TurnOnGreen Expands Electric Vehicle Charging Infrastructure Across Select Tenet Health Facilities

Rhea-AI Summary

TurnOnGreen, Inc. expands EV charging infrastructure at Tenet Health properties in California, under a 10-year Site Licensing Agreement. The Company will operate and maintain EV chargers, retaining a percentage of charging revenues. TurnOnGreen aims to support healthcare workers with sustainable energy solutions.

MILPITAS, Calif.--(BUSINESS WIRE)-- TurnOnGreen, Inc. (“TurnOnGreen” or the “Company”), today announced the continued expansion of the Company’s electric vehicle (“EV”) charging infrastructure across select Tenet Health (“Tenet”) properties in California. In accordance with a Site Licensing Agreement (“SLA“) between TurnOnGreen and Tenet, TurnOnGreen will assume ownership, operation, and maintenance responsibilities for the EV chargers for a term of ten (10) years. In exchange for these responsibilities, TurnOnGreen will retain a percentage of recurring charging revenues for the duration of the contract and any extensions.

TurnOnGreen high-power, networked EVP700G Level 2 EV charger located at Desert Regional Medical Center in Palm Springs, CA; all copyrights reserved by TurnOnGreen, Inc. @2024 (Photo: Business Wire)

Tenet provides quality, compassionate care in communities across the United States. Tenet currently owns and or operates more than 480 ambulatory surgery centers and surgical hospitals, 58 hospitals, and approximately 160 additional outpatient centers and other sites of care across the United States.¹

Desert Regional Medical Center, in Palm Springs California, will be the first Tenet facility at which TurnOnGreen will complete the installation of its EV chargers. The project features multiple high-power, networked EVP700G Level 2 EV chargers that hospital employees can activate using the TurnOnGreen App, RFID cards, or scanning a unique QR code displayed on each EV charger. The Company collects fees for any paid sessions on the platform.

Hi-Desert Medical Center, located in Joshua Tree California, is the second Tenet facility at which TurnOnGreen will install and operate EV charging infrastructure under the SLA. The project is currently in the engineering and permitting phase and is expected to be completed by December 2024.

“We are thrilled to work with Tenet Health facilities to provide their physicians, nurses, and healthcare workers access to affordable, dependable EV charging services while at work,” said TurnOnGreen President Marcus Charuvastra. “Providing EV charging infrastructure in a healthcare setting supports our front-line workers and helps our partners achieve their sustainability goals.”

Amos Kohn, the Company’s Chairman and Chief Executive Officer, added, “Working through Site License Agreements is a selective process, a key component of our growth, and will help support our recurring revenue verticals. We are steadfast in our quest to be the leader in workplace EV charging and sustainable energy infrastructure solutions.”

TurnOnGreen offers scalable EV charging solutions to homes, businesses, and fleets across North America. The Company’s EV charging hardware, management software, and network services allow municipalities, businesses, and homeowners to monetize, track and report EV charger usage. TurnOnGreen charging systems maintain high standards in the market, are Energy Star Certified, and are backed by an internationally recognized certificate of safety and performance.

For more information on TurnOnGreen’s product line, please visit www.TurnOnGreen.com.

About TurnOnGreen

TurnOnGreen, Inc. (OTC: IMHC) designs and manufactures innovative, feature-rich, 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 headquarters are located in 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 statements that are predictive in nature and depend upon or refer 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 the Company’s website at www.TurnOnGreen.com.

¹ https://www.tenethealth.com/about

View source version on businesswire.com: https://www.businesswire.com/news/home/20240315033512/en/

TurnOnGreen Investor Contact:

IR@TurnOnGreen.com or (877) 634-0982

Source: TurnOnGreen, Inc.

FAQ

What is the latest expansion announcement by TurnOnGreen, Inc.?

TurnOnGreen, Inc. announced the expansion of its electric vehicle charging infrastructure at select Tenet Health properties in California.

What type of agreement is in place between TurnOnGreen and Tenet for the EV chargers?

TurnOnGreen and Tenet have a Site Licensing Agreement (SLA) where TurnOnGreen will manage the EV chargers for ten years, retaining a portion of the charging revenues.

How will TurnOnGreen benefit from the SLA with Tenet?

TurnOnGreen will receive a percentage of recurring charging revenues for the duration of the contract and any extensions in exchange for managing the EV chargers at Tenet facilities.

What is the first Tenet facility where TurnOnGreen will install EV chargers?

Desert Regional Medical Center in Palm Springs, California, will be the first Tenet facility to have TurnOnGreen's EV chargers installed.

How can hospital employees activate the EV chargers provided by TurnOnGreen?

Hospital employees can activate the EV chargers using the TurnOnGreen App, RFID cards, or by scanning a unique QR code displayed on each EV charger.