“The first quarter has seen our team execute on several large projects and continue the sales growth that we experienced last year. We remain committed to growing the Company with an emphasis on profitability and we believe our business plan and contracted backlog support this strategy moving forward.
- Construction continued on a 565-kW commercial solar project for a manufacturing client in
Tennessee announced onMay 31, 2023 . The project is currently targeted for completion in Q2, 2024. - Construction continued on an 872-kW solar project in
Tennessee announced onFebruary 13, 2023 . The project is currently targeted for completion in Q2, 2024.
The Company continued to install its backlog of contracted projects in Q1 2024 while adding to the backlog through new project sales. The Company has managed the backlog to a level that potentially allows for the rapid conversion to revenue while still maintaining our highest standards of execution.
Small and medium-sized project growth accelerates. A key component for small businesses wanting to reduce utility costs are Rural Energy for America Program (“REAP”) grants and loans from the
- During Q1, 2024
Solar Alliance sold or completed the installation of small, rural businesses with more than$1 million in capital costs. Those projects include:- A 113-kilowatt (“kW”) solar system for a
Tennessee manufacturer with a capital cost of$305,000 . - A 28-kW,
$195,000 solar and energy storage system for a farm inTennessee . - A 49-kW,
$266,000 commercial solar and energy storage system inTennessee . - A 92-kW,
$269,000 commercial solar system inTennessee .
- A 113-kilowatt (“kW”) solar system for a
Solar Alliance worked with clients to submit$1.1 million inUSDA grant-supported projects inMarch 2024 . The Company is also working with clients to submit projects with a combined$1.3 million capital cost for theJune 2024 grant submission deadline. These submitted projects are subject to approval by theUSDA .
“A steady stream of REAP eligible projects is good for our business and a tremendous benefit for businesses in rural communities,” said
BC Call for Power. In
“Solar Alliance continues to see increasing demand for commercial solar in the
For more information: |
Investor Relations 416-848-7744 mclark@solaralliance.com |
About
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, legislative and political competitive developments; technological or operational difficulties; the ability to maintain revenue growth; the ability to execute on the Company’s strategies; the ability to complete the Company’s current and backlog of solar projects; the ability to grow the Company’s market share; the high growth US solar industry; the ability to convert the backlog of projects into revenue; the expected timing of the construction and completion of the 565-kW and 872 KW Tennessee solar project; the commitment to growing the Company’s business with an emphasis on profitability; the targeting and focus on larger customers and solar projects; the potential to rapidly convert the Company’s backlog of solar projects to revenue; the ability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the construction sector, capital market conditions, restriction on labour and international travel and supply chains; potential corporate growth opportunities and the ability to execute on the key objectives in 2024. Consequently, actual results may vary materially from those described in the forward-looking statements.
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Source:
2024 GlobeNewswire, Inc., source