UGE International

Coordinates: 40°45′18.9″N 73°59′35.9″W / 40.755250°N 73.993306°W / 40.755250; -73.993306

UGE International
Industry Renewable energy solutions
Founded 2008
Headquarters 330 W 38th Strret, Suite 1103, New York, NY 10018, New York, United States
Number of locations
 Toronto, Cebu
Area served
 Worldwide
Key people
 Nick Blitterswyk, CEO
Products Solar panels, energy storage, power management systems, remote monitoring systems
Services Commercial solar energy projects
Number of employees
 100–150
Website www.ugei.com
UGE International CEO and founder at a conference

UGE International is a solar energy company for the commercial and industrial sectors. The company was founded in 2008 and has dual headquarters in New York City and Toronto, and a local office in the Philippines. UGE has installed 375MW of solar energy worldwide and completed more than 600 projects.[1]

UGE was recognized as the #2 top solar commercial developer in New York and the #10 top solar commercial developer nationwide by Solar Power World in 2016 and 2017. Solar Power World's 2017 list of Top Solar Contractors also shows UGE as the most experienced solar contractor in New York State.[2]

Services

UGE provides turn-key solar solutions for commercial and industrial (C&I) clients. These mid-scale solar projects can range in size anywhere from 300 kW to 5 MW and cover projects falling anywhere in-between residential and utility-scale. Beyond turn-key solutions, the company taps into its world-class engineering team and industry knowledge to provide engineering, procurement, and construction (EPC) services.[3]

Commercial Solar

UGE works with clients to finance and develop roof-mounted Photovoltaic systems. UGE's team of solar professionals and engineers has completed over 600 projects on-time and on-budget without interruption to business operations.

Commercial Services Include:

  • Project Assessment and Analysis
  • Site Procurement (Lease and Purchase)
  • Project Financing (including Power Purchase Agreements)
  • System Design,
  • Procurement
  • Construction Management
  • Quality control
  • Access to Capital
  • Take-out Partners

Commercial Solar Carport Products

UGE's turn-key solar carport solutions are solid structures that provide cover for cars and clean, affordable electricity yielding long-term energy savings for clients. UGE recently completed construction on Canada's largest solar carport at an Audi dealership in Calgary, Alberta. The dealership's manager cites saving money on monthly electric bills, reducing their carbon footprint, strengthening their sustainability profile, inventory protection, and an improved customer shopping experience as benefits the solar carport provides.[4]

Engineering services

UGE has a multidisciplinary engineering team composed of NABCEP certified engineers and licensed professional engineers with experience at the desk and in the field. UGE offers its engineering services as a global business line, this is unlike its other business lines which primarily serve the USA, Canada, and the Philippines.[5]

Engineering services include:

  • Project feasibility [6]
  • Engineering and design [7]
  • Construction and commissioning support [8]
  • Owner's engineer, lender IE, and general consulting [9]

Financial - TSX listing

UGE is a publicly listed company on the TSX Venture Exchange (TSX:UGE.V) and also trades on the OTCQB (OTCQB: UGEIF).[10]

UGE was first listed on the TSX Venture Exchange (TSX V:UGE) in August 2014.[11] SeeThru Equity initiated coverage on UGE International in June, 2018 with a price target of C$1.02 / $0.78. The projection is based on UGE's significant growth over the last several years from sales execution and acquisitions.[12] Haywood Securities previously initiated research coverage on UGE starting November, 2017, setting a target share price of $1. This was the first time an investment bank had published research on UGE.[13]

UGE capitalization timeline

  • April 2014: $5M investment from Energine [14]
  • August 2014: Listed on TSX Venture Exchange [15]
  • March 2015: Closed private placement with an offering of approx. $1.2M [16]
  • February 2016: Acquired Endura Energy [17]
  • June 2016: Brokered Financing $2.4M [18]
  • August 2016: UGE sells wind division, dedicating all resources towards solar [19]
  • April 2017: Acquisition of all major assets from Carmanah Solar Power Corp.[20]
  • June 2017: Bought Deal Financing $2.1M [21]
  • October 2017: CAD $15 million contract is signed with Peterborough Utilities [22]
  • May 2018: Q1 financial results show 10% growth over Q1 2017 [23]

References

  1. ↑ "Solar firm appoints new board director". The Freeman.
  2. ↑ "2017 Top 500 Solar Contractors". Solar Power World.
  3. ↑ "How Clean Energy is Saving Commercial Businesses Money". Construction in Focus.
  4. ↑ "Canada's Largest Solar Carport will Provide Significant Value to Car Dealership" (PDF). CANSIA.
  5. ↑ "UGE Leverages Engineering Expertise to Help New Markets Transition to Solar Energy". Bloomberg.
  6. ↑ "A Northern Partnership". SolarShare.
  7. ↑
  8. ↑
  9. ↑
  10. ↑ "UGE International Ltd". TSX Inc .
  11. ↑ "UGE International Ltd. (UGE.V)". Yahoo Finance.
  12. ↑ "SeeThruEquity Initiates Coverage on UGE International Ltd. (TSXV: UGE; OTCQB: UGEIF) with a Target Price of C$1.02 (US$0.78)". Access Wire.
  13. ↑ "UGE International Ltd. (UGE-V, C$0.46)" (PDF). Haywood Securities Inc.
  14. ↑ "Urban Green Energy Secures 5M Investment Ahead of Public Listing". New Energy World Network.
  15. ↑
  16. ↑ "UGE International Ltd. Announces Increase in Size and Closing of Private Placement". Market Wired.
  17. ↑ "UGE International acquires Endura Energy". Solar Power World.
  18. ↑ "UGE Announces Closing of Short Form Prospectus Offering". UGE International Ltd.
  19. ↑ "UGE International Ltd. Announces Agreement to Spin-Off Wind Operations". Market Wired.
  20. ↑ "Company Overview of Carmanah Solar Power Corporation". Bloomberg.
  21. ↑ "UGE Int'l arranges $1.8-million private placement". Stockwatch.
  22. ↑ "UGE to develop 15 PV projects in Ontario". PV Tech.
  23. ↑ "UGE Reports First Quarter 2018 Financial Results". Yahoo Finance.
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