Market Overview

Cost Saving Benefits Spur Companies to Consider Adopting Renewable Energy Sources


NEW YORK, March 13, 2019 /PRNewswire/ -- The growing concern over climate change has become a top agenda of focus for many nations. Non-renewable resources such as coal, petroleum, and oil used in electricity, heating, transportation, and manufacturing are negatively impacting the environment and the consistent use of these non-renewable resources can severely damage air and water quality, public health, wildlife, land use, and increase global warming emissions. Moreover, consistent use is also depleting these resources, which is why major economies around the world are switching to renewable energy sources. Renewable energy sources such as solar, wind, and hydro are some of the common ones, and due to the widespread use of these renewable energies, energy storages are also becoming increasingly prevalent. Energy storage systems harness and store energy provided through renewable sources and can provide continuous and reliable power throughout the day. According to data compiled MarketsAndMarkets research, the global battery energy storage system market was valued at USD 1.98 Billion in 2018 and is expected to reach USD 8.54 Billion by 2023. Furthermore, the market is expected to exhibit a robust CAGR of 33.9% from 2018 to 2023. Triad Pro Innovators, Inc. (OTC:TPII), Enphase Energy, Inc. (NASDAQ:ENPH), VivoPower International PLC (NASDAQ:VVPR), Just Energy Group Inc. (NYSE:JE) (TSX:JE), Westport Fuel Systems Inc. (NASDAQ:WPRT)

The increasing demand for grid-connected solutions and high demand for lithium-ion technology are further fueling the energy storage market. Lithium-ion batteries are the main power sources for many battery energy storage solutions because of their efficiency. Lithium-ion batteries have a lifespan of approximately 5-15 years and up to 98% efficiency, meaning only 2% of its electrical charge is lost during use. However, a study conducted by researchers at the University of California, Berkeley, TU Munich, and the Center of Digital Technology Management in Germany noted that lithium-ion batteries cost approximately USD 100 per kilowatt-hour. On the other hand, renewable energy sources like solar cost an average of USD 0.10 cents per kilowatt-hour while wind solutions cost about USD 0.06 cents per kilowatt-hour. The cheaper costs, as well as the efficiency, of renewable energies, is a major factor as to why they are increasingly becoming adopted. "Every energy company today, whether predominantly solar, wind, or big oil, will eventually become a renewable energy company," says Tim Nixon, Director for Sustainability at Thomson Reuters. He says it's not a matter of if, but when. "This is because costs for energy sources that are carbon-based will steadily increase, as regulation and environmental damage is fully priced in."

Triad Pro Innovators, Inc. (OTC:TPII) yesterday after the market close the company announced breaking news that, "Global consumption of golf carts is anticipated to exceed 225,000 units in 2023, in a multi-billion dollar industry, valued at U.S. $2,300,000,000, of which 41% will be in the North American market. Triad Pro projects attaining approximately $70,000,000 worldwide sales of traditional golf and people mover vehicles, by the end of its third production year. This dynamic growth is due to the advantages of utilizing solar power.

Because of lower maintenance and operating costs the solar powered golf cart segment of the global golf cart market is anticipated to grow at a faster rate than other electric and internal combustion models. In addition to the demand provided by golf courses, urbanization and industrialization in other countries is expected to drive the demand for local transportation to carry people and goods.

Triad Pro announces that its eCell energy storage technology combined with Triad Pro's new power supply design, has been successfully installed in a solar powered golf cart. The solar powered golf cart, named SPREE, (Solar Powered Renewable Electric Energy) uses Triad Pro's proprietary hardware and software solutions. Triad Pro's SPREE golf cart can be charged using only the sun or using the electric grid or a combination of both.

For additional information about Triad Pro Innovators visit the website at:"

Enphase Energy, Inc. (NASDAQ:ENPH), a global energy technology company, delivers smart, easy-to-use solutions that connect solar generation, storage and management on one intelligent platform. Enphase Energy, Inc. recently announced the availability of the Company's new Cellmodem-M1, which enables Enphase customers to stay connected to their systems remotely without the need for a dedicated local network. The Enphase Cellmodem-M1 is based on the LTE Cat-M1 communications standard. As part of the Enphase Mobile Connect family, the Cellmodem-M1 uses Low-Power Wide-Area Network (LP-WAN) technology to communicate home energy data from the Enphase Envoy™ communications gateway over long ranges at very low power. Once connected to an Enphase Envoy-S™ or IQ™ Envoy™, the Cellmodem-M1 eliminates the need for an on-site internet connection to monitor an Enphase Microinverter System. The new device provides plug-and-play internet of things (IoT) connectivity to the Enphase Enlighten™ monitoring and service platform for solar systems with up to 60 Enphase microinverters. The Enphase Cellmodem-M1 comes with a 5-year pre-paid data plan from AT&T and a 5-year equipment warranty. "The value of the high-fidelity energy monitoring provided by Enphase microinverters increases exponentially when those systems connect to a data network, and we are eager to deploy this new iteration of Enphase cell modems," said Arno Aghamalian, president and Chief Executive Officer at Solar Optimum in Los Angeles, Calif. "Our team serves thousands of customers, and the ability to quickly understand and resolve issues is only possible with an advanced monitoring platform that is always connected. This new IoT cell modem from Enphase will keep our customers informed about their solar systems and allow us to keep taking our customer service to the next level."

VivoPower International PLC (NASDAQ:VVPR) is an international solar power producer that develops, owns and operates PV solar projects in a capital efficient manner. VivoPower International PLC recently announced its results for the six months ended September 30, 2018. Total revenue for the six months ended September 30, 2018 was USD 18.5 Million, an increase of 14.0%, as compared to USD 16.2 Million for the six months ended September 30, 2017. Revenue from the Company's power services businesses for the six months ended September 30, 2018 was USD 17.4 Million, an increase of 20.5% over the prior year reflecting the strong market dynamics in the industrial regions of Australia, as well as the Company's aggressive push into new geographies within Australia and solar engineering, procurement, and construction ("EPC") markets. "We made excellent progress with the 50 MW development portfolio of utility-scale solar projects in New South Wales, Australia, and have completed the development milestones for the first 15 MW phase, which we expect to commence construction by the end of June 2019." said VivoPower in its press release, "In light of the potential sale of the ISS Joint Venture, the Company has recommitted to its strategic focus on the strong growth profile of the solar power generation market in the United States, particularly the higher margin profile of small utility and commercial and industrial ("C&I") sectors, consistent with the Company's current solar development activities in Australia. This shift may be accomplished through organic growth or consolidation of smaller players in the highly fractured C&I market within North America."

Just Energy Group Inc. (NYSE:JE) (TSX:JE), established in 1997, is a leading consumer company focused on essential needs, including electricity and natural gas commodities; health and well-being, such as water quality and filtration devices; and utility conservation, bringing energy efficient solutions and renewable energy options to consumers. Just Energy recently announced a new joint marketing partnership with Lyft, whose mission is to improve people's lives with the world's best transportation. Customers can now get free rides along with their energy plan, increasing the benefit and convenience of being a Just Energy customer. Customers that sign up for the promotional Nights Free plan will receive a USD 50 credit in their Lyft account. With 24 or 36-month term options, Nights Free customers can sleep easy knowing that their energy supply charges incurred between 9 pm and 7 am will be credited on their bill. With this promotional offer, customers get more of what they want - free usage during the evening hours and the convenience of on-demand rides with Lyft up to USD 50. "At Just Energy, we believe in creating products and services that make our customers' lives easier," says Pat McCullough, Chief Executive Officer at Just Energy. "We are excited to partner with Lyft and provide the added value of free rides when signing up for our Nights Free or Basics promotional plans. This offer embodies our mission of being Trusted Advisors, giving our customers the most in terms of value and convenience."

Westport Fuel Systems Inc. (NASDAQ:WPRT) is driving innovation to power a cleaner tomorrow. Recently, Westport Fuel Systems Inc. supports the upcoming Plenary vote in the European Parliament to pass Europe's first CO2 regulations which set CO2 emission reduction targets for heavy-duty vehicles. On February 27, 2019, the Committee for Environment, Public Health and Food Safety voted to approve the final text of the legislation previously approved by the Committee of Deputy Permanent Representatives on February 22, 2019. This has now set the stage for final approval by the European Parliament currently scheduled for the week of April 15, 2019. Under the proposed legislation, heavy-duty truck original equipment manufacturers will be required to achieve a fleet average reduction of CO2 emissions of 15% by 2025 and 30% by 2030 compared to a 2019 baseline emission level. "Heavy-duty natural gas vehicles featuring Westport HPDI 2.0™ technology provide a CO2 emission reduction benefit of approximately 20% compared to an equivalent diesel-fueled vehicle and are commercially available, cost competitive, and on the road in Europe today," stated David Johnson, Chief Executive Officer of Westport Fuel Systems. "The Westport HPDI 2.0™ system meets the expected 2025 target today and with blends of renewable natural gas, may enable CO2 emission reductions in excess of the 30% target that is expected to come into effect in 2030."

Capstone Turbine Corporation (NASDAQ:CPST) is the world's leading producer of low-emission microturbine systems and was the first to market commercially viable microturbine energy products. Capstone Turbine Corporation recently announced that its distributors in Latin America have secured multiple contracts for Capstone's industry-leading Factory Protection Plans ("FPP"). These new contracts will expand Capstone's long-term service contract backlog with an additional 2 MWs of Capstone's microturbine energy systems for their end-use customers. Considering the current dynamic geopolitical and macroeconomic environment in the world, Capstone's FPP product provides a predictable, stable, clean energy maintenance solution for present and future needs in this growing market. "The exciting product growth in the Latin American market is now yielding follow-on long-term maintenance contracts for our industry-leading FPP program that provides recurring value gained from the purchase of a Capstone microturbine clean energy solution," said Darren Jamison, President and Chief Executive Officer. "These types of long-term maintenance contracts underpin our stated goal of achieving 100% absorption of all corporate operating costs from the aftermarket service gross margin by providing a predictable, profitable future revenue stream. This is evidenced by the fact that last fiscal year Capstone's aftermarket service business represented 39% of total revenue but 81% of total gross margin," added Mr. Jamison.

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