SolarMax Technology Signs MOU for 40-Megawatt Solar Farm in Georgia

RIVERSIDE, Calif., Dec. 12, 2024 (GLOBE NEWSWIRE) -- SolarMax Technology, Inc. (Nasdaq SMXT) ("SolarMax" or the "Company"), an integrated solar energy company, has entered into a Memorandum of Understanding (MOU) with Sunelement Energy Inc., a domestic manufacturer of solar panels ("Sunelement"), for the installation of a solar power and battery project in East Dublin, Georgia.

The proposed project contemplates an electricity grid-connected photovoltaic solar power facility with a total capacity of approximately 40 megawatts, coupled with a battery energy storage system of 150 megawatt-hours. SolarMax is to provide the engineering, procurement, and construction ("EPC") services in connection with the construction of this project. These services will include all necessary permitting for the construction and operation of the solar power facility. The MOU does not provide any terms for the proposed agreement, which is subject to negotiation between the parties.

David Hsu, CEO of SolarMax, stated, "We are excited to collaborate on this project and contribute to the growing renewable energy sector in Georgia as we look to demonstrate our ability to deliver large-scale solar and energy storage projects that meet the evolving needs of our customers."

The MOU provides that Sunelement will fund the EPC work and receive any available federal or state tax benefits.

About SolarMax Technology Inc.

SolarMax, based in California and founded in 2008, is a leader within the solar and renewable energy sector focused on making sustainable energy both accessible and affordable. SolarMax has established a strong presence in southern California. SolarMax is looking to generate growth with strategic initiatives that aim to scale commercial solar development services and LED lighting solutions in the US while expanding its residential solar operations. SolarMax' website is www.solarmaxtech.com.

Any information contained on, or that can be accessed through SolarMax' website or any other website or any social media is not a part of this press release.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act") as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "would," "could," "seek," "intend," "plan," "goal," "project," "estimate," "anticipate," "strategy," "future," "likely" or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company's strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company's actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements are subject to risk and uncertainties, including, but not limited to the ability of SolarMax to enter into a definitive agreement with Sunelement and to price its services at rates that will enable SolarMax to generate a profit from the agreement and those described in "Cautionary Note on Forward-Looking Statements," "Item 1A. Risk Factors," and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations," in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on April 16, 2024 and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's report on Form 10-Q for the quarter ended September 30, 2024, which was filed with the SEC on November 14, 2024. SolarMax undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

Contact:

For more information, contact:

Stephen Brown, CFO

(951) 300-0711