Vancouver, British Columbia--(Newsfile Corp. - February 4, 2025) - Stardust Solar Energy Inc. (TSXV: SUN) ("Stardust Solar" or the "Company"), a leading provider of residential solar energy solutions, is pleased to announce is pleased to announce key milestones achieved in 2024 and the Company's expected outlook for 2025. With a strong year of growth and strategic expansions, management of the Company believes that it is well-positioned to surpass 100 franchise territories by the end of 2025, driven by strong industry demand and operational efficiency.
"2024 was an important year for Stardust Solar, reflecting the strength of our franchise model and the growing demand for solar energy and storage solutions," said Mark Tadros, Founder and CEO. "With over $2M in signed contracts for work that is set to commence this year, and a clear path to expand our franchise footprint, we expect that that 2025 will be another year of growth."
Highlights and 2024 Achievements Stardust Solar achieved significant growth in 2024. The Company sold approximately 1,500 kW of Solar PV systems and over 1,000 kW-hours of Energy Storage systems during 2024, marking a 94% year-over-year increase from 2023, and signifying a strong market demand. These sales have also created a significant backlog of work for the Company. The company completed installations of 1,200 kilowatts ("kW") of Solar PV Capacity and 189 kW-hours of Energy Storage Capacity in 2024, reflecting strong operational efficiency, and leaving a system-wide backlog of more than $2,000,000 in signed residential solar and energy storage contracts set to be completed in early 2025.
The Company achieved its primary goal of a public listing and began trading on the TSX Venture Exchange on October 7, 2024 under ticker symbol SUN.
The Company also recently completed an acquisition of 100% of the assets of U.S. based Solar Grids Development LLC ("Solar Grids"), which management believes will provide the Company with a clear path to growth in the U.S. for 2025.
Franchise Growth At the beginning of 2024, Stardust Solar's franchise network included 28 franchise territories operated by 21 franchise operators. Bolstered by integrating 49 new U.S. territories through the Solar Grids asset acquisition, the Company increasing their footprint to a current 78 franchise territories operated by 27 franchise operators. This includes twenty franchise operators covering 28 territories in Canada and seven franchise operators covering 50 territories in the United States. Management believes that this strategic alignment and U.S. expansion positions the Company for sustainable growth and market impact.
Strategic Partnerships In 2024, the Company expanded their agreement with Tesla to distribute and install the Tesla Powerwall across the entire United States market, enhancing its product offerings and market reach in the United States. Stardust Solar also secured an exclusive agreement with Rematek Energie Inc. for Tesla Powerwall distribution in Quebec, further enhancing its product offerings and market reach into the Quebec market; and expanded its certified training programs, providing industry-leading education to over 2,500 renewable energy professionals across North America, strengthening its role as a leader in solar energy training.
2025 Outlook Stardust Solar is targeting additional franchise expansions, with plans to complete their registrations to operate in every state as a master-franchise in the U.S., and to surpass 100 total franchise territories by the end of 2025, driven by organic growth and strategic acquisitions. The Company focuses on high-demand U.S. markets, leveraging attractive incentives such as the 30% ITC Federal Tax Credit and regional programs in Ontario and British Columbia. Alongside this growth, Stardust Solar hopes to achieve higher revenue targets in 2025, underpinned by ongoing franchise support, product innovation, and strategic partnerships designed to enhance overall shareholder value.
About Stardust Solar
Stardust is a North American franchisor of renewable energy installation services, including solar panels (PV), energy storage systems, and electric vehicle supply equipment. Stardust lends its brand and business management services to entrepreneurs looking to enter the renewable energy industry. Stardust franchisees install and maintain clean energy systems for residential and commercial purposes. As a franchisor, Stardust supplies its franchisees with the following products: solar PV equipment, energy storage equipment, and electric vehicle supply equipment. In addition, Stardust supports its franchisees with many services from corporate headquarters, including marketing, sales, engineering, plan sets, customer service, and project management.
Media and Investor Contacts:
Mark Tadros Chief Executive Officer, Chairman and Director
For further information or media requests, please contact: Glen Nelson, Investor Relations and Communications: glen@stardustsolar.com t: (403) 763-9797
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements, including statements relating to the Company's business plans and expected future growth, the Company expansion into the U.S. market, the Company's expected franchise expansions, the Company's contracts that are expected to commence in 2025, the expected growth of the solar industry and the expected demand for the Company's services. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of various factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward‐looking statements as well as future results. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention. It assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
