What's Going On With UGE?
UGE (UGEIF) stock rose on Monday after the company announced it picked up a second community solar project in Maryland, located south of Oakland and near the border with West Virginia. Shares of the company were trading higher 1.10% to $1.365 a share on Monday.
What Does This Mean For UGE?
The solar facility is expected to provide affordable energy to subscribers in Maryland through the state's community solar pilot program. Moreover, the solar facility anticipates annual revenue of approximately $400,000 per year once operational.
"UGE has been investing in the people, processes, and tools that will allow us to achieve our goals for scale this year and beyond," said Mateo Chaskel, UGE USA's Managing Director. Adding, "our projects in Maryland are taking advantage of such investments, leading to efficiencies and accelerating the pace of site acquisition and project development. Maryland is one of several attractive states for community solar in the region and we look forward to adding additional projects to our development backlog throughout the remainder 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 the holder to acquire one common share of the Company at an exercise price of CAD$1.46 per share. Moreover, 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 clients in Canada, the United States, and the Philippines.
