SKYX Files for a Mandatory Safety Standardization with the National Electrical Code

SkyX Platforms (Nasdaq: SKYX) has filed an application for a mandatory safety standardization with the National Electrical Code (NEC) for its ceiling outlet receptacle platform for homes and buildings. The company’s share price rose almost 16% following the news.

SKYX’s lead code team member Mark Earley, former head of the National Electrical Code (NEC) and former Chief Electrical Engineer of the National Fire Protection Association (NFPA), said, “We have gathered a significant amount of data on incidents involving lighting fixtures and ceiling fans using the existing wiring methods. Many of these accidents could have been prevented using this safe and robust plug-and-play installation method. It is about time that the existing wiring installation method be replaced by a safe, robust method that reflects today’s advanced but litigious world.”

Highlights

SKYX’s code team is led by Mark Earley, former head of the NEC, and Eric Jacobson, former President and CEO of the American Lighting Association (ALA).

In the past several years SKYX’s product has been voted into 10 segments in the NEC and has achieved major additional necessary milestones for mandatory standardization.

As part of the mandatory application, SKYX has submitted significant supporting data regarding hazardous incidents that occur due to electrical wire installations. The data includes fires, ladder falls, electrocutions, injuries, and deaths caused due to hazardous wire installations.

Value Drivers

  • Award-Winning Technology: SKYX’s smart ceiling plug won five prestigious awards at the 2023 Consumer Electronics Show (CES 2023).
  • Addressable Market: $500 billion global addressable market.
  • Global Strategic Agreement: Global strategic licensing agreement with General Electric (GE).
  • Strategic Acquisitions: Two key strategic acquisitions in 2023, including Belami e-commerce, a profitable lighting and home décor conglomerate.
  • Strong Cash Position: The company’s cash, cash equivalents, restricted cash, investments available for sale and restricted investments available for sale totaled $23.7m (June 30, 2023).
  • Maintaining Shareholder Value: SKYX has been accepted to the 2023 Russell 3000 Index

About SKYX Platforms

As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX Platforms Corp. (NASDAQ: SKYX) has a series of highly disruptive advanced-safe-smart platform technologies, with over 60 U.S. and global patents and patent pending applications as well as 64 lighting and home & décor websites. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.

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SKYX Files for a Mandatory Safety Standardization with the National Electrical Code

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