Vancouver, Canada, & Knoxville, Tennessee, July 13, 2020 – Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR, OTC: SAENF) is pleased to provide an operations update for the first half of 2020, which has seen continued growth in solar system sales. Six months into 2020, the Company has almost matched last year’s total sales of residential solar systems and is on track to exceed commercial installation. Key operational highlights include:
- Significant growth in the Company’s residential division with the completion of 68 projects year to date, compared to 77 in the full 2019 year.
- 8 commercial projects compared to 17 for the full 2019 year. The pipeline also includes 3 commercial jobs that will be completed by the end August and several other projects that have the potential to be completed by the end of the year.
- Operations and Maintenance has maintained its current roster of customers year over year.
- Solar Alliance remains open for business to make sure our customers receive the services and products that serve their energy needs. The Company has increased our sales and installation teams in order to meet the growing demand of customers wanting to save money on their energy bills.
“Solar Alliance continues to provide our customers with solar energy systems, battery-based and generator backup systems and energy management solutions during the current economic crisis,” said CEO Myke Clark. “We believe solar energy is well positioned as an industry to emerge from the current economic crisis stronger than ever due to the resilient nature of solar energy and the desire for consumers to take control of their electricity generation. We have seen this illustrated through increasing sales and during this period we have actually increased our sales and installation teams in order to meet the demand. While carrying out this work, the safety of our employees, customers and our community is paramount. We are taking appropriate measures to ensure our staff are safe, which includes working from home where appropriate and communicating daily with our customers.”
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. These initiatives have resulted in the strong first half and provide the basis for increasing growth for the remainder of 2020 and beyond.
As disclosed in January, 2020, the Company continues to pursue, where appropriate, accretive acquisition or business combination opportunities. The solar industry landscape is evolving rapidly and Solar Alliance intends to take advantage of opportunities for value creation that make sense for 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.
“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.”