OAKVILLE, ONTARIO — February 2, 2021 — Spark Power Group Inc. (“Spark” or “Company”) is excited to share that its renewables business segment is continuing to experience rapid growth, powered by a particularly strong demand for our U.S. wind services.
“I’m pleased to see that our strategy to provide high quality construction support, operations, and maintenance services for renewable energy providers is paying off,” says Richard Jackson, Spark Power’s President & CEO. “We are now one of the largest independent providers of renewable energy services in North America, and our business is growing significantly faster than the overall market,” Jackson continues. “By providing critical, high-demand support services during construction, we are positioned well to be awarded the long-term operations and maintenance service agreements after commissioning, and we are proving ourselves to be our customers’ Trusted Partner in Power.”
“Because more than 80% of this business is in the U.S., our recently appointed Executive Vice President of Renewables, Grayson Swan, will now lead Spark Power’s Renewables business segment from our U.S. head office in Dallas, Texas,” Jackson adds. “Grayson will work closely with Cody Zaitsoff, who leads our U.S. Technical Services business, to identify cross-selling and operational scale opportunities across the U.S. market.”
“I’m thrilled to be leading Spark’s Renewables business,” says Grayson Swan. “2020 was a year of continued growth and success for the Company’s renewables segment, made possible by our team’s incredible efforts and the continued trust and confidence in our services shown by our customers,” says Swan. “The renewables business saw 25% growth year over year, fueled by a 50% uptick in U.S.-based wind services. Given the favorable political environment and strong underlying demand for renewable energy, there is a very bright long-term outlook for this area of our business,” Swan says. “We are excited to continue expanding throughout the U.S. in 2021, with additional focus on the solar services market, driving similar levels of growth.”
Jackson adds: “We have been very intentional about building this part of our business. Interestingly, Northwind Solutions was Spark Power’s first acquisition and One Wind Services was our last. We are committed to this sector now more than ever, with our renewables segment accounting for over 25% of our total revenue. We are well-positioned to continue to benefit from the tailwinds associated with the need to fight climate change, and I am proud that Spark Power is doing its part.”
About Spark Power
Spark Power, a wholly owned subsidiary of Spark Power Group Inc. (TSX: SPG), is a leading independent provider of end-to-end electrical contracting, operations and maintenance services, and energy sustainability solutions to the industrial, commercial, utility, and renewable asset markets in North America. We work to earn the right to be our customers’ Trusted Partner in Power™. Our highly skilled and dedicated people, located in the communities we serve, combined with our knowledge of the power industry, technology expertise, and commitment to safety, ensures we deliver the right solutions that keep our customers’ operations up and running today and better equipped for tomorrow. Learn more at www.sparkpowercorp.com.
This news release may contain forward-looking statements (within the meaning of applicable securities laws) which reflect Spark Power’s current expectations regarding future events. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions.
The forward-looking statements in this news release, which include statements by Messr. Jackson respecting business integration opportunities and by Messr. Ardila, with respect to the positive impacts expected by the changes, the timing to achieve the SG&A target and severance related costs. Several factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, Spark Power assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Investor and Regulatory Inquiries
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