Principal Solar, Inc. announced that it has entered into a Joint Venture Agreement with Executive Logistics & Transportation for the purpose of expanding ELT's existing logistics operations into new markets beyond its current activities in Tennessee and the Southeastern United States. Per the agreement, ELT will make an investment into Principal via a strategic restricted stock purchase, the proceeds from which are expected in part to fund the expansion of ELT's existing fleet as well as the hybrid conversion of a portion of ELT's fleet vehicles. Per the Agreement, Principal and ELT plan to launch business development initiatives intended to procure new logistics customers and contracts as well as to expand logistics services into new market sectors, with significant focus on the petroleum and concrete and aggregates industries.

ELT currently operates a fleet of approximately 30 Class 8 trucks and trailers, and the new joint venture is expected to facilitate an increase in fleet vehicle count as well as enable future EV and hybrid vehicle conversions. Financial terms of the Agreement are expected to be disclosed at later date; however, due to its belief in the potential success of the new joint venture, ELT has already provided an initial tranche of working capital to Principal.