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PV project developer Gehrlicher Solar America (GSAC) has reported a 400% revenue growth for its PV systems business in the US in 2012.
The company had sales of US$74.1 million and an EBIT of US$2.4 million from preliminary 2012 results.
GSAC noted that it worked in seven East Coast states in 2012, installing a total of 29MW, claiming it was the largest installer in the states of Georgia and Connecticut.
Notably, its highest profile customer is IKEA of North America, for which GSAC installed over 6MW in seven different locations in 2012.
“This growth, by far, exceeded our expectations and we are convinced that this is just the beginning,” noted Dr. Stefan Parhofer, CEO of Gehrlicher Solar America. “The US market has become a strategic pillar of our global growth strategy. Although it is certainly not an easy market for a European PV company, we have been able to overcome market challenges thanks to a highly qualified and dedicated team.”