United Renewable Energy Co. (URECO) reported NT$1.92 billion in revenue for September 2022, a 55.6% year-on-year increase and the highest single-month level in three years.

United Renewable Energy Co. (URECO, 3576 TT) announced today that its unaudited consolidated revenue for September 2022 reached NT$1.92 billion, representing a 24.4% increase from the previous month and a 55.6% increase year-on-year, marking the highest monthly revenue in three years. The strong growth was driven by robust overseas demand and increased module shipments to international markets. For the first nine months of 2022, URECO’s accumulated consolidated revenue totaled NT$13.33 billion, up 31% compared to the same period last year. This year, soaring energy prices triggered by the Russia-Ukraine war have prompted European countries to accelerate the deployment of renewable energy for energy security. In addition, the United States passed the Inflation Reduction Act, which includes US$369 billion for climate and clean-energy initiatives and more than US$10 billion in subsidies for consumers installing renewable-energy equipment. According to the Solar Energy Industries Association (SEIA), the U.S. installed approximately 8.5 GW of new solar capacity in the first half of 2022. A significant installation boom is expected in the second half, and with the support of the aforementioned policies, new installations in the U.S. are projected to grow by around 60% next year, bringing the market into a period of accelerated solar deployment. URECO is the only fully internationalized solar manufacturer in Taiwan, with business operations spanning major global markets, and is the sole domestic solar company to consistently generate substantial overseas revenue. Benefiting from strong demand for solar cells and modules in Europe and the United States this year, customer orders have been robust. With global demand for renewable energy continuing to rise, URECO will further expand its overseas presence, and its international revenue is expected to maintain steady growth.