Solar Alliance Energy Inc. is pleased to provide an update on the integration and performance of the recently acquired sales team and project pipeline in Los Angeles. The Company is also pleased to announce is it moving forward with aggressive expansion plans in Los Angeles and Massachusetts.
The Los Angeles sales and operations teams have been fully integrated into Solar Alliance processes and procedures and are based in the Company's new office in Torrance, California and have been actively canvassing and selling Solar Alliance residential solar contracts. Of the 156 residential solar projects that were acquired by Solar Alliance, approximately one third of the pipeline, or 59 projects, have either been installed or have been approved for installation. The remainder of the pipeline is expected to be approved for installation in the next 30 days. The Company estimates the pipeline of acquired projects will generate approximately US $2,331,341 in gross revenue and up to US $1,296,991 in gross profit, in addition to regular sales operations revenue.
"The integration of this new Los Angeles sales and operations team has taken place in a compressed timeframe, demonstrating the flexibility and professionalism of our entire team," said CFO Eric Knutzen. "The projects are being progressed to installation to immediately generate strong revenue. In addition, the sales team is fully trained on Solar Alliance products and services and is hitting their stride as we move into the busy summer season. Our three core business elements of resource-effective sales, strong gross margins and high sale-to-build speed is proving to be a competitive advantage in the solar marketplace."
"Solar Alliance continues to assess additional markets and acquisition opportunities in an effort to fuel rapid expansion while maintaining fiscal responsibility," said Chairman and CEO Jason Bak. "The integration of the new Los Angeles sales and operations teams has proven our team's ability to identify, acquire and integrate solar assets. Given this positive experience, we are focusing increased corporate resources on the identification and acquisition of several additional solar assets."
As result of the positive growth experienced during the integration of the new sales team in Los Angeles, the Company is aggressively recruiting new sales talent in the Los Angeles region. Specifically, Solar Alliance is recruiting Senior Solar Consultants and Field Sales Consultants in Orange County, the Inland Empire, San Fernando Valley and Antelope Valley. The Company is also recruiting for the same sales positions in San Diego in order to grow Solar Alliance's team in the strongest solar market in the United States.
In Massachusetts, Solar Alliance will be focusing its initial expansion activities in Cambridge. The Company is actively recruiting a senior Sales Manager, Senior Solar Consultants and Solar Field Consultants for our newly formed team in Massachusetts. Solar Alliance chose Massachusetts for its initial East Coast expansion due to the State's high electricity costs, net metering and a renewable portfolio standard with a solar goal along with an accompanying incentive via the Solar Renewable Energy Credit ('SREC'). The Company is taking a responsible approach to expansion in the Northeast U.S. through its previously announced Origination Agreement with Crius Solar, LLC ("Crius Solar"), as it allows Solar Alliance to focus on sales and marketing and rely on Crius Solar for permitting and installation fulfillment.
Source: Solar Alliance Energy Inc.
Date: Jun 12, 2017