IPLTech Electric to license proprietary electric truck technology for North American markets
By RACE Innovations Pvt Ltd - 2nd August 2021
India / USA – IPLTech Electric, a subsidiary of Infraprime Logistics Technologies based in Gurgaon in Haryana, India, is collaborating with Principal Solar, a Dallas, Texas-based investment firm, in the development and distribution of heavy-duty electric trucks for North American markets.
As part of the agreement, IPLTech will develop a prototype electric truck as a successor to its Rhino 5536 model, the first electric truck to be conceived and manufactured in India. Principal Solar will then receive a license to outfit U.S. truck platforms with IPLTech’s proprietary technology. In addition, the agreement provides Principal Solar with the opportunity to co-invest in IPLTech, alongside private equity funds, in exchange for exclusive and non-exclusive rights to market IPLTech’s proprietary technology in North America.
