Initiative Aims at Offsetting Carbon Footprint by Planting One Tree for Every TurnOnGreen Electric Vehicle Charger Purchased
LAS VEGAS--(BUSINESS WIRE)--Mar. 16, 2022--
BitNile Holdings, Inc. (NYSE American: NILE), a diversified holding company (the “Company”), announced today that its green energy technology and power supply subsidiary, TurnOnGreen, Inc. (“TurnOnGreen”), has partnered with the reforestation non-profit One Tree Planted. The TurnOnGreen “One4One“ initiative aims to help restore U.S. forests by planting one tree for every residential and commercial Electric Vehicle charging unit sold and raising additional donations from clients and corporate partners.
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The initiative seeks to plant a minimum of 10,000 trees a year over the next ten years. TurnOnGreen’s partnership with One Tree Planted reflects its commitment to sustainability and mitigation of the negative impact of carbon emissions.
“TurnOnGreen is committed to green energy technology and promoting zero-emission transportation solutions,” said Marcus Charuvastra, Chief Revenue Officer for TurnOnGreen. “Sustainability is a huge part of our corporate culture, and a partnership with One Tree Planted is a perfect way for our employees, customers, and partners to contribute to the reforestation of Planet Earth.”
In one year, a mature tree will absorb more than 24 kilograms of carbon dioxide (“CO2”) from the atmosphere and release oxygen in exchange, according to the U.S. Department of Agriculture website. The Environmental Protection Agency estimates the average internal combustion engine passenger vehicle emits around 4,600 kilograms of CO2 each year. It takes about 200 mature trees to offset the CO2 output of one standard passenger vehicle. As of 2021, One Tree Planted has more than 40 million trees in the ground, equivalent to an estimated 200,000 internal combustion engine vehicles’ annual CO2 emissions.
“Last year in California, where TurnOnGreen is headquartered, we saw an unprecedented number of fires that destroyed over 2.5 million acres,” said Amos Kohn, Chief Executive Officer for TurnOnGreen. “Our partnership with One Tree Planted will have a direct impact on our environment today and the well-being of Californians in the future. We are privileged to be a part of the solution.”
For more information on TurnOnGreen’s Electric Vehicle charging technologies, 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.
About One Tree Planted
One Tree Planted is a 501(c)(3) nonprofit on a mission to make it simple for anyone to help the environment by planting trees. Their projects span the globe and are done in partnership with local communities and knowledgeable experts to create an impact for nature, people, and wildlife. Reforestation helps to rebuild forests after fires and floods, provide jobs for social impact, and restore biodiversity. Many projects have overlapping objectives, creating a combination of benefits that contribute to the UN’s Sustainable Development Goals. To learn more, visit www.onetreeplanted.org.
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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Source: BitNile Holdings, Inc.