Mass Megawatts (MMMW) Achieved Its Best Cash Position Since 2010 and Debt Reduced to $39,000 from $578,000
Worcester, Massachusetts--(Newsfile Corp. - May 14, 2021) - Mass Megawatts Wind Power, Inc. (OTC Pink: MMMW) announces that the Company has enough cash available to achieve its initial new product goals and other corporate growth objectives. In the past year and especially the past few months, more cash was made recently available to the Company. The ability to move forward with the Company's goals including the introduction of the new solar tracker to the marketplace brings a new level of optimism. Additionally, the Company will use some of the new funds to be an SEC reporting company and maintain the expenses to remain as a reporting company.
The Company's primary product is a low-cost solar tracker for improving the power output of solar projects. In recent years, many solar projects use solar trackers to reduce the cost of solar powered electricity. Although Mass Megawatts in 2021 and 2022 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 more cost effective and competitive 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. The market is anticipated to have substantial growth due to the growing need for renewable energy.
Mass Megawatts can achieve more electric cost savings for its customers in comparison to its stationary units by increasing the power output by more than 30 percent with only an additional cost of ten percent in compared to stationary units without trackers. The patent 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 patent 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.
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.
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