VANCOUVER, October 26, 2005 (GLOBE-Net) - Continuing a growth story that has been one of the most impressive in the environmental industry, Carmanah Technologies achieved a 72% increase in revenues in 2004, good for the number three spot in Business BC's Fast 50. The list, sponsored by the Vancouver Sun with help from Ernst & Young and the UBC Sauder School of Business, provides a ranking of BC's fastest growing publicly-traded companies.
Carmanah has experienced rapid growth since the outset, averaging revenue growth of around 69% a year since 1998. That may be expected to slow a little as the company reaches maturity, but can be expected to continue expanding in the future, said CEO Art Aylesworth in an interview with the Vancouver Sun, "I think Carmanah will continue to grow hard and fast though, because we're a well positioned company with lots of infrastructure in place in a market that's exploding."
Carmanah's core business relies on innovative solar LED lighting. It's applications include industries such as marine transportation, aviation, and mass transit. Supported by a growing portfolio of proprietary technologies and supplier partnerships, Carmanah has established a leadership position in lighting for coast guards and airports around the world.
Headquartered in Victoria, the company now has offices in Toronto, Pennsylania, California, and England. The next step in growth is expected to lead them into Southeast Asia and potentially China.
With the recent $12 million cash purchase of Victoria's Solartek Powersource Ltd., Carmanah is also expanding into solar power systems. The immediate possibility is for an integration of high-efficiency solar power generation with their existing LED products, offering customers the ability to generate power and light with one product.
The company is positioned well to take advantage of the expected strong growth in the solar power industry, and can be expected to lead the way for other Canadian companies.