TANARIS POWER (OTCBB:TPHX) entered into a MOU with C-MOR Performance, LLC. and Enterprise Asset Management Inc. to commence development on a new product line of universal vehicle retrofit kits. The new lines will be used for ground support equipment vehicles and general purpose light industrial vehicles.
The new line will be based on the Tanaris’s Curtis motor controllers and Osprey Lithium-ion vehicle batteries. The new plan will commence by transforming one or more Ground Support Equipment baggage tractors with industry standard components. It will help the companies to develop standardized kits which can then be installed by C-MOR Performance or by end-users, in any number of industrial and GSE vehicles.
The expert speaks
Bruce Farmer, the Chief Executive of Tanaris Power said that it is the objective of the company to provide owners of light industrial vehicles and fuel-based Ground Support Equipment vehicles with an innovative electric vehicle upgrade options. The process of up gradation will be cost-effective for users and will expand the lifespan of their investment. Considering how amazingly well-built the structure of the typical Ground Support Equipment vehicle is, it makes sense to transform the vehicle to EV. It will avoid the high cost of maintaining a power train and fuel engine.
Kevin Wells, the owner of C-MOR Performance, said that they are looking forward to associate with Enterprise Asset Management and Tanaris Power on this project. Their more than 35 years of vehicle customization and maintenance experience gives the management confidence in the team’s ability to deal with any challenge that comes in the way. The management expects to use these and similar advanced technologies in various other types of vehicles in the near future.
In the last trading session, the stock price of Tanaris Power declined more than 4%to close the trading session at $0.661.