Solar Alliance Second Quarter Revenue Grows 51% Year Over Year as Gross Profit Margin Improves to 35% - Seite 2

$1.47 million contract signed for project in Tennessee. On May 31, 2023, the Company announced it signed a contract for the design, engineering, and construction of a 565-kW commercial solar project for a manufacturing company in Tennessee. The project, with a $1.47 million capital cost, is scheduled to begin construction in Q3 2023 with completion targeted by the end of 2023.

Letter of Intent to acquire Canadian solar company. On May 18, 2023, the Company announced it entered into an arm's length Letter of Intent dated May 16, 2023, to acquire a growing, profitable Canadian solar company in what is expected to be a predominantly share-based transaction.

Sold 67% interest in New York community solar project. On June 21, 2023, the Company announced it sold a 67% interest in the Company's two operating solar projects in the state of New York for consideration of USD $973,360.72. Solar Alliance will maintain a 33% interest in the two projects, enabling the Company to continue to benefit from the economics of the project.

“This impressive level of growth sets stage for a strong finish to 2023 as we execute on our pipeline of contracted projects. Critically, revenue growth is occurring as we reduce costs and improve gross margins on projects. We continue to build a stable, growing company that is well positioned to take advantage of the current global shift to renewable energy,” concluded Clark.

Myke Clark, CEO

For more information:

Investor Relations Myke Clark, CEO 1.604.359.5178 [e-mail]

About Solar Alliance Energy Inc. (www.solaralliance.com)

Solar Alliance is an energy solutions provider focused on the commercial, utility and community solar sectors. Our experienced team of solar professionals reduces or eliminates customers' vulnerability to rising energy costs, offers an environmentally friendly source of electricity generation, and provides affordable, turnkey clean energy solutions. Solar Alliance’s strategy is to build, own and operate our own solar assets while also generating stable revenue through the sale and installation of solar projects to commercial and utility customers. The Company currently owns two operating solar projects in New York and actively pursuing opportunities to grow its ownership pipeline. The technical and operational synergies from this combined business model supports sustained growth across the solar project value chain from design, engineering, installation, ownership and operations/maintenance.