BitNile’s Subsidiary, TurnOnGreen, Awarded State, Federal, and Utility Certifications for Its Electric Vehicle Chargers
July 18 2022 - 6:30AM
Business Wire
BitNile Holdings, Inc. (NYSE American: NILE) announced today
that its green energy technology and power supply subsidiary,
TurnOnGreen, Inc. (“TurnOnGreen”), has multiple Level 2 Electrical
Vehicle (“EV”) chargers and DC fast chargers approved for rebate by
the California Electric Vehicle Infrastructure Project
(“CALe-VIP”) and Southern California Edison Charge Ready
Program. The Company has also earned an ENERGY STAR certification
for its EV700 32-amp EV charger for residential and commercial
installations. ENERGY STAR is the government-backed symbol for
energy efficiency, providing credible information that consumers
and businesses rely on to make well-informed decisions and is a
requirement for many of the rebate programs throughout the United
States.
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The United States Environmental Protection Agency (the
“EPA”) awards ENERGY STAR certification to EV chargers
proven to be the most energy-efficient after meeting rigorous
energy efficiency and sustainability standards. The ENERGY STAR
certified TurnOnGreen EV700 smart charger features innovative
technology compatible with most electric vehicles on the road,
including Ford, Chevrolet, Mullen, Lucid, Nissan, Kia, Hyundai,
BMW, Mercedes, and Tesla when using the J1772 adapter. The EV700
can add up to 32 miles of range for every hour of charging and
features an easy-to-use LCD touch screen and smartphone
application. TurnOnGreen launched the EV700 in North America in
January 2022. Consumers and businesses can purchase the EV700 at
www.TurnOnGreen.com/EV700 or through major e-commerce retailers
like Walmart, Amazon, and DigiKey.
The CALe-VIP program offers incentives for purchasing and
installing electric vehicle charging infrastructure at publicly
accessible sites throughout California. As of June 2022, it has
awarded over $146 million in EV charger rebates. The program has
helped install 1,339 DC Fast Chargers and 6,180 publicly accessible
Level 2 chargers in California. Southern California Edison
(“SOCAL Edison”) is one of the largest electric utilities in
the United States and a leader in renewable energy and energy
efficiency. The $436 million SOCAL Edison Charge Ready Program
seeks to add 38,000 new EV car chargers throughout the Utility’s
service area in Southern California over the next four years.
“We are committed to developing innovative products that can
help EV drivers reliably charge their vehicles using the right
amount of power,” said Amos Kohn, TurnOnGreen CEO and Chief
Engineer. “We are proud to provide EV charging solutions that are
rebate eligible and meet the needs of consumers and businesses
while offering them a path to sustainability.”
“To be part of the two largest EV Charging infrastructure rebate
programs in California is a major milestone for TurnOnGreen and
will help expand our EV charging footprint throughout the state,”
said Marcus Charuvastra, TurnOnGreen’s Chief Revenue Officer. “The
Energy Star Certification for the EV700 is also a major event for
TurnOnGreen as it enables the product to become eligible for the
hundreds of rebate programs offered by federal, state, and
municipal government agencies as well as the multitude of Utility
rebate programs throughout the United States.”
According to a report by Grand View Research, as of 2021, the
U.S. EV charging infrastructure market has an estimated value of
$2.85 billion and is expected to advance at a compound annual
growth rate (CAGR) of 36.9% from 2022 to 2030. The market growth is
a result of the expansion of government initiatives to fund public
and private EV charging infrastructure projects and programs that
encourage consumers to buy electric vehicles.
For more information on TurnOnGreen’s product line, please visit
www.TurnOnGreen.com.
For more information on BitNile Holdings and its subsidiaries,
BitNile recommends that stockholders, investors, and any other
interested parties read BitNile’s public filings and press releases
available under the Investor Relations section at www.BitNile.com
or available at www.sec.gov.
About BitNile Holdings, Inc.
BitNile Holdings, Inc. is a diversified holding company pursuing
growth by acquiring undervalued businesses and disruptive
technologies with a global impact. Through its wholly and
majority-owned subsidiaries and strategic investments, BitNile owns
and operates a data center at which it mines Bitcoin and provides
mission-critical products that support a diverse range of
industries, including defense/aerospace, industrial, automotive,
telecommunications, medical/biopharma and textiles. In addition,
BitNile extends credit to select entrepreneurial businesses through
a licensed lending subsidiary. BitNile’s headquarters are located
at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV
89141; www.BitNile.com.
About TurnOnGreen, Inc.
TurnOnGreen Inc. designs and manufactures innovative,
feature-rich, and top-quality power products for mission-critical
applications, lifesaving and sustaining applications spanning
multiple sectors in the harshest environments. The diverse markets
we serve include defense and aerospace, medical and healthcare,
industrial, telecommunications and e-Mobility. TurnOnGreen brings
decades of experience to every project, working with our clients to
develop leading-edge products to meet a wide range of needs.
TurnOnGreen’s headquarters are located at Milpitas, CA;
www.TurnOnGreen.com.
Forward-Looking Statements
This press release contains “forward looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements generally include
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to future events or conditions, and include words such as
“believes,” “plans,” “anticipates,” “projects,” “estimates,”
“expects,” “intends,” “strategy,” “future,” “opportunity,” “may,”
“will,” “should,” “could,” “potential,” or similar expressions.
Statements that are not historical facts are forward-looking
statements. Forward-looking statements are based on current beliefs
and assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are made,
and the Company undertakes no obligation to update any of them
publicly in light of new information or future events. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors. More
information, including potential risk factors, that could affect
the Company’s business and financial results are included in the
Company’s filings with the U.S. Securities and Exchange Commission,
including, but not limited to, the Company’s Forms 10-K, 10-Q and
8-K. All filings are available at www.sec.gov and on the Company’s
website at www.BitNile.com.
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