Electric vehicles (EVs) have revolutionized personal transportation, with Tesla leading the charge by selling millions of cars each year. However, electrifying heavy-duty trucks has proven to be more challenging. Despite this, several companies have been developing innovative solutions to overcome the barriers.
The Challenge of Charging Infrastructure
Charging infrastructure is a major hurdle when it comes to electrifying semi-trucks. Unlike plugging a regular car into a wall socket, it would take an impractical amount of time to fully charge a Tesla semi-truck (ticker: TSLA). In fact, it could take up to several weeks to charge the truck’s battery pack, which can be equivalent to around 60,000 Apple iPhone batteries.
One Energy: Pioneering Industrial-Scale Power Solutions
Thankfully, One Energy has emerged as a leading provider of industrial-scale behind-the-meter power solutions. This company specializes in helping businesses power their facilities using renewable energy sources like wind and solar.
A Partnership for Heavy-Duty Truck Charging Solutions
In a promising development, One Energy has recently partnered with Ohio Logistics, another privately-held firm based in Findlay, Ohio. Ohio Logistics operates numerous facilities across the state, boasting over 6 million square feet of warehouse space.
Testing Electric Trucks in Ohio’s Network
As part of their partnership, One Energy and Ohio Logistics will be conducting tests on two electric trucks within Ohio’s network. The first truck is a shuttle truck provided by Orange EV, while the second is the Freightliner eCascadia. It’s worth noting that Freightliner is owned by Daimler Truck (DTG.Germany).
With this collaboration, we are one step closer to making electric trucks a practical and sustainable option for heavy-duty transportation. By addressing the challenges of charging infrastructure, companies like One Energy and Ohio Logistics are driving the future of clean and efficient transportation forward.
The Future of Electric Trucking
Introduction
The rise of electric vehicles (EVs) in the commercial trucking industry continues to make significant strides. Just as Tesla delivered its first semi-trucks to PepsiCo in December, another company called One Energy is entering the market with its innovative approach. With plans to go public through a merger with TortoiseEcofin Acquisition, One Energy aims to revolutionize the way heavy-duty trucks are powered.
Dedicated Routes and Overnight Charging
One Energy’s trucks will operate on dedicated routes between facilities, offering a reliable and efficient transportation solution. To ensure uninterrupted operations, the trucks can be charged overnight. Thanks to a permanent charging station and high-voltage electrical infrastructure provided by One Energy, the charging process becomes streamlined for fleet operators.
Power Source and Expansion Plans
Initially, the charging power will come from One Energy’s hub in Findlay, which has an impressive capacity of up to 30 megawatts. This amount of power is sufficient to charge dozens of heavy-duty trucks simultaneously, ensuring minimal downtime. The hub draws electricity from the grid, providing a reliable and sustainable power source. However, One Energy has greater ambitions for the future. The company aims to power its trucks using renewable assets owned by the company once the proof of concept has been successfully executed.
Promising Merger with TortoiseEcofin Acquisition
In August, One Energy made an exciting announcement about its plan to merge with TortoiseEcofin Acquisition, a special-purpose acquisition company. The merger is valued at approximately $384 million, net of cash, indicating the market’s confidence in One Energy’s potential. Following the completion of the merger, the stock symbol will change to ONEP, and the company will adopt the name One Power, further reflecting its commitment to transforming the trucking industry.
Market Performance and Timeline
Since the merger announcement on August 15, Tortoise stock, representing One Energy, has experienced a modest 1% increase. In comparison, the S&P 500 has shown a 2% growth during the same period. Although there is no fixed date for the merger to conclude, typical SPAC deals usually take three to six months to finalize.
Conclusion
One Energy’s entry into the commercial trucking sector demonstrates the ongoing transition towards electric vehicles. By providing dedicated routes, overnight charging options, and a commitment to renewable energy sources, the company is set to make a significant impact. With its merger with TortoiseEcofin Acquisition underway, One Energy aims to solidify its position as a key player in the future of electric trucking.
