SPARQ Receives 12 MW Worth of Purchase Orders

Rhea-AI Summary

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.

Positive

• Received purchase orders for 12 MW worth of Q2000 Quad Microinverters.
• Significant entry into the Indian PV market.

Negative

• None.

Toronto, Ontario--(Newsfile Corp. - June 27, 2024) - SPARQ Systems Inc. (TSXV: SPRQ) (OTCQX: SPRQF) ("SPARQ" or the "Company") is pleased to announce that on June 26, 2024 the Company received purchase orders for supplying over six-thousand Q2000 Quad Microinverters for the Indian market.

"It is a major step forward for the Company to enter into the Indian PV market," commented Dr. Praveen Jain, Chief Executive Officer of SPARQ.

ABOUT SPARQ

SPARQ designs and manufactures next generation single-phase microinverters for residential and commercial solar electric applications. SPARQ has developed a proprietary PV solution called the Quad; the Quad inverter optimizes four PV modules with a single microinverter, simplifying design and installation, and lowering cost for solar power installations when compared to existing market offerings.

SPARQ's head office is located at 945 Princess Street, Kingston, Ontario, K7L 0E9.

Cautionary Note

Certain statements contained in this press release constitute "forward-looking statements". All statements other than statements of historical fact contained in this press release, including, without limitation, the partnership with Jio Things Limited, and any statements preceded by, followed by or that include the words "believe", "expect", "aim", "intend", "plan", "continue", "will", "may", "would", "anticipate", "estimate", "forecast", "predict", "project", "seek", "should" or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements.

Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to the risk factors discussed in the Company's management's discussion and analysis for the financial year ended December 31, 2023. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.

Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact:

SPARQ Systems Inc.
Dr. Praveen Jain
Chief Executive Officer
Email: pjain@sparqsys.com
Tel: 343.477.1158

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214530

FAQ

What recent purchase orders did SPARQ Systems receive on June 26, 2024?

SPARQ Systems received purchase orders totaling 12 MW for over six-thousand Q2000 Quad Microinverters targeted at the Indian market.

What impact do the recent purchase orders have on SPARQ Systems?

The purchase orders signify SPARQ Systems' significant entry into the Indian PV market, potentially driving growth and market expansion.

What product did SPARQ Systems receive orders for in June 2024?

SPARQ Systems received orders for over six-thousand Q2000 Quad Microinverters.

How much capacity do the recent SPARQ Systems purchase orders cover?

The purchase orders cover a total capacity of 12 MW.

Which market is SPARQ Systems entering with the new purchase orders?

SPARQ Systems is entering the Indian photovoltaic (PV) market with the new purchase orders.