Boston, Massachusetts--(Newsfile Corp. - March 26, 2021) - Mass Megawatts (OTC Pink: MMMW) www.massmegawatts.com plans to modify its corporate name in early May 2021 from Mass Megawatts Wind Power, Inc. to Mass Megawatts, Inc. since the majority of the Company's business has been involved with solar energy related activity since 2014. The Company believes that changing its name from Mass Megawatts Wind Power, Inc. to Mass Megawatts, Inc. is a reasonable action to more accurately reflect the business of the Company in recent years. At the same time, the Company will continue with some wind power activities while most of its business will be primarily with 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 its corporate name is only a more accurate representation of business activities at the current time and in recent years.
Earlier this week, Mass Megawatts announced plans to have transportable small solar units to explain the cost and output of the additional solar tracking features. The mobile units, with one unit demonstrating the tracker and another unit being nearly identical without the tracker, should help sell the new technology to many potential purchasers who would not easily be convinced to get involved with a new technology.
In other news, the Company anticipates being ahead of the previous timeline of revenue recognition from the first sale of a solar unit with its patent pending solar tracker in the first fiscal quarter which begins on May 1. The 6.25 kilowatt unit that Mass Megawatts sold reduces 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 small solar project. The solar unit will contribute to the electrical requirements of a small commercial facility in Armstrong Township, 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 also uses 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 can deliver more solar power production at a price similar to lower-capacity, stationary systems.
In related recent news, the Company plans to open a 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 the Company's 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 web site.
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.
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