Mass Megawatts (MMMW) Largest Sale of Solar Project with New Solar Tracker Targeted Completion in Early 2023 with Assistance of New Brownfield 10%Tax Credit Adder

Rhea-AI Summary

Mass Megawatts (OTC: MMMW) has set a 2023 target for completing its 500 kW solar project in Pennsylvania, utilizing a patent-pending solar tracker technology. The project benefits from a 30% investment tax credit and a 10% adder for Brownfield development, expected to pay for itself within seven years. The solar tracker system improves energy production by 37% for a 12% cost increase compared to stationary systems. Mass Megawatts targets a share of the growing solar tracker market, expected to exceed $3 billion by 2025, positioning itself for long-term revenue growth.

Positive

• Completion target for the Pennsylvania 500 kW solar project set for 2023, enhancing operational focus.
• Projected payback period of seven years, indicating strong financial viability.
• Solar tracker technology increases energy output by 37% with only a 12% increase in costs.
• Positioning in a growing solar tracker market expected to surpass $3 billion by 2025.

Negative

• None.

BOSTON, Mass., Sept. 15, 2022 (GLOBE NEWSWIRE) -- Mass Megawatts (OTC: MMMW) www.massmegawatts.com announces today a completion target of 2023 for the Pennsylvania 500 kW project to be  developed at a manufacturing facility utilizing the patent pending solar tracker. The 30 percent investment tax credit and the additional 10 % adder for Brownfield development are important financing tools toward the completion of the solar project. Additionally, other recent new tax related benefits include the 2019 changes in section 179 accelerated depreciation allowing a full one year accelerated depreciation for the new roof of the facility. Previously, the depreciation would have to be taken over a thirty-year period. The solar project is projected to pay for itself in seven years based upon contracted electric prices packaged with current federal and state incentives. The 500-kilowatt, project, Mass Megawatts’ largest to date, reduces the cost of solar power, while protecting the solar units by employing a furling technology borrowed from wind technology. The technological innovation is triggered by high wind events. The technique improves the efficiency of solar arrays without adding significant additional expense. Mass Megawatts is responsible for the site development, fabrication, installation, and the interconnection of the project. The solar unit will be located in Muncy, Pennsylvania.

The patented pending, Mass Megawatts ‘Solar Tracking System’ (STS) is designed to automatically adjust the position of solar panels throughout the day to receive an optimal level of direct sunlight. Unlike other solar tracking technologies, the Mass Megawatts STS utilizes a low-cost structure that adds stability to the overall system while also improving energy production levels. The STS utilizes a proprietary mechanical innovation to limit dynamic and static loading on the tracker, which can occur during periods of high wind and extreme weather. The technology reduces wind-related stresses and system downtime. The STS allows Mass Megawatts to lower the cost of material and reduce the number of solar panels needed to generate the rated capacity. Due to this advantage, Mass Megawatts STS systems can deliver more solar power production at a price similar to lower-capacity, stationary systems.

In recent news, Mass Megawatts announced that it has enhanced its patent-pending, Solar Tracking technology to improve energy production levels by an additional 7%. In the company’s latest design improvement, the tracking system will also cost effectively adjust the panels based on the sun’s altitude each day.  These adjustments will significantly improve the power generation level of the solar panels.

This innovation is expected to increase the energy production level of the company’s STS by an additional 7% while requiring less than a 2% increase in system cost.  That brings the total increase in power generation to 37% while requiring less than a 12% increase in cost. 

Stated another way, for an additional investment of 12%, you can achieve 37% more power generation with the STS as compared to a traditional, stationary-mount, solar-panel system.  The STS would utilize the same number of solar panels as the stationary unit but would produce 37% more energy for the life of the unit.  The generated electricity can be used for onsite consumption and/or revenue generation.

Mass Megawatts plans to have include the new improvements on mobilized transportable small solar units to demonstrate the cost and output of the additional solar tracking features. The mobile units with the improvements will include one unit demonstrating the tracker and another nearly identical unit without the tracker. This should help add a layer of comfort to prospective purchasers who consider utilizing Mass Megawatts’ new technology.

The key driver to future sales is the use of solar trackers being known to reduce the cost of solar powered electricity. Although Mass Megawatts in 2023 is aiming to achieving a very small fraction of global demand of this specific solar market segment, the solar tracker market is anticipated to be worth more than $3 billion by 2025 expanding from the current market size of about $2 billion. Mass Megawatts sees an opportunity to be part of the growing solar tracker market with a lower cost product than the trackers marketed by other solar tracker companies in this high growth segment of the solar energy market.  A solar tracker is a method of tracking the sun throughout the day for a photovoltaic (PV) system. In order to increase energy output throughout the day. The market is anticipated to have substantial growth due to the growing need for renewable energy.   

With its patent pending, Solar Tracking System, Mass Megawatts believes it is well positioned for expanded production and supporting its revenue generation goals in the longer term.

Product information and sales inquiries can be made through the company’s contact page at www.massmegawatts.com.

This press release contains forward-looking statements that could be affected by risks and uncertainties. Among the factors that could cause actual events to differ materially from those indicated herein are: the failure of Mass Megawatts Wind Power, also known as Mass Megawatts Windpower, to achieve or maintain necessary zoning approvals with respect to the location of its power developments; the ability to remain competitive; to finance the marketing and sales of its electricity; general economic conditions; and other risk factors detailed in periodic reports filed by Mass Megawatts Wind Power.

Contact:

Mass Megawatts Wind Power, Inc. 

info@massmegawatts.com

www.massmegawatts.com

FAQ

What is the completion target date for Mass Megawatts' Pennsylvania solar project?

The completion target for the Pennsylvania solar project is set for 2023.

How much energy output does the new solar tracker technology increase?

The new solar tracker technology increases energy output by 37%.

What are the financial incentives for the Pennsylvania solar project?

The financial incentives include a 30% investment tax credit and a 10% adder for Brownfield development.

What is the projected payback period for the solar project?

The projected payback period for the solar project is seven years.

What is the estimated market size of the solar tracker segment by 2025?

The solar tracker market is anticipated to exceed $3 billion by 2025.