BOSTON, MA, Dec. 07, 2021 (GLOBE NEWSWIRE) -- Mass Megawatts (OTC Pink: MMMW) www.massmegawatts.com recently completed its 5 million share stock offering on November 10, 2021 and raised $250,000. Several goals from product refinement and achieving a steady growth of sales after the initial sales will be supported with the proceeds of the funds recently raised. The solar tracker product can achieve 30 percent more power output for an additional ten percent cost. One key goal is that the Company will be able to complete the UL3703 certification (Underwriters Lab certification for solar trackers) needed to give the customer assurances that the National Code NFPA 70 requirements are met. The cost of the certification can be minimal since the most expensive items of the solar power unit (panels, racking inverters, electrical interconnection equipment) and tracker have already been certified except for the actual physical platform itself. The highest electrical and mechanical engineering standards help speed up the approval process by many local government officials and eliminates many obstacles toward project financing. Other uses of the proceeds include construction, data acquisition, experimental retrofits/engineering and testing of a 30kW unit and wind tunnel test for structural verification to reduce foundation and racking requirements with our furling system for reducing wind loads. Additionally, our sales program will be able to have funds for marketing, customer acquisition expenses, and website related promotion. The company now has funds to finance initial sales to overcome the obstacles of customer acceptance and bank financing of a new product. The company can recoup this expenditure from the repayment of the loans granted to the early customers, in addition to the revenue and/or profit from each of the early sales. Any future financing of solar units beyond the initial early adopter sales could be outside vendors or low interest long term bonds once the company achieves the credit worthiness of a company with sustainable profits.
In other news, Mass Megawatts recently announced a 160kW kW project using the patent pending solar tracker taking advantage of the finance incentives of developing on a brownfield area or location with environmental challenges. Although this project is outside the designated opportunity zone which would also provide incentives for low-income communities, larger projects are being planned in the same neighborhood that are inside in geographical location designated as an opportunity zone. Those projects would take advantage of government incentives for selling to low-income electric users. Most importantly, the use of virtual net metering protects the finance interest of the project by having the actual project at a different location than the residence of the low-income customer. If the electricity user cannot pay the electric bill, it would be easier to redesignate another user for maintaining the revenue stream of that solar power unit.
The project is projected to have a pay for itself in about three to four years based on Massachusetts electric prices with current federal and state incentives. The 160-kilowatt project is designed to be able to reduce the cost of solar power by employing a furling technology borrowed from wind technology for protection in the case of high wind events. The technique improves the efficiency of solar arrays without adding significant additional expense. Mass Megawatts is responsible for the site development, fabrication, installation, and the interconnection obligations of the solar project. The solar project is in a low-income area in Worcester, Massachusetts.
Additionally, Mass Megawatts began construction of two solar power systems to demonstrate the benefits of the company’s patent-pending, Solar Tracker technology. The two systems are being constructed at the same site in Worcester Massachusetts. They will be identical, except that one system will include the company’s Solar Tracker technology, while the other will not. The performance of these systems will be compared to demonstrate that the Solar Tracker provides a 30% improvement in power generation with less than a 10% increase in cost.
Each solar power system will contain six, 300 watt rated panels. The solar power components in each system will be identical, including their purchase date, the manufacturer, and model numbers. The units will be constructed adjacent to one another, ensuring that the environmental conditions are also the same. Power generation levels from both units will be monitored and compared to conclusively show the positive impact of the solar tracking technology.
The company’s patented pending, Solar Tracker is designed to automatically adjust the position of solar panels throughout the day to directly face the sun as it travels from East to West. This can significantly boost energy production levels of a solar power system while reducing the payback period for solar power investments.
Unlike other solar tracking technologies, the Mass Megawatts Solar Tracker utilizes a low-cost framework that adds stability to the overall system, while improving energy production levels. This reduces the number of solar panels needed to generate the rated capacity. Due to this advantage, Mass Megawatts can deliver more solar power at a lower cost when compared to traditional, stationary systems. Mass Megawatts believes that their tracking technology provides a competitive advantage that will soon become a standard in the solar power industry. The company is continuing to plan for residential and commercial installations throughout the country.
The global demand for solar tracking is anticipated to grow from the current market size of $2 billion to more than $3 billion by 2025, with demand being fueled by the growing need for clean, renewable energy sources. Mass Megawatts sees an opportunity to be leader in this industry by delivering a reliable, low-cost solution. With its patent pending, Solar Tracking and Wind Electric Power Generation systems, and very little debt, Mass Megawatts believes it is well positioned to expand production and meet its revenue generation goals in both the near and long terms.
Product information and sales inquiries can be made through the company’s contact page at www.massmegawatts.com and the e-mail address on the Website.
This press release contains forward-looking statements that could be affected by risks and uncertainties. Among the factors that could cause actual events to differ materially from those indicated herein are: the failure of Mass Megawatts Wind Power (MMMW), also known as Mass Megawatts Windpower, to achieve or maintain necessary zoning approvals with respect to the location of its power developments; the ability to remain competitive; to finance the marketing and sales of its electricity; general economic conditions; and other risk factors detailed in periodic reports filed by Mass Megawatts Wind Power (MMMW).
Contact:
Mass Megawatts Wind Power Inc.
info@massmegawatts.com
www.massmegawatts.com
