By GREGORY ZELLER //
A Stony Brook-based startup will hit the gas – euphemistically – on production of electrically powered commercial vehicles, thanks to a megawatt investment from a high-profile holding company.
Las Vegas-based Ault Global Holdings – a diversified parent company keen on acquiring “undervalued assets,” particularly those with disruptive technologies on the brink of greatness – has taken a 7 percent stake in Unique Electric Solutions, which manufactures EV and fuel cell-EV propulsion systems for medium- and heavy-duty trucks, public-transit vehicles and school buses.
That translates to a $2.25 million buy-in, and that’s just for starters: Ault Global could soon increase its stake to 10 percent of UES, which also boasts a proprietary machine-learning software package designed to operate cutting-edge EV and FCEV vehicles.
A long-term lease for larger manufacturing space at an Ault Global facility could also be in the cards, according to the agreement, once UES passes established customer plateaus.
The initial investment is designed to get them there fast. The $2.25 million stake will help UES increase production of its clean-gen propulsion systems and help California-based TurnOnGreen – another Ault Global subsidiary – collaborate with UES on the development of commercial EV charging stations and new EV fleet-management software solutions.
Ault Global Executive Chairman Milton Ault said the Nevada holding company is “pleased to invest in UES,” noting the 2017 startup’s “proven track record of delivering efficient solutions.”
Right at the top: a successful venture with the United Parcel Service, which began incorporating UES systems in its California- and New York City-based delivery trucks in 2018.
Joseph Ambrosio: Economic engines.
“We expect this strategic investment and partnership will dramatically accelerate UES’ production and catalyze numerous high-growth synergies with TurnOnGreen, unlocking significant value for our stockholders,” Ault said in a statement.
Unique Electric Solutions – a spinoff of 2012 Stony Brook startup Unique Technical Services, which lends decades of advanced-engineering experience to electrical, mechanical, software and computer-science enterprises – designs its end-to-end EV systems for use in a wide range of new-production and converted commercial vehicles.
The company’s uniqueEV conversion package – which promises commercial-vehicle operational ranges between 40 and 150 miles – has passed its UPS field test with flying colors. Unique Electric Solutions has also inked long-term contracts with two large NYC-based school bus operators currently converting their fleets to electric propulsion.
With the Ault Global buy-in, the EV pioneer – which is already sitting on a multimillion-dollar order backlog, according to CEO Joseph Ambrosio – is ready to shift into the fast lane.
“We’ve been exploring the capital markets for some time and found a strategic investor and partner to take us to the next level,” Ambrosio said. “[Ault Global’s] investment will help accelerate the processing of our current $5 million backlog.”
Especially intriguing for UES – a longtime member of Stony Brook University’s Clean Energy Business Incubator Program – is the opportunity to work on TurnOnGreen’s Level 2 and Level 3 EV-charging equipment and fleet-management software platforms. Those programs will evolve through the integration of UES’s repowering kits, and could ultimately benefit cutting-edge systems across the EV spectrum, including non-UES-manufactured systems.
“The [Ault Global] team speaks our language,” Ambrosio added. “This is a game-changer for us.”
