Burlington, Canada, May 20, 2021 – McapMediaWire — Hydro Power Technologies, Inc. (OTC Pink: PYBX) (the “Company” or “HPT”), announces the finalization of an agreement to purchase a fifty percent (90%) ownership interest in ItaCar Srl (“ItaCar”), of Milan, Italy.
HPT recently finalized the acquisition of a fifty percent (90%) ownership interest in ItaCar, a leading Italian company in the long-term rental and fleet management sector for companies of any size and for private individuals, with an annual turnover of 2.8 million euros. Thanks to its partners and team of consultants, ItaCar has established itself on the national market, offering the best long-term mobility solution to the ItaCar clients (see https://www.itacar-mobility.com).
HPT will provide up to five hundred thousand dollars ($500,000) in investment capital to ItaCar for the continued development of its MicroGo project and the deployment of the MicroGo trolley fleet. The Company is currently completing a private placement memorandum to facilitate the five hundred-thousand-dollar ($500,000) investment into ItaCar, thereby enabling ItaCar to launch the “MicroGO” project in Italy, providing its clients with the moving assistance solution to be a leader in the micro-mobility market.
The combination of a perfect knowledge of the mobility market and a concrete study of the innovations of micro-mobility has enabled ItaCar to advance the MicroGo project to production and marketing, beginning in Italy, and growing into other European locations in 2021.
Gianfranco Scarpa, President of ItaCar says, “The MicroGO project was born from the growing need to support micro-mobility companies, by providing specially designed trolleys, to be attached to cars and trucks, which are equipped to recharge, assist, maintain and transport electric scooters. The MicroGo trolleys will provide a “saving time” service, providing fleet management optimization of micro-mobility scooters in Italy and other European cities.”
“Regarding the numbers,” Scarpa adds, “Italy is the first European country to experience a 147% growth of electric scooters, compared to the previous year, with 1,200 parking spaces positioned in Europe’s cities, and almost 27,850 scooters by September 2020, with almost 2,409,000 users, as set out in the 4th Italian National Report on Sharing Mobility, 2020 edition.”
MicroGO is a proprietary patented, self-sufficient, trailer system with batteries capable of recharging 50 micro scooters in one (1) hour. The MicroGo trailer can be fully recharged in eight (8) hours even while transporting scooters, resulting in approximately 400 daily recharges. One can just imagine the positive environmental impact, especially considering that the trailer is light enough to be towed by an electric car.
THE MICROMOBILITY SECTOR
Electric scooters are a growing global business.
Recent studies reported by the Boston Consulting Group focused on electric means of transport, suggest the current market growth for electric scooters is in the $25 to $30 billion range annually, in the combined Europe and USA markets.
The 2020/2021 worldwide lockdowns have significantly enhanced the growth of the micro-mobility electric and e-scooter sales and rental markets, as an alternative to heavy vehicle congestion, which contributes to significant pollution in larger European and USA cities, as well as an alternative to public transport, especially since the world-wide focus on viruses in 2020. Public authorities in many large cities worldwide are the driving force behind the promotion of micro-mobility technology, innovation, and development, with improved utility, access, and infrastructure.
The Mckinsey study points out that by 2025, the mobility sector will be revolutionized: “Electric scooters are here to stay and, along with other forms of micro-mobility, will be the key players in the urban mobility of the future.”
From an industrial and commercial perspective, rapid growth is estimated in the coming years, supported by recent technological evolution. Second-generation models are more robust, have longer life cycles (doubled from 12 to 24 months of use), and are equipped with new smart elements, such as anti-vandalism sensors. The next level of innovation for sharing scooters will be the batteries, which rechargeable at charging stations located at various points in a city, where users will be able to charge them similar to electric cars.
The penetration of e-scooters will depend on urban planning progress and the development of adequate infrastructure and regulations to increase the level of safety and decrease the potential number of accidents.
About Hydro Power Technologies, Inc. f/k/a/ Playbox (US), Inc.
Hydro Power Technologies’ mission is to provide and to continue to develop new innovative green hydropower technology options that are grid ready, safe, reliable, and cost-effective to energy providers worldwide. HPT has also developed a system to increase the power output of an impact turbine hydro generation system. The first generation of products from the HPT system known as “Hammer1“, utilizes hydraulic water phenomena to produce rapid fire, high speed, long water projectiles that have a velocity 1.25 to 1.30 times greater velocity than the traditional “Free Flow” turbines in operation today. The additional velocity increases the rotational torque of the impact turbine runner thus increasing the power generation much more efficiently than today’s installed power generation plants.
Hydro Power Technologies, Inc.
This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results and, consequently, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements and factors that may cause such differences include, without limitation inability to enter into a definitive agreement with respect to the proposed transaction or to complete the transactions contemplated by the non-binding term sheet, matters discovered by the parties as they complete their respective due diligence investigation of the other. Other factors include the possibility that the proposed transaction does not close, including due to the failure to receive required security holder approvals, or the failure of other closing conditions. The foregoing list of factors is not exclusive. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made.