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Mass Megawatts Receives an Unexpected Demand for Solar Energy with High Fossil Fuel Cost
Mass Megawatts Receives an Unexpected Demand for Solar Energy with High Fossil Fuel Cost.
About this update from Mass Megawatts Wind Power, Inc.
[{"type":"text","content":"\n 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...