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Ameresco, Inc. reports news about energy infrastructure solutions that help customers reduce energy use, modernize facilities, improve resiliency, and add distributed energy resources. Recurring updates include earnings releases, project awards, backlog trends, renewable energy assets, operations and maintenance activity, and energy efficiency work for government, education, healthcare, utility, data center, housing authority, and commercial customers.
Company announcements also cover solar installations, HVAC and LED upgrades, performance savings contracts, renewable fuels and biogas activities, sustainability reporting, and strategic capital actions tied to its energy asset portfolio. Ameresco operates across North America and Europe through segments that include North America Regions, U.S. Federal, Renewable Fuels, Europe, and other activities.
Ameresco, Inc. (NYSE: AMRC) announced the groundbreaking of a $21.6 million electrical distribution microgrid at Fort Hunter Liggett, aimed at achieving Net Zero Energy. This project enhances energy security by allowing the base to operate independently in case of utility failures. Features include a 3.75MW photovoltaic system and a 5MWh battery storage. The project is part of the U.S. Army's initiative for critical mission resiliency and sustainability. Construction begins on May 27, 2021, marking significant progress towards energy goals.
Ameresco (NYSE: AMRC) has completed its first international wind project in Kefalonia, Greece. The 9.2MW wind turbine project was constructed under a €9.8 million contract with PPC Renewables, a subsidiary of Greece’s largest power generator. The project features four 2.3 MW wind turbines and will reduce carbon emissions by 22,000 tons annually, equating to savings from 4,753 cars not driven. Additionally, 3% of project revenues will benefit local communities. This initiative solidifies Ameresco's leadership in renewable energy in Europe.
Ameresco reported strong financial results for Q1 2021, with total revenue rising by 19% to $252.2 million. The Projects business led growth with a 25% increase, especially in the Federal sector. Operating income surged 92% to $18.3 million, and net income soared 80% to $11.2 million, resulting in a GAAP EPS of $0.22. The company completed its first public equity offering since 2010, raising over $120 million to fuel growth, particularly in renewable natural gas (RNG). Their total project backlog now stands at $2.3 billion.
Ameresco, Inc. (NYSE:AMRC) will release its first quarter 2021 financial results after market close on May 4, 2021. An earnings conference call is scheduled for 4:30 p.m. ET on the same day, providing insights into the company's performance. The earnings press release and supplemental financial information will be accessible via the Investor Relations section of Ameresco's website. Founded in 2000, Ameresco specializes in energy efficiency and renewable energy solutions, operating across North America and the UK, with a focus on Net Zero sustainability.
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Ameresco, Inc. (NYSE: AMRC) has initiated phase-two of its investigation into flow battery technology for military microgrids, building on a successful phase-one that was awarded the 2020 Project of the Year. This phase, conducted in collaboration with the U.S. Department of Energy’s NREL, aims to validate the performance of Vanadium Flow Batteries (VFB) through Hardware in the Loop testing. The research is funded by the ESTCP, with hopes of future field deployment at DoD sites to enhance energy storage technologies. A new ESTCP project is also set to commence in 2022 focused on building-level energy storage.
Ameresco (NYSE: AMRC) has partnered with Holy Cross Energy to initiate a solar and battery energy storage project at Colorado Mountain College's Spring Valley Campus. Under a Power Purchase Agreement (PPA), Ameresco will install a 5MW solar PV system and a 15MWh battery storage system. This initiative supports Holy Cross Energy's goal of achieving 100% renewable energy by 2030 and net-zero emissions by 2035, while also significantly reducing greenhouse gas emissions, equating to removing 1,481 vehicles from the road.
Ameresco, Inc. (NYSE: AMRC) has launched a Global Safety Ambassadors program to enhance its health and safety initiatives. This program includes representatives from each business unit to promote safety and evaluate performance. With a focus on reducing injuries and maintaining communication with employees, the initiative aims to improve overall workplace safety. David Anderson will serve as the executive representative, while Ken Gross will chair the committee. This expansion aligns with Ameresco's commitment to workforce wellness and safety excellence, as outlined in its 2020 ESG report.
Ameresco, Inc. (AMRC) has achieved commercial operation at its Tiverton solar energy site in Rhode Island, boasting over 12,000 modules and a capacity of 4.95 MW. The Rhode Island Airport Corporation (RIAC) anticipates annual savings of approximately $380,000 in the first year. Meanwhile, a second site in Cumberland, with a capacity of 5.71 MW and over 14,000 modules, is expected to support $410,000 in savings once operational by April 2021. Both projects are part of RIAC’s commitment to sustainable energy, enhancing local efforts in renewable energy solutions.
Ameresco, Inc. (NYSE: AMRC) announced that underwriters fully exercised their option to purchase an additional 375,000 shares of Class A common stock from the company, concluding on March 15, 2021. This option increased the total shares sold in the public offering to 2,875,000 shares, generating approximately $126.5 million in gross proceeds before deductions. Ameresco plans to use the net proceeds to repay its revolving credit facility and for general corporate purposes, including acquisitions and capital expenditures. The offering was registered with the SEC under Form S-3ASR.