A Vancouver-based company is showing proof positive there is a market for solar-based energy, as investors bidding up its stock can attest.
Solar Alliance Energy Inc. (TSX-Venture:SOLR) reported Monday that the year-to-date total sold and contracted projects for 2019 currently stands at $2,279,000 U.S., or about $3,000,000 Canadian. Revenues are recognized as the project moves through to completion: on completion for residential sales and on completion of milestones on larger commercial projects. Total revenue in 2018 was $1,983,000 Canadian
CEO Myke Clark enthused, "We have balanced our residential and commercial revenue streams and continue to see strong growth in both of these areas.
"Our sales group and installation teams continue to make great progress and we are committed to improving on these results as we move towards the end of 2019. We are confident we will see additional mid-sized commercial projects move from the pipeline to sales in the coming months."
To date, Solar Alliance has sold $759,000 U.S. in residential systems of which approximately $578,000 U.S. is completed and installed while an additional $181,000 U.S. is contracted and in various stages of installation. In 2018, the comparable residential sales for the Knoxville-based team proved to be $223,000 U.S. As 2019 veers into its latest calendar quarter, SOLR has already sold more than 340% of last year's total.
Volume may still have been in the shade by noon ET – only 15,000 shares – but those shares were skyrocketing half a cent, or 12.5%, to 4.5 cents.
