SolarMax Technology, Inc. Announces Proposed Milestone Project in the U.S., Establishing Its Leadership Position

Rhea-AI Summary

SolarMax Technology, Inc. (Nasdaq: SMXT) has announced plans to expand its business in the U.S. market with a proposed milestone project in Las Vegas. The company has signed a non-binding memorandum of understanding for its first major commercial solar installation in the U.S., which includes:

• A 4.27-megawatt photovoltaic solar power plant
• A 2.0 megawatt energy storage system
• 10 advanced electric vehicle charging stations

This project marks a significant step in SolarMax's commitment to advancing solar power in America. The U.S. solar market, the second-largest globally, is projected to grow at a 17% compound annual rate through 2025, with an estimated market value of $125 billion by 2030. SolarMax aims to capitalize on this growth with its experience in developing and managing solar projects, advanced technology, and customer-centric approach.

Positive

• Signed non-binding MOU for first major commercial solar installation project in the U.S.
• Proposed project includes 4.27-megawatt solar power plant, 2.0 megawatt energy storage system, and 10 EV charging stations
• Expansion into the rapidly growing U.S. solar market, projected to reach $125 billion by 2030
• Leveraging experience in developing and managing large-scale solar projects

Negative

• Non-binding nature of the memorandum of understanding for the Las Vegas project

News Market Reaction

-16.14%

1 alert

-16.14% News Effect

On the day this news was published, SMXT declined 16.14%, reflecting a significant negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

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.

FAQ

What is SolarMax Technology's (SMXT) proposed project in Las Vegas?

SolarMax Technology (SMXT) has proposed a project in Las Vegas that includes a 4.27-megawatt photovoltaic solar power plant, a 2.0 megawatt energy storage system, and 10 advanced electric vehicle charging stations.

What is the projected growth rate of the U.S. solar market according to SolarMax (SMXT)?

According to SolarMax (SMXT), the U.S. solar market is projected to grow at a 17% compound annual growth rate through 2025, with an estimated market value of $125 billion by 2030.

How does the Las Vegas project align with SolarMax's (SMXT) business strategy?

The Las Vegas project aligns with SolarMax's (SMXT) strategy to expand its business in the U.S. market and capitalize on the growing solar industry by leveraging its experience in developing and managing large-scale solar projects.

What is the current status of SolarMax's (SMXT) agreement for the Las Vegas project?

SolarMax (SMXT) has signed a non-binding memorandum of understanding for the Las Vegas project, which is its first major commercial solar installation project in the U.S.