TurnOnGreen Overcomes Supply Chain Bottlenecks to Resume Expansion of EV Charging Network and E-Commerce Operations
BitNile Holdings, Inc. (NYSE American: NILE), a diversified holding company (the “Company”), announced today that its green energy technology and power electronics subsidiary, TurnOnGreen, Inc. (“TurnOnGreen”), has resumed work on the installation of its Level 3 electric vehicle (“EV”) chargers at the first of three Tim Hortons quick service restaurant locations in Canada. COVID-19 pandemic-related supply chain issues and restricted access to Canada delayed the pilot program. Since resuming in February 2022, significant milestones have been reached.
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In December 2020, TurnOnGreen entered into an agreement with select franchisees to install Level 3 EV chargers at select Tim Hortons locations as part of a revenue-sharing program. Since the resumption of work, TurnOnGreen, with its Canadian partner, has completed site planning, permitting and provisioning the required power infrastructure to support the installation of two FSP1200, 120 kW DC Fast Chargers at the first pilot location. Installation is expected to be completed during the second quarter of 2022.
Furthermore, obtaining the safety certificate for EV700 Level 2 residential charger and easing supply chain restrictions has increased inventory, allowing TurnOnGreen’s distribution partner iNetSupply to expand its EV700 charger sales to NewEgg.com. The EV700 is now sold at four major online retailers, including Amazon.com, NewEgg.com, and iNetSupply.com. TurnOnGreen’s flagship product continues to gain consumer interest following the 4.4 star rating from industry specialist Tom Moloughney on his popular technology show State of Charge.
“Despite many obstacles in 2020 and 2021, TurnOnGreen has remained committed to product development and revenue growth,” said Marcus Charuvastra, Chief Revenue Officer for TurnOnGreen. “We expect to continue to build value through superior product offerings and our firm commitment to our commercial and direct-to-consumer distribution partners in Canada and the United States, respectively.”
“We are pleased to reach a major milestone in commercializing our flagship, feature-reach EV700 Level 2 charger. We are also excited to have made significant progress with our DC Fast Charging project in Canada,” said TurnOnGreen Chief Executive Officer, Amos Kohn. “We expect to continue to expand operations in the Canadian market through strategic partnerships such as our partnership with Okanogan TH Holdings Ltd. related to the Tim Hortons’ agreement.”
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 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 on the Company’s website at www.BitNile.com.
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