May 29, 2008  -  

…While few of B.C.’s young clean-techs are making profits yet, the revenue trend for several publicly listed companies suggests 2008 could yield some breakthroughs. Indeed, if not for our soaring loonie, several export-driven companies might already be in the black. Victoria-based Carmanah Technologies Corp. – a significant global supplier of solar-powered LED lighting with more than 250,000 installations worldwide – is one such example. Though relatively small with a market capitalization under $40 million, Carmanah has been profitable in the past and expects to regain that status in the near future. Last year it became one of three B.C. companies selected as Canada’s top 10 clean-techs by Corporate Knights magazine (joining Westport and Xantrex), and was named B.C.’s 2007 “Exporter of the Year” at the BC Export Awards.

CEO Ted Lattimore, part of Carmanah’s new executive team, agrees that the rise of Canada’s dollar “hurt us significantly last year,” but adds, “that’s behind us now.” Last year, he says, Carmanah narrowed its niche. “We stopped two parts of the business. One of those we sold – home solar power. But we do have two strategic areas: solar-powered LED lighting and solar-powered systems.” The former telecommunications executive expects that by focusing on its strengths, Carmanah will maintain more than 20 per cent growth annually…

(Read the full article at www.bcbusinessmagazine.com)