Lot78 Inc (OTCMKTS:LOTE) recently announced its intention to target opportunities associated with the Province of Ontario’s announced $20MM of incentives to build electric vehicle charging stations.
According to Lot78 Inc CEO David Schmid, “As part of our North American growth strategy, we will be targeting governmental incentive opportunities like the one announced in Ontario Canada. These incentives will add a boost to our value proposition and accelerate our robust growth model.”
Now, that wasn’t the only bit of news Lot78 Inc (OTCMKTS:LOTE) recently released. Prior to that development, the company has also recently signed an exclusivity agreement with sPARK (www.sparkev.ca) Electric Vehicle Charging in order to market, sell and install Lot78’s Juice Bar Electric Vehicle Charger (www.juicebarev.com) products in Canada.
Schmid stated, “The Canadian electric vehicle charging station market is one that is rapidly emerging as an opportunity for major growth as more electric vehicles become available to our neighbors to the north. Our Juice Bar Electric Vehicle Charging Stations has taken a decisive step in partnering with an innovative company like sPARK with its experienced and diversified management team.”
SPark currently offers premium electric vehicle charging technology, in combination with customized installations and creative marketing options in order to provide a unique charging experience. SPark also provides turnkey EV Charging solutions to residential and commercial, as well as industrial clients in Canada.
Additionally, the company recently announced that it is participating with Los Angeles Water and Power (LAWPD) in an innovative pilot program, which uses light poles and the electricity in order to install electric vehicle (EV) charging stations.
According to LADWP officials, “The curbside charger, located in front of 1773 East Century Blvd., is likely the first such power pole public charger in the country.”
According to LOTE CEO David Schmid, “This innovative program which leverages Juice Bar’s Mini Bar electric vehicle charging station and our proprietary mounting system provides a quick and super cost effective way to add to any City’s EV infrastructure and is a true game changer for the future of electric urban mobility.”
Moreover, the U.S. Government recently approved Lot78’s electric vehicle charging station passed the requirements, as well as waiting periods, to sell its products through the General Services Administration (GSA) marketplace for various Federal Facilities across the globe. Now, the GSA is an independent U.S. Federal Government agency that aims to manage and support the basic functionality of federal agencies.
LOTE CEO stated, “The GSA approval of our electric vehicle charging station, known as Juice Bar EV, is further confirmation that we have the right products, with the right team in place exactly at the right point in time. It is an important step for Juice Bar EV to gain access to such a large marketplace of electric vehicle users around the world.”
In addition to those key developments, the company announced its first acquisition recently. The company planned a two-phase acquisition of Garage Juice Bar, which is an Electric Vehicle Charging Station provider. This company already had products that were developed, tested, deployed and sold in over 10 states.
With many countries focused on global warming, Lot78 is poised to increase its revenues and earnings, significantly. Now, electric car companies, such as Tesla, have been growing their production, and there has been an increasing demand for electric vehicles. Consequently, as more and more consumers potentially shift to electric vehicles, this could potentially increase the demand for Lot78 charging stations.
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