PHOTON International The Photovoltaic Magazine

Carmanah new to the PPVX

On July 6 Carmanah Technologies Corporation became the 18^th company – and the second Canadian company, following Arise Technologies – to be listed in the PHOTON Photovolatic Stock Index (PPVX).

	© Carmanah Technologies Inc.
As of yet Carmanah's focus have been solar-powered products for stand-alone applications, like this bus stop light. With the acquisition of US integrator Soltek, it expands business also to on-grid PV systems.

The stock was listed at $2.94 CAD ($2.40 USD), the closing rate from the previous day; the weighting in the index is 2 percent initially. With a stock market valuation of about €65 million ($78.7 million), the newcomer ranks on the 13^th position – only slightly behind both German companies, Phönix Sonnenstrom AG and S.A.G. Solarstrom AG, each worth €70 million ($84.7 million).

Carmanah was founded in 1993 with its base in Victoria, British Columbia and currently has a workforce of 100 people. It produces solar-powered products with LEDs, which are used in several areas such as for traffic lights, buoys, and for lights on runways. The company, which exports product to more than 100 countries, has recently celebrated the success of securing two orders for solar-lit bus stops: The Scottish capital city of Edinburgh ordered complete systems (»i-Shelter«) at a cost of approximately €166,000 ($200,930) and in July the administration of Etobicoke in Canada will refit all 300 stops with Carmanah PV lamps – an idea which is said to have come following the great blackout in 2003.

Last year, the company had a turnover of nearly $16 million CAD ($13.06 million USD) a 72-percent increase compared to the previous year (see PI 3/2005, p. 52). The net profit made in 2004 amounted to around $600,000 CAD ($489,800 USD). The share price has increased by around 200 percent in the two years since mid-2003. CLSA analyst Michael Rogol believes the stock, which closed at $3.04 CAD ($2.48) on July 22, has upside potential to $5 by early next year (see PI 3/2005, p. 52). At the beginning of July the enterprise acquired PV system supplier Soltek Powersource Ltd. for €8.12 million ($9.8 million).