The solar industry is growing at a blistering rate. In 2018, the market was valued at about $52.5 billion. By 2026, it could reach $223.3 billion. All thanks to a global push for green energy. Remember, the U.S. just pledged to reduce emissions by up to 52% over the next several years. Europe wants to cut CO2 emissions by up to 55% by 2030. China says it’ll stop releasing CO2 in the next 40 years. Also, according to Energy.gov, the U.S. Department of Energy says that by 2035, “solar energy has the potential to power 40% of the nation’s electricity, drive deep decarbonization of the grid, and employ as much as 1.5 million people—without raising electricity prices.” By 2050, about a third of global electricity could be provided by solar. Meanwhile, solar electricity generation could rise from 800GW to 8,500GW. That’s got opportunity written all over it, especially for solar companies like Westbridge Energy Corp. (TSXV: WEB) (OTCQX: WEGYF), Enphase Energy (NASDAQ: ENPH), First Solar (NASDAQ: FSLR), SunPower (NASDAQ: SPWR), and SolarEdge Technologies (NASDAQ: SEDG).
Look at Westbridge Renewable Energy Corp. (TSXV: WEB) (OTCQX: WEGYF), For Example
Westbridge Renewable Energy Corp. announced that it has been recognized as one of the 2022 top performers on the TSX Venture Exchange, ranking third out of 10 TSX Venture 50 issuers named in the Cleantech & Life Sciences sector. The ranking was supported by market capitalization growth of 121% and share price appreciation of 82% in 2022. The 2022 TSX Venture 50 showcases the strongest performing companies listed on the Exchange over the past year. The ranking is determined by a range of factors, including market capitalization growth, share price appreciation, and trading volume. The list consists of 10 companies from five industry sectors (clean technology and life sciences, diversified industries, energy, mining, and technology) and serves to acknowledge the most robust performance on the Exchange.
Scott M. Kelly, Director and Executive Chair stated, "This 2022 Venture 50 recognition, and the growth of the Company's development portfolio from 1 to 7 projects in Alberta, Texas and the UK are a direct result of, and a testament to, the exceptional leadership that Stefano, Maggie and Philip have brought to the C-suite since taking over in mid-2021. Moreover, this achievement recognizes the strength and dedication of the entire Westbridge Renewable team which includes many talented advisors. On behalf of the Board, I would like to say thank you and congratulations on this significant recognition."
Stefano Romanin, CEO and Director, commented, "As a young company, we take great pride in being named in the 2022 TSX Venture 50 ranking, selected from a pool of more than 1,700 TSX Venture Exchange issuers. Since Westbridge's inception, we have demonstrated a solid track record of originating and developing Solar PV and Battery Storage projects in key jurisdictions. Our efforts are to further scale and strengthen our portfolio with the aim of enhancing long-term cash flow and generating long-term value for our shareholders, and 2022 was a great year for that. The share performance in these very difficult markets for public venture capital has been outstanding. Thanks to our growing number of global ESG minded shareholders for supporting our vision to turn green fields into green energy using the power of the sun. The opportunity for solar has never been brighter."
Other related developments from around the markets include:
Enphase Energy, a global energy technology company and the world's leading supplier of microinverter-based solar and battery systems, announced that Lumio, a leader in personalized renewable energy, will significantly expand its offering of Enphase® IQ8™ Microinverters and IQ™ Batteries to customers across the United States. Enphase® Energy Systems with IQ Batteries and the revolutionary IQ8 Microinverters, the industry’s first microgrid-forming microinverters launched late last year, offer homeowners even greater resilience than ever before. The strategic relationship with Lumio will amplify the impact and distribution of Enphase Energy Systems — providing homeowners more access to reliable, sustainable, and grid-independent power sources. “We are excited about Enphase’s full suite of products including microinverters, batteries, and EV chargers that can provide our customers best-in-class home energy management solutions,” said Greg Butterfield, chief executive officer at Lumio. “Additionally, the Enphase digital platform from lead generation to permitting to ongoing operations and maintenance services offers a unique ability for Lumio to increase efficiencies and reduce costs.”
First Solar has completed the sale of Luz del Norte, a 141-megawatt (MW)AC utility-scale solar power plant in Copiapó, Chile, to Toesca, an independent asset manager headquartered in Las Condes, Chile. First Solar previously disclosed that it had signed a sale and purchase agreement for the facility on its Q3 2022 earnings call. The terms of the transaction, which was completed in December, 2022, were not disclosed.
SunPower, a leading residential solar technology and energy services provider, and General Motors announced a collaboration to develop a new home energy system that will enable GM electric vehicles to provide backup energy to a home when properly equipped. GM also named SunPower as a preferred EV charger installation provider and its exclusive solar provider. The collaboration will bring together SunPower's home energy expertise and installation capabilities with GM's leadership in EV and battery technology to help provide customers with more resilient, sustainable and cost-effective energy. The home energy system and installation services are slated to be available alongside the retail launch of the 2024 Chevrolet Silverado EV, expected Fall 2023. With bi-directional charging capabilities, the Silverado EV paired with a home energy system is expected to provide enough electricity to provide whole home backup1 during a grid outage.
SolarEdge Technologies, a global leader in smart energy technology, announced its financial results for the fourth quarter 2022 and full year ended December 31, 2022. "We are pleased with our fourth quarter results that conclude a challenging yet very successful year. The global economic and geopolitical events coupled with post pandemic dynamics created an unprecedented demand for solar energy in general and our products in particular," said Zvi Lando, Chief Executive Officer of SolarEdge. "I am proud that our extraordinary global team of employees was able to overcome the hurdles we faced and conclude a record year in almost every element of our operations. We are excited about the opportunities of the year ahead and expect to continue our profitable growth momentum."
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Westbridge Renewable Energy Corp. by Westbridge Renewable Energy Corp. We own ZERO shares of Westbridge Renewable Energy Corp. Please click here for full disclaimer.
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