Innovative Energy signs new electric golf cart dealership

 



Innovative Energy Group Limited (EIG, formerly Ciboney Group Limited) in its third quarter report indicates that the company signed a new Electric Golf Cart Dealership on February 21, 2025.

The company states that IEG executed an exclusive dealership agreement with Tara Golf Carts, based in Xiamen, China, to market their electric golf carts in Jamaica and the wider Caribbean. The dealership will facilitate IEG’s deployment of PV Solar charging infrastructure for the golf carts sold by the company.

The sale of electric golf carts falls under arrangements with f Innovative Energy Company DBA IEC SPEI Limited (IECL) which was acquired on August 26, 2024, when IEG entered into an agreement with the owners of Innovative Energy Company, DBA IEC SPEI Limited (IECL) – a related party – to purchase 100 per cent of its shares for a purchase consideration of US$17,746,443 (equivalent to J$2.8 billion).

The acquisition gave IEG full control over all the assets, liabilities, and operations of IECL. The acquisition transaction involved issuing debt instruments and additional equity in IEG.

Currently IECL is a wholly owned subsidiary of IEG. The energy services offered and managed by the IEG Group are Project Development, Project Design and Engineering, Turnkey Construction of Renewable Energy Projects and Operations and Maintenance Services for Energy Projects.

Other lines of business are Remote Monitoring of Energy Projects, Performance Contracting, Distribution of Huawei Digital Power Products (Inverters, Battery Energy Storage Systems, Energy Management Systems) and the Sale of Electric Golf Carts.

For the third quarter ended February 28, 2025, the Group, comprising IEG and its subsidiary, IECL, recorded a profit of J$99.7 million, compared to a loss of J$4.4 million for IEG (the company) in the corresponding quarter of 2024.

Management comments that given the completion of the IECL acquisition transaction on November 1, 2024, the year-to-date consolidated results reflect four months of the subsidiary’s performance.

Revenues and profits reported for the year to date reflect the subsidiary’s operations during the period from November through to February 2025. Intangibles The J$2.5 billion intangibles shown on the February 28, 2025; statement of financial position represent goodwill on consolidation.

Management concluded int the quarter’s report, “We remain optimistic about IEG’s growth trajectory, especially with the recent acquisition of IECL and the securing of the EV golf cart dealership. This is one way we are seeking to diversify our revenue stream.”

Caribbean Money Daily

Photo: golf.com

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