Boston, Massachusetts--(Newsfile Corp. - March 31, 2021) - Mass Megawatts (OTC Pink: MMMW) www.massmegawatts.com announces today a larger 500 kW project to be developed at a manufacturing facility utilizing the patent pending solar tracker. The second project is projected to have four year return on investment based upon contracted electric prices packaged with current federal and state incentives. The 500 kilowatt, project, Mass Megawatts' largest to date, reduces the cost of solar power, while protecting the solar units by employing a furling technology borrowed from wind technology. The technological innovation is triggered by 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 of the project. The solar unit will be located in Muncy, Pennsylvania.
The patented pending, Mass Megawatts 'Solar Tracking System' (STS) is designed to automatically adjust the position of solar panels throughout the day to receive an optimal-level of direct sunlight. Unlike other solar tracking technologies, the Mass Megawatts STS utilizes a low-cost structure that adds stability to the overall system while also improving energy production levels. The STS utilizes a proprietary mechanical innovation to limit dynamic and static loading on the tracker, which can occur during periods of high wind and extreme weather. The technology reduces wind-related stresses and system downtime. The STS allows Mass Megawatts to lower the cost of material and reduce the number of solar panels needed to generate the rated capacity. Due to this advantage, Mass Megawatts STS systems can deliver more solar power production at a price similar to lower-capacity, stationary systems.
In recent news, Mass Megawatts plans to update its corporate name in May 2021 from Mass Megawatts Wind Power, Inc. to Mass Megawatts, Inc. Considering the majority of MMMW's focus has involved innovations related to solar energy, the Company believes the name more accurately reflects the development of recent years. At the same time, Mass Megawatts Inc. will continue with some wind power activities while the Company will be primarily focused on solar power. There is no change of operations, no change in the Board of Directors, and no change of management in the company and the modification of the corporate name is only a more accurate representation of the company's business activities at the current time and recent years.
Earlier this week, Mass Megawatts announced plans to mobilized transportable small solar units to demonstrate the cost and output of the additional solar tracking features. The mobile units will include one unit demonstrating the tracker and another nearly identical unit without the tracker. This should help add a layer of comfort to prospective purchasers who consider utilizing Mass Megawatts' new technology.
Recently, the company anticipates being ahead of the previous timeline of revenue recognition from the first sale of a solar unit with the solar tracker in the first fiscal quarter which begins on May 1. The solar unit will contribute to the electrical requirements of a small commercial facility in Armstrong Township, Pennsylvania.
In other news, the company plans to open sales office in Florida during the early months of 2021 in order to take advantage of the fast growing solar market in the state. The sales operation includes the sales of both traditional stationary solar units and solar projects including the patent pending solar tracker. Initially, the Florida operations would comprise no more than nine employees within a short period of time. The sales effort plans include a sales manager, assistant sales manager, field employees to identify potential sales, and other employees to close the sales. Installations of the solar projects would be done either in house or outsourced on a case-by-case basis. The use of our patent pending solar tracker would only be used on ground mount or flat roof projects.
The key driver to future sales is the use of solar trackers being known to reduce the cost of solar powered electricity. Although Mass Megawatts in 2021 is aiming to achieve a very small fraction of global demand of this specific solar market segment, the solar tracker market is anticipated to be worth more than $3 billion by 2025 expanding from the current market size of about $2 billion. Mass Megawatts sees an opportunity to be part of the growing solar tracker market with a lower cost product than the trackers marketed by other solar tracker companies in this high growth segment of the solar energy market. A solar tracker is a method of tracking the sun throughout the day for a photovoltaic (PV) system. In order to increase energy output throughout the day. The market is anticipated to have substantial growth due to the growing need for renewable energy.
With its patent pending, Solar Tracking System, Mass Megawatts believes it is well positioned for expanded production and supporting its revenue generation goals in the longer term.
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, 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.
Mass Megawatts Wind Power, Inc.
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