SolarMax Technology, Inc. (Nasdaq SMXT) (“SolarMax” or the “Company”), an integrated solar energy company, has entered into a Memorandum of Understanding (MOU) with SOS Limited (NYSE: SOS), whose business activities include cryptocurrency mining, to develop large-scale solar power and battery storage facilities in Nevada, Texas and Florida to provide power for SOS’ blockchain and cryptocurrency operations.
The MOU contemplates the development of six separate facilities, each with a capacity of approximately 50 megawatts, for a combined total of approximately 300 megawatts. Under the proposed agreements, SolarMax would provide end-to-end engineering, procurement, and construction (EPC) services for these installations, including obtaining necessary permits and facilitating utility connections. The MOU does not provide any terms for the agreements between SolarMax and SOS, all of which are subject to negotiation.
David Hsu, CEO of SolarMax, stated, “This MOU with SOS sets the stage for an alignment between solar energy and blockchain technology. Together, we aim to redefine the standards for sustainable energy consumption in the digital economy, showcasing the potential of solar power to drive high-energy industries. SolarMax has a proven ability to implement complex solar projects, which, combined with its forward-thinking approach, strengthen its ability to deliver high-value solutions for its clients.”
The MOU provides that SOS will finance the EPC efforts and retain responsibility for compliance with local utility regulations.
The collaboration aligns with SolarMax’ strategic growth initiatives, which focus on expanding its presence in the U.S. commercial solar market. Projects like this proposed project highlight the potential transformative role renewable energy plays in achieving sustainable economic growth.
