Has signed $75 million in year-to-date North American orders, following recent contract win announcement with Chicago Transit Authority

DÜSSELDORF, Germany and ATLANTA, Aug. 27, 2024 /PRNewswire/ -- Heramba Electric plc (NASDAQ:PITA) ("Heramba Electric" or the "Company"), a global technology company focused on decarbonization of public and commercial transportation, announced that its wholly-owned subsidiary Kiepe Electric ("KIEPE") has been awarded a $26 million battery upgrade program by King County Metro in Seattle, Washington for enhanced In Motion Charging (IMC®) on its electric trolley buses.

The three-year agreement will ensure enhanced in-motion charging capability for electric trolley buses and provide King County with upgraded battery packs that will deliver approximately three times the capacity of the original energy storage system (ESS). As a result, following deliveries in late-2024, the county will operate a more efficient e-mobility network, reducing carbon emissions and improving public transportation for the region.

KIEPE will also provide on-site service support for up to five years, starting in 2024.

KIEPE's recent program win in Chicago with Chicago Transit Authority (CTA) and this latest agreement in Seattle with King County Metro further underline the strong market position of the business in North America. Combined these two projects alone represent new US order intake of more than $75 million for 2024 year-to-date.

"These recent transactions reflect our continued focus to deliver made in USA products, leveraging high-quality German engineering expertise, to address a significant opportunity to decarbonize urban America," said Michele Molinari, Chief Executive Officer at Heramba Electric. "We are in the early stages of executing against our growth plan in the region but are well-positioned to benefit from the strong commercial opportunities for high power charging stations and other state-of-the-art systems in our product portfolio."

"Seattle and King County are considered to be one of the eco-friendlier regions in United States and we are proud to contribute to this quality of life with our IMC® technology as part of our long-standing partnership with New Flyer and King County Metro. The extensive battery upgrade is in line with KIEPE's goal of reducing emissions as part of long-term lifecycle management and improving public transportation with state-of-the-art technology," said Alexander Ketterl, CEO of KIEPE Group.

KIEPE has developed an upgraded battery pack for 174 electric trolley buses delivered to King County Metro between 2014 and 2017 (KCM XT40 and XT60). The IMC® technology allows these electric buses to travel over seven miles between overhead wire connections, relying on space-saving batteries that charge during short sections of overhead line operation. This extended range and efficiency will support King County Metro's commitment to provide eco-friendly public transportation and the city's broader environmental goals. By closely collaborating with King County Metro on this innovative project, KIEPE is enhancing the energy efficiency and performance of the county's electric trolley buses while reducing infrastructure maintenance and service expansion costs.

As electrification becomes more complex, Kiepe Electric is being globally recognized for providing comprehensive support throughout the entire product lifecycle, delivering smart solutions, including for older vehicles.

About Heramba Electric plc

Heramba Electric plc is a growth-oriented, global technology company, dedicated to accelerating the decarbonization of public and commercial transportation. We are committed to driving organic and inorganic growth strategies, supported by the significant public company experience of our Board of Directors and more than 500 employees globally. For more information on Heramba Electric plc, visit www.herambaelectric.com.

Our principal subsidiary, Kiepe Electric, was formed in 1906. It is known worldwide for its efficient and ecologically sustainable electric equipment and solutions for streetcars, subway trains, regional trains and electric buses with In Motion Charging (IMC) and High-Power Charging (HPC). Recent innovations include the new, modular HPC platform for 12-, 18- and 24-meter e-buses and high-power charging infrastructure solutions for e-buses up to 800kW inclusive battery storage systems. To learn more, visit www.kiepe.knorr-bremse.com/en/de/.

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SOURCE Heramba Electric

Heramba Electric Signs $26 Million e-Mobility Contract With Seattle, Washington Area