Business
Mass Megawatts’ Regulation A Stock Offering is Sold Out at Five Cents a Share
Mass Megawatts’ Regulation A Stock Offering is Sold Out at Five Cents a Share.
About this update from Mass Megawatts Wind Power, Inc.
[{"type":"text","content":"\n BOSTON, MA, Dec. 07, 2021 (GLOBE NEWSWIRE) -- Mass Megawatts (OTC Pink: MMMW) www.massmegawatts.com recently completed its 5 million share stock offering on November 10, 2021 and raised $250,000. Several goals from product refinement and achieving a steady growth of sales after the initial sales will be supported with the proceeds of the funds recently raised. The solar tracker product can achieve 30 percent more power output for an additional ten percent cost. One key goal is that the Company will be able to complete the UL3703 certification (Underwriters Lab certification for solar trackers) needed to give the customer assurances that the National Code NFPA 70 requirements are met. The cost of the certification can be minimal since the most expensive items of the solar power unit (panels, racking inverters, electrical interconnection equipment) and tracker have already been certified except for the actual physical platform itself. The highest electrical and mechanical engineering standards help speed up the approval process by many local government officials and eliminates many obstacles toward project financing.  Other uses of the proceeds include construction, data acquisition, experimental retrofits/engineering and testing of a 30kW unit and wind tunnel test for structural verification to reduce foundation and racking requirements with our furling system for reducing wind loads. Additionally, our sales program will be able to have funds for marketing, customer acquisition expenses, and website related promotion. The company now has funds to finance initial sales to overcome the obstacles of customer acceptance and bank financing of a new product. The company can recoup this expenditure from the repayment of the loans granted to the early customers, in addition to the revenue and/or profit from each of the early sales. Any future financing of solar units beyond the initial early adopter sales could be outside vendors or low interest long term bonds once the company achieves the credit worthiness of a company with sustainable profits. In other news, Mass Megawatts recently announced a 160kW kW project using the patent pending solar tracker taking advantage of the finance incentives of developing on a brownfield area or location with environmental challenges. Although this project is outside the designated opportunity ...