WORCESTER, Mass., May 25, 2022 (GLOBE NEWSWIRE) -- Mass Megawatts Wind Power, Inc. (OTC Pink: MMMW) will be required to file periodic reports with the SEC as a Full SEC Reporting Company on July 7,2022. The reporting requirements will generate better transparency with the investment community. The Company recently filed a Form 10 registration statement and amended Form 10 registration statements to register its common stock, no par, under the Securities Exchange Act of 1934 as amended. The ongoing filings as a full reporting company will provide more detailed business and financial information of the Company with its future reporting requirements.
In other recent news 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.
https://www.globenewswire.com/news-release/2022/05/25/2450196/0/en/Mass-Megawatts-will-be-a-Full-SEC-Reporting-Company-on-July-7.html