Tech giants fueling renewable energy set to overtake AI trends

Feb 1, 2024 By MarketDepth

Sponsored

The following is a paid promotion for SolarBank Corporation. Please carefully review the forward looking statements and legal disclaimers at the end of this article for important details. Disseminated on behalf of SolarBank Corporation

Renewable energy is gaining more momentum than ever before, and global tech is banking on it.

SolarBank Corporation (CSE: SUNN; OTC: SUUNF; FSE: GY2), a leader in the renewable industry was recently awarded C$107 million[1] in engineering, procurement and construction (EPC) contracts across North America.

 And that’s just the tip of the iceberg.

Listen, the most insatiable demand right now is pointed at domestic solutions for renewable resources.

And that’s exactly what SolarBank is helping to solve.

SolarBank (CSE: SUNN; OTC: SUUNF; FSE: GY2) demonstrates success in the solar sector.

In 2017, a 30-year partnership with Maryland, U.S. aimed to solarize the state’s transportation network. The company has built over 70 MWp in solar projects across North America, including four Community Solar Projects in 2018, generating 10.2 MW, sold in 2019. The company had completed over 150 projects generating enough electricity to power 10,000 homes. The company has also managed over $200 million in project financing.

It doesn’t stop there.

Success continued with a 7 MWp Community Solar Farm in 2020, three commercial solar projects in 2021, and initiation of six diverse projects in 2022.

In a major 2023 achievement, SolarBank (CSE: SUNN; OTC: SUUNF; FSE: GY2) partnered with Honeywell International Inc.,—a $133-billion-dollar powerhouse—for three 7 MW solar installations in New York, valued at $41 million, an amount greater than its entire fiscal 2022 revenue. Building on their previous collaboration on a solar power plant supporting Onondaga Lake’s restoration.

In the same year, SolarBank (CSE: SUNN; OTC: SUUNF; FSE: GY2) secured C$36 million in EPC contracts for Battery Energy Storage System projects in Canada and an $11.35 million EPC contract for a New York Community Solar Project, strengthening its future plans.

Why Solar?

In the current landscape, solar energy has gained unprecedented importance and demand due to its pivotal role in addressing global environmental concerns and fostering energy sustainability.

Governments worldwide, particularly in North America, are implementing robust policies to accelerate the shift towards solar power, recognizing its potential to reduce carbon emissions.

This surge in demand is propelled by the combination of technological advancements making solar more affordable, coupled with an increasing commitment from governments and tech giants to transition away from fossil fuels.

Key factors driving the heightened demand for solar:

Environmental Imperative:

• Environmental degradation has prompted a critical reevaluation of energy sources.
• Solar energy, being clean and renewable, emerges as a sustainable alternative, aligning with global efforts to reduce carbon footprints.

Technological Advances:

• Rapid advancements in solar technology have significantly lowered costs, making solar energy more accessible and economically viable.
• Improved efficiency and innovative solutions contribute to the increasing adoption of solar power across residential, commercial, and industrial sectors.

Government Policy and Incentives:

• Governments worldwide are instituting policies to encourage and mandate the integration of solar energy.
• Financial incentives, tax credits, and subsidies are offered to individuals and businesses adopting solar solutions, enhancing the economic viability of such initiatives.

Energy Security and Independence:

• Solar energy contributes to reducing dependence on traditional energy sources, promoting energy security.
• Governments recognize the strategic importance of diversifying energy portfolios, and solar power plays a key role in achieving energy independence.

Job Creation and Economic Growth:

• The solar industry’s expansion generates employment opportunities, fostering economic growth.
• Governments are keenly aware of the positive impact of a flourishing solar sector on job creation and economic development.

Public Awareness and Demand:

• Increasing awareness among the public about the environmental impact of traditional energy sources drives demand for cleaner alternatives.
• Consumers, both residential and corporate, are actively seeking sustainable solutions, pushing the demand for solar energy.

Global Energy Transition Goals:

• Nations are committing to ambitious renewable energy targets as part of broader efforts to transition to a low-carbon future.
• Solar energy, with its scalability and environmental benefits, is a cornerstone in achieving these national and global energy transition goals.

It’s bigger than AI?

A recent report published on Nasdaq.com² suggests the renewable energy transition is a “big picture idea” that shouldn’t lose its luster.

Unlike AI, renewable energy is being globally mandated, meaning no matter what changes or what new technology is introduced, energy will always be in demand and is growing more than ever before.

The report says, the performance of the renewable energy industry in 2023 illustrates how quickly markets can abandon an idea and turn their attention toward a different opportunity, even if the theme has plenty of room to run over time.

Often big-picture ideas can lose their luster when the cycle shifts to the downside, the report suggests. Trendy new tech like AI is a perfect example of this.

And while solar is under a similar microscope, the risk of what the report calls “losing its luster,” is unlikely for renewable energy.

The report explicitly states solar has plenty of room to run and there are many exchange-traded funds (ETFs) worth considering.

Enphase Energy, First Solar, and SolarEdge Technologies were a mere handful of the largest holdings and make up nearly 30% of the Invesco Solar ETF.

But there are plenty of companies in the ETF you might never have heard of — many of them being international parts and component suppliers or technology companies.

It’s clear that, unlike artificial intelligence, which is energy-intensive and relies heavily on electronic components, solar power harnesses the sun’s natural abundance, offering a cleaner, renewable alternative.

Its popularity stems from a widespread commitment to clean energy. Solar solutions not only provide an efficient means of electricity generation but also symbolize a conscious choice for a greener and more sustainable future, making it a more eco-friendly option than AI.

Major players in solar:

Apple had already committed to powering all its buildings with 100% clean energy, but now, Apple is investing in a Texas solar farm to offset the energy consumed when charging devices. The company is working with suppliers to help them move to renewable energy, and over 200 of Apple’s major suppliers committed to shift to 100% renewable energy. Apple plans to become carbon neutral by 2030.

Microsoft had already pledged to be 100% renewable by 2025. Its most recent domestic deal settled a total commitment to 12 (GWh), enough to power around 1.8 million homes. It is meant to help establish a solar supply chain in the United States to compete with China. Currently, most panels assembled in the United States use components made in Asia, where prices have dropped sharply in the last year. The solar modules will be supplied by Qcells’ highly anticipated fully-integrated solar supply chain factory in Cartersville, Georgia, which is a part of Qcells’ $2.5 billion investment announced last year.  Incentives in President Joe Biden’s Inflation Reduction Act seek to bolster U.S. production of clean energy components to reduce that reliance on overseas-produced goods.

Jeff Bezos’ Amazon says its renewable energy portfolio is now big enough to power 6.7 million U.S. homes. The company has a total of 479 wind and solar projects globally, and once operational, the company claims they are expected to generate more than 71,900 gigawatt-hours (GWh) of clean energy each year.

SolarBank (CSE: SUNN; OTC: SUUNF; FSE: GY2) positioned in a sweet spot.

SolarBank (CSE: SUNN; OTC: SUUNF; FSE: GY2) is at the top of the game with its decade-long activity in the solar industry.

The company has managed to build its portfolio while maintaining its reputation of success in engineering, construction, and management.

We know SolarBank (CSE: SUNN; OTC: SUUNF; FSE: GY2) isn’t alone in the race to provide renewable energy.

But, it is one of the players that has expertise expanding across the vast spectrum of the energy market:

• Behind the Meter (BTM) Projects: These installations empower businesses to produce their own energy, enhancing energy independence and cost savings.
• Community Solar Projects: By allowing multiple stakeholders to benefit from a single solar farm, these projects democratize access to clean energy and offer financial incentives through credits on electric bills.
• Utility-Scale Solar Farms: These large installations are the backbone of solar’s integration into the grid, providing substantial power generation capacity.

Robust Leadership

The success behind SolarBank (CSE: SUNN; OTC: SUUNF; FSE: GY2) has to come from somewhere and someone.

So, who is actually the brains and hands behind these major initiatives?

• Dr. Richard Lu, a global energy expert with a diverse background spanning North America, Europe, and Asia. His previous roles at dynaCERT Inc., Sky Solar Holdings Co., Ltd., ARISE Technology Corporation, Toronto Hydro Corporation, Enbridge Gas Distribution, Husky Injection Molding Systems Ltd., and Dillon Consulting highlight his leadership caliber.
• Andrew van Doorn, COO, with an impressive track record in renewable energy and utility sectors. His leadership as Chairman of the Canadian Solar Industries Association (CANSIA) and his extensive experience in solar project completion underscore his expertise.
• Sam Sun, CFO, a Chartered Professional Accountant with a rich history in corporate finance and accounting across multiple industries, brings a wealth of financial acumen to the table.
• Tracy Zheng, CAO, whose strategic prowess in brand marketing, investments, and business development has been sharpened by years of experience with Colgate-Palmolive, Clairol, and other prominent firms.

At the end of the day, it doesn’t matter whether you don’t drive an EV, or use AI, or even own an iPhone.

The point is obvious.

We are living in a world moving more and more towards renewable energy, and whether we can keep up with demand or not, it will always exist and the coming 5 years are pivotal for this.

SolarBank’s capacity to deliver on its development plan shines as brightly as the dawn of the solar age.

1. In calculating the total contract value United States dollars have been converted to Canadian dollars at an exchange rate of 1.37.
2. https://www.nasdaq.com/articles/theres-only-one-megatrend-i-like-more-than-ai-in-2024

**IMPORTANT! BY READING OUR CONTENT YOU EXPLICITLY AGREE TO THE FOLLOWING. PLEASE READ CAREFULLY**

 Disclaimer for Forward-Looking Information
Certain statements in this communication are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Forward-looking statements in this communication include the increased momentum of and growth of renewable energy and the reliance of global technology on this continued growth; that demand will continue to substantially increase in particular for domestic solutions for renewable resources; that the technology of SolarBank Corporation (the “Issuer”) can be utilized to help deliver solutions for renewable resources; that the Issuer’s renewable energy projects will continue to be successfully implemented by the Issuer and its future plans will be strengthened; that solar energy will continue to gain increases in demand, momentum and importance for a pivotal role in addressing global environmental concerns and fostering energy sustainability; the governments worldwide, particularly in North America, will continue to implement robust policies to accelerate the shift towards solar power, recognizing its potential to reduce carbon emissions; that the increase in demand for solar power will be propelled by the combination of technological advancements making solar more affordable, coupled with an increasing commitment from governments and technology giants to transition away from fossil fuels; that environmental impact of fossil fuels will continue to prompt critical reevaluation of energy sources; that solar energy, being clean and renewable, will emerge as a sustainable alternative, aligning with global efforts to reduce carbon footprints; that rapid advancements in solar technology will continue to significantly lower costs, making solar energy more accessible and economically viable; that improved efficiency and innovative solutions will contribute to the increasing adoption of solar power across residential, commercial, and industrial sectors; that governments worldwide will continue to implement policies to encourage and mandate the integration of solar energy; that financial incentives, tax credits, and subsidies will continue to be offered to individuals and businesses adopting solar solutions, enhancing the economic viability of such initiatives that solar energy will be used to reduce dependence on traditional energy sources, promoting energy security; that governments will recognize the strategic importance of diversifying energy portfolios, and solar power will play a key role in achieving energy independence; the solar industry will expand and generate employment opportunities, fostering economic growth; that governments will continue to be keenly aware of the positive impact of a flourishing solar sector on job creation and economic development; that growing public awareness and demand for solar energy solutions as an alternative to traditional energy sources will continue to increase; that solar energy will be widely adopted globally to achieve global energy transition goals; that unlike other technology advancements, such as artificial intelligence technologies, renewable energy solutions, and in particular solar energy solutions, will continue to experience significant growth and momentum in the future; that the Issuer is uniquely positioned to provide renewable energy solutions; that the experience and prior successful track record of the Issuer’s management team can be leveraged for the success of the future project and development plans of the Issuer; the size of the Issuer’s development pipeline; and statements regarding the future business plans of the Issuer.   You should review the forward looking disclaimer provided by the Issuer regarding the Issuer’s forward looking information, which can be found in the Issuer’s press releases and other disclosure documents which are filed under the Issuer’s profile on Sedar+ at www.sedarplus.ca.

 Although the publisher of this communication believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, risks with respect to: volatile market and industry conditions in which the Issuer operates; the risk that the Issuer is unable to obtain any necessary regulatory approvals; regulatory risks relating to the Issuer’s business and operations; uncertainty in the Issuer’s industry and the general economic conditions; the Issuer’s ability to successfully execute its business plans; the Issuer’s ability to obtain necessary financing on reasonable terms; risks related to the Issuer’s ability to attract and retain management and skilled employees; market competition and competing alternative technologies; risks related to the products and services offered by the Issuer’s competitors; the expectations regarding development and industry acceptance of solar power and alternative technologies; risks with respect to the Issuer’s relationships with its customers, service providers and other third partiesincluding Honeywell; that government subsidies and funding for renewable and/or solar energy may not continue as currently contemplated; adverse market conditions; potential delays or changes in plans with respect to the Issuer’s business plans and operations; that the business and revenues of the Issuer may not increase as expected; that the Issuer’s renewable energy projects may fail to be successfully implemented; that solar energy may fail to gain widespread acceptance and market demand; that other technologies be gain wider acceptance or otherwise replace solar energy solutions; that the Issuer may fail to successfully implement its business plans despite unique positioning; that management’s experience and prior successful track record may fail to achieve success of the future project and development plans of the Issuer; and that that the Issuer’s business and operational plans may not be implemented as currently anticipated or at all. The publisher of this communication disclaims any intent or obligation to update publicly any forward-looking information other than as required by applicable securities laws.

LEGAL  DISCLAIMERS

PAID ADVERTISEMENT.

This communication is a paid advertisement and is not a recommendation to buy or sell securities. HRK Holdings Inc. and its owners, managers, employees, affiliates and assigns (collectively, “HRK Holdings”) have been hired and paid by Think Ink Marketing which was hired and paid by SolarBank Corp (the “Issuer”) for the creation and distribution of various marketing materials on behalf of the Issuer, including this article, as well as various digital and video marketing materials, landing pages, email, on-line banner and native ads, and social media investor marketing (the “Services”). HRK Holdings received a total amount of $330,600 USD in cash compensation in respect of the Services. This compensation is a major conflict with our ability to be unbiased. This communication is for entertainment purposes only. Never invest purely based on our communication.

SHARE OWNERSHIP. HRK Holdings owns securities of the Issuer. In addition, HRK Holdings may be buying and selling shares of the Issuer for its own profit. This is why we stress that you conduct extensive due diligence as well as seek the advice of your financial advisor or a registered broker-dealer before investing in any securities of the Issuer or otherwise. This relationship is a major conflict with HRK Holdings’ ability to be unbiased. Therefore, this communication should be viewed as a commercial advertisement only.  This communication is for entertainment purposes only. Never invest purely based on this communication or any other communication sent, posted or published by HRK Holdings. Any potential returns mentioned in this communication, in any of HRK Holdings’ newsletters or on HRK Holdings’ website are biased and may be based on end-of-day or intraday data.  HRK Holdings has not thoroughly investigated the background of the Issuer. HRK Holdings, third parties, the Issuer, or their respective affiliates may liquidate shares or other securities of the Issuer at or near the time you receive this communication, or shortly thereafter, which has the potential to decrease share prices and prices of other securities. Frequently companies profiled in HRK Holdings’ alerts may result in a large increase in volume and share price during the course of investor awareness marketing campaigns, following which there may be a substantial decrease in volume and share price as soon as the investor awareness marketing ceases.

HRK Holdings does not guarantee the timeliness, accuracy, or completeness of the information in any of its communications, its newsletters or on its website. The information in such communications, newsletters or on its website is believed to be accurate and correct, but has not been independently verified and is not guaranteed to be correct. The information is collected from public sources, such as the Issuer’s website and press releases, but is not researched or verified in any way whatsoever to ensure the publicly available information is correct.

 NOT AN INVESTMENT ADVISOR. HRK Holdings is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation.

ALWAYS DO YOUR OWN RESEARCH AND CONSULT WITH A LICENSED INVESTMENT PROFESSIONAL before making an investment. This communication should not be used as a basis for making any investment.

 INDEMNIFICATION/RELEASE OF LIABILITY. By reading this communication, you agree to the terms of this disclaimer, including, but not limited to: releasing HRK Holdings, its affiliates, assigns and successors from any and all liability, damages, and injury from the information contained in this communication. You further warrant that you are solely responsible for any financial outcome that may come from your investment decisions.

RISK OF INVESTING. Investing is inherently risky. While a potential for rewards exists, by investing, you are putting yourself at risk. You must be aware of the risks and be willing to accept them in order to invest in any type of security. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell securities. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any of HRK Holdings’ communications, newsletters or on its website. The past performance of any trading system or methodology is not necessarily indicative of future results.  All trades, patterns, charts, systems, etc., discussed in any communication, newsletter of on HRK Holdings’ website are for illustrative purposes only and not to be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author and do not necessarily reflect those of the publisher.