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SPARQ Obtains Regulatory Certification for Its Q2000 QUAD Microinverter and Enters into Manufacturing Agreement with Ti-Lane
Toronto, Ontario--(Newsfile Corp. - July 26, 2022) - SPARQ Corp. (TSXV: SPRQ) (the " Company...
About this update from Sparq Systems Inc
[{"type":"text","content":"SPARQ Obtains Regulatory Certification for Its Q2000 QUAD Microinverter and Enters into Manufacturing Agreement with Ti-LaneToronto, Ontario--(Newsfile Corp. - July 26, 2022) - SPARQ Corp. (TSXV: SPRQ) (the \"Company\") is pleased to announce that its wholly-owned subsidiary, SPARQ Systems Inc. (\"SPARQ\"), has obtained regulatory certification for its new Q2000 QUAD microinverter on July 22, 2022. The Q2000 microinverter is the industry's first highest power rating microinverter that produces electrical energy from four photovoltaic (\"PV\") panels of 550W+ each, without any power clipping under all operating conditions. Moreover, the built-in advanced software algorithms allow the Q2000 microinverter to seamlessly operate in grid-tied, standalone or dual-mode PV applications. Praveen Jain, the Company's Chief Executive Officer, commented, \"This is a major milestone for the Company to launch a more powerful and multi-mode microinverter, which addresses the need for a residential PV system to operate in both grid-tied and off-grid modes. This will provide a better utilization of the PV installation and give increased return on investment to the home owner.\"Further to its press release dated March 24, 2022, the Company also announces that on June 16, 2022, SPARQ entered into a manufacturing agreement (the \"Manufacturing Agreement\") with Ti-Lane Precision Electronic Company Limited (\"Ti-Lane\"), whereby Ti-Lane has agreed to manufacture and supply to SPARQ QUAD microinverters of various ratings at Ti-Lane's facility based in GuangDong Province, China. The Manufacturing Agreement has an initial term of three years and will automatically renew for additional one year terms after expiration of the initial term unless terminated earlier by either SPARQ or Ti-Lane. The construction of Ti-Lane's manufacturing facility is expected to be completed in August 2022 and the volume production is expected to commence in Q4 2022.The Manufacturing Agreement constitutes a \"related party transaction\", as such term is defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61- 101\") as Robbie Luo is an officer and shareholder of Ti-Lane and a director of the Company. The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided ...