SolarMax Technology, Inc. (“SolarMax” or the “Company”), an integrated solar energy company, announced that it plans to offer engineering, procurement and construction services, known as EPC services, for large scale solar systems in the United States, which would include both solar power and EV charging stations. As the initial step in this business plan, SolarMax has signed a non-binding memorandum of understanding for its first major commercial solar installation project in the United States. This proposed project, to be located in Las Vegas, marks a potentially significant milestone in SolarMax’ strategy to offer large scale EPC services in the U.S. EPC services encompass the comprehensive management of a solar project from the initial feasibility studies and design through procurement and construction.
The proposed Las Vegas project contemplates the installation of a 4.27 megawatt (MW) photovoltaic (PV) solar power plant, a 2.0 MW energy storage system, and 10 EV charging stations capable of charging 20 vehicles simultaneously. The project is subject to the negotiation and execution of a definitive agreement with the building owner and the present tenant of the building, the negotiation and execution of financing arrangements with a third party to finance the construction of the solar system, and who would also own the system and sell the power to the building owner, and a separate financing arrangement with a third party that would finance the charging stations and would own the charging services and sell the use of the charging stations.
“This project represents the beginning of an exciting new chapter for SolarMax as we are looking to start to scale our commercial EPC services in the US,” stated David Hsu, CEO of SolarMax. “By leveraging our experience and success in building large-scale solar installations overseas, we believe we are well-positioned to establish a presence in the burgeoning U.S. solar market.”
Solar energy is the fastest-growing source of renewable energy in the US, which is currently the second-largest PV market globally, with over 97 GW of installed capacity as of 2021, representing 11% of the world's total. The market is expected to grow at a compound annual growth rate of 17% from 2021 to 2025, with its value projected to reach $125 billion by 2030, based on industry sources.
SolarMax is looking to leverage its proven large-scale project experience to establish itself as a major company for U.S. commercial solar projects. SolarMax’ proposed EPC projects are being designed to include state-of-the-art technology, customized solutions, and a client-centric approach to project management, as SolarMax seeks to deliver the projects on time and within budget.
