Gehrlicher Solar America: 2012 growth exceeded expectations and bullish on 2013
Revenue increased almost 400% in one year.
Springfield, NJ. Only less than two years after opening its office in Springfield NJ, Gehrlicher Solar looks back to a successful market entry in the US. For Fiscal 2012, Gehrlicher Solar America Corp. (GSAC) reports revenues of USD 74.1M, an EBIT of USD 2.7M and a positive operating Cash Flow (Results are preliminary and unaudited). Compared to 2011, this relates to a revenue increase of almost 400%.
In 2012, GSAC installed 29 MWp in seven different states on the East Coast, from Georgia to Massachusetts, making Gehrlicher hold the record for the largest installed PV systems in Georgia and Connecticut.
“This growth, by far, exceeded our expectations”, explains Dr. Stefan Parhofer, CEO of Gehrlicher Solar America Corp., “and we are convinced that this is just the beginning. The US market has become a strategic pillar of our global growth strategy. Although it is certainly not an easy market for an European PV company, we have been able to overcome market challenges thanks to a highly qualified and dedicated team”, Dr. Parhofer continues.
In line with the development of the organization, Jerry Shinn, who joined Gehrlicher in 2011 and is currently acting as Chief Project Officer, was appointed as Chief Operating Officer.
Gehrlicher Solar is active both in the commercial and the utility scale segment. Its customers include major utilities and energy companies as well as big retailers, such as IKEA of North America, for which GSAC installed over 6 MWp in seven different locations during the past year and is about to complete one more rooftop project in 2013. With many other projects in the backlog, GSAC is optimistic to further grow in the US and adjacent markets.