EV Battery Tech enters into an agreement to acquire CryptoPlug Technologies Inc., an entity developing an app that will allow electric vehicle drivers to make crypto payments at charging stations.
In June, EV Battery Tech announced its plan to develop a cryptocurrency payment solution for its EV Smart Charger product line.
CryptoPlug App
The primary function of CryptoPlug App will be to enable users to personalize their EV power requirements around surrounding EV Infrastructure, and to enable them the ability to seamlessly pay for their charging needs using cryptocurrency.
With the recent surge in interest in cryptocurrency, the Company believes this feature will be very attractive to customers.
The Deal Goes For $6M
The deal is valued at $6 million. EV Battery Tech announces that it will issue 24 million common shares of the Company, at a price of $0.25 per common share, to the shareholders of CryptoPlug, as compensation for the acquisition.
Bryson Goodwin, EV Battery Tech CEO, said:
“The CryptoPlug technology will be a perfect complement to our Smart Command application and will assist in bringing a more robust application to the market sooner than previously expected.”
“This acquisition complements the eco-system that we have been building over the last year, now allowing us to offer a full end-to-end battery-blockchain system to consumers. This is giving us a blockchain secured financial backbone to deliver absolute control of power usage.”
EV Battery Tech To Integrate CryptoPlug With Smart Command
EV Battery Tech and its subsidiary, IoniX Pro Battery Technologies Inc., have already launched their own Blockchain Power Management and Application, Smart Command, and now intend to utilize CryptoPlug’s developing application to combine the two and reduce the development time of the Smart Command.
The integration of the CryptoPlug features into the Smart Command will optimize how and when customers source all their EV and ESS power. Whether the energy is derived directly from renewable energy or from the grid, the Smart Command is able to monitor charging sessions, track power purchases and can even sell power to the grid, all with its blockchain based platform. Due to the nature of blockchain, the Smart Command will provide the highest level of accuracy and security encryption.
The Smart Command application has been designed with IoniX Pro, specifically with their product suite in mind, allowing for seamless and personalized usage. It is intended to bring flexibility and customer control to the tracking of energy movement for accurate and reliable measurement of energy costs both to and from all energy sources.
The Company intends to continue to build the Smart Command application and provide it to the market free of charge, with a fee-based model on transactions, to generate revenue.
“We plan to integrate this technology into the entire IoniX Pro product suite. By streamlining all payment systems, including cryptocurrencies, which are growing in popularity, we believe we will be revolutionizing the way consumers manage and pay for their EV and ESS power needs.”
Mr. Goodwin
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Electric Vehicles Market To Grow Exponentially
Despite the slowdown caused by Covid-19 pandemic, Deloitte forecasts that the global EV forecast will grow at a CAGR of 29 per cent over the next ten years. Total EV sales growing from 2.5 million in 2020 to 11.2 million in 2025, then reaching 31.1 million by 2030.
According to the electric vehicles sales database EV-Volumes, sales of EVs have increased exponentially over the last year, and are set to continue rapidly increasing across all regions around the globe.
In January, General Motors announced their intention to end production of all gasoline and diesel engines cars, trucks and SUVs by 2035. And all the major automotive companies are moving in the same direction.
This common trend in the industry is setting targets for everyone around the globe to strive towards becoming carbon neutral.
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EV Battery Tech stated that it is now shifting it’s focus more on blockchain technology applications. And, it has decided to reshape its board of directors to better reflect the new vision going forward.
Therefore, on October 20, 2021 Cedric Wilson, and Tjalling DeJong stepped down as directors of the Company and Taryn Stemp joined the Board.