Correlate Energy Corp. Announces Strong Second Quarter Results as Momentum Accelerates

BOISE, Idaho, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Correlate Energy Corp. (OTCQB: CIPI) (“Correlate” or the “Company”), a growth-oriented distributed energy company, reported financial results on August 11, 2023, for the second quarter ended June 30, 2023.

Q2 2023 Highlights

• Achieved revenue of $4,158,122 in Q2 2023 vs. $236,690 in Q2 2022
• Operating expenses for the three months ended June 30, 2023, totalled $1,460,362

Business Highlights During Q2 2023

• Secured $11.9 Million to develop and install one of Pennsylvania’s largest corporate solar projects
• Strengthened senior management team by bringing on board two seasoned professionals, Roger Baum, and Jed Freedlander
• Launched joint venture with eDGe Renewable Partners targeting $100M initial capital deployment to accelerate microgrid development
• Raised over $2.5 million in funding from a private placement of a secured note offering
• Currently installed portfolio of 1.940 MW including 1.711 MW completed during Q2 2023
  

Message to Shareholders

Correlate Energy Corp. believes that demand for renewables will continue to grow exponentially through 2030 and beyond. The Solar Energy Industries Association (SEIA) expects the US solar industry to nearly triple in size over the next five years. According to U.S. Department of Energy (US DOE), the existing electrical infrastructure in the United States proves inadequate for accommodating the surging demand for renewable energy. As a result, the need for localized energy systems that can operate independently or in connection with the main power infrastructure, such as microgrids, will play a pivotal role in facilitating the ongoing transition to renewable energy in the United States.

“Correlate Energy Corp. is led by a team of rare and accomplished energy project experts, dedicated to addressing this burgeoning challenge. The embracing of distributed energy in the United States not only promises significant environmental benefits but also presents a large economic opportunity to unlock value for our shareholders,” said Todd Michaels, Chief Executive Officer of Correlate Energy Corp.

Massive institutional project investment funding and consistent long-term government incentives are key drivers of the decentralized energy trend in the United States. That combined with material electrical cost savings and robust customer demand create an unparalleled economic opportunity.

Non-GAAP Reconciliation and Business Outlook

Looking forward, we are focused on operational excellence as we invest to drive growth. Our Q2 2023 revenue at $4.1 million, signifies increased momentum in a booming market.