July 05, 2022 07:00 ET | Source: Solar Alliance Energy Inc. Solar Alliance Energy Inc.

TORONTO and KNOXVILLE, Tenn., July 05, 2022 (GLOBE NEWSWIRE) -- Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR, OTCQB: SAENF) is pleased to provide an outlook on its goals and objectives for the second half of 2022 as it closes the first half of the year with strong commercial solar project growth.

“Weakness in the capital markets has affected the broad clean technology sector in general, and the solar sector in particular,” said CEO Myke Clark.

“As always, while mindful of the need to do everything we can to keep our compelling story front and centre for the capital markets, our key focus remains on executing our business plan and staying on track for what we see ahead as a record year in commercial solar growth. With the continued growth in the U.S. solar market and our growing presence in the U.S. Southeast, Solar Alliance remains a unique opportunity in the ESG investing space,” he added.

“Several large contracts were signed in the first half of 2022 as we continue our transition to larger, higher revenue solar projects. Our backlog of contracted projects now exceeds $5,000,000. Construction of these projects, which is expected to be completed this year, will result in the backlog converting into revenue. In addition to this growing backlog and revenue stream, we commenced construction on our two company-owned solar projects in New York. These projects will generate long-term recurring revenue and combined with a growing revenue stream represent a solid foundation as we continue to execute on our strategy,” concluded Clark.

Operational and Corporate Highlights – First Half, 2022

Key objectives for the remainder of 2022:

About Solar Alliance Energy Inc. (www.solaralliance.com) Solar Alliance is an energy solutions provider focused on residential, commercial and industrial solar installations. The Company operates in Tennessee, Kentucky, North/South Carolina and Illinois and has an expanding pipeline of solar projects. Since it was founded in 2003, the Company has developed $1 billion of renewable energy projects that provide enough electricity to power 150,000 homes. Our passion is improving life through ingenuity, simplicity and freedom of choice. Solar Alliance reduces or eliminates customers' vulnerability to rising energy costs, offers an environmentally friendly source of electricity generation, and provides affordable, turnkey clean energy solutions.

Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. The words “would”, “will”, “expected” and “estimated” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.

“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."