LAS VEGAS, July 18, 2022–(BUSINESS WIRE)–BitNile Holdings, Inc. (NYSE American: NILE) today announced that its green energy and power supply technology subsidiary, TurnOnGreen, Inc. (“Turn onGreen“), has several level 2 electric vehicles (“VE“) chargers and DC fast chargers approved for rebate by the California Electric Vehicle Infrastructure Project (“CALe-VIP“) and the Southern California Edison Charge Ready program. The company has also earned ENERGY STAR certification for its EV700 32-amp EV charger for residential and commercial installations. ENERGY STAR is the government-backed symbol of energy efficiency, providing credible information that consumers and businesses rely on to make informed decisions and is a requirement for many rebate programs in the United States.
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The United States Environmental Protection Agency (the “APE“) awards ENERGY STAR certification to EV chargers that have 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 that is 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 charge and features an easy-to-use LCD touchscreen and smartphone app 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 provides incentives for the purchase and installation of electric vehicle charging infrastructure at publicly accessible sites throughout California. As of June 2022, it had granted more than $146 million in rebates on electric vehicle chargers. The program has helped install 1,339 DC fast chargers and 6,180 publicly available 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 aims to add 38,000 new EV car chargers throughout the Southern California utility’s service area 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 energy,” said Amos Kohn, CEO and Chief Engineer of TurnOnGreen. “We are proud to provide rebatable electric vehicle charging solutions that meet the needs of consumers and businesses while providing a path to sustainability. »
“Being part of the two largest electric vehicle charging infrastructure rebate programs in California is an important milestone for TurnOnGreen and will help expand our electric vehicle charging footprint statewide,” said Marcus Charuvastra, director revenue from TurnOnGreen. “Energy Star certification for the EV700 is also a major milestone for TurnOnGreen as it allows 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 rebate programs public services across the United States.”
According to a report by Grand View Research, as of 2021, the US electric vehicle charging infrastructure market is worth an estimated $2.85 billion and is expected to grow at a compound annual growth rate (CAGR) of 36. 9% from 2022 to 2030. The market growth is the result of expanding government initiatives to fund public and private electric vehicle charging infrastructure projects and programs that encourage consumers to purchase electric vehicles.
For more information on the TurnOnGreen product line, please visit www.TurnOnGreen.com.
For more information about BitNile Holdings and its subsidiaries, BitNile recommends that shareholders, investors and any other interested parties read BitNile’s public documents and press releases available in the Investor Relations section of www.BitNile. com or available at www.sec.gov.
About BitNile Holdings, Inc.
BitNile Holdings, Inc. is a diversified holding company that continues to grow by acquiring undervalued companies and disruptive technologies with global impact. Through its wholly and majority owned subsidiaries and strategic investments, BitNile owns and operates a data center in which it mines Bitcoin and provides mission-critical products that support a wide range of industries, including defense /aerospace, industry, automotive, telecommunications, medical. /biopharma and textiles. Additionally, BitNile extends credit to certain entrepreneurial businesses through an approved lending subsidiary. BitNile’s corporate 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, premium quality power products for mission critical, lifesaving and sustaining applications spanning multiple industries in the harshest environments. The various 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 customers to develop industry-leading products to meet a wide range of needs. TurnOnGreen is headquartered in Milpitas, CA; www.TurnOnGreen.com.
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 on 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 at which they are made, and the Company undertakes no obligation to update them publicly as a result of new information or future events. Actual results could differ materially from those contained in any forward-looking statement due to ision of various factors. Further information, including potential risk factors, that could affect the Company’s business and financial results is included in the Company’s filings with the United States Securities and Exchange Commission, including, but without limitation, Company 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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