Vancouver, Canada, & Knoxville, Tennessee, August 1st, 2019 – Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR, OTC: SAENF) is pleased to provide an update on the strong growth it is experiencing in the residential solar sector with sales of the SunBox system and an enhanced relationship with channel partners driving an incredible 300% of last year’s sales year to date. 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 a Tesla electric vehicle charger, installed under the Tesla Approved Vendor relationship announced in March 2019.
Year to date in 2019, Solar Alliance has sold US $673,000 in residential systems of which approximately US $369,000 is completed and installed while an additional US$304,000 is contracted and in various stages of installation. In 2018, the comparable residential sales for the Knoxville-based team was US $223,000. With 5 months left in 2019 the Company has already sold 300% of last year’s total. Residential solar system sales in 2019 are now on track to exceed US $1.3 million. Commercial sales are also on target to exceed expectations, with approximately US $962,000 in projects completed (US $424,000) and in various stages of installation (US $538,000) with some large projects under bid and in the existing pipeline that, if construction starts in 2019, would result in revenue dramatically exceeding targets and last year’s total.
“The SunBox results from the first seven months of 2019, combined with strong commercial sales and installations, continue to illustrate the market’s confidence in our growth plan and product offering,” said Solar Alliance CEO Myke Clark. “Our sales group and installation teams have hit their strides and we are seeing the results of our strategic efforts to grow aggressively with conservative overhead costs. The success we have experienced in Tennessee will allow us to move forward with SunBox expansion into surrounding states in the coming months. In addition to our contracted residential and commercial projects, we have been building out our pipeline of commercial prospects. We are confident we will see additional mid-sized commercial projects move from the pipeline to sales in the coming months. This would include additional projects that are part of the US $39 million development agreement with Sundamental LLC which provides the Company with access to pipeline of 18 commercial projects totalling 25 megawatts of installed capacity,” concluded Clark.
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:
- On June 5, 2019, signed a development agreement with Sundamental LLC which provides the Company with a pipeline of 25 megawatts (“MW”) of solar projects to construct with a total capital cost of $39 million. Additionally, the Company has the option to inject equity and build a recurring revenue stream.
- 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 519 kilowatt (“kW”) project in Los Angeles for the Onni Group, a large commercial landowner with properties in several North American cities, is currently under construction.
- Work continues on the 715 kW BE Trilogy Solar Project LLC ground mount solar installation in Groveland, Florida, first announced on June 10, 2019.
- On March 18, 2019, the Company signed a Letter of Intent with NuYen Blockchain Inc. for the design, engineering and construction management of a 3.84 MW, approximately $4.9 million ground and roof mount solar project in Murphysboro, Illinois.
As 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
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.
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