Standard Solar Commits to Clinton Global Initiative for Innovation and Growth in Solar Photovoltaics
Company makes second commitment, during CGI America 2013, to address the industry challenge of fully integrating photovoltaics with the grid
CHICAGO--Building on the success of its first Clinton Global Initiative (CGI) Commitment to Action, Standard Solar, a leader in the full-service development, construction, integration, financing and installation of solar electric systems, today announced a second commitment as part of the Clinton Global Initiative America (CGI America) meeting. CGI is an initiative of the Clinton Foundation that convenes global leaders to create and implement innovative solutions to the world's most pressing challenges. During CGI America, being held this week in Chicago, Standard Solar is pledging a two-pronged commitment to address the industry challenge of fully integrating photovoltaics (PV) with the grid:
1) it will work with innovative companies to develop and demonstrate new products and technologies that enhance markets, reduce costs, and/or promote new revenue streams for solar PV.
2) continue the Company's commitment to rapid growth to achieve the scale necessary to compete with grid-supplied power.
As its first project under this commitment, Standard Solar is working with Solar Grid Storage (SGS) to co-locate a grid-interactive energy storage system with a new PV installation, creating one of the nation's first commercial micro-grids. The 402.3kW system, financed by the Kingdon Gould Jr. family, is located at the Konterra Headquarters Building in Laurel, Maryland. This innovative system has the potential to reduce PV project costs and offers new benefits to hosts including backup power, demand reduction and peak shaving. Moreover, the system can enhance grid reliability by helping balance the grid through frequency regulation, volt-ampere reactive (VARs) compensation, and demand response services. The system is scheduled to be operational by the fall of 2013.
Standard Solar intends to allocate $10.0 Million to innovative efforts over the next five years, and will make annual CGI commitments for individual projects.
"Standard Solar has always embraced new technology, but it has typically implemented innovations within the company," said Tony Clifford, Standard Solar CEO. "Leveraging our industry experience and expertise as a catalyst to publicly support an innovative company like SGS is a new strategy for us. However, it is certainly in our interest and that of the PV industry to rapidly disseminate knowledge of the commercial potential of SGS's grid-based solar storage system."
Second, Standard Solar is committed to growing its business to $250 Million in annual revenues by 2017. With several years of rapid growth behind it, the company has the management team, financing access, corporate culture and dedicated workforce necessary to sustain its growth. Meeting this commitment requires SSI to expand into new geographic markets, continuously reduce costs, substantially increase personnel, and secure new equity investment of approximately $35 Million. Standard Solar believes this can be accomplished by effective implementation of its business model.
Standard Solar was inspired by the company's prior CGI commitment made in 2006. By surpassing its previous five year commitment of installing 15,000 kW of solar with five years, Standard Solar is continuing its pursuit of expanding the solar industry and adopting new technologies to make solar truly affordable to businesses and residential communities nationwide.
Clifford joins President Clinton and leaders from the business, foundation, NGO, and government sectors this week in Chicago at the third meeting of CGI America, an annual event focused on finding solutions that promote economic recovery in the United States.
About Standard Solar
Standard Solar, Inc. is a leader in the full-service development, construction, integration, financing and installation of solar electric systems. Dedicated to making solar solutions more accessible to businesses, institutions and governments, the company is leading the way to energy independence. Committed to offering responsible and energy cost-saving solar solutions that conform to the highest standards, Standard Solar is one of the most trusted and respected solar companies. Since 2004, Standard Solar has been the partner of choice to make solar energy financially accessible, helping customers through financing options, including Power Purchase Agreements (PPAs) and navigating expanded federal and state and local tax credits. The company's Standard Energy Solutions (SES) division provides home energy solutions including home solar, energy efficiency and energy management services. Named one of the Fastest Growing Private Companies in America for three consecutive years by Inc. Magazine, Standard Solar is headquartered in Rockville, MD. For more information, please visit www.standardsolar.com.
About CGI America
The Clinton Global Initiative (CGI), an initiative of the Clinton Foundation, convenes global leaders to create and implement innovative solutions to the world's most pressing challenges. Established in June 2011 by President Bill Clinton, the Clinton Global Initiative America (CGI America) addresses economic recovery in the United States. CGI America brings together leaders in business, government, and civil society to generate and implement commitments to create jobs, stimulate economic growth, foster innovation, and support workforce development in the United States. Since its first meeting, CGI America participants have made more than 200 commitments valued at $13.4 billion when fully funded and implemented. To learn more, visit cgiamerica.org.