Dear Fellow Shareholders,
While last year was extremely tough for all of us, we continue to work on several initiatives that we expect to bear fruit throughout 2021, and beyond. And most exciting, we have emerged as a green, eco-friendly company that can provide substantial positive environmental benefits in bringing efficient mobile power to every corner of the globe. Progress has been realized since our last update, albeit more slowly than management had hoped. COVID certainly hasn’t helped. Nonetheless, we expect to see significant movement toward achieving our initial sales and then growing revenue and expanding production in 2021. Most importantly, all previously announced business opportunities are still in place.
Our mission is to build revenues, achieve profitability and drive shareholder value as we move into commercial production and delivery of our first product shipments this year. At the same time, we’ve continued to add new applications to our Mobile Generation (MG) Systems.
A new aspect of our mobile power generation is its ability to support the Electrical Vehicle (EV) market. An MG System can charge an EV very quickly making CoolTech enabled trucks a key asset in the field as we move toward adoption of EV fleets across the world. New cars from Porsche and Audi, for instance, claim to be able charge at higher power rates (375 kW for Porsche). This requires a sophisticated battery management system and more power to charge them via upgrades to the local grids. CoolTech’s MG System can accommodate ultra-fast chargers of 300 kW or more, for these advanced EVs without reliance on the grid.
California, Massachusetts and other states, as well as General Motors, have committed to 100% EV adoption by 2035. That trend plays into our economical solution to provide power charging of vehicles in the field and substantially reduce greenhouse gases.
With MG technology, there is no need for expensive charging infrastructure that can take years to permit and hundreds of thousands of dollars to build. An apt analogy is how cell towers enabled countries to skip the build out of land lines. Because of this dynamic, we believe that we can gain rapid global deployment of our products.
CoolTech was founded as an Intellectual Property (IP) company with a portfolio of patents that includes thermal dispersion technology, or the removal of heat from machines (motors, generators, pumps, compressors, turbines, brakes and almost anything that generates heat) as well as environmentally friendly mobile power generation technology. The balance of the IP portfolio consists of related patents and trade secrets that complement the thermal patents and form a defensive wall that gives our company a sustainable competitive advantage against the current competitors.
CoolTech’s solutions are cost effective, environmentally beneficial, third-party tested and validated, and they provide a wealth of advantages to our targeted customers.
You can learn more about our product offerings at: https://cooltechnologiesinc.com