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

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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.

SolarMax Technology, Inc. (Nasdaq: SMXT) ha annunciato piani per espandere la propria attività nel mercato statunitense con un progetto significativo proposto a Las Vegas. L'azienda ha firmato un memorandum di intesa non vincolante per la sua prima importante installazione solare commerciale negli Stati Uniti, che include:

  • Un impianto fotovoltaico da 4,27 megawatt
  • Un sistema di accumulo energetico da 2,0 megawatt
  • 10 stazioni di ricarica per veicoli elettrici avanzate

Questo progetto rappresenta un passo significativo nell'impegno di SolarMax per promuovere l'energia solare in America. Il mercato solare statunitense, il secondo più grande a livello globale, prevede una crescita a un tasso annuale composto del 17% fino al 2025, con un valore di mercato stimato di 125 miliardi di dollari entro il 2030. SolarMax punta a capitalizzare questa crescita grazie alla propria esperienza nello sviluppo e nella gestione di progetti solari, tecnologia avanzata e un approccio incentrato sul cliente.

SolarMax Technology, Inc. (Nasdaq: SMXT) ha anunciado planes para expandir su negocio en el mercado estadounidense con un proyecto emblemático propuesto en Las Vegas. La compañía ha firmado un memorando de entendimiento no vinculante para su primera instalación solar comercial importante en EE. UU., que incluye:

  • Una planta de energía solar fotovoltaica de 4.27 megavatios
  • Un sistema de almacenamiento de energía de 2.0 megavatios
  • 10 estaciones de carga avanzadas para vehículos eléctricos

Este proyecto marca un paso significativo en el compromiso de SolarMax de avanzar en la energía solar en América. El mercado solar de EE. UU., el segundo más grande del mundo, se proyecta que crecerá a una tasa anual compuesta del 17% hasta 2025, con un valor de mercado estimado de 125 mil millones de dólares para 2030. SolarMax busca capitalizar este crecimiento con su experiencia en el desarrollo y gestión de proyectos solares, tecnología avanzada y un enfoque centrado en el cliente.

SolarMax Technology, Inc. (Nasdaq: SMXT)는 라스베가스에서 제안된 주요 프로젝트를 통해 미국 시장에서 사업을 확장할 계획을 발표했습니다. 이 회사는 미국 내 첫 번째 대규모 상업용 태양광 설치를 위한 비구속적 양해각서를 체결했습니다. 여기에는 다음이 포함됩니다:

  • 4.27메가와트의 태양광 발전소
  • 2.0메가와트의 에너지 저장 시스템
  • 10개의 고급 전기차 충전소

이 프로젝트는 미국에서 태양광 발전을 진전시키려는 SolarMax의 약속에 있어 중요한 이정표가 됩니다. 미국의 태양광 시장은 세계에서 두 번째로 큰 시장으로, 2025년까지 연평균 17%의 성장률을 기록할 것으로 예상되며, 2030년까지는 1,250억 달러의 시장 가치를 가질 것으로 예상됩니다. SolarMax는 태양광 프로젝트 개발 및 관리 경험, 첨단 기술 및 고객 중심 접근 방식을 통해 이 성장 기회를 활용할 것을 목표로 하고 있습니다.

SolarMax Technology, Inc. (Nasdaq: SMXT) a annoncé des plans pour développer son activité sur le marché américain avec un projet phare proposé à Las Vegas. L’entreprise a signé un mémorandum d’entente non contraignant pour sa première installation solaire commerciale majeure aux États-Unis, qui comprend :

  • Une centrale solaire photovoltaïque de 4,27 mégawatts
  • Un système de stockage d'énergie de 2,0 mégawatts
  • 10 stations de recharge avancées pour véhicules électriques

Ce projet marque une étape significative dans l'engagement de SolarMax à promouvoir l'énergie solaire en Amérique. Le marché solaire américain, qui est le deuxième plus grand au monde, devrait connaître une croissance à un taux de croissance annuel composé de 17 % d'ici 2025, avec une valeur de marché estimée à 125 milliards de dollars d'ici 2030. SolarMax vise à tirer parti de cette croissance grâce à son expérience dans le développement et la gestion de projets solaires, sa technologie avancée et son approche centrée sur le client.

SolarMax Technology, Inc. (Nasdaq: SMXT) hat Pläne angekündigt, sein Geschäft auf dem US-Markt mit einem vorgeschlagenen Leuchtturmprojekt in Las Vegas auszubauen. Das Unternehmen hat ein unverbindliches Memorandum of Understanding für seine erste große kommerzielle Solaranlage in den USA unterzeichnet, das Folgendes umfasst:

  • Ein Photovoltaik-Solarkraftwerk mit 4,27 Megawatt
  • Ein Energiespeichersystem mit 2,0 Megawatt
  • 10 fortschrittliche Ladestationen für Elektrofahrzeuge

Dieses Projekt stellt einen bedeutenden Schritt im Engagement von SolarMax dar, die Solarenergie in Amerika voranzubringen. Der US-Solarmarkt, der zweitgrößte weltweit, wird bis 2025 voraussichtlich mit einer jährlichen Wachstumsrate von 17 % wachsen, mit einem geschätzten Marktwert von 125 Milliarden US-Dollar bis 2030. SolarMax beabsichtigt, von diesem Wachstum zu profitieren, indem es seine Erfahrung in der Entwicklung und dem Management von Solarprojekten, fortschrittliche Technologie und einen kundenorientierten Ansatz einbringt.

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

Insights

SolarMax's proposed project in Las Vegas marks a strategic entry into the U.S. solar market, potentially positioning the company for significant growth. The 4.27MW solar plant, 2MW storage system and EV charging stations demonstrate a comprehensive approach to renewable energy solutions.

With the U.S. solar market projected to grow at a 17% CAGR through 2025 and reach $125 billion by 2030, SolarMax is tapping into a lucrative and expanding sector. However, investors should note that this is based on a non-binding MOU and actual financial impact remains uncertain. The project's success could serve as a catalyst for future growth, but execution risks and potential capital requirements for expansion should be carefully considered.

SolarMax's proposed project in Las Vegas is noteworthy for its integrated approach to renewable energy. By combining solar power generation, energy storage and EV charging infrastructure, the company is addressing multiple facets of the clean energy transition. This holistic strategy could give SolarMax a competitive edge in the U.S. market.

The inclusion of a 2MW energy storage system is particularly significant, as it addresses the intermittency challenge of solar power. This approach aligns with the growing trend of pairing solar with storage to enhance grid reliability and maximize the value of renewable energy. The 10 EV charging stations also position SolarMax to capitalize on the rapidly growing electric vehicle market, creating potential for additional revenue streams.

SolarMax's entry into the U.S. solar market comes at an opportune time. The projected 17% CAGR through 2025 and $125 billion market value by 2030 indicate strong growth potential. However, the company will face stiff competition from established players in the U.S. market.

SolarMax's success will largely depend on its ability to differentiate itself through technology, cost-effectiveness, or unique value propositions. The company's experience with large-scale projects could be a significant advantage, but it will need to adapt to local regulations and market dynamics. The Las Vegas project, if successful, could serve as a valuable reference for future business development in the U.S., potentially opening doors to larger contracts and partnerships.

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.

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