REC Group Grows Sales Pipeline in Lucrative U.S. Market

REC Group announced during its second-quarter earnings presentation that the company has experienced growth in its sales pipeline in the United States as a result of REC’s intensified focus on the U.S. market and position as a supplier of tariff-free solar panels from its vertically integrated manufacturing facility in Singapore. The company posted its fifth consecutive profitable quarter, increased its cash balance, and boosted solar panel production from its Singapore manufacturing facility during the period.

“Given our two announcements relative to the SolarCity deal and the 72-cell panel production, the U.S. will be an increasingly important area for us to concentrate on,” said CEO Martin Cooper during the quarterly call. “SolarCity is the first new contract we have signed as a result of this general stronger focus toward the U.S. We are in discussion with a number of U.S. companies to further expand our expected sales capacity in 2015 in the U.S. market.

“This is generated as much as anything by the ongoing trade dispute between the U.S. and China, which has given us the momentum to exploit the current situation,” he continued. “With our flexibility on where we dispatch our products and our relatively quick ability to create a new 72-cell production capacity, as a company we are able to take advantage of these opportunities as they arise.”


July 25, 2014
www.recgroup.com
REC Solar ASA: Second Quarter 2014 Results

Revenues of USD 175.8 million, up 0.2 percent from Q1 2014

REC Solar ASA announced its second quarter 2014 results. Revenues were USD 175.8 million, up 0.2% from Q1 2014, with EBITDA of USD 21.1 million, including USD 7.4 million in property tax re-imbursement. The company had a closing cash balance of USD 97.1 million.


“REC’s second quarter of 2014 was characterized by high sales volumes in Europe, softer market conditions in Japan and sales pipeline building up in the U.S. market,” Martin Cooper, CEO of REC Solar ASA, said.The launch of our Peak Energy 72 series panels and our recently announced sales agreement with SolarCity demonstrate our ability to react quickly to market opportunities.

‘REC is well positioned to capitalize on the market opportunities in the U.S. market,” Cooper added. “We continue to have a strong focus on reducing our solar panel cash costs/watt to remain competitive. The furnace upgrade and module capacity expansion is progressing according to plan.”