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

SolarMax Technology, Inc. (“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.