Welcome to our dedicated page for UGE INTERNATIONAL news (Ticker: $UGEIF), a resource for investors and traders seeking the latest updates and insights on UGE INTERNATIONAL stock.
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UGE International partners with MaxSolar, a national renewable energy project operations & maintenance provider, to enhance its portfolio operations and maintenance strategy. UGE has a decade of experience in providing EPC services and has transitioned into a full-lifecycle developer and IPP since 2020. With a portfolio of 12 operating projects totaling 6.6MW and nine projects totaling 18.6MW under construction across six states, UGE has roughly 1GW of projects in its development pipeline. MaxSolar will provide nationwide O&M services to ensure optimal project performance, including preventative and corrective maintenance, system monitoring, emergency response services, and array cleaning.
UGE International reported its financial results for 2023, showing a high-growth year with doubled operational portfolio size and NTP on 18.2MW projects. However, revenue declined due to legacy contract run-off and shift in services. The net loss increased due to investment in project portfolio development. Cash used in operations rose significantly, and the cash balance decreased. Project backlog decreased, but UGE is focusing on scaling its platform as an IPP.
