasing number of charging units on premises at dealerships. The timing of today’s announcement coincides with the first deliveries of Ford’s much anticipated F-150 Lightning truck, which has already sold out for the 2022 model year. The mPhase installation will mark a number of firsts, including entry into the Pennsylvania market, the Company’s initial level 3 charger sales, and the beginning of a targeted entry into the auto dealership vertical.
“This purchase order checks some important boxes, most notably our ability to deliver a competitive offering in the important Level 3 category,” said mPhase CEO and Chairman Anshu Bhatnagar. “Level 3 chargers are an essential part of the EV charging landscape, but even more important for high-powered vehicles such as the Ford F-150 Lightning and Mustang Mach-E. We expect the Level 3 charger will become a standard sight at dealerships for all car companies throughout the country as each fleet expands to include a higher percentage of EVs, particularly those with larger battery storage capacity. Our goal is to gain experience in this vertical in order to capture more business at dealerships in need of a reliable charging footprint.”
Operational Update
While early 2022 presented a number of unexpected supply chain issues, customer delays, and other global challenges, management believes that these issues have been adequately addressed to resume the EV ecosystem growth plan outlined in prior communications. As part of this strategy, mPhase recently began optimizing its management team and third-party providers to better position the Company for the next stage of its ambitious growth plan, which includes a multi-state rollout and eventual uplist. Given current market conditions and the need to accelerate a major equipment installation cycle, mPhase has implemented a program to significantly cut overhead (including payroll), in order to allocate a higher percentage of the operating budget to EV charging site development. The Company’s pipeline continues to be robust, with several thousand potential sites under review for inclusion in the mPower ecosystem. Management will provide a more complete update in the next quarterly earnings report, which is due in mid-May.
About mPhase Technologies
mPhase is an emerging EV-centric technology company focused on consumer engagement using data analytics and artificial intelligence to create a monetizable link between consumers and retailers at opportunistic times and places. The Company is currently building a connected ecosystem of EV charging, 5G internet connectivity and software solutions that optimize consumer engagement within the framework of a SaaS/TaaS model. Branded under the mPower name, this ecosystem will empower the way people shop, dine, fuel and interact with the world to create a richer life experience. The mPower ecosystem is tailored to each individual’s tastes and needs, with particular emphasis on empowering tomorrow’s green consumer. mPhase also has data driven business units generating recurring revenue outside of its consumer ecosystem, in addition to legacy nanobattery technology and a related patent portfolio that are slated for future development. Additional information can be found at the mPhase website, www.mphasetech.com; and at www.mpower.co. Please follow us on twitter: @mPhase_Tech for the latest updates.
Investor Contact:
ir@mphasetech.com
