Heliene’s high-quality modules with U.S. made solar cells will help UGE expand access to renewable energy for communities across the U.S.
MOUNTAIN IRON, Minn. and NEW YORK, May 08, 2024 (GLOBE NEWSWIRE) — Heliene, Inc. (“Heliene”), one of North America’s fastest-growing manufacturers of high-quality solar energy equipment, today announced a multiyear module supply agreement and strategic partnership with UGE, (the “Company” or “UGE”), a leading community and commercial solar developer.
Through this agreement and partnership, Heliene will help UGE improve project economics and materially reduce supply chain risk with the provision of high-quality U.S.-made solar photovoltaic (PV) modules with U.S.-made cells.
Use of Heliene’s modules will help UGE’s projects qualify for the Domestic Content Investment Tax Credit (ITC) Bonus under the Inflation Reduction Act of 2022 (IRA). Federal investments made available via the IRA are expected to continue to lower clean energy costs and incentivize U.S. solar project development this decade. As the U.S. seeks to expand its role in the global solar manufacturing market, demand for high-quality, built-to-order modules will also increase. Heliene and UGE’s partnership will directly support these efforts by bolstering the U.S. solar supply chain and investing in domestic manufacturing.
With the Heliene supply agreement in place, UGE is projected to begin qualifying for the Domestic Content Tax Credit on projects which start construction as early as this summer. The Domestic Content Credit, paired with other qualifying Investment Tax Credits Bonuses, make a significant positive impact on project economics for UGE and other solar developers. Improved project economics result in more affordable energy for the users of power, from its systems as well as a larger addressable market.
Access to Heliene’s domestically-manufactured products and localized supply chains through this agreement will also allow UGE to de-risk its PV module supply, reducing the potential for costly project delays.
“We are proud to partner with UGE to provide peace of mind through material that derisks supply of PV modules and helps expand the use of Heliene’s American-made, high-quality, and reliable solar technologies,” said Martin Pochtaruk, CEO at Heliene. “We are excited to collaborate with a like-minded company that has been our client for over a decade, now supplying U.S.-made modules with U.S.-made cells; we all look forward to this multiyear agreement with an already long-term partner.”
UGE, with a mission to make renewable energy accessible and affordable for all, is focused on strengthening energy equity and grid resilience by developing its projects primarily in low-to moderate-income communities and those most adversely affected by the transition away from the fossil fuel economy.
“We are thrilled about our partnership with Heliene, which will provide us with a reliable source of high-quality modules and support the critical need for growth in domestic solar manufacturing,” said Nick Blitterswyk, UGE’s Founder and CEO. “Perhaps most exciting for us, this partnership will help us qualify for Domestic Content Tax Credits, improving our project economics so we can expand our impact by developing more renewable energy projects for the communities we serve.”
About Heliene
Heliene is one of North America’s fastest-growing domestic module manufacturers serving the utility-scale, commercial, and residential markets. With an in-house logistics team and remarkably responsive support staff, Heliene delivers competitively priced, high performance solar modules precisely when and where customers need them to accelerate North America’s clean energy transition. Founded in 2010, Heliene consistently ranks as a highly bankable module manufacturer and has production facilities located in Canada, and the USA. For more information, visit www.heliene.com.
About UGE
UGE develops, owns, and operates community and commercial solar & battery storage projects. Our distributed energy solutions provide cheaper, cleaner energy to businesses and households throughout the United States. With over 500 megawatts of project experience, we’re working daily to make renewable energy accessible and affordable for all.
Media contact
FischTank PR
[email protected]
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, including project backlog, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The forward-looking information involves material assumptions and known and unknown risks and uncertainties, certain of which are beyond the Company’s control. Such assumptions, risks and uncertainties include, without limitation, those associated with loss of markets, expected sales, future revenue recognition, the ability to secure appropriate sites, the effect of global and regional economic conditions, equipment supply and pricing, changes in electricity prices, delays and over runs in construction, delays in or inability to obtain permits, changes in laws and regulations and changes in how they are interpreted and enforced, changes in tax policies and incentive programs, the lack of qualified personnel or management, fluctuations in foreign exchange or interest rates, demand for the Company’s services, and availability of capital and funding. The forward-looking information is made as of the date of this news release and the Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.
