Lindon, Utah, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Renewable Innovations (RI) (OTC: NBLD) will be providing its hydrogen-powered Mobile Energy Command Trailer under a lease agreement to an electric vehicle taxi company majority owned by a major auto manufacturer.

“Our system will rapidly recharge the company’s electric taxi and delivery vehicles independent of the US electrical grid,” states Robert Mount, Renewable Innovations CEO. The launch is anticipated to be early next year.

This same hydrogen product successfully supported the Rebelle Rally (www.rebellerally.com) in October of this year by charging EV’s participating in the race as well as the daily base camps with over 250 people in attendance. This event took place in the deserts of Nevada and California.

Renewable Innovations (RI) also has a purchase order to provide additional portable hydrogen powered units (Mobile Power Generators) to this company to support its growth and provide the ability to charge quickly at any location where a rapid charge is needed.

Mount continued “Unlike many of Renewable Innovation’s competitors, the company is a revenue generating company with a diverse customer base. We have a proven technology and continue to deliver on a sizeable backlog with the expectation for strong growth in 2023 and beyond. There are also potential opportunities available for accretive acquisitions, joint ventures and additional customers that would accelerate future growth.”

RI purchase orders exceeded $2 million in the first nine months of company operations. For 2022, purchase orders exceed $7 million, with all orders coming from Fortune 50 companies. MPG Units currently in production will also be delivered to other private and government customers to fill existing orders.

Company plans include placement of our grid independent, rapid charging systems at strategic fueling locations along the U.S. Interstate Corridors. Current discussions are in process with a key multi-location fueling station company. The U.S. Electrical Grid does not have the capacity to meet the demand of the coming Electric Vehicle Revolution. Renewable Innovations expects to be a solution to this problem.

The company is in discussions with multiple other customers and expects to see good future growth as hydrogen becomes the fuel of the future. The Company is accelerating the growth and opportunities in the renewable economy.

The Company also wants to address its capitalization. Fifteen long-standing shareholders of Nestbuilder.com Corp, who own or have the right to acquire an aggregate of over 14 million shares of common stock, are parties to a Leakout Agreement that limits their ability to sell shares over the 6-month period following the acquisition of Renewable Innovations, Inc. Further, the 93% of the company that is beneficially held by RI legacy shareholders is under 6-month resale restrictions typical in a private issuance. Thus, the approximately 1.55 million shares in the float are going to stay relatively consistent during this timeframe.

Please visit www.renewable-innovations.com for further information on products, partners, clients, and press releases.

About Renewable Innovations

Renewable Innovations is accelerating the growth and opportunities within the renewable economy. Their team of industry leaders brings extensive experience and invaluable connections across the Renewable, Hydrogen, and Alternative Energy sectors. Along with their partners, investors, and clients, they are making major technological advancements with products and solutions to lead the world into a new and exciting carbon-free future. Learn more at Renewable-Innovations.com.

Forward Looking Statement

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Forward-looking statements may be identified by the use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “targets,” “estimates” or other words of similar meaning. Forward-looking statements are based on certain assumptions and expectations of future events which may not be accurate or realized and involve risks and uncertainties, many of which are beyond Renewable Innovations control, including but not limited to regulatory approvals and market conditions. A discussion of factors that may affect future results is included in Renewable Innovation’s filings with the Securities and Exchange Commission. Renewable Innovations disclaims and does not undertake any obligation to update or revise any forward-looking statement, except as required by applicable law.

Brokers and Analysts
Chesapeake Group
410-825-3930
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Lynn Barney
Chief Financial Officer
investor@renewable-innovations.com