Tailwinds’ Take: continued execution. The market is large and growing rapidly. This is a very inexpensive stock.
UGE International Ltd. (TSXV: UGE) (“UGE”), a global leader in solar energy solutions for the commercial and industrial sector, reveals it has expanded to Alberta. Simultaneously, UGE announces a new contract with Elemental Energy, a renewable energy developer, investor, and owner-operator, to provide services for Elemental’s new Alberta-based project.
Canada has long been a leader in the solar revolution, with the province of Ontario being the focal point for the country’s market activity. However, with new incentives and opportunities in the province of Alberta, UGE has expanded its Canadian focus west, and forged an expansion plan into Alberta as the Company continues to grow.
“We largely owe our success to effectively identifying key markets and adapting to their evolving market dynamics,” said Mateo Chaskel, UGE’s Director of Development. “This is an exciting step as we announce Alberta as a new growth market.”
As part of the expansion, UGE is pleased to announce it has signed a contract to provide owner’s engineering services to Elemental Energy for the completion of the first utility-scale solar project in western Canada. The contract will see UGE leverage its years of experience to assist Elemental Energy as it completes the development and construction of a 17MW ground-mounted solar system in southeastern Alberta, near Calgary. The Project will, produce enough energy to power an estimated 2,500 homes.
UGE’s CEO, Nick Blitterswyk, is a proud alumnus of the University of Calgary. In 2012 the university awarded him with the Graduate of the Last Decade (GOLD) Award for his entrepreneurial success in the renewable energy sector.
Marty Fleet, UGE’s Regional Director for the Canadian market, reveals “This project is an early toe in the water for UGE in this market, and part of our larger plan to increase our market share in the region. We look forward to playing a role in transitioning the province to cleaner energy.”
In other news, On April 4, 2017, UGE announced the acquisition of substantially all the business of Carmanah Solar Power Corp. At the time of the acquisition, UGE purchased 60% of this business through a joint venture. UGE is pleased to announce that it has exercised an option to acquire the other 40% of the joint venture, resulting now in its complete ownership of the business.
For further information, please view UGE’s investor newsletter, available at www.ugei.com/investors.