Shares of DPW Holdings (NYSE American: DPW) surged premarket on Monday after the company said that its power electronics business Coolisys Technologies will target national and regional fast-food franchises to install its ACECool Electric-Vehicle chargers.
The program will allow franchise owners and operators to install the charger and share in the net revenue from its advertising and network usage. The program will be funded from its recent capital raising activities and is expected to be launched in California, Nevada and Canada.
“The opportunities for Coolisys in the burgeoning EV marketplace are anticipated to drive our sales growth over the next 60 months and beyond. We look forward to the potential changes coming from increased demand for EVs and the recent trends related to government support of the electrification of transport,” said Amos Kohn, Coolisys CEO.
The electric-vehicle industry is continuing to expand, and in the last week, we saw shares of several EV companies rally.
Coolisys said it expects to launch the program with a national fast-food network franchisee that has over 1,000 locations, while they expect to announce other partners in the first quarter of 2021.
DPW’s share price has jumped over 32% and is up at $2.83 premarket after closing on Friday at $2.13. So far this year, DPW shares have increased by 78.99%