BitNile Holdings, Inc. a diversified holding company (the “Company”), announced 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.”