VANCOUVER, British Columbia and KNOXVILLE, Tennessee, November 30, 2020 (GLOBE NEWSWIRE) – Alliance Solaire Ãnergie Inc. (‘Solar Alliance‘ or the ‘Society‘) (TSX-V: SOLR, OTC: SAENF) is pleased to announce the results of the Company for the third quarter and nine month periods of 2020. The consolidated financial statements and the management report of the Company as at September 30, 2020 have been filed on www.sedar.com as well only on the Company’s website.
- Revenue for the quarter ended September 30, 2020 was $ 530,385, compared to $ 388,132 for the same period in 2019, an increase of 37%.
- Revenues for the nine-month period ended September 30, 2020 were $ 2,517,610, compared to $ 1,288,552 for the same period in 2019, an increase of 95%.
- The Company’s gross margin was $ 764,262 for the nine-month period ended September 30, 2020, compared to $ 197,926 for the comparative period in 2019, an increase of 286%.
- Operating and selling expenses, excluding non-cash amortization and stock-based compensation, were $ 1,510,160 during the nine-month period ended September 30, 2020, compared to 2,188,139 $ for the comparative period, a decrease of 31%.
âThese results illustrate our continued growth and success in 2020,â said CEO Myke Clark. âOur goal for the year is to significantly increase our turnover and we are on track to accomplish this task. Our team generated sales which allowed us to exceed our 2019 revenue totals with a full quarter remaining in the year. With the election results in the United States, we are confident in the long-term strength of the solar industry. As we grow, we focus on larger and larger projects that have the potential to generate significant revenue increases in the near future. “
- November 9e, 2020 Solar Alliance has signed a contract for a 500 kilowatt solar project in Kentucky. The contract also includes an option for the customer to select Solar Alliance to build an additional 500 kW system at the same location.
- October 28e, 2020, the company signed a design contract for a 4.6 megawatt solar project in a hyperscale data center in Illinois. The capital cost of the solar project is expected to be around $ 4.8 million. The project is expected to generate margins within the lineup of the Company’s other large-scale solar projects. The final project size and capital cost will be determined as part of the design process.
- The Company is allocating additional resources to the project development portion of the business, which focuses on larger micro-grid and utility requests for proposals for multi-megawatt solar projects. With a stable revenue stream generated from small-scale residential and commercial solar projects, the Company is now targeting residential communities for micro-grid solutions and utilities that are bidding for multi-megawatt solar contracts.
- On July 15, 2020, the company launched an innovative new solar charging station for robotic lawn mowers. Powershed is a new product that allows you to cut the cord and place a robotic lawnmower wherever the sun is shining. Solar Alliance developed the design in cooperation with a researcher at the University of Tennessee and a provisional patent application has been filed with the US Patent Office, which offers intellectual property protection pending a full patent application. .
Webinar to discuss Q3 2020 Financial Results & Company update
Solar Alliance CEO Myke Clark provides an overview of financial results and a company update in this on-demand webinar.
To access the webinar, visit: www.solaralliance.com/investors/webinars
Myke Clark, CEO
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|Solar Alliance sales
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 California and has an expanding portfolio of solar projects. Since its inception in 2003, the company has developed $ 1 billion in renewable energy projects that provide enough electricity to power 150,000 homes. Our passion is to improve life through ingenuity, simplicity and freedom of choice. Solar Alliance reduces or eliminates the vulnerability of customers to rising energy costs, provides an environmentally friendly source of power generation, and provides turnkey and affordable clean energy solutions.
The statements contained in this press release, other than purely historical information, including statements relating to the future plans and objectives of the Company or the expected results, constitute forward-looking statements. The words âwouldâ, âwillâ, âexpectedâ and âestimatedâ or other similar words and expressions are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors which may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by this forward-looking information. These 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 legal, regulatory and political and technological competitive developments or operational difficulties. Therefore, actual results may differ materially from those described in forward-looking statements.
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