SMXT News & Events

SolarMax Technology announced that its wholly owned subsidiary, SolarMax Renewable Energy Provider, has entered into an engineering, procurement and construction, EPC, agreement with Navboot Holdco for a new utility-scale battery storage project in Corpus Christi, Texas. The contract is expected to generate revenues of approximately $258.1 million. Under the agreement, SolarMax will deliver full-scope EPC services-including design, engineering, procurement, installation, construction, testing, startup, and commissioning-for a 600 megawatt-hour battery energy storage system and its associated high-voltage interconnection infrastructure.

SolarMax Technology announced that its wholly owned subsidiary, SolarMax Renewable Energy Provider, Inc., has entered into two engineering, procurement and construction agreements with Yabucoa BESS LLC and Naguabo BESS LLC for new utility-scale battery energy storage system projects located in Humacao, Puerto Rico and Ceiba Municipality, Puerto Rico. The two EPC contracts are expected to generate total revenues of approximately $158.3M. In connection with the transactions, SolarMax is purchasing a 9% equity interest in each project entity. Under the agreements, SolarMax will deliver full-scope EPC services-including design, engineering, procurement, installation, construction, testing, startup, and commissioning for a combined 400 megawatt-hours of battery storage capacity.

Reports Q3 revenue $30.6M vs $6.3M last year. David Hsu, CEO of SolarMax, stated, "Our third-quarter performance highlighted by the recognition of our first revenues from the Texas battery storage project announced in July. While the $24.1 million we recognized in the third quarter did not generate significant gross profit due to the accounting treatment for this engineering, procurement and construction industrial project, it represents a meaningful milestone in the execution of our marketing effort to industrial projects. We expect gross profit to begin catching up with revenue as project milestones are completed."

SolarMax Technology announced that its wholly owned subsidiary, SolarMax Renewable Energy Provider, Inc., has entered into an engineering, procurement and construction agreement with Longfellow BESS I LLC for a new utility-scale battery storage project in Pecos County, Texas. The contract is expected to generate revenues of approximately $127.3 million. SolarMax is purchasing an 8% interest in Longfellow BESS I. Under the agreement, SolarMax will deliver full-scope EPC services-including design, engineering, procurement, installation, construction, testing, startup, and commissioning-for a 430 megawatt-hour battery energy storage system and its associated high-voltage interconnection infrastructure. Project completion is expected by June 30, 2026.