VANCOUVER, British Columbia and KNOXVILLE, Tennessee, Nov. 30, 2020 (GLOBE NEWSWIRE) — Solar Alliance Energy Inc. (‘Solar Alliance‘ or the ‘Society‘) (TSX-V:SOLR, OTC: SAENF) is pleased to announce the Company’s results for the third quarter and nine-month periods of 2020. The Company’s consolidated financial statements and MD&A as at September 30, 2020 have been filed on www.sedar.com as well as on the Company’s website.
- Revenues for the three months ended September 30, 2020 were $530,385 compared to $388,132 for the same period in 2019, an increase of 37%.
- Revenue for the nine months ended September 30, 2020 was $2,517,610 compared to $1,288,552 for the same period in 2019, an increase of 95%.
- The Company’s gross profit amounted to $764,262 for the nine-month period ended September 30, 2020, compared to $197,926 for the comparative period of 2019, an increase of 286%.
- Operating and selling expenses, excluding non-cash amortization and stock-based compensation, were $1,510,160 during the nine months ended September 30, 2020, compared to $2,188,139 during the period comparative, i.e. a decrease of 31%.
“These results illustrate our continued growth and success in 2020,” said CEO Myke Clark. “Our goal for the year is to significantly increase our revenue and we are on track to accomplish this. Our team generated sales that allowed us to exceed our total 2019 revenue with a full quarter remaining in the fiscal 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 are focusing on more and more projects that have the potential to generate significant revenue increases in the near future.
- November 9and, 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 28and, 2020, the company signed a design contract for a 4.6 megawatt solar project at a large-scale data center in Illinois. The capital cost of the solar project is expected to be approximately $4.8 million. The project is expected to generate margins in the range of the Company’s other large-scale solar projects. Final project size and capital cost will be determined as part of the design process.
- The company is shifting additional resources to corporate project development, which focuses on microgrid and larger utility RFPs for multi-megawatt solar projects. With a steady stream of revenue generated from residential and small-scale commercial solar projects, the company is now targeting residential communities for microgrid solutions and utilities bidding for multi-megawatt solar contracts.
- On July 15, 2020, the company launched an innovative new solar charging station for robotic lawnmowers. Powershed is a new product that lets you cut the cord and place a robotic mower anywhere the sun shines. Solar Alliance developed the design in cooperation with a University of Tennessee researcher and a provisional patent application has been filed with the U.S. Patent Office, which provides intellectual property protection pending a full patent application .
Webinar to discuss Third quarter 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 pipeline 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 lives through ingenuity, simplicity and freedom of choice. Solar Alliance reduces or eliminates customer vulnerability to rising energy costs, offers an environmentally friendly source of power generation, and provides affordable turnkey clean energy solutions.
The statements contained in this press 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 expressions are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information. These factors include, but are not limited to: uncertainties relating to the ability to raise sufficient capital, changes in economic or financial market conditions, litigation, legislative or other competitive, judicial, regulatory and political developments and technological or operational developments difficulties. Therefore, actual results may differ materially from those described in the forward-looking statements.
“Neither the 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.”