MILPITAS, Calif. September 20, 2022 — TurnOnGreen, Inc. (OTC: IMHC), an electric vehicle charging and custom power solutions company (the “Company”), announced today that its President, Marcus Charuvastra, will be speaking on a Federal Electric Vehicle Policy Panel at the U.S. Capitol on Tuesday, September 20, 2022, hosted by the American Car Rental Association (“ACRA”). Mr. Charuvastra will be joined on the panel by the President of ACRA, along with representatives from Senator Cortez Masto’s office, the Electrification Coalition, and Hitachi. The panel discussions will center on the Biden-Harris administration’s economic and climate policies to support electric vehicle infrastructure growth in the car rental industry.
The ACRA’s mission is to drive growth and innovation in mobility and e-mobility services on behalf of its members, monitoring legal, public policy, and legislative issues affecting their members on the state and federal levels. The Inflation Reduction Act of 2022 provides a framework for the car rental industry to pivot into e-mobility by offering a variety of clean vehicle credits that operators and their customers can access when buying new or used electric vehicles. One example is the Alternative Fuel Vehicle Refueling Property Credit, which provides a tax credit of up to 30% of the total cost of an electric vehicle charging station installed after December 31, 2022, up to $100,000 per station, subject to certain geographic and prevailing wage and apprenticeship requirements.
“The car rental industry is well positioned to be a leader in electrification to facilitate the transition to more sustainable mobility solutions,” said the Company’s President, Marcus Charuvastra. “I am honored to be part of a panel of e-mobility experts. I look forward to helping ACRA members learn more about electric vehicle infrastructure and how to access the billions of dollars of Federal, State, and Municipal funds available to help build scalable electric vehicle charging solutions and adopt e-mobility more accessible.”
The panel discussion comes at a time of growth in the U.S. car rental market. The industry is experiencing 9.8% growth in 2022, up from the preceding four years, which saw a 2.8% growth rate, with business customers accounting for more than 25% of revenue.
TurnOnGreen Inc. (OTC: IMHC) designs and manufactures innovative, feature-rich, and top-quality power products for mission-critical applications, lifesaving and sustaining applications spanning multiple sectors in the harshest environments. The diverse markets we serve include defense and aerospace, medical and healthcare, industrial, telecommunications and e-Mobility. TurnOnGreen brings decades of experience to every project, working with our clients to develop leading-edge products to meet a wide range of needs. TurnOnGreen headquarters are located at Milpitas, CA; www.TurnOnGreen.com.