UGE (UGEIF) actions increase after securing community solar project in Maryland
What’s going on with UGE?
UGE (UGEIF) action rose on Monday after the company announced it had taken over a second community solar project in Maryland, located south of Oakland and near the border with West Virginia. The company’s shares were trading up 1.10% to $ 1.365 per share on Monday.
What does this mean for the UGE?
The solar installation is expected to provide affordable power to subscribers in Maryland through the state’s community solar pilot program. In addition, the solar installation expects annual revenues of approximately $ 400,000 per year once operational.
“UGE has invested in the people, processes and tools that will enable us to achieve our goals of scale this year and beyond” mentionned Mateo Chaskel, Managing Director of UGE USA. Adding, “our projects in Maryland are leveraging such investments, leading to efficiencies and an accelerated pace of site acquisition and project development. Maryland is one of many attractive states for community solar power in the region and we look forward to adding additional projects to our development backlog throughout the rest of the year and beyond. “
UGE recently issued 374,500 stock options to its employees in accordance with the company’s employee stock option plan. Each option allows its holder to acquire one common share of the Company at an exercise price of CA $ 1.46 per share. In addition, the five-day VWAP immediately preceding the grant date.
UGE International Ltd., a solar and renewable energy solutions company, provides commercial and community solar energy solutions to commercial and industrial customers in Canada, the United States and the Philippines.