TORONTO and KNOXVILLE, Tenn., Aug. 25, 2021 (GLOBE NEWSWIRE) — Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR) is pleased to announce its financial results for the quarter ended June 30, 2021. The Company’s Financial Statements and related Management’s Discussion and Analysis are available under the Company’s profile at www.sedar.com.
In Q2 2021, Solar Alliance continued to successfully execute on its strategy to build, own and operate our own solar assets while also generating stable revenue through the sale and installation of solar projects to commercial and utility customers.
“We signed agreements to acquire two construction-ready solar projects, increased our sales pipeline of large-scale solar projects and continued to generate cashflow while we build for the future,” said CEO Myke Clark. “This balanced strategy – the high growth of building for third party customers combined with recurring revenue from solar assets we own – is scalable and supports our goal of becoming the top commercial and industrial solar provider in the U.S.”
Key Business and Financial Highlights:
- Revenue for the three months ended June 30, 2021, was $1,420,885, compared to first quarter revenues of $582,223.
- Gross profit for the quarter was $351,364, representing a gross margin of 25%.
- Cash and cash equivalents of $3,622,652 provide a strong balance sheet to pursue larger project sales opportunities and provide a stable platform for growth.
- Accelerated project ownership strategy with the signing of agreements to acquire two construction-ready projects in New York State. The 350kW and 389kW projects will generate a recurring revenue stream based on long term power purchase agreements.
- Completed a one megawatt (“MW”) solar project in Kentucky for Louisville Gas and Electric Company and Kentucky Utilities Company (“LG&E and KU”), part of the PPL Corporation family of companies. The solar system, which consists of Phase 3 and 4 of LG&E and KU’s Solar Share facility in Simpsonville, is now fully operational and producing energy for subscribing customers.
- Subsequent to quarter end, the Company significantly expanded its sales reach by signing a Joint Development Agreement with Boyd Company (“Boyd CAT”), a regional Caterpillar dealer, and announced it will be opening an office in Louisville, Kentucky. Boyd CAT is the authorized dealer of Cat® solar equipment for businesses and contractors across Kentucky, Southern Indiana, West Virginia and Southeastern Ohio. Solar Alliance anticipates this relationship will drive increased sales in the commercial solar market in the coming months.
- Also subsequent to quarter end, the Company signed a Joint Development Agreement with Abundant Solar Power (“Abundant”) to jointly pursue largescale utility solar projects in the U.S. Southeast. The projects will range in size from 1 megawatt to 10 MW and larger and will typically involve competitive bids to local and regional utilities. Abundant and Solar Alliance are currently assessing several large-scale project opportunities.
“This quarter was a great indicator of the potential we see for Solar Alliance moving forward. We continue to generate strong revenue while building out a project pipeline that will generate opportunities well into the future,” concluded Clark.
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 Tennessee, Kentucky, North/South Carolina and Illinois and has an expanding pipeline of solar projects. Since it was founded in 2003, the Company has developed $1 billion of renewable energy projects 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.”