TurnOnGreen Partners with Foxen Vineyard and Winery to Provide Electric Vehicle Charging for Guests and Employees

Rhea-AI Summary

TurnOnGreen, Inc. completes installation of EV charging stations at Foxen Vineyard and Winery in Santa Maria, CA. The partnership aims to provide EV charging services to employees and guests for a term of five years. Foxen, known for its sustainability practices, aligns with TurnOnGreen's commitment to a greener future.

MILPITAS, Calif.--(BUSINESS WIRE)-- TurnOnGreen, Inc. (“TurnOnGreen” or the “Company”), announced today it has completed the installation and activation of multiple high powered EVP1100WG Level 2 electric vehicle (“EV”) charging stations at Foxen Vineyard and Winery (“Foxen”) in Santa Maria, CA. The Company partnered with Foxen to provide EV charging services to their employees and guests at their tasting room and winery in Santa Barbara County. In accordance with a Site Licensing Agreement ("SLA") between TurnOnGreen and Foxen, TurnOnGreen will assume ownership, operation, and maintenance responsibilities for the EV chargers for a term of five (5) years. TurnOnGreen will exclusively retain all Net charging revenues until the equipment and installation costs are fully recovered. Following the recoupment of the cost of installation, TurnOnGreen will be entitled to 50% of the Net charging revenues for the remainder of the term of the SLA and any extensions thereof.

EVP1100WPG Level 2 Electric Vehicle Charging Station Photo courtesy of Foxen Vineyard and Winery. Property of TurnOnGreen, all rights reserved @2024 (Photo: Business Wire)

Established in 1985, Foxen is a family-owned and operated winery offering a variety of award-winning wines that are sold globally. Foxen has a deep-rooted history of sustainability and environmental preservation practices that date back to the establishment of the winery. “Sustainability is at the heart of our values, and this initiative demonstrates our ongoing commitment to a greener future and healthier planet,” added Kaitlin Armstrong, Vice President of Sales and Marketing at Foxen.

According to the California New Car Dealers Association report, Vol 19, Number 4, "New Vehicle Market Predicted to Trend Higher During Next Two Years," in the first nine months of 2023, battery electric vehicles accounted for 21.5% of cars sold in California, a figure that has more than doubled since 2021.

“We are proud to work with Foxen to support their on-going commitment to the environment and encourage sustainable tourism in the region,” said Marcus Charuvastra, President at TurnOnGreen. “By building robust and reliable EV charging infrastructure in Santa Barbara County, TurnOnGreen hopes to promote the continued adoption of EVs regionally and provide employees and visitors to the region with reliable access to EV charging.”

For more information on TurnOnGreen’s product line, please visit www.TurnOnGreen.com.

About TurnOnGreen

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.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.TurnOnGreen.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240222080039/en/

TurnOnGreen Investor Contact:

IR@TurnOnGreen.com or (877) 634-0982

Source: TurnOnGreen, Inc.

FAQ

What company completed the installation of EV charging stations at Foxen Vineyard and Winery?

TurnOnGreen, Inc. completed the installation of EV charging stations at Foxen Vineyard and Winery.

Where are the EV charging stations located?

The EV charging stations are located at Foxen Vineyard and Winery in Santa Maria, CA.

What is the term of the agreement between TurnOnGreen and Foxen for the EV charging stations?

The term of the agreement is five (5) years.

What percentage of cars sold in California in the first nine months of 2023 were battery electric vehicles?

Battery electric vehicles accounted for 21.5% of cars sold in California in the first nine months of 2023.

What is TurnOnGreen's goal by building EV charging infrastructure in Santa Barbara County?

TurnOnGreen aims to promote the adoption of EVs regionally and provide reliable access to EV charging for employees and visitors in the region.