Shorepower Technologies, Inc. is a transportation electrification infrastructure company specializing in electric vehicle supply equipment, truck stop electrification, and electric standby stations, with a focus on expanding its network across the U.S. and upgrading its facilities.

# Company Summary: Shorepower Technologies, Inc.

## Business Overview
- **Industry Position**: Transportation electrification infrastructure manufacturer and service provider.
- **Core Products**:
  - Electric Vehicle Supply Equipment (EVSE)
  - Truck Stop Electrification (TSE)
  - Electric standby Transport Refrigeration Units (eTRU) stations

## Operations
- **Number of Facilities**: 60 TSE facilities across the United States
- **Electrified Parking Spaces**: Over 1,800 spaces at these facilities
- **Locations**: Primarily along major Interstates including I-5, I-95, I-80/90, I-10/20, and other U.S. highways in 31 states
- **Target Customers**:
  - Long-haul truck drivers (for rest periods)
  - Fleets and drivers looking to reduce diesel idling
  - Operators of refrigerated trailers (ice cream, meats, pharmaceuticals, etc.)
  - Electric vehicles (including light-duty vehicles), with existing stations capable of upgrades

## Revenue and Financials
- **2024 Revenue**: $65,481 (significantly increased from $20,109 in 2023)
- **2023 Revenue**: $20,109
- **2024 Net Loss**: $450,318 (improved from a net loss of $632,948 in 2023)
- **2023 Net Loss**: $632,948
- **Employees**:
  - Currently, only 2 employees
  - Uses consultants for bookkeeping, engineering, and installation services
- **Revenue Sources**:
  - Sales of power vending stations and related services
  - Revenue-sharing from energy sales to customers
  - Grants for infrastructure upgrades (approximately $400,000 secured as of March 2025)

## Market and Growth Strategy
- Focuses on expanding its network of electrified parking and charging stations
- Upgrading existing TSE sites to include electric vehicle charging, Level 2, and DC fast chargers
- Plans to upgrade 6 stations per facility and add multiple fast chargers
- Aims to secure additional grants and government incentives
- Pursues strategic acquisitions in related fields such as charging station management and electrical contracting

## Key Highlights
- Largest heavy-duty focused network of electrified parking in North America
- Proprietary cloud-based payment and control systems for energy vending
- Focus on cost-effective infrastructure with stainless steel enclosures designed for longevity
- Certified under EPA SmartWay and California CARB standards
- Private, minority-owned business enterprise (MBE)
- Led by CEO Jeff Kim, who owns over 55% of the company's common stock

## Additional Notes
- The company is in a growth phase, heavily reliant on government grants and infrastructure upgrades
- Continues research and development into higher-speed DC fast chargers and renewable energy integration
- Financial health indicates ongoing losses with a focus on expanding revenue streams and infrastructure footprint

Shorepower Technologies, Inc. is a transportation electrification company focused on providing electric infrastructure for electric vehicles and trucks, aiming to reduce reliance on petroleum fuel with various charging solutions.

# Shorepower Technologies, Inc. - Business Summary

## Overview
Shorepower Technologies, Inc. is a transportation electrification company focused on providing electric infrastructure for electric vehicles (EVs), trucks, and refrigerated trailers. The company builds, deploys, and operates plug-in stations that offer electric power access while vehicles are parked, significantly reducing reliance on petroleum fuel and lowering toxic emissions and greenhouse gases.

## Key Offerings
- **Truck Stop Electrification (TSE)**: Provides electrical power for long-haul truck drivers during mandatory rest periods without idling their engines. This service reduces diesel fuel consumption, resulting in savings of approximately $7,000 annually per truck.
- **Electric Standby Transport Refrigeration Units (eTRU)**: Allows refrigerated trailers to operate on electricity instead of diesel, providing a cleaner energy source for temperature-sensitive loads.
- **Electric Vehicle Supply Equipment (EVSE)**: The company operates a network of charging stations that includes over 60 electrified travel center facilities across North America, totaling approximately 1,800 electrified parking spaces.

## Customers and Reach
- **Facilities**: Operates 60 TSE facilities located at travel centers across major Interstate corridors in the U.S., targeting truck drivers and fleet operators.
- **Charging Points**: The company has over 300 electric vehicle charging station connection points, with plans to upgrade its infrastructure to increase capacity to over 2,000 connection points.

## Financial Performance
- **Revenue**: Total revenue for the year ended February 29, 2024, was **$19,610**, a decrease from **$25,286** in the previous year, representing a year-over-year decline of 22.4%. This revenue breakdown consists of:
  - **Service Revenue**: $14,201
  - **Product Sales**: $5,409
- **Cost of Revenue**: For the same period, costs totaled **$49,380**, contributing to a gross margin of **$(35,676)**.
- **Net Loss**: For the year ended February 29, 2024, the company reported a net loss of **$668,952**, increasing from a loss of **$315,524** in the prior fiscal year, largely due to increased professional fees and consulting expenses.

## Employees
- As of the latest report, the company has **only one full-time employee** (Jeff Kim, President and CEO). The operations are supported by a number of consultants for accounting, engineering, and installation services, keeping overhead low.

## Financing and Capital Structure
- The company has raised approximately **$16 million** through grants and contracts from government entities and has received loans from its CEO totaling **$453,954**.
- Current principal amounts owed include various related-party loans.

## Strategic Goals
- The company's goal is to secure **up to 5%** of the **Bipartisan Infrastructure Law's** $7.5 billion funding for charging stations to bolster the rollout of EV infrastructure and enhance its service offerings.

## Summary
Shorepower Technologies, Inc. focuses on establishing a comprehensive infrastructure to support the transition to electric vehicles. Its services largely target the trucking industry while expanding into the broader EV market. Despite its financial challenges, the company’s unique offerings and partnerships position it for potential growth in an evolving sector.

SHOREPOWER TECHNOLOGIES INC.

10-K / April 15, 2025

10-K / June 13, 2024

10-K / April 15, 2025

Company Summary: Shorepower Technologies, Inc.

Business Overview

Operations

Revenue and Financials

Market and Growth Strategy

Key Highlights

Additional Notes