- Solar Alliance Energy (TSXV:SOLR), a micro-cap solar energy stock, will design, engineer and install a $3.7 million, 1,496-kilowatt solar project for a client in Kentucky
- The company achieved a net profit in the first half of 2024
- Solar Alliance is an energy solutions provider focused on the commercial, utility and community solar sectors
- Solar Alliance Energy stock has given back 10 per cent year-over-year, but remains up by 12.5 per cent since 2019
Solar Alliance Energy (TSXV:SOLR), a micro-cap solar energy stock, will design, engineer and install a $3.7 million, 1,496-kilowatt solar project for a client in Kentucky.
Construction will begin in November 2024 on two sites with targeted completion dates of year-end 2024 and March 2025, respectively.
The news follows the signing of $775,000 in new projects announced in July spread across Tennessee and Kentucky.
The solar company has grown revenue by 3.39 times from C$2.2 million in 2019 to C$7.47 million in 2024. It has justified this increase in market share with a 6.29x improvement in gross profitability over the period, taking in C$1.07 million in 2023. The company’s value-accretive trajectory has continued into 2024, with operations posting net income profitability through Q1 and Q2.
Leadership insights
“This project is a pertinent illustration of the growth we are encountering as a company, and the trust and reputation we are building with regional customers,” Jon Hamilton, Solar Alliance Energy’s U.S. general manager, said in a statement. “Our in-depth, local expertise combined with practical, efficient execution results in an attractive solar solution for our customer. We are enabling our clients to reduce their energy costs, to secure their long-term energy requirements and to meet their sustainability and energy efficiency objectives – and this is resulting in increased sales for the company.”
“Our strategy of targeting larger-revenue projects is generating positive results for Solar Alliance, while lowering operating costs and delivering substantial environmental benefits to our customers,” added Brian Timmons, Solar Alliance’s recently appointed chief executive officer. “We have passed an inflection point and are now delivering larger commercial solar projects on a consistent basis. This project is an outstanding example of the type of project we are now targeting in the U.S. Southeast and reflects the consistent progress we continue to make.”
About Solar Alliance Energy
Solar Alliance is an energy solutions provider focused on the commercial, utility and community solar sectors. Its expertise spans design, engineering, installation and project management services.
Solar Alliance Energy stock (TSXV:SOLR) is unchanged trading at C$0.045 per share as of 9:56 am ET. The stock has given back 10 per cent year-over-year, but remains up by 12.5 per cent since 2019.
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(Top photo of a Solar Alliance Energy project: Solar Alliance Energy)
