TANARIS POWER HLDGS INC (OTCMKTS:TPHX) dipped heavily during the last trading session. However, there was no specific announcement from the company’s end to contribute to this fall. The most recent communication from the company dates back to last week when it had notified the stakeholders about its agreement with Enterprise Asset Management Inc. and C-MOR Performance, LLC.
The company had stated that it has signed a Memorandum of Understanding with the two firms in order to initiate development of a new line of universal vehicle retrofit kits. The objective of development of these kits is to accelerate their use in a number of Ground Support Equipment (GSE) and general purpose light industrial vehicles. These kits will be built using TANARIS POWER HLDGS INC (OTCMKTS:TPHX)’s Osprey Lithium-ion vehicle batteries along with Curtis motor controllers.
Help GSE owners save cost
TANARIS POWER HLDGS INC (OTCMKTS:TPHX) further briefed that it will start the development process by converting GSE baggage tractors in line with industry standard components so as to create standardized kits. These standardized kits will then be available to be installed by either C-MOR Performance of end-users in any GSE or industrial vehicles. TANARIS POWER HLDGS INC (OTCMKTS:TPHX) CEO Bruce Farmer said that the objective of developing standardized kits is to help fuel-based GSE owners upgrade to an electric version, which will not be too hefty on their pockets and at the same time will enhance the longevity of their investments.
He added that given the well-built body of a typical GSE vehicle, it is meaningful to convert it into EV and thus eliminate costs associated with the maintenance of a fuel engine and power train. However, the news did not fuel the rally in the stock of the company, which nosedived by nearly 21% to $0.532. The average volume recorded during the last trading session was 198,000.