There are clear skies over the NYC headquarters of UGE International (OTCQB: UGEIF) (TSXV: UGE) as the energy solutions company continues to build its business organically and through acquisitions. UGE recently announced its first-quarter 2017 financial results, boasting record revenues of $5.5 million, up 903% over the prior year period. Now, the global provider of solar energy services is on track to take that top line even higher as its order book swells.
The solar power industry is driven by renewable portfolio standard (RPS) targets, state and federal tax credits, grants, and favorable public support for ‘green’ energy. A renewable portfolio standard (RPS), or renewable electricity standard, is a regulatory mandate to increase production of energy from renewable sources such as wind, solar, biomass and other alternatives to fossil and nuclear electric generation. The industry has experienced phenomenal growth over the past five years, achieving annual growth rate of approximately 76 percent from 2011 through 2016. A new report from GTM Research and SEIA (http://nnw.fm/bnLW5) indicates that rate could be trending even higher, revealing that the U.S. solar power market grew by 95 percent in 2016.
UGE is on the frontline of this industry as it powers its way into photovoltaic energy solutions; its recent financial results reflect that position. In the first quarter of 2017, UGE reported triple-digit growth in revenues (as noted above) and lowered its net loss to $0.4 million, compared to $1.7 million reported in the first quarter of 2016, marking the smallest loss in the last three years and bringing the company closer to profitability.
At March 31, 2017, the company also reported that its order backlog reached $31.6 million, of which $20.5 million were “confirmed” projects and $11.1 million of which were “contracted” projects.
“Our first quarter results further illustrate the progress we are making as a company to grow profitably in the commercial solar sector,” UGE CEO Nick Blitterswyk stated in the news release. “Our team continues to focus on growing and executing on our backlog, as our expectations for the future continue to grow as well.”
UGE provides services at all stages of the solar photovoltaic (PV) project lifecycle, including consulting and project management, engineering and design, turnkey construction, and development. The company has been engaged in a number of high-profile projects in the Northeast United States, Canada, Panama and the Philippines.
It was involved in the 84-panel installation that will provide 25.2 kW DC to the San Francisco campus of file-hosting company, Dropbox, and also undertook the utility scale ground mount installation at Sandringham and Woodville Solar Farms for Invenergy Clean Power of Ontario that will generate 25 MW (megawatts) of power. With a resume of over 130 commercial and industrial projects, UGE has already participated in installations with a capacity of over 280 MW.
With such a sunny prognosis, UGE’s share price has been on the rise, increasing by about 30 percent over the 12 months.
For more information, visit the company’s website at www.ugei.com
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