SPARQ Receives Purchase Order for Additional 20 MW Worth of Microinverters

Rhea-AI Summary

SPARQ Systems Inc. (TSXV: SPRQ) (OTCQB: SPRQF) has received a purchase order for 10,000 Q2000 Quad Microinverters for the Indian market on August 27, 2024. This order is in addition to a previous order for 6,000 units announced in June 2024. The new order represents an additional 20 MW worth of microinverters.

Dr. Praveen Jain, CEO of SPARQ, stated that this order further validates the company's innovative microinverters in the growing Indian PV market. The increased demand for SPARQ's products suggests a positive trend in the company's market penetration and potential for growth in the solar energy sector.

Positive

• Received a new purchase order for 10,000 Q2000 Quad Microinverters
• Additional 20 MW worth of microinverters ordered
• Expanding presence in the growing Indian PV market
• Increased demand following a previous order of 6,000 units in June 2024

Negative

• None.

Toronto, Ontario--(Newsfile Corp. - August 28, 2024) - SPARQ Systems Inc. (TSXV: SPRQ) (OTCQB: SPRQF) ("SPARQ" or the "Company") is pleased to announce that on August 27, 2024 the Company received a purchase order for supplying 10,000 Q2000 Quad Microinverters for the Indian market. This order is in addition to the order for 6,000 Q2000 Quad Microinverters announced in June 2024.

"This is another testament for SPARQ's innovative microinverters in the growing Indian PV market," commented Dr. Praveen Jain, Chief Executive Officer of SPARQ.

ABOUT SPARQ

SPARQ designs and manufactures next generation single-phase microinverters for residential and commercial solar electric applications. SPARQ has developed a proprietary PV solution called the Quad; the Quad inverter optimizes four PV modules with a single microinverter, simplifying design and installation, and lowering cost for solar power installations when compared to existing market offerings.

SPARQ's head office is located at 945 Princess Street, Kingston, Ontario, K7L 0E9.

Cautionary Note

Certain statements contained in this press release constitute "forward-looking statements". All statements other than statements of historical fact contained in this press release, including, without limitation, the partnership with Jio Things Limited, and any statements preceded by, followed by or that include the words "believe", "expect", "aim", "intend", "plan", "continue", "will", "may", "would", "anticipate", "estimate", "forecast", "predict", "project", "seek", "should" or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements.

Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to the risk factors discussed in the Company's management's discussion and analysis for the financial year ended December 31, 2023. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.

Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact:

SPARQ Systems Inc.
Dr. Praveen Jain
Chief Executive Officer
Email: pjain@sparqsys.com
Tel: 343.477.1158

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221446

FAQ

What is the size of SPARQ's latest microinverter order for the Indian market?

SPARQ received a purchase order for 10,000 Q2000 Quad Microinverters, representing an additional 20 MW worth of microinverters for the Indian market.

When did SPARQ (SPRQF) receive the new purchase order for microinverters?

SPARQ (SPRQF) received the new purchase order for 10,000 Q2000 Quad Microinverters on August 27, 2024.

How does the new order compare to SPARQ's previous order in June 2024?

The new order for 10,000 Q2000 Quad Microinverters is in addition to a previous order for 6,000 units announced in June 2024, indicating increased demand for SPARQ's products.

What market is SPARQ (SPRQF) targeting with these microinverter orders?

SPARQ (SPRQF) is targeting the Indian PV market with these microinverter orders, which the CEO describes as a growing market for their innovative products.