OAKVILLE, ON, Feb. 14, 2020 /PRNewswire/ - Spark Power Group
Inc. (TSX: SPG), ("Spark", "Spark Power", or the
"Company") is pleased to announce significant progress made
on its U.S. expansion strategy.
Spark's U.S. expansion strategy is focused on diversifying its
operations and extending its footprint across regions identified as
highly strategic to the Company's long-term growth. In 2019,
approximately 15% of the Company's revenue was generated from the
U.S., and that percentage is increasing quickly, with the U.S.
operations targeted to account for half of the Company's total
corporate revenue, in the medium to long term.
"The U.S. market is a focal point of our growth strategy," said
Richard Jackson, President and Chief
Operating Officer, Spark Power Corp. "The outstanding progress we
have made over the last year is a testament to the strength of our
highly scalable branch-based business model. We live and work in
our customers' communities — providing them with independent advice
and delivering complex technical services and solutions with
consistency and scale, across North
America. We are taking what has worked in Canada for many years and successfully
applying this model to the U.S."
Jackson continued, "As our progress in the U.S. continues, I am
confident that our customer relationships and our operationalized
branch and regional strategy will carry us into new territories
and, in the longer term, will account for half of the company's
total revenue as we work to earn the right to be North America's Trusted Partner in
Power™".
Spark Power achieved the following milestones in the U.S. in
2019:
- Achieved approximately $35
million in pro-forma revenue, compared with negligible
revenue the prior year.
- Acquired One Wind, with over 80%
of its revenues and employees in its U.S. operations. In the U.S.,
One Wind is based in Texas and currently performs work in
California, Illinois, Iowa, Kansas,
Michigan, Nebraska, North
Dakota, Oklahoma,
South Dakota, and Texas.
- Completed significant work for existing Canadian customers who
have facilities in the U.S. and prioritized branch openings in
these regions where they require electrical and/or sustainability
solutions support.
- Expanded the geographic footprint in Southwest and Western U.S.
with three new branches established in California (Ontario) and Texas (Dallas
& San Antonio).
- Added over 200 U.S. based technical and management team
members, now accounting for approximately 15% of the total Spark
Power workforce.
"I am very proud of the passion and dedication shown by our
leaders, managers, and our highly-skilled technical teams, who have
been a driving force behind our U.S. growth," said Mark Lyons, EVP, Spark Power U.S.A. "We completed 2019 with great momentum,
working with some very large and prominent industrial and
commercial clients as their Trusted Partner in Power™. We look
forward to expanding these relationships and leveraging our
complete Pole-to-Product™ expertise with particular focus on the
food and beverage, warehousing and distribution, and advanced
manufacturing markets. There is a deep sense of excitement across
our U.S. locations and we look forward to building on the growth
and continuing this momentum, through 2020 and beyond."
Spark Power now has a total of eight offices in the U.S. with
locations in California
(Fremont, Fresno, Ontario), Texas (Dallas, San
Antonio, San Benito),
Minnesota (St. Cloud), and North Carolina
(Raleigh), which also serves as
the U.S. corporate head office. The Company intends to further its
U.S. progress through continued branch openings, strategic
acquisitions, cross-selling services and supporting existing
Canadian customers who have facilities in the U.S. by prioritizing
new branch openings in these regions.
About Spark Power
Spark Power is the leading independent provider of end-to-end
electrical contracting, operations and maintenance services, and
energy sustainability solutions to the industrial, commercial,
utility, and renewable asset markets in North America. We work to earn the right to be
our customers' Trusted Partner in Power™. Our highly skilled and
dedicated people, located in the communities we serve, combined
with our knowledge of the power industry, technology expertise, and
commitment to safety, ensures we deliver the right solutions that
keep our customers' operations up and running today and better
equipped for tomorrow. Learn more at www.sparkpowercorp.com.
Forward-Looking Statements
This news release may contain forward-looking statements
(within the meaning of applicable securities laws) which reflect
Spark Power's current expectations regarding future events.
Forward-looking statements are identified by words such as
"believe", "anticipate", "project", "expect", "intend", "plan",
"will", "may", "estimate" and other similar expressions. These
statements are based on Spark Power's expectations, estimates,
forecasts and projections and include, without limitation,
statements regarding the execution of its U.S. operations and U.S.
expansion strategy by Messrs. Jackson and Lyons.
The forward-looking statements in this news release are not
guarantees of future performance and involve risks and
uncertainties that are difficult to control or predict. Several
factors could cause actual results to differ materially from the
results discussed in the forward-looking statements. Readers,
therefore, should not place undue reliance on any such
forward-looking statements. Further, these forward-looking
statements are made as of the date of this news release and, except
as expressly required by applicable law, Spark Power assumes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
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SOURCE Spark Power Group Inc.