Renewable Innovations to support taxi company with hydrogen

Renewable Innovations (RI) will be providing its hydrogen-powered Mobile Energy Command Trailer under a lease agreement to an electric vehicle taxi company majority owned by a major auto manufacturer.

“Our system will rapidly recharge the company’s electric taxi and delivery vehicles independent of the US electrical grid,” states Robert Mount, Renewable Innovations CEO. The launch is anticipated to be early next year.

This same hydrogen product successfully supported the Rebelle Rally in October of this year by charging EV’s participating in the race as well as the daily base camps with over 250 people in attendance. This event took place in the deserts of Nevada and California.

Renewable Innovations (RI) also has a purchase order to provide additional portable hydrogen powered units (Mobile Power Generators) to this company to support its growth and provide the ability to charge quickly at any location where a rapid charge is needed.

Mount continued “Unlike many of Renewable Innovation’s competitors, the company is a revenue generating company with a diverse customer base. We have a proven technology and continue to deliver on a sizeable backlog with the expectation for strong growth in 2023 and beyond. There are also potential opportunities available for accretive acquisitions, joint ventures and additional customers that would accelerate future growth.”

RI purchase orders exceeded $2 million in the first nine months of company operations. For 2022, purchase orders exceed $7 million, with all orders coming from Fortune 50 companies. MPG Units currently in production will also be delivered to other private and government customers to fill existing orders.

Company plans include placement of our grid independent, rapid charging systems at strategic fueling locations along the U.S. Interstate Corridors. Current discussions are in process with a key multi-location fueling station company. The U.S. Electrical Grid does not have the capacity to meet the demand of the coming Electric Vehicle Revolution. Renewable Innovations expects to be a solution to this problem.

The company is in discussions with multiple other customers and expects to see good future growth as hydrogen becomes the fuel of the future. The Company is accelerating the growth and opportunities in the renewable economy.

The Company also wants to address its capitalization. Fifteen long-standing shareholders of Corp, who own or have the right to acquire an aggregate of over 14 million shares of common stock, are parties to a Leakout Agreement that limits their ability to sell shares over the 6-month period following the acquisition of Renewable Innovations, Inc. Further, the 93% of the company that is beneficially held by RI legacy shareholders is under 6-month resale restrictions typical in a private issuance. Thus, the approximately 1.55 million shares in the float are going to stay relatively consistent during this timeframe.

Back to top button