Renewable Resources targets US for solar panel sales growth

A “GREEN” energy firm that has won a deal to fit solar panels to scores of Sainsbury’s supermarkets is to launch into the American market under plans to grow sales by 50 per cent.

Renewable Resources, which is based in the world heritage centre at New Lanark, will open an operation in Stamford, Connecticut, to target business in four states. It expects an initial team of about ten people to grow to more than 50 within 12 months.

The firm said it was on track to turn over some £20 million in the year to June and is forecasting about £30m in sales in 2012-13.

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Chief executive Paul Gribben flagged further expansion as businesses and households tackle rising energy bills and “move towards greener living”.

He said: “Europe and the UK have been relative early adopters in terms of solar and alternative energy systems and our expertise in this area makes this the right time for us to look at the North American market.

“In the US, traditional fuel costs are rising steeply and the cost savings to switch to solar energy for a business or homeowner are significant, and the market is just beginning to fully develop.”

The firm currently employs about 60 full-time staff from its Scottish headquarters and subsidiary base in Milton Keynes, and claims to be one of the largest solar panel fitters in the UK.

The company recently secured a major contract to fit panels on the roofs of 115 Sainsbury’s stores across the UK.

Renewable Resources was founded in 2008 and is chaired by Dermot Jenkinson, a former executive at Edinburgh-based logistics group John Menzies. Managing director John Devlin was a board colleague of Jenkinson at call centre operator BeCogent.

Devlin said: “Through Renewable Resources, New Lanark is at the forefront of a new revolution and we are taking that success global.”