Andalay Solar Inc (OTCMKTS:WEST) continues to be a highly volatile stock dipping below a penny in October of last year before a recent pop over $0.024. The stock was up after several online newsletters alerted WEST as their new pick.
In recent news the Company said it has received its largest-ever commercial solar system mounting hardware purchase order. The buyer, one of the five largest commercial solar installation companies in the U.S., has ordered from Hyundai Heavy Industries over 1MW of the upcoming Hyundai TG-Series modules which feature the Andalay Instant Connect® frame, and in turn has ordered from Andalay Solar over 1MW of commercial flat-roof mounting hardware.
Steven Chan, President and CEO said “I’m pleased to see early demand for the new Hyundai TG-Series module. It’s a great vote of confidence coming from a top installer in the industry to take the first modules manufactured by our new partner, Hyundai Heavy Industries.”
Andalay Solar Inc (OTCMKTS:WEST) designs, manufactures, markets, and sells solar power systems and solar panels in the United States and Canada. The Company is a pioneer in the concept of integrating the racking, wiring and grounding directly into a solar panel. The Company’s patented AC solar panel reduces the number of components for a rooftop solar installation by approximately 80% and lowers labor costs by approximately 50%.
WEST new solar plug & play technology, the world’s 1st AC Solar Panel with instant racking, grounding, & wiring won the 2009 Popular Mechanics Breakthrough Award, and has become the industry’s most widely installed AC solar panel. It is a pioneer in the concept of integrating the racking, wiring and grounding directly into a solar panel.
It is also the obvious choice for do-it-yourself-ers because everything is integrated into the panel there is no need procure and assemble separate rack systems which are unsightly and time consuming to construct. Internal ground components eliminate the need for expensive copper wiring and provide a redundant ground path (UL and NEC approved). The integrated racking “groove” of the panel enables secure mounting to reduce pull-out forces that might be exerted by wind or snow loads.
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Earlier this month WEST announced its third quarter 2014 financial results; revenues for the quarter are way up, the Company reported $606,000 sales for the three months ended September 30, 2014 compared to $157,000 for the same period last year. Year-over-year revenue in the third quarter of 2014 also increased $449,000 or 287.0%, compared to the same period in the prior year.
The Company was incorporated in 2001 in California as Akeena Solar, Inc. During June 2006, they were reincorporated in the State of Delaware. On September 19, 2013, the Company changed their name to Andalay Solar, Inc.
Andalay CEO Steven Chan said ”We have had a strong start to executing on a new business strategy, and I am pleased to report strong improvement in our third quarter revenues, which are nearly double our second quarter 2014 results and nearly quadruple of our year-over-year third quarter 2013 results, New customer interest in the cost and time-saving attributes of our patented residential solar products was quite evident during the Solar Power International trade show in Las Vegas in October. We also achieved some important milestones such as getting the residential solar industry’s first United States patent for an integrated rail-less mounting technology as well as migrating our supply chain to a Buy American Act compliant solar system.”
Solar is a great space to be in right now; the sector is exploding and solar stocks are skyrocketing! For years solar power has been on the sidelines however this is changing very fast; in the US 75% of new power installations in the first part of 2014 are Solar.
Last week, an energy analyst at Deutsche Bank came to the conclusion that by 2016, solar power will be as cheap, or cheaper than electricity from the conventional grid in every state except three. In China solar is going bonkers and also the middle east with Dubai planning to complete the second phase of the Dubai Solar Park. In Saudi Arabia there are plans to launch a massive renewable energy and Jordan threatening to upstage everyone by taking aggressive steps to reduce its dependence on imported energy.
Many are predicting extraordinary growth in the sector in coming years and this bodes well indeed for Andalay Solar and their patented plug & play technology which seems to be selling extremely well and understandably so.
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Conclusion: WEST is upwards bounds on accelerating volume after the stock hit an all-time low of $0.0067 in October. After some healthy consolidation just under $0.02 WEST is moving up again on accelerating volume. Andalay Solar is a strong underlying Company with a great product that boasts very fast growing revenues and is operating in a red hot sector. As solar stocks continue to heat up and run WEST is one to watch and deserves to be on investors watch lists.
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Disclosure: we hold no position in WEST either long or short and we have not been compensated for this article.