Andalay Solar Inc (OTCMKTS:WEST) is making a big move up out of sub penny land since reversing off $0.0058 lows last month. WEST has been highly volatile in recent months yet has failed to give Investors any long runs to work with.
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%.
Andalay Solar Inc (OTCMKTS: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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WEST is upwards bounds on accelerating volume after the stock hit an all-time low of $0.0058. 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. We will be updating on WEST when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with WEST.
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Disclosure: we hold no position in WEST either long or short and we have not been compensated for this article.