Partnership Expected to Accelerate Subsidiary TurnOnGreen’s
Expansion into EV Fleet Management
Ault Global Holdings, Inc. (NYSE American: DPW), a diversified
holding company (the “Company” or “AGH”), announced
today that it has invested in Unique Electric Solutions, Inc.
(“UES”), a privately held developer of Electric Vehicle
(“EV”) propulsion systems for commercial trucks and school
buses. The investment will enable UES to increase production while
diversifying into adjacent markets. Moreover, AGH’s subsidiary,
TurnOnGreen, Inc. (“TurnOnGreen”), will work with UES to
provide commercial EV charging stations and fleet management
software solutions to UES and its customers.
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UES manufactures EV and fuel cell electric vehicle
(“FCEV”) propulsion systems for medium and heavy-duty
trucks, transit, and school buses. Its uniqueEV® platform, driven
by proprietary machine-learning software, has been field-proven
through performing daily service for United Parcel Service
(“UPS”) in New York City and California since 2018. In
addition, UES has secured contracts with two of New York City’s
largest school bus operators to convert (repower) their school
buses to electric propulsion.
AGH invested $2.25 million for a 7% stake in UES, which can
increase to 10% upon the exercise of warrants acquired by AGH. In
addition, AGH has the right to participate up to 50% of any future
investment by third parties in UES during the next two years. AGH
and UES agreed that when UES achieves higher-volume orders for its
EVs, they will look to enter into a long-term lease for
manufacturing space at an AGH manufacturing facility.
The Company’s investment will enable UES to increase output of
repowered vehicles, address a backlog of pending orders and
accelerate the introduction of new EVs while diversifying into
strategic market adjacencies (e.g., captive battery manufacturing).
This partnership will allow TurnOnGreen, a supplier of EV chargers
and energy storage systems, to accelerate expansion of services
into new vertical markets, including federal, state, and municipal
bus fleets along with last-mile delivery service fleets like UPS
and other package and food delivery companies.
Milton “Todd” Ault, Executive Chairman of AGH, stated, “We are
pleased to invest in UES, which has a proven track record of
delivering efficient solutions to premier fleets like UPS and
Logan. We expect this strategic investment and partnership will
dramatically accelerate UES’ production and catalyze numerous
high-growth synergies with TurnOnGreen, unlocking significant value
for our stockholders.”
Joseph “Joe” Ambrosio, CEO of UES stated, “AGH’s investment will
help accelerate the processing of our current $5 million backlog.
This is a game-changer for us. We’ve been exploring the capital
markets for some time and found a strategic investor and partner to
take us to the next level. The AGH team speaks our language, and we
will hit the ground running on bundling their TurnOnGreen Level 2
and Level 3 electric vehicle charging equipment and fleet
management software platform with UES’s repower kits.”
“Partnering with UES to deliver EV charging and fleet management
logistics provides TurnOnGreen an enormous opportunity to address
the electrification needs of the thousands of school districts and
municipalities in North America who are committed to the
electrification of their bus fleets and meeting the Zero Emission
Vehicle goals of their respective regions,” said Marcus
Charuvastra, Chief Revenue Officer at TurnOnGreen.
About Ault Global Holdings, Inc.
Ault Global Holdings, Inc. is a diversified holding company
pursuing growth by acquiring undervalued businesses and disruptive
technologies with a global impact. Through its wholly and
majority-owned subsidiaries and strategic investments, the Company
provides mission-critical products that support a diverse range of
industries, including defense/aerospace, industrial, automotive,
telecommunications, medical/biopharma, and textiles. In addition,
the Company extends credit to select entrepreneurial businesses
through a licensed lending subsidiary. Ault Global Holding’s
headquarters are located at 11411 Southern Highlands Parkway, Suite
240, Las Vegas, NV 89141; www.AultGlobal.com.
About TurnOnGreen, Inc.
TurnOnGreen Inc. designs and manufactures innovative,
feature-rich, and top-quality power products for mission-critical
applications, life-saving and sustaining applications spanning
multiple sectors in the harshest environments. The diverse markets
we serve include defense and aerospace, medical and healthcare,
industrial, telecommunications and e-Mobility. TurnOnGreen brings
decades of experience to every project, working with our clients to
develop leading-edge products to meet a wide range of needs.
TurnOnGreen’s headquarters are located at Milpitas, CA;
www.TurnOnGreen.com.
About Unique Electric Solutions (UES)
Unique Electric Solutions, Inc., UES, manufactures EV and FCEV
propulsion systems for commercial fleets, upfitters and select
OEMs. These engineered, end-to-end EV systems are deployed in both
new production vehicle platforms as well as mid/high volume
conversions of on-road medium and heavy-duty trucks and buses for
numerous applications such as package delivery, passenger
transportation and terminal trucks. The uniqueEV® platform, a Class
4-8 all-electric drive system available in both full EV and a
range-extended HEV fuel-cell version, is field-proven including
daily service in UPS fleets in New York City and California;
www.uesmfg.com.
Forward-Looking Statements
This press release contains “forward looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements generally include
statements that are predictive in nature and depend upon or refer
to future events or conditions, and include words such as
“believes,” “plans,” “anticipates,” “projects,” “estimates,”
“expects,” “intends,” “strategy,” “future,” “opportunity,” “may,”
“will,” “should,” “could,” “potential,” or similar expressions.
Statements that are not historical facts are forward-looking
statements. Forward-looking statements are based on current beliefs
and assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are made,
and the Company undertakes no obligation to update any of them
publicly in light of new information or future events. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors. More
information, including potential risk factors, that could affect
the Company’s business and financial results are included in the
Company’s filings with the U.S. Securities and Exchange Commission,
including, but not limited to, the Company’s Forms 10-K, 10-Q and
8-K. All filings are available at www.sec.gov and on the Company’s
website at www.AultGlobal.com.
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