Solar Energy Initiatives Inc. yesterday announced that it expects to post revenues of $2.6 million for the fourth quarter of 2009 and highlighted its recent milestones that attributed to the success of its first year of operations. Solar Energy Initiatives announced cash flow positive status and said it anticipates further growth in the upcoming year.
“Management is extremely pleased with the business momentum that the Company has achieved,” David Fann, CEO of Solar Energy stated in the press release. “Solar Energy Initiatives has successfully increased revenue, achieved cash flow positive status, and established a strong organic revenue foundation for which new contracts will be leveraged. We believe that we will continue to see sustained growth throughout our 2010 fiscal year.â€
The companyâ€™s confidence in the upcoming year is attributed, in part, to important achievements of 2009. The company recently secured a contract in which it will design, construct and operate a 300-megawatt solar park in west Texas. Through the sale of solar panels, it expects to generate more than $100 million in sales in the first year of development and up to $750 million in revenues within six years.
Solar Energy also took advantage of federal stimulus funding (provided by the American Recovery and Reinvestment Act of 2009) to train unemployed workers as solar energy installation and maintenance technicians. This move correlates with its â€œREFORM THE NATIONâ€ campaign, which it put in place to provide Americans with jobs while reducing the worldâ€™s dependence on fossil fuels. The company is negotiating three additional grants.
And finally, Solar Energy teamed up with an affiliation with RS&H, one of the nationâ€™s leading consulting/engineering firms, and K-Power Inc., a full service solar energy solutions provider, to establish the Green Energy Alliance. The alliance connects establishments with expertise in solar solutions to commercial and solar park projects in North America and the Caribbean.
These combined achievements position the company as a recognizable force in the solar industry, and will allow it to move forward in expansion efforts.
â€œSolar Energy Initiatives is thrilled with the recent milestones that we have achieved, especially in our first year of operation. The companyâ€™s recent accomplishments have allowed us to establish our reputation as a legitimate market leader within the rapidly growing solar energy sector. The company is currently targeting additional municipal contracts, larger solar park projects and expanding our core dealer network. Management believes that these endeavors will lead to increased earnings and improved shareholder value,â€ Fann stated.