SolarMax Technology, Inc. (Nasdaq SMXT) (“SolarMax” or the
“Company”), an integrated solar energy company, signed a
non-binding term sheet for a significant new commercial solar
project in California. The project, a major mall in the San Jose
area, represents another step forward in SolarMax' ongoing strategy
to expand its solar development capabilities in the US commercial
market.
The proposed California project is to include the development
and management of a 4.17 megawatt (MW) photovoltaic solar power
plant and a 2.0 MW energy storage system. As part of the project,
SolarMax will also oversee the replacement of the mall’s roof to
support the new solar infrastructure.
“A key component of our strategic growth plans is the expansion
of our commercial solar development services in the US,” stated
David Hsu, CEO of SolarMax. “By leveraging our experience in
successful large-scale solar projects, we believe we are
well-positioned to establish a major presence in the burgeoning US
solar market, and completing this project would represent another
important milestone on that journey.”
The Power Purchase Agreement (PPA) for this project will provide
a long-term framework that supports the financing, ownership, and
operation of the solar and energy storage system. SolarMax will
seek a PPA investor to fund the project, offering both immediate
and sustained value over the agreement's duration.
The project is subject to the negotiation and execution of a
definitive agreement between the mall owner and SolarMax, SolarMax
obtaining a financing source for the project and negotiating an
agreement with the financing source, with the financing source
owning the project when completed, and the negotiation of an
agreement between the project owner and the mall owner with respect
to the sale of the electricity generated by the project to the mall
owner.
Solar energy is the fastest-growing source of renewable energy
in the US, which is currently the second-largest PV market
globally. The U.S. Energy Information Administration has forecasted
that U.S. solar power generation will grow 75% from 163 billion
kilowatt-hours (kWh) in 2023 to 286 billion kWh in 2025.
SolarMax is leveraging its proven large-scale solar project
experience to seek to establish itself as a go-to provider for US
commercial solar projects through the roll-out of comprehensive
development services.
SolarMax’ commercial solar development offerings include
advanced technology, customized solutions, and a client-centric
approach to project management, with a goal of delivering projects
on time and within budget.
About SolarMax Technology Inc.
SolarMax, based in California and founded in 2008, is a leader
within the solar and renewable energy sector focused on making
sustainable energy both accessible and affordable. SolarMax has
established a strong presence in the California and began
operations in China in 2016. SolarMax is looking to generate robust
growth with strategic initiatives that aim to scale commercial
solar development services and LED lighting solutions in the US
while expanding its residential solar operations. For more
information, visit www.solarmaxtech.com.
Any information contained on, or that can be accessed through,
our website or any other website or any social media is not a part
of this press release.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended (“Securities Act”) as well as Section 21E of the Securities
Exchange Act of 1934, as amended, and the Private Securities
Litigation Reform Act of 1995, as amended, that are intended to be
covered by the safe harbor created by those sections.
Forward-looking statements, which are based on certain assumptions
and describe the Company's future plans, strategies and
expectations, can generally be identified by the use of
forward-looking terms such as “believe,” “expect,” “may,” “will,”
“should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,”
“project,” “estimate,” “anticipate,” “strategy,” “future,” “likely”
or other comparable terms, although not all forward-looking
statements contain these identifying words. All statements other
than statements of historical facts included in this press release
regarding the Company's strategies, prospects, financial condition,
operations, costs, plans and objectives are forward-looking
statements. Important factors that could cause the Company's actual
results and financial condition to differ materially from those
indicated in the forward-looking statements. Such forward-looking
statements are subject to risk and uncertainties, including but not
limited to SolarMax’ ability to negotiate contracts with the mall
owner and to identify and enter into a financing agreement with a
financing source for the project and the ability of the financing
source to enter into an agreement with the mall owner for the sale
of the solar power generated by the solar system, SolarMax’ ability
to be accepted as a provider of commercial solar systems in the
United States, SolarMax’ ability to translate its experience in
China, where it has not completed an installation since 2021, to
the current United States market, and those described in
“Cautionary Note on Forward-Looking Statements” “Item 1A. Risk
Factors,” and “Item 7. Management's Discussion and Analysis of
Financial Condition and Results of Operations,” in the Company’s
Annual Report on Form 10-K for the year ended December 31,
2023, as filed with the SEC on April 16, 2024 and “Management's
Discussion and Analysis of Financial Condition and Results of
Operations” in the Company’s report on Form 10-Q for the quarter
ended March 31, 2024, which was filed with the SEC on May 15, 2024.
SolarMax undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events
except as required by law. You should read this press release with
the understanding that our actual future results may be materially
different from what we expect.
Contact:For more information, contact:Stephen
Brown, CFO(951) 300-0711
Investor RelationsDave GentryRedChip Companies,
Inc.(407) 644-4256SMXT@redchip.com
SolarMax Technology (NASDAQ:SMXT)
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부터 11월(11) 2024 으로 12월(12) 2024
SolarMax Technology (NASDAQ:SMXT)
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부터 12월(12) 2023 으로 12월(12) 2024