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SPARQ SYS INC (SPRQF) is a Canadian company specializing in designing and manufacturing next-generation single-phase microinverters for residential and commercial solar electric applications.
The company has developed a unique PV solution called the Quad, which optimizes four PV modules with a single microinverter, simplifying design, installation, and lowering costs for solar power installations.
SPARQ's recent achievements include signing a manufacturing and supply agreement with Jio Things Limited to enable large-scale manufacturing of microinverters and expand its global presence. The company is committed to innovation, technology leadership, and providing high-performance solutions at competitive costs.
SPARQ Systems (TSXV: SPRQ) (OTCQB: SPRQF) has issued a statement in response to recent unusual market activity. The Company's management has confirmed, at the request of the Canadian Investment Regulatory Organization, that they are unaware of any material changes in their operations that could explain the recent increase in market activity.
SPARQ Systems (TSXV: SPRQ) (OTCQB: SPRQF) has announced a market-making agreement with Integral Wealth Securities . The agreement, dated December 20, 2024, aims to maintain reasonable market conditions and enhance the liquidity of SPARQ's common shares. The initial term is three months with automatic one-month renewals unless terminated with 30 days' notice. SPARQ will pay Integral a monthly fee of C$7,500 plus HST. The agreement contains no performance factors or security-based compensation, and Integral will cover its own costs for trading SPARQ shares.
SPARQ Systems Inc. (TSXV: SPRQ) (OTCQB: SPRQF) has appointed Magomet Malsagov to its board of directors. Mr. Malsagov brings over 20 years of experience in the food and beverage and IT sectors. He founded PureCircle , a global leader in high-purity stevia ingredients, which generated over $1 billion in sales during its first decade and was later acquired by Ingredion Inc. Mr. Malsagov also founded AVATAi Sdn Bhd, a 3D reconstruction AI company.
As part of his appointment, Mr. Malsagov has been granted options to purchase up to 200,000 common shares of the Company. These options are exercisable for five years at an exercise price of $0.69 per share or the Market Price on the date the blackout period for Q3 2024 financials expires, whichever is greater.
SPARQ Systems Inc. (TSXV: SPRQ) (OTCQB: SPRQF) has received a purchase order for 10,000 Q2000 Quad Microinverters for the Indian market on August 27, 2024. This order is in addition to a previous order for 6,000 units announced in June 2024. The new order represents an additional 20 MW worth of microinverters.
Dr. Praveen Jain, CEO of SPARQ, stated that this order further validates the company's innovative microinverters in the growing Indian PV market. The increased demand for SPARQ's products suggests a positive trend in the company's market penetration and potential for growth in the solar energy sector.
SPARQ Systems has appointed Dr. Majid Pahlevani as its new Chief Technology Officer. Dr. Pahlevani, previously VP of Technology at SPARQ, has a prolific background in power circuitry and digital control techniques for SPARQ's QUAD micro-inverter. He has also led significant projects in renewable energy, energy storage, and electric vehicles, and holds over 70 U.S. patents. Additionally, SPARQ announced stock option grants to purchase 3,164,702 common shares at $0.41 each to certain directors and officers. These options have a five-year term and vest immediately, subject to TSX Venture Exchange and securities law conditions.
SPARQ Systems has announced the receipt of substantial purchase orders on June 26, 2024, totaling 12 MW for over six-thousand Q2000 Quad Microinverters targeted at the Indian market. This marks a significant entry into the Indian photovoltaic (PV) market for the company. The news underscores SPARQ's expanding market reach and potential for growth within the renewable energy sector, as highlighted by CEO Dr. Praveen Jain.
SPARQ Systems has finalized its shares for debt settlement process, issuing 1,775,639 common shares at $0.40 per share to settle $710,256 in outstanding unsecured loans. These shares are under a four month and one day hold period.
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