Solar Alliance Energy Inc.
Solar Alliance’s SunBox Drives 266% Increase in Residential Solar Sales in Initial Rollout
Monday, June 24, 2019 7:00 AM
Commercial Division Also Showing Strong Growth as Solar Alliance Moves into Busy Summer Season
VANCOUVER, BC & KNOXVILLE, TN / ACCESSWIRE / June 24, 2019 / Solar Alliance Energy Inc. ('Solar Alliance' or the 'Company') (TSX-V: SOLR, OTC: SAENF) is pleased to provide an update on the strong progress of the Company's SunBox residential solar product that was launched earlier this year. Year to date in 2019, Solar Alliance has sold US$594,000 in residential systems of which approximately US$245,000 is completed and installed while the other US$349,000 is contracted and in various stages of installation. In 2018, the comparable residential sales for the Knoxville-based team was US$223,397. Residential solar system sales in 2019 are on track to exceed US$1.1million and have already exceeded all of 2018 sales by 266% with 6 months left in the fiscal year. 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.
"The SunBox results from the first half of 2019 show that we are seeing real traction in the initial launch for this simple, cost effective solar product," said Solar Alliance CEO Myke Clark. "The strong increase in sales is the direct result of a deliberate, aggressive effort to build a network of innovative builders, electricians and professionals who can offer the Solar Alliance SunBox product to thousands of customers. With a stable group of channel partners we are now seeing the increased sales that we anticipated and expect even further growth as we move into the summer and fall, which are historically the most lucrative solar sales seasons, and move into our next phase of expansion markets. We are also experiencing growth in our commercial division, and combined with the growing success of SunBox, we expect to generate strong revenue growth and exceed targets announced earlier this year."
The growth in SunBox sales is part of the broader 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:
- The 2.4 megawatt ("MW") project for a Fortune Global 500 company in the Southeast U.S is substantially complete.
- The 519 kilowatt ("kW") project in Los Angeles for the Onni Group is currently under construction.
- Signed a development agreement with Sundamental LLC which provides the Company with a pipeline of 25 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.
- Commenced work on the 715 kW BE Trilogy Solar Project LLC ground mount solar installation in Groveland, Florida.
- 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.
Myke Clark, CEO
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Solar Alliance Sales
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."
SOURCE: Solar Alliance Energy Inc.