RIVERSIDE, Calif., Aug. 15, 2024 (GLOBE NEWSWIRE) -- 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 Relations
Dave Gentry
RedChip Companies, Inc.
(407) 644-4256
SMXT@redchip.com