WORCESTER, Mass., May 13, 2022 (GLOBE NEWSWIRE) -- Mass Megawatts Wind Power, Inc. (OTC Pink: MMMW) announces a higher demand for solar energy including its solar tracker due to the higher rate of return for customers when comparing solar with their option of using fossil fuel like oil or natural gas. In the past three months, fossil fuel energy has been at near record levels which benefits the renewable energy industry. There is no guarantee that fossil fuel will remain at record levels in the long term. Another factor in creating the demand is the concern of recent geopolitical activities related to the high demand of fossil fuel energy sources and its potential related shortages.
In other news, Mass Megawatts reached an important milestone last month by filing a Registration Statement on Form 10 with the U.S. Securities and Exchange Commission to register its common stock, no par, under the Securities Exchange Act of 1934 as amended. The Form 10 filing provides business and financial information of the Company. Upon the effectiveness of the Form 10, Mass Megawatts will be required to file periodic reports with the SEC. The registration will generate better transparency with the investor community.
In other recent developments, the Company reported the best cash position in its corporate history allowing the opportunity for achieving its goals of producing sales toward the path of profitability. The Company can move forward with new product manufacturing and a few small commercial sales of the new patent pending solar tracker. The use of solar trackers is known to reduce the cost of solar powered electricity. Although Mass Megawatts is aiming to achieving a very small fraction of global demand, 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 with the purpose of increasing energy output throughout the day. The market is anticipated to have substantial growth due to the growing need for renewable energy.
Mass Megawatts is finalizing efforts to bring a new Solar Tracking technology with more electric cost savings for its customers in comparison to its stationary units. The patented pending, Mass Megawatts ‘Solar Tracking System’ (STS) is designed to improve solar-energy production while and at the same time reduce material and installation cost.
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, in order to reduce 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.
With its patent pending, Solar Tracking System and Wind Electric Power Generation system and very little debt. 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.
Source: Mass Megawatts