Island Power Solutions Ltd and Solar Parking Ltd, today announced and signed a partnership that aims to bring Solar Parking’s products focused on cost efficient, sustainable, flexible and competitive solar carport installations for parking lots to islands where a majority of them are facing an energy shortage. The concept is scalable from 24 parking spaces up to several thousand and is simple to install compared to similar systems. The new partnership is expected to increase distribution and open up new markets for solar parking, while adding another technical solution to the Island Power Solutions portfolio.
The partnership is a strong strategic fit, leveraging the two the companies’ respective strengths, across two main areas:
- First, Island Power Solutions Ltd has a distribution base and large network that is requiring a number of technical solutions to satisfy the most pressing environmental and economic concerns for islands on the matters of waste disposal, energy shortage and industrial pollition.
- Second, Solar Parking Ltd will contribute it’s expertise within the technical field of solar installations, and jointly work on perfecting the products for the intended markets,
“Today’s partnership enables the companies to jointly provide a solution for the ever growing energy shortage of the islands and off-grid communities, while creating not only benefits for the environment but also financially as the cost of energy production through fossil fuels is extremely costly, many times up to three times as much as the energy cost on the mainland,” said Johan Ovansjö, Island Power Solutions founder and Chief Investment Officer.
In the joint venture, Solar Parking Ltd will recieve a minory share in Island Power Ltd, while Island Power Ltd will recieve the exclusive distribution rights to Solar Parking Ltd’s products on islands and off-grid markets. Solar Parking Ltd will also provide technical knowhow and expertise regarding it’s products and installations. The partnership is expected to be in place from mid of 2018.
The partnership described here is not considered material to either company’s current fiscal year earnings.
ABOUT Island power ltd
Island Power Solutions Ltd It is a solution company with a board competence in the energy and waste field, as well as experience both form the consumer and production side. Together with its partner-companies Island Power can offer islands a complete solution for their energy production and storage, along with waste and water treatment as well as other sustainable solutions. Island Power is developing solutions with a social focus and the betterment of society and the environment, but to the largest possible extent on commercial terms. For more information, see www.islandpower.eu
ABOUT solar parking ltd
SolarParking (SP) have developed a concept for cost efficient, sustainable, flexible and competitive solar carport installations for parking lots. The concept is scalable from 24 parking spaces up to several thousand and is simple to install compared to similar systems. Solar Parking’s design is based on prefabricated modules with mounted solar panels. For more information, see www.solarparking.co