Leading renewable energy firm Stiebel Eltron UKhas reported
strong trading results for the first nine months of 2011, with
turnover up 41 per cent on last year.
The Wirral based company specialises in manufacturing green energy
products such as ground and air source heat pumps and solar panels,
as well as central heating and hot water systems.
The firm reported that turnover had increased by 100 per cent for October against the same period in 2010 after a strong year of sales and expansion into new sectors including education - with a number of student accommodation projects - housing associations and hotels.
Stiebel Eltron has also successfully completed two large air source heat pump eco installations with two ofCanaryWharf's largest financial institutions, Citibank and the Financial Services Authority.
Stiebel EltronUKmanaging director Mark McManus said: "These latest set of results show once again the success we are having in an increasingly tough economic climate. The results match the expectations and targets we set out in our half year results, which is a clear indication the growth strategy in place is working.
"The company has expanded with the appointment of a newMidlandsmanager, Chris Johnson, allowing us to capitalise on opportunities in the region. In particular, we've established a partnership with Underfloor Warehouse based inLeicesterand Chris has been instrumental in improving both companies' share in the region's renewable energy market.
"Although our commercial portfolio has expanded, domestic installations remain a key focus for the business and we are currently working on dozens of new build and retrofit home projects across theUK."
Mr McManus, who is a founder member of the Green Power Forum national training and networking body, added that the renewable energy sector is still presenting some challenges.
"The Government announcement on the Feed in Tariff rate being slashed in December has created increased pressure on installers, who are trying to meet demand from consumers wanting quality solar photovoltaic (PV)in time to secure the highest subsidy.
"There is of course concern that many people considering solar PV may no longer find it a worthwhile investment as current rates could be slashed by 50% for any installations completed after 12 December.
"However, solar PV can still play a big part in eco developments where it used in partnership with other microgeneration systems such as solar thermal and heat pumps. We will be discussing these issues in depth at the next Green Power Forum inSalfordUniversityin January. We understand that there is a lot of concern within the industry, but there are also still plenty of opportunities.
"We are confident on creating new contract wins going forward and will keep hammering home that green energy offers excellent value for money for both domestic and commercial properties."