Point Roberts, WA and Delta, BC - May 16, 2019 (Investorideas.com Newswire) Investorideas.com, one of the first investor news resources covering renewable energy stocks releases a sector snapshot reporting on the surge in cleantech and smart energy technology driven by industry leaders now willing to bet heavily with investing and spending in the sector.
Google, Facebook, General Motors and Walmart, along with over 300 other companies, recently announced the launch of the Renewable Energy Buyers Alliance (REBA), which will be the largest group of corporate renewable energy buyers in the United States. By working to unlock the marketplace for organizations to buy renewable energy, REBA hopes to bring more than 60 gigawatts of new renewables online in the United States by 2025.
"Every enterprise - whether it's a bakery, a big-box retailer, or a data center - should have an easy and direct path to buy clean energy. Ultimately, sourcing clean energy should be as simple as clicking a button," said Michael Terrell, head of Energy Market Strategy, Google, and REBA's first Board Chair.
"Today's REBA launch demonstrates that large energy buyers from across every sector are committed to doing their part to solve this problem," said Rob Threlkeld, Global Manager, Sustainable Energy/Supply Reliability at General Motors.
This development has helped spark a spending surge in the sector and smaller companies offering solutions are directly benefiting from the revenue flow.
CleanSpark, Inc. (OTCQB: CLSK), a microgrid company with advanced engineering, software and controls for innovative distributed energy resource (DER) and microgrid deployments recently announced that it has secured $2.5 million in orders for its intelligent automatic transfer switch (ATS) switchgear. The Company's Intelligent ATS switchgear is used to automatically transfer power supply from its primary source to a backup source when it senses a failure or outage in the primary source, thus ensuring uninterrupted power. It also allows the end-user the opportunity to participate in regional energy markets when it makes financial sense to sell surplus power back to the grid.
CleanSpark's new order is to a current customer that provides back-up power solutions and microgrids to its clients. The end user of the Company's intelligent ATS switchgear from this order is a regional grocer located in the state of Texas. In addition to the $2.5 million order, this week the Company also shipped the first units of a limited trial contract for an order of its intelligent ATS switchgear for end use by one of the nation's largest retailers, with over 6,300 stores in the US. If successful, this trial could result in a significant number of additional units during the next couple of years.
"Our continued order wins are the result of the high quality of our products and the close relationships that we have with our customers. This new order will provide improved visibility in upcoming quarters and contribute to our strong growth outlook," said CEO of CleanSpark, Matthew Schultz.
Mr. Schultz continued, "We are particularly excited about the trial that is taking place with a large national retailer and are optimistic of a successful outcome. If successful, this would result in very significant orders having a positive impact on our business for the next several years. As grid related power outages become disruptive to business operations, we think the need for backup power sources will drive increased demand for our products."
Enphase Energy, Inc. (NASDAQGM: ENPH), a global energy technology company and the world’s leading supplier of solar microinverters recently announced their financial results for the first quarter of 2019, which included a summary from its President and CEO, Badri Kothandaraman.
He commented on the company’s financial results saying, “Our first quarter revenue was $100.2 million, an increase of 9% sequentially and an increase of 43% year-over year. We shipped approximately 306 megawatts DC, or 976,410 microinverters and we continued to see strong demand across the board from our customers, overcoming the typical first quarter seasonality in the solar industry.”
On April 15, 2019, the company also announced that over 2,500 homeowners have joined the Enphase Upgrade Program, a service program that gives homeowners several options for upgrading to the latest, more efficient and reliable micro inverter technology from Enphase. This program is for warranty holders of legacy Enphase microinverters and represents the Company’s commitment to quality and service. Participation is entirely voluntary, and Enphase continues to stand by the warranties for its products in the field.
Audrey Mascarenhas, President and Chief Executive Officer of Questor commented, “The Questor team delivered strong results for Q1 2019 with the highest quarterly revenue, profit and earnings per share in the Company’s history. Our first quarter 2019 revenue grew by 29% to $7.7 MM compared to the same period from 2018. This is a direct result of our top performing emissions control technology that is being recognized for its 99.99% efficiency, superior technical and field support, sales initiatives to secure longer-term rental contracts and the recognition of revenue from the incineration and heat to power project recently awarded in Mexico.”
“The strong performance in the first quarter of 2019 is a result of great effort by the Company to secure contracts and to continually succeed in accessing new markets. The combination of an increased sales contribution and the Company securing longer-term rental contracts with rate-based incentives has resulted in an 11% increase in gross profit over the same 3-month period in 2018. The Company continues to pursue areas for our rental incineration which has been critical to the penetration and success in North Dakota and to our initial entry into Texas, Wyoming and New Mexico. We are targeting spending between $7-10 million this year on the rental fleet to support our continued growth. The Company has managed to secure 40% of the rental fleet on rate-incentive based longer-term contracts that has allowed for efficient planning within our Operations while solidifying a predictable outlook of growing activity,” Mascarenhas continued.
In Canada, UGE reached substantial completion on the last four sites of its Peterborough portfolio earlier this month, meaning that the full 15-site, 9MW portfolio is now operational. The portfolio is the Company's largest to date.
"Building solar projects in Ontario in the winter is a significant challenge and we are very thankful to both the UGE project team and the Peterborough Utilities team for their dedication and perseverance," stated Robert van Duynhoven, President of UGE Canada. "The team leveraged our years of experience to work through every obstacle faced, performing exceptionally throughout."
In addition, UGE's engineering and consulting subsidiary, UGE Consulting Services Co, Ltd. has been awarded a phase one contract to study the feasibility of microgrids in Burkina Faso, as well as a maintenance contract for a previously installed commercial solar project in Ontario. In both cases contract values were below $100,000, but above the Company's 23% gross margin target, with work to be completed in the coming months.
In Minnesota, UGE achieved final completion on two of the last three projects in its four-site school’s portfolio that was acquired as part of the CSPC acquisition. The final site, which is the portfolios smallest, is expected to achieve its final completion within the next four weeks. In addition, UGE announced that its 3.1MW project in the northeast US with a previously unnamed client, is with Con Edison, the New York City-based utility, and they will be providing further updates as the project progresses.
"UGE is excited to start several new chapters in 2019, as past EPC portfolios are wrapped up and new projects in our US and Philippines markets kick off," said UGE's CEO, Nick Blitterswyk. "This year we expect to build a record number of projects in both markets where we focus on self-developed opportunities."
With the help of REBA, smaller renewable energy companies have a chance to begin to overtake the crude energy sectors, especially as rising grid costs, energy costs and oil prices continue to be a serious issue for any large scale company.
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