VANCOUVER, CANADA & KNOXVILLE, TN / ACCESSWIRE / September 23, 2019 / Solar Alliance Energy Inc. ('Solar Alliance' or the 'Company') (TSX-V:SOLR)(OTCPINK:SAENF) can report that year to date in 2019, the total sold and contracted projects for 2019 currently stands at US$2,279,000, or about CAD $3,000,000. Revenues are recognized as the project moves through to completion: on completion for residential sales and on completion of milestones on larger commercial projects. Total revenue in 2018 was CAD $1,983,000.
"We have balanced our residential and commercial revenue streams and continue to see strong growth in both of these areas," said CEO Myke Clark. "Our sales group and installation teams continue to make great progress and we are committed to improving on these results as we move towards the end of 2019. We are confident we will see additional mid-sized commercial projects move from the pipeline to sales in the coming months."
Residential Update
To date, Solar Alliance has sold US$759,000 in residential systems of which approximately US$578,000 is completed and installed while an additional US$181,000 is contracted and in various stages of installation. In 2018, the comparable residential sales for the Knoxville-based team was US $223,000. With 3 months left in 2019 the Company has already sold more than 340% of last year's total.
Residential solar system sales continue to experience strong growth based on the introduction of the Company's SunBox residential solar product. 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 electric vehicle ("EV") chargers. In addition to being a Certified installer for Tesla announced in March 2019, on September 16, 2019, the Company announced it is now a pre-approved Certified Installer of electric vehicle chargers for BMW (ETR: BMW), General Motors (NYSE: GM) and Jaguar/Land Rover. As a pre-approved Certified Installer through the Qmerit platform, Solar Alliance has direct access to electric vehicle customers of all four automakers.
Solar Alliance sees strong synergies between EV customers and residential solar customers. The Company's strategy is to provide a great EV charger installation experience to these customers and also show them the benefits of making the switch to solar energy to power their EVs and potentially their homes.
Commercial Update
To date, commercial sales are also on target to exceed last year's total, with approximately US$1,520,000 projects sold of which US$475,000 are completed and installed while an additional US$1,044,000 are contracted and in various stages of completion.
The following is a progress update on the Company's largest commercial projects:
- Construction is underway on the 80 kilowatt ("kW") solar system for a poultry producer in Kentucky. The project is being built in partnership with Whayne Supply Company, a Caterpillar dealer. In addition to this project, Solar Alliance is partnering with Whayne Supply Company on signing an additional six solar systems for agricultural businesses located in Southern Indiana and Kentucky.
- Engineering and design is complete and construction is about to begin on the 200 kW solar project being built through the Kentucky Utilities Company's ("KU") Business Solar Program at Maker's Mark Distillery in Kentucky.
- The 519 kW project in Los Angeles for the Onni Group, a large commercial landowner with properties in several North American cities, is more than 50% complete and construction continues.
- Design work has advanced 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.
- The 2.4 MW project for a Fortune Global 500 company in the Southeast U.S is substantially complete and undergoing commissioning. As previously disclosed, the identity of the client will be disclosed after commissioning is complete.
The growth in sales is the result of the Solar Alliance corporate plan announced February 21, 2019 to focus on growth in three key areas: SunBox residential solar systems, mid-sized commercial projects and large-scale commercial projects. The Company believes these three business lines, combined with recurring revenue from operations and maintenance contracts, positions it for the greatest growth and path to profitability. In the large-scale sector, the Company has moved several projects forward and is excited about the prospects for year-end 2019.
With large corporations like Amazon and Google procuring massive amounts of clean power, the U.S. solar industry continues to experience incredible growth. Solar Alliance is committed to driving the transition to renewable energy and creating a nationally-recognized brand that delivers benefits to the environment, customers and shareholders.
Myke Clark, CEO
For more information:
Solar Alliance Sales
(865) 309-4674
Solar Alliance
Myke Clark, CEO
604-288-9051
mclark@solaralliance.com
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 $1 billion of wind and solar 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."
SOURCE: Solar Alliance Energy Inc.
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