DENVER, Nov. 13, 2018 (GLOBE NEWSWIRE) — The battle for solar shingles market share dominance in the U.S. really kicks-off in the first quarter of 2019 as both Tesla and RGS Energy (NASDAQ: RGSE) start or get close to ramping to volume production, according to a new article published by PV Tech, the number one source for in-depth and up-to-the-minute news on the solar PV supply chain internationally.
“Of course, there is potentially a ‘no contest’ call as Tesla’s tiles are pegged at the luxury end of the housing market, due to technology, manufacturing and quality perceptions and costs, as well as and its target of its existing customer base from the EV sector,” noted PV Tech senior news editor, Mark Osborne, in the article. “RGS, we suspect would not turn that market away or dissuade its roofer customer base from such business but clearly the initial market is addressing residential homeowners with asphalt rooftops, which represent about 85% of US homes, according to RGS.”
Dennis Lacey, CEO of RGS Energy, commented: “We agree with Mark’s analysis in his article regarding our spot in the competitive landscape. An asphalt roof with POWERHOUSE™ Solar Shingles can be thousands of dollars less expensive than other integrated solar products installed with high-cost tile or concrete roofing materials. POWERHOUSE™ solar shingles are designed to integrate with asphalt roofing products, and when combined with incentives and tax credits, we believe makes POWERHOUSE™ the most affordable solar shingle system on the market.”
Osborne noted in his article: “Major China-based PV manufacturer, Risen Energy is a key [RGS] supplier with the solar cells and wire harness connectors for the next step of encapsulation into what RGS describes as a solar laminate. Risen Energy completed a 2 GW high-efficiency P-type monocrystalline solar cell plant in the first half of 2018, bringing total solar cell capacity to around 3.5GW.”
Lacey said in RGS’ November 4th earnings call: “We provided guidance on October 1 with our updated corporate presentation that we expect revenue for the first quarter of 2019. That is still our opinion, although we may record some POWERHOUSE™ revenue during December. It is simply a matter of how quickly we can manufacture solar laminate, ship it from China, assemble it in the U.S., and then distribute POWERHOUSE™ kits over the remaining 50-plus days this year.”
The full article, ‘Tesla and RGS set for solar roof tile market share battle in US,’ is available under the ‘RGS In the News’ section at RGSPOWERHOUSE.com or by clicking here.
About PV Tech
PV Tech.org is the number one source for in-depth and up-to-the-minute news and articles on the solar PV supply chain internationally. With journalists based in Europe, North America and China, PV Tech provides the most authoritative news, the busiest blog and proprietary product reviews to keep solar professionals informed round the clock. Launched in 2009, the website attracts more than 170,000 visits monthly (Google Analytics, 2017) and geographically the largest audiences are drawn from the US, India, Germany, China, UK, Australia, Canada and Japan.
Photovoltaics International is the solar industry’s first and most authoritative technical journal distributed internationally to over 12,500 decision makers and implementers responsible for producing solar cells, modules, thin films and utility-scale power plants. PV Tech Power, launched in 2015 caters for the downstream solar sector from design and build to yield performance and even finance. For more information, visit www.pv-tech.org
About RGS Energy
RGS Energy (Nasdaq: RGSE) is America’s Original Solar Company providing solar, storage and energy services whose mission is clean energy savings. The company is the exclusive worldwide manufacturer of the visually stunning POWERHOUSE™ Solar Shingle System. RGS Energy also sells, designs and installs solar systems for residential homeowners, commercial businesses, non-profit organizations and government entities.
For more information, visit RGSEnergy.com and RGSPOWERHOUSE.com, on Facebook at www.facebook.com/RGSEnergy and on Twitter at twitter.com/rgsenergy. Information on such websites and the websites referred to above in this press release is not incorporated by reference into this press release.
RGS Energy is the company’s registered trade name. RGS Energy files periodic and other reports with the SEC under its official name “Real Goods Solar, Inc.”
POWERHOUSE™ is a trademark of The Dow Chemical Company, used under license.
Forward-Looking Statements and Cautionary Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including statements regarding RGS Energy’s results of operations and financial positions, and RGS Energy’s business and financial strategies. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they provide RGS Energy’s current beliefs, expectations, assumptions, forecasts, and hypothetical constructs about future events, and include statements regarding our future results of operations and financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations. The words “plan,” “future,” “may,” “will,” “expect,” “hypothetical,” “believe,” and similar expressions as they relate to us are intended to identify such forward-looking statements.
Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Therefore, RGS Energy cautions you against relying on any of these forward-looking statements.
Key risks and uncertainties that may cause a change in any forward-looking statement or that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include: the ability to obtain requisite international product certification of POWERHOUSE™ 3.0; RGS Energy’s ability to successfully commercialize POWERHOUSE™ 3.0 and achieve market share; RGS Energy’s ability to satisfy the conditions and obligations under the POWERHOUSE™ 3.0 license agreement; RGS Energy’s ability to manage supply chain in order to have production levels and pricing of the POWERHOUSE™ 3.0 shingles to be competitive; the ability of RGS Energy to successfully expand its operations and employees and realize profitable revenue growth from the sale and installation of POWERHOUSE™ 3.0, and to the extent, anticipated; RGS Energy’s ability to realize revenue from sales of POWERHOUSE™ arising from the California Energy Commissions’ mandate for solar systems with new home building commencing in 2020; RGS Energy’s ability to realize revenue from written reservations for initial POWERHOUSE™ deliveries; RGS Energy’s ability to obtain future purchase orders for POWERHOUSE™ deliveries; competition in the built-in photovoltaic solar system business; RGS Energy’s ability to successfully and timely expand its POWERHOUSE™ 3.0 business outside of the United States; foreign exchange risks associated with the POWERHOUSE™ 3.0 business; intellectual property infringement claims and warranty claims related to the POWERHOUSE™ 3.0 business; cost and availability of raw materials including the impact from changes in the price of oil and the foreign currency exchange rate for Chinese yuan; rules, regulations and policies pertaining to electricity pricing and technical interconnection of customer-owned electricity generation such as net energy metering; the continuation and level of government and utility incentives for solar energy; changes in general economic, business and political conditions, including tariffs on imported solar cells and changes in the financial markets; and other risks and uncertainties included in the Company’s filings with the Securities and Exchange Commission.
You should read the section entitled “Risk Factors” in our 2017 Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q for the quarters ended March 30, 2018, June 30, 2018 and September 30, 2018, each of which has been filed with the Securities and Exchange Commission, which identify certain of these and additional risks and uncertainties. Any forward-looking statements made by us in this presentation speak only as of the date of this presentation. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
POWERHOUSE™ is a trademark of The Dow Chemical Company, used under license.
RGS Energy is the Company’s registered trade name. The Company files periodic and other reports with the Securities and Exchange Commission under its official name “Real Goods Solar, Inc.”
Investor Relations Contact
Ron Both
Managing Partner, CMA
Tel 1-949-432-7566
[email protected]
