Principal Solar Inc (OTCMKTS:PSWW) Stock On Radar After JV With Executive Logistics & Transportation

One of the companies that investors could consider looking into at this point in time is Principal Solar Inc (OTCMKTS:PSWW), which is involved in making strategic investments in organizations and technologies. The company is also known for supporting the clean energy, renewable energy and traditional energy sectors.

Trading Data

On Thursday, PSWW stock moved down 7.23% to $0.0077 with 1.43 million shares, compared to its average volume 608.56K shares. The stock moved within a range of $0.0075 – 0.0090 after opening trade at $0.0075.

Principal Solar Announces Joint Venture With Executive Logistics & Transportation

The company announced yesterday that it had inked a joint venture agreement with the firm Executive Logistics & Transportation. By way of this joint venture, Principal Solar is going to work on the work of expanding the current logistics operations of Executive Logistics & Transportation into other markets in addition to current ones in Southeastern United States and Tennessee.

As per the terms of the agreement, Executive Logistics & Transportation is going to make a strategic investment in Principal Solar by way of a strategic restricted stock purchase. The proceeds from the investment are going to be used partly for expanding the company’s operations.

It will also be deployed towards the hybrid conversion of the some of the vehicles that belong to Executive Logistics & Transportation. The Chief Executive Officer and Chairman of Principal Solar K Bryce Rick Toussaint noted that the joint venture with Executive Logistics & Transportation represented an exciting opportunity.

Key Quote

“I believe this joint venture with ELT represents an exciting opportunity that leverages virtually all of Principal’s core strengths and stands to build positive forward momentum for both ELT and Principal,” said K. Bryce ‘Rick’ Toussaint, CEO and Chairman of Principal Solar. “Our primary goals for this Agreement are to generate near term revenue, expand ELT’s fleet and operations to take advantage of new market opportunities, and to gain ready access to a fleet of Class 8 trucks with the potential for future EV/Hybrid conversion with systems supplied by E Truck Transportation, one of Principal’s strategic investments. Along with our current minority investment in Double H Services LLC, we expect our venture with ELT to further expand our footprint into another region in the United States.”