UGE Studies Third Quarter 2021 Monetary Outcomes

Self-financed undertaking backlog grew to 116.2MW with undertaking pipeline now at 789.9MW

Toronto, Ontario–(Newsfile Corp. – November 23, 2021) – UGE Worldwide Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the “Firm” or “UGE”), a frontrunner within the industrial and neighborhood photo voltaic sector, reported its monetary outcomes for the quarter ended September 30, 2021. UGE reviews all quantities in US {dollars}.

In Q3 2021, UGE continued to develop its enterprise of growing, constructing, financing, and working industrial and neighborhood photo voltaic services. The Firm’s operational portfolio reached 1.5MW, its undertaking backlog reached 116.2MW, and its undertaking pipeline reached 789.9MW by quarter-end.

Key monetary highlights for Q3 2021

  • Generated power manufacturing income development of 37% from the prior quarter on account of the Firm’s fourth US undertaking having a full quarter of operation. Income was $64,560 from 295,155 kWh of power within the quarter, in contrast with $47,096 from 234,680 kWh of power in Q2 2021 (and $16,001 from 58,799 kWh in Q3 2020).

  • Generated income from client-financed agreements, initiatives within the Philippines, and engineering companies of $465,325 within the quarter, in comparison with $527,778 in Q2 2021 and $115,811 in Q3 2020.

  • Realized a internet lack of $1.33 million or $0.04 per share within the quarter, in comparison with internet earnings of $0.35 million in Q3 2020. The comparable quarter skilled a acquire from settlement of debt on the Canadian subsidiary that UGE exited. Losses are anticipated as company construction scales forward of the related scale of recurring income.

  • Ended the quarter with $1.3 million in money and a $1.8 million working capital deficit. Money utilized in working actions was $0.7 million. Subsequent to quarter finish, the holder of a CAD$0.7 million convertible word transformed the word into shares of the Firm and a CAD$2.0M financing was closed.

Key enterprise highlights for Q3 2021

  • Self-financed undertaking backlog grew to 116.2MW at September 30, 2021 from 82.3MW at June 30, 2021 and 59.8MW at December 31, 2020. Working initiatives elevated to 1.5MW from 1.4MW and 0.8MW over the identical time durations. UGE’s undertaking pipeline elevated to 790MW on the finish of the quarter, up from 358MW on June 30, 2021 and 113MW on December 31, 2020, because the Firm benefited from the additions made to its origination and improvement workforce within the first half of the yr.

  • 823kW is in building and anticipated to succeed in industrial operation by early 2022 and 959kW has reached Discover to Proceed (“NTP”) and is getting ready for building.

  • Introduced a partnership settlement with Bloomberg that sees Bloomberg’s staff subscribe to wash power produced by UGE’s photo voltaic techniques.

Occasions subsequent to September 30, 2021

  • Chosen by T-Cellular to assist supply clear power from photo voltaic initiatives within the ConEdison service territory.

  • Expanded into Massachusetts, beginning with greater than 100MW of solar-plus-storage and standalone storage initiatives that at the moment are in early-stages of improvement.

  • Stephanie Hen appointed Chief Monetary Officer; granted 100,000 choices.

“Within the third quarter, we witnessed continued development and enhancements in our enterprise,” stated UGE Worldwide CEO Nick Blitterswyk. “We signed an off-take settlement with Bloomberg and adopted that with one other settlement with T-Cellular submit quarter-end. As 2021 involves a detailed, we proceed to scale our enterprise on this quick rising market and look ahead to persevering with to execute on our marketing strategy in 2022.”

Full monetary outcomes and Administration’s Dialogue and Evaluation are posted to SEDAR ( in addition to on the Firm’s web site.

On-line Webinar Particulars

UGE’s CEO Nick Blitterswyk and CFO Stephanie Hen will host a webinar to offer additional evaluation of the monetary outcomes and to reply investor questions following the presentation. events can register for the webinar, under:

Date: Tuesday November 23, 2021
Time: 11:00 am EDT

About UGE

UGE develops, owns, and operates industrial and neighborhood photo voltaic initiatives within the US and strategic markets overseas. Our distributed power options ship cheaper, cleaner power to companies and shoppers with no upfront price. With over 500MW of world expertise, we work each day to energy a extra sustainable world. Go to us at

For extra data, contact UGE at:
+1 917 720 5685

Ahead-Trying Statements

Sure data set forth on this information launch could include forward-looking statements that contain substantial recognized and unknown dangers and uncertainties, sure of that are past the management of the Firm. Ahead-looking statements are continuously characterised by phrases corresponding to “plan”, “proceed”, “count on”, “undertaking”, “intend”, “imagine”, “anticipate”, “estimate”, “could”, “will”, “potential”, “proposed” and different related phrases, or statements that sure occasions or circumstances “could” or “will” happen. These statements are solely predictions. Readers are cautioned that the assumptions used within the preparation of such data, together with undertaking backlog, though thought of affordable on the time of preparation, could show to be imprecise and, as such, undue reliance shouldn’t be positioned on forward-looking statements. The forward-looking data includes materials assumptions and recognized and unknown dangers and uncertainties, sure of that are past the Firm’s management. Such assumptions, dangers and uncertainties embrace, with out limitation, these related to lack of markets, anticipated gross sales, future income recognition, the power to safe acceptable websites, the impact of world and regional financial circumstances, tools provide and pricing, modifications in electrical energy costs, delays and over runs in building, delays in or lack of ability to acquire permits, modifications in legal guidelines and laws and modifications in how they’re interpreted and enforced, modifications in tax insurance policies and incentive packages, the dearth of certified personnel or administration, fluctuations in international change or rates of interest, demand for the Firm’s companies, and availability of capital and funding. The forward-looking data is made as of the date of this information launch and the Firm assumes no obligation to replace forward-looking statements, whether or not on account of new data, future occasions or in any other case, besides as required by relevant securities legislation.

Neither the TSX Enterprise Alternate nor its Market Regulator (as that time period is outlined within the insurance policies of the TSX Enterprise Alternate) accepts duty for the adequacy or accuracy of this launch.

To view the supply model of this press launch, please go to

Related posts

Auto Financing Strikes to the Blockchain


Is Arbitration Finance best for you? | Hogan Lovells


Japan’s finance ministry to take corrective motion in opposition to Mizuho – Nikkei


Leave a Comment