TORONTO and KNOXVILLE, Tenn., April 30, 2021 (GLOBE NEWSWIRE) -- Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR) is pleased to announce its audited financial results for the twelve-month period ended December 31, 2020. The Company’s Financial Statements and related Management’s Discussion and Analysis are available under the Company’s profile at www.sedar.com.
“In the midst of a challenging business environment due to the COVID-19 pandemic, the Solar Alliance team delivered a strong revenue increase of 59%,” said CEO Myke Clark. “Our focus on the high margin sectors of the solar industry also resulted in a significant increase to our gross profit margin. With the closing of our $5.7 million financing in the first quarter of 2021 and a pipeline of projects under various stages of agreement with combined capital costs totalling approximately $66 million (U.S.), Solar Alliance is positioned for a strong 2021 and beyond,” concluded Clark.
Financial Highlights
- Revenue for the twelve months ended December 31, 2020 was $3,500,747 compared to $2,203,699 in 2019, an increase of 59%.
- The Company’s gross profit was $914,097 for the twelve months ended December 31, 2020 compared to $173,541 in 2019, an increase of more than 425%.
- Operating and selling expenditures were $2,088,345 in the twelve months ended December 31, 2020 compared to $2,546,334 in the comparative period, a decrease of 18%.
Business Highlights
Solar Alliance signed contracts for and completed several large solar projects in 2020 that contributed to the revenue and gross profit growth.
- 1 megawatt (“MW”) project with LG&E/KU. On November 9, 2020 the Company announced it had signed a contract to build a 500 kilowatt (“kW”) solar system in Kentucky. The contract also included an option for the customer to select Solar Alliance to build an additional 500 kW system at the same location. That option was subsequently picked up by LG&E/KU and the full 1 megawatt project is currently being built.
- 2.4 MW, US$2.7 million Solar Project for Bridgestone Completed. The Company completed work at the 2.4 MW commercial solar project for Bridgestone Americas Inc., a subsidiary of Bridgestone Corporation, in South Carolina. This is the largest solar project in the Company’s history.
- Maker’s Mark 200kW Solar Project Completed. On February 27, 2020 the Company announced it had completed construction of the 200 kilowatt solar system at Maker’s Mark Distillery in Loretto, Kentucky. Solar Alliance was awarded a contract through Kentucky Utilities Company’s Business Solar Program to build the solar system at Maker’s Mark Distillery.
Subsequent to the year ended December 31, 2020 and up to the date of the filing of the Financial Statements and related Management’s Discussion and Analysis, Solar Alliance also achieved the following milestones.
- On February 18, 2021, the Company closed a private placement for total gross proceeds of $5,752,530.
- On March 8, 2021, the Company has signed a Solar Design Agreement with Green Data Center Real Estate Inc. to commence design and detailed feasibility analysis on an initial 56-megawatt ground and roof mount solar project at a hyperscale data center in Illinois.
“Solar Alliance’s goal is to become a North American solar leader by focusing on high-margin commercial, industrial and mid-sized utility solar projects. The results from 2020 reaffirm that strategic focus and position Solar Alliance for a strong 2021,” concluded Clark.
Myke Clark, CEO
For more information: |
| Solar Alliance Sales (865) 309-4674 Solar Alliance Myke Clark, CEO 416-848-7744 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 Tennessee, Kentucky, North/South Carolina and several other states and has an expanding pipeline of solar projects. Since it was founded in 2003, the Company has developed wind and solar projects with a combined capital cost exceeding $1 billion 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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