Futu News, August 28th: The electrical engineering company $Heramba Electric (PITA.US)$ pre-market trading today increased by more than 24%. As of the time of writing, the stock is up 24.02%, at $2.84, with pre-market trading volume reaching $2.2896 million.

On the news front, the company announced yesterday that its wholly-owned subsidiary, Kiepe Electric (KIEPE), has obtained a battery upgrade project worth $26 million from King County Metro, a transit agency in Seattle, Washington. The project aims to enhance the dynamic charging (IMC) capabilities of its battery-powered trams. In addition, KIEPE will provide on-site service support for a period of five years, starting from 2024.

This three-year agreement will enhance the dynamic charging capabilities of King County's battery-powered trams, using upgraded battery packs with three times the capacity of the original system. It is expected that by the end of 2024, a more efficient electric mobility network will be established, reducing carbon emissions and improving public transportation in the area.

Heramba Electric CEO Michele Molinari said, "These transactions demonstrate our ongoing use of high-end German engineering technology to produce American products, addressing the decarbonization challenges facing American cities. Although our growth plans in the region are still in the early stages, we are already in a favorable position to benefit from high-power charging stations and other advanced systems."

About the company

Heramba Electric PLC provides electric vehicle products and solutions for rail vehicles and buses. It serves public transport companies, fleet operators, and vehicle manufacturers as a solution designer and system integrator for rail vehicle systems (including trams, light rail vehicles, subways, regional trains, and locomotives) and electric vehicle systems (including electric buses, such as battery-powered mobile charging trams and battery-electric buses). As an electrical engineering expert, the company provides electrical systems to urban operators and rail vehicle and bus manufacturers to achieve eco-sustainable and zero-emission public transport solutions.

Risk warning

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