Gehrlicher Solar America: 2012 Growth Exceeded Expectations and Bullish on 2013

Revenue increased almost 400% in one year

SPRINGFIELD, N.J.--(BUSINESS WIRE)--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%.

“This growth, by far, exceeded our expectations”

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.

About Gehrlicher Solar America Corp. (GSAC)

GSAC is the United States subsidiary of the international photovoltaic system integrator Gehrlicher Solar AG, which was founded in 1994 to develop, plan, build, finance and operate solar power systems for ground mounting and for roofs - from private houses to multimegawatt systems. The U.S.-based business began operations in late 2010 and is headquartered in Springfield, NJ. GSAC specializes in the full-lifecycle of commercial solar projects, including design, construction management, and financing. To date, GSAC has completed over 32 MWp in projects across the U.S., as well as a wholesale business offering solar modules, inverters, and proprietary components from our GehrTec^® product portfolio. For further information, please visit www.gehrlicher.us