Toronto — UGE International Ltd. (the “Company” or “UGE”) (www.ugei.com) (TSX-V: UG) (OTCQB: UGEIF), today closed the acquisition of all the issued and outstanding shares of Endura Energy Project Corp. (“Endura”), a leading Toronto-based renewable energy company.
“Endura’s engineering and project management experience will markedly enhance UGE’s existing strengths in developing commercial solar projects, allowing our clients to take advantage of the many benefits of distributed renewable energy,” said Nick Blitterswyk, CEO of UGE. “We are excited to welcome the talent and experience of Endura to the UGE family.”
UGE has focused primarily on developing renewable energy solutions for commercial clients in the United States, Panama, China, and the Philippines. Endura, a leading design-build firm in Ontario, has deployed and consulted on distributed solar projects across Canada, the U.S., and Panama.
Cameron Steinman, the President of Endura, was appointed to the board of directors of UGE and will also serve as UGE’s Chief Strategy Officer. “Together, we are a bigger and better team, committed to providing more affordable, reliable, sustainable energy to our clients across all markets,” stated Steinman.
The past twelve months have shown significant momentum for the renewable energy sector. In addition to the historic global agreement signed at COP21, the United States recently extended the federal Investment Tax Credit (ITC), which management anticipates should rapidly increase the deployment of solar. According to the Solar Energy Industries Association, the United States could reach 100 GW of total solar installations by the end of 2020.
In Canada, Prime Minister Justin Trudeau was recently elected after campaigning for a new energy and environmental future, including a promise to invest $100 million annually in companies developing clean technology.
“In a fragmented commercial solar market, combining our respective strengths gives us the ability to deliver the best end-to-end service to businesses worldwide, priming us for leadership in the sector,” said Blitterswyk.