VANCOUVER, BC & KNOXVILLE, TN / ACCESSWIRE / January 8, 2020/ Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSXV:SOLR)(OTC:SAENF) is pleased to provide a corporate update as the Company anticipates a strong 2020 supported by continued U.S. solar industry growth.
“The Solar Alliance team has made significant progress over the last year in creating defined commercial and residential growth plans,” said CEO Myke Clark. “The work carried out in 2019 should result in year over year revenue growth and, just as importantly, allow us to take full advantage of the strong U.S. solar industry in 2020. We will also be pursuing, where appropriate, accretive acquisition or business combination opportunities. The solar industry landscape is evolving rapidly and we intend to take advantage of opportunities for value creation that make sense for shareholders.”
Solar Alliance has been focused on reducing overhead at the corporate level to ensure the Company’s resources are appropriately allocated to driving new business and moving projects through the pipeline. The Company has also increased its focus on developing strategic partnerships that allow for expansion in a cost-effective manner, increasing profit margins on individual projects and driving towards overall company profitability.
Solar Alliance is also committed to pursuing project ownership in 2020. The Company currently sells solar systems to customers but sees a significant opportunity to own projects and sell electricity to customers by way of long-term contracts. Building a portfolio of retained assets that generate consistent cash flow would create value for shareholders and provide another sales product for customers simply looking to reduce their electricity costs.
In the commercial solar division, the Company is working closely with Whayne Supply Company (“Whayne Supply”), a Caterpillar dealer, to develop solar systems for the U.S. agricultural industry. Whayne Supply and Solar Alliance recently completed an 80 kilowatt (“kW”) solar system for a poultry producer in Kentucky (as announced on September 9, 2019). In addition to this project, Solar Alliance is also partnering with Whayne Supply on signing an additional six near term solar systems for agricultural businesses located in Southern Indiana and Kentucky. This relationship has the potential to deliver a large number of agricultural solar projects and the Company looks forward to building on the success to date.
Solar Alliance is also pursuing several other large-scale solar projects with national and international firms.
The following is a progress update on the Company’s largest commercial projects:
- The 519 kW project in Los Angeles for the Onni Group, a large commercial landowner with properties in several North American cities, is expected to be complete in Q1, 2020. The rooftop portion of the system is complete and work on the carport portion is commencing.
- Construction continues on the 200 kW solar project for Kentucky Utilities at Maker’s Mark Distillery in Kentucky. This is the second project Solar Alliance has worked on under the Business Solar Program. The first was a rooftop solar array built in 2018 for KU’s sister company, Louisville Gas and Electric Company, at the Archdiocese of Louisville’s pastoral center.
- The Company continues to assess a portfolio of projects for Empire Cinemas, the leading independently-owned cinema chain in the U.K. The Company signed a Memorandum of Understanding in October, 2019 for the development of up to 14 solar projects with an approximate capacity of 2.8 megawatts. The agreement represents the largest project portfolio in the near-term pipeline with a potential value of US$5.6 million.
- Design work continues on the 3.84 MW, US$4.9 million solar system for a data center project in Murphysboro, Illinois. The Company signed a Letter of Intent for the project on March 18, 2019 and a decision on progressing is imminent. If the project receives approval, construction would begin immediately and the project would represent the largest in the Company’s history.
- Construction on the 2.4 MW project for a Fortune Global 500 company in the Southeast U.S is complete and is awaiting interconnection from the utility. As previously disclosed, the identity of the client will be disclosed after commissioning is complete.
In the residential solar division, the Company entered into an agreement with America Green Solar (as announced on January 6, 2020) to provide turnkey installation services for residential solar projects to the national solar provider. The relationship with America Green Solar will allow Solar Alliance to expand its residential installation footprint into South Carolina, North Carolina, Kentucky, Georgia and Mississippi. The Company is also working with another solar sales organization to provide turnkey installation services. These two relationships allow the Company to expand its residential solar business without the associated marketing costs required to expand into new markets.
Solar Alliance residential installations in 2019 greatly exceeded projections and now form an important piece of our growing company. The faster turnaround time for residential solar provides stable and predictable cash flow that supports the larger commercial solar projects we are pursuing. Since the launch of “SunBox” in 2019 our residential sales have grown more than 300% and we anticipate continued growth. SunBox is a complete solar solution that comes in two standard residential systems sizes with options such as a generator for whole home backup and an electric vehicle charger.
The Company also continues to market and install electric vehicle chargers. As announced in September, 2019, Solar Alliance became a certified electric vehicle charger installer for Jaguar, Land Rover, BMW and General Motors. As a pre-approved Certified Installer through the Qmerit platform, Solar Alliance has direct access to electric vehicle customers of all four automakers. Jaguar/Land Rover, BMW and General Motors customers will be directed, through the automakers’ sales personnel and websites, to a customer-facing website that connects EV drivers. This certification is in addition to the Company’s approval as a Tesla Accredited Installer for electric vehicle chargers and significantly expands Solar Alliance’s ability to take advantage of this growing market.
The Solar Alliance team continues to grow stronger and is key to our operational and growth plans. The Company is pleased to announce that Jon Hamilton has been promoted to General Manager, U.S. Operations for the Company. Since joining the team in 2016, Mr. Hamilton has taken on increasingly senior roles with the Company and is now responsible for leading our growing team of renewable energy professionals based in Knoxville, Tennessee. Prior to joining Solar Alliance, Mr. Hamilton served in the United States Marine Corps in a variety of roles including Company Commander, Battalion Operations Officer, Commanding Officer and finally as an Analyst with the Strategic Initiatives Group. Mr. Hamilton holds a Bachelor of Science (Civil Engineering) from the Virginia Military Institute and a Master of Arts (Defense Studies) from Kings College London.
“Jon is a strong leader who has excellent organizational skills. As we grow our business and our team of renewable energy professionals, having Jon take on this new role provides us with someone who is a demonstrated leader who ensures everything we do is done to the highest standard. Jon will be working closely with Harvey Abouelata, our V.P. of Commercial, to create a nationally-recognized brand that delivers benefits to the environment, customers and shareholders,” concluded Clark.
Myke Clark, CEO
For more information:
Solar Alliance Sales
Myke Clark, CEO
About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is an energy solutions provider focused on residential, commercial and industrial solar installations. The Company operates in California, Tennessee, North/South Carolina and Kentucky and has an expanding pipeline of solar projects. Since it was founded in 2003, the Company has developed wind and solar projects with a combined capital cost exceeding $1 billion that provide enough electricity to power 150,000 homes. Our passion is improving life through ingenuity, simplicity and freedom of choice. Solar Alliance reduces or eliminates customers’ vulnerability to rising energy costs, offers an environmentally-friendly source of electricity generation, and provides affordable, turnkey clean energy solutions.
Statements in this news release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, constitute Forward-looking statements. The words “would”, “will”, “expected” and “estimated” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.
“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
SOURCE: Solar Alliance Energy Inc.
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