BitNile Holdings’ Subsidiary, TurnOnGreen, Completes Initial Stage of a Multi-Phase Installation of EV Chargers at a Premier California Resort Destination

Rhea-AI Summary

BitNile Holdings, Inc. (NILE) announced the completion of phase one of its EV charger installation project at The Alisal Guest Ranch and Resort in Solvang, California. The project, executed by subsidiary TurnOnGreen, included the installation of commercial network level 2 chargers, enhancing EV charging accessibility for guests. The demand for EV charging is increasing, in line with projections that 50% of new vehicles sold by 2030 will be zero-emission. The infrastructure expansion aligns with growing consumer interest in electric vehicles, supported by statistics from the Department of Energy.

Positive

• Completion of phase one of EV charger installation at The Alisal, improving EV infrastructure.
• Growing demand for EV charging at The Alisal suggests increasing revenue opportunities.
• Strategic positioning of TurnOnGreen to capitalize on the rapidly expanding EV market.

Negative

• None.

LAS VEGAS--(BUSINESS WIRE)-- BitNile Holdings, Inc. (NYSE American: NILE), a diversified holding company (the “Company”), announced today that its green energy technology and power supply subsidiary, TurnOnGreen, Inc. (“TurnOnGreen”), has completed phase one of a multi-phase electric vehicle (“EV”) charger installation project at The Alisal Guest Ranch and Resort (“The Alisal”), in Solvang, California. The first phase of the electrification project consisted of installing TurnOnGreen’s commercial network level 2 chargers, the EVP700G, in the guest parking lot. Drivers can locate the chargers using the TurnOnGreen mobile application and initiate a charging session with the app, QR code, or RFID card. The TurnOnGreen mobile application is available for download on the App Store for iPhone users and Google Play for Android users.

The Alisal has consistently ranked as one of the top resorts in the country. The property features 73 rooms, two private championship golf courses, a variety of equestrian activities, six tennis courts, a private lake, and miles of bike trails. Conveniently located between San Francisco and Los Angeles, The Alisal offers a five-star resort experience with an expanding charging infrastructure ideal for EV drivers seeking destination vacations. It is recommended that visitors planning to drive their EV to The Alisal download the TurnOnGreen application before visiting the property.

“We are pleased to complete phase one of this project in such a short period of time, as the demand for EV charging at The Alisal is at an all-time high,” said Marcus Charuvastra, Chief Revenue Officer for TurnOnGreen. “When resorts like The Alisal improve their EV charging infrastructure, we believe they become much more accessible and appealing to the growing number of EV drivers.”

“By executive order, at least 50% of all new passenger cars and light trucks sold in 2030 must be zero-emission vehicles, and we believe EV charging will continue to be a fast-growing segment of private and public infrastructure to satisfy the increasing demand,” said Amos Kohn, Chief Executive Officer for TurnOnGreen. “Our products, services, and staff are well-positioned for rapid and affordable deployment throughout North America and abroad to meet the demands of the EV market.”

According to the United States Department of Energy Alternative Fuels Data Center, there are 46,000 public charging stations in the U.S. and 1.8 million EVs on the road. The Edison Electric Institute estimates that there will be 22 million EVs on U.S. roads by 2030 and will make up more than 27% of annual U.S. light-duty vehicle sales.

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

For more information on BitNile Holdings and its subsidiaries, BitNile recommends that stockholders, investors, and any other interested parties read BitNile’s public filings and press releases available under the Investor Relations section at www.BitNile.com or available at www.sec.gov.

About BitNile Holdings, Inc.

BitNile Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, BitNile owns and operates a data center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, automotive, telecommunications, medical/biopharma, and textiles. In addition, BitNile extends credit to select entrepreneurial businesses through a licensed lending subsidiary. BitNile Holdings’ headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.BitNile.com.

About TurnOnGreen, Inc.

TurnOnGreen Inc. 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’s 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.BitNile.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220110005456/en/

BitNile Holdings Investor Contact:

IR@BitNile.com or 1-888-753-2235

Source: BitNile Holdings, Inc.

FAQ

What recent project did BitNile Holdings announce?

BitNile Holdings announced the completion of phase one of its EV charger installation project at The Alisal Guest Ranch and Resort.

What is the significance of the EV charger installation at The Alisal?

The installation enhances EV charging access for guests, meeting the increasing demand for such infrastructure.

How is BitNile Holdings positioned in the EV market?

BitNile's subsidiary, TurnOnGreen, is strategically positioned to meet the growing demand for EV charging solutions.

What percentage of new vehicles sold must be zero-emission by 2030 according to the executive order?

The executive order mandates that at least 50% of all new passenger cars and light trucks sold by 2030 must be zero-emission vehicles.

What statistics support the growing demand for EVs in the U.S.?

According to the Department of Energy, there are 46,000 public charging stations in the U.S. and 1.8 million EVs on the road, with projections of 22 million EVs by 2030.