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SPARQ Develops a Unique QUAD Microinverter for Solar Water Pump Applications
Toronto, Ontario--(Newsfile Corp. - November 14, 2022) - SPARQ Corp. (TSXV: SPRQ) (OTCQX: SPRQ...
About this update from Sparq Systems Inc
[{"type":"text","content":"SPARQ Develops a Unique QUAD Microinverter for Solar Water Pump ApplicationsToronto, Ontario--(Newsfile Corp. - November 14, 2022) - SPARQ Corp. (TSXV: SPRQ) (OTCQX: SPRQF) (the \"Company\" or \"SPARQ\") is pleased to announce that it has developed a unique three-phase QUAD microinverter for solar water pump applications. The new three-phase QUAD microinverter is multipurpose and compatible with existing technologies, capable of working on-grid, off-grid, and with any type of water pump. Multipurpose inverters help farmers run water pumps and irrigate their farms, while enabling farmers to earn extra revenue by selling electricity to the grid when their pumps are not in use.According to Fortune Business Insights, the global solar pump market was valued at US$2.38 billion in 2020, and is projected to grow to US$5.64 billion in 2028.[1] Government subsidies are key factors fuelling this growth to decrease the negative environmental impacts and dependency on fossil fuels. India is taking a leading role in solarizing its 8.8 million diesel pumps and 21 million electric water pumps.[2] \"The PM KUSUM scheme launched in March 2019 by the Indian Ministry of New and Renewable Energy, which aims at ensuring energy security for Indian farmers along with cutback dependency of farmers on fossil fuels, will require many different types of solar water pump systems for its nearly two million installations. Through the use of its patented hardware and software technology, SPARQ is able to provide a unique QUAD microinverter product to the market that can run any type of water pump, whether it is connected to the grid or not, and without requiring an additional inverter to drive the pump motor. This will not only help to enable the ambitious government plan in India in a timely manner, but it will also reduce the applicable installation cost,\" commented Dr. Majid Pahlevani, the Company's VP of Technology. The new three-phase QUAD microinverter is currently undergoing regulatory certification and limited field trials in India. Salil Gupta, SPARQ's India-based manager commented, \"We have successfully completed product trials in several agriculture farms in India proving the ruggedness and key performance of the inverter.\"SPARQ expects to launch its commercial three phase microinverter for solar water pump applications in Q1 2023.ABOUT SPARQSPAR...