Mountain Iron, Minnesota and New York, New York--(Newsfile Corp. - May 8, 2024) - 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, (TSXV: UGE) (OTCQB: UGEIF) (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
heliene@fischtankpr.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208393
SOURCE: UGE International Ltd.
