RIVERSIDE, Calif., Aug. 6, 2024
/PRNewswire/ -- SolarMax Technology, Inc. (Nasdaq: SMXT)
("SolarMax" or the "Company"), an integrated renewable energy
company, is pleased to announce its plan to expand its business in
the U.S. market, dedicated to leading the revolution with
innovative smart solar systems. The company has signed a
non-binding memorandum of understanding for its first major
commercial solar installation project in the U.S. The proposed
project, which is located in Las
Vegas, would include a 4.27-megawatt photovoltaic solar
power plant, a 2.0 megawatt energy storage system, and 10 advanced
electric vehicle charging stations. This project marks a
potentially significant milestone in SolarMax' commitment to
advancing the future of solar power in America.
The U.S. solar market, already the second-largest globally, is
experiencing significant growth, with projections indicating a 17%
compound annual growth rate through 2025 and a market value
reaching $125 billion by 2030.
SolarMax is ready to capitalize on this growth, bringing its
experience in developing and managing solar projects, advanced
solar and energy storage technology, and a customer-centric
approach to deliver projects that not only meet, but exceed,
expectations.
David Hsu, CEO of SolarMax,
expressed his excitement in the project, stating, "This project
represents the beginning of an exciting new chapter for SolarMax.
Our track record of successful large-scale solar projects uniquely
positions us to lead the U.S. market."
About SolarMax Technology Inc.
SolarMax is an integrated solar and renewable energy company. A
solar energy system retains the direct current (DC) electricity
from the sun and converts it to alternating current (AC)
electricity that can be used to power residential homes and
commercial businesses. The solar business is based on the ability
of the users of solar energy systems to save on energy costs and
reduce their carbon imprint as compared with power purchased from
the local electricity utility company. SolarMax was founded in 2008
to engage in the solar business in the
United States and commenced operations in China in 2016. SolarMax' United States operations primarily consist of
the sale and installation of photovoltaic and battery backup
systems for residential and commercial customers and sales of LED
systems and services to government and commercial users. SolarMax'
China operations consist primarily
of identifying and procuring solar farm projects for resale to
third parties and performing EPC services primarily for solar farm
projects. All of SolarMax' revenues for 2022 and 2023 and the first
half of 2024 was generated by its United
States operations. SolarMax' website is
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, (i) SolarMax' ability to negotiate EPC agreements
with potential customers on satisfactory terms; (ii) SolarMax'
ability to price its EPC services at prices which will enable it to
make a profit from its EPC services and its ability to deliver the
project on time and on budget; (iii) the acceptance of SolarMax as
a provider of large scale EPC services and its ability to generate
EPC business in addition to the proposed agreement described in
this press release; (iv) SolarMax' ability to negotiate financing
for both the EPC services and the charging stations for each
installation on terms that both provide full financing of the
project and provide an acceptable cost of solar power generated by
the project for the end user; (v) the ability of the solar systems
installed by SolarMax to operate in accordance with the
specifications; (vi) the ability of SolarMax to compete in a market
that is expected to grow increasingly competitive; (vii) government
regulations making solar energy an attractive alternative to
purchasing power from the local utility; (viii) the effects of
changes in the United States'
trade policies, including any additional tariffs which may be
imposed, and (xi) 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 Relations
Dave Gentry
RedChip Companies, Inc.
(407) 644-4256
SMXT@redchip.com
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SOURCE SolarMax Technology, Inc.