INNOVATIVE Energy Group Limited (IEG) is continuing on its new growth path as it looks to execute more than US$20 million ($3.2 billion) in deals across the renewable energy and electric mobility market segments.

The renewable energy focused company gave the update at its hybrid annual general meeting held on Wednesday at the Caymanas Golf Club, Caymanas, St Catherine. Its subsidiary Innovative Energy Company DBA IEC SPEI Limited (IEC DBA) is continuing to execute on two major solar projects with MBJ Airports Limited and the National Irrigation Commission, but the company sees an active opportunity to build on the electric golf cart and vehicle segment along with new solar energy products

“What we want to do is to move into the assembling of golf carts in Jamaica for distribution to the wider Caribbean, Latin American and North American market,” said Executive Chairman Nigel Davy on the new venture being done with supplier Tara Electric Vehicle.

Davy noted that these electric golf carts are well-suited for the security and tourism sectors, but he noted that more information will be shared in time on this segment.

Recently installed President and Chief Executive Officer Dr Conrad Miller noted that the company has the opportunity to build a stronger market position in the solar energy space despite increased competition.

“In this year, we are preparing to roll out flexible and mobile solar systems designed for temporary installations. These solutions give customers greater flexibility allowing panels to be easily removed ahead of a hurricane, enabling systems to be designed even solely to power air conditioning units and mobile solutions that allow home renters to take their systems with them,” Dr Miller added.

While the company does have the opportunity to explore various debt financing avenues, chairman Davy noted that the company is particularly focused on the equity markets to better support its balance sheet. IEG had noted at a previous AGM that it wanted to pursue an additional public offering (APO) and use green bond financing to support its ambitions. However, the last three major APO’s for Tropical Battery Company Limited, NCB Financial Group Limited and 138 Student Living Limited were undersubscribed relative to their main target amounts.

“The timing of the APO is critical for us. We want to have a successful APO. Interest rates are relatively high, and as such, the liquidity on the equities market is relatively low. Notwithstanding, we have seen expressed interest from the market in our shares based upon the volumes that have been traded in recent times,” Davy explained on the capital market plans.

He added, “We continue to engage private potential equity shareholders and we’re seeing robust response. Once the equities market becomes more liquid, we expect to go to market. We are optimistic that this year will be the year based on the reports that we’ve been getting from our stockbrokers.”

IEG’s second quarter (September to November) report revealed that consolidated revenue improved 74 per cent to $68.6 million with net profit marginally down at $13.46 million. IEG acquired IEC DBA in November 2024 which meant that the previous period only had one month’s financial contribution to the results. IEG’s standalone business did not generate revenue in the previous period.

IEG’s six months revenue improved 207 per cent from $39.73 million to $120 million with net profit rising 48 per cent from $12.28 million to $18.15 million.

The company’s $3.28 billion balance sheet revealed that it had $476.02 million in current assets with $465.83 million related to inventories and receivables and prepayments. IEG’s current liabilities stood at $281.06 million with equity at $1.04 billion.

Davy explained that the company has a focus in three distinct market segments which are solar photovoltaic generation, battery energy systems, engineering, procurement and construction (EPC), emerging mobility and electric solutions. He noted that the company will continue to bid for request for proposal (RFP) requests for new major renewable energy projects while the decreased cost of solar systems will open up greater opportunities to grow its revenue base.

Turning to the recently installed solar car park at Sangster International Airport, which was damaged by Hurricane Melissa in October, Davy provided an update, saying the company is still working on a solution to restore its functionality. He noted that phase three of this project should be finished within the next six months while the National Irrigation Commission (NIC) project was 92 per cent complete and should be finished over the next six to eight months. IEC DBA and Wigton Energy Limited have a joint venture related to the solar project at the airport and the NIC project.

“Though this fiscal year will see some contraction in our projected growth due to Hurricane Melissa, based upon our backlog and the rebuild works from the hurricane, the next 18 months will show robust top and bottom line growth. We remain optimistic that the company is positioned for steady, sustainable expansion rather than speculative growth,” Davy noted.

IEC Energy Company Limited sold 70.2 million ordinary shares at $0.98 on November 21 which reduced its stake to 1.03 billion ordinary shares or 78.48 per cent. This brings IEG in compliance with JSE rules.

Davy also encouraged the company’s older shareholders with paper certificates to go through the demutualisation process with the Jamaica Central Securities Depository (JCSD). Currently, IEG has 3,384 shareholders registered at the JCSD, but 11,377 shareholders on its main register. IEG was previously known as Ciboney Group Limited, a former tourism entity that fell under the control of Finsac Limited.

Innovative Energy Group Limited is launching new solar solutions to address new market needs.