In a Sept. 12 report, Beacon Securities analyst Donangelo Volpe initiated protection on SPARQ Techniques (SPARQ Techniques Inventory Quote, Chart, Information, Analysts, Financials TSXV:SPRQ) with a “Speculative Purchase” score and $2.00 goal, pointing to its differentiated inverter know-how and a newly signed partnership with India’s Reliance Industries as potential catalysts.
Primarily based in Kingston, Ont., SPARQ designs and manufactures next-generation single-phase microinverters for residential and industrial photo voltaic functions. Its proprietary Quad converter optimizes 4 PV modules with a single microinverter, simplifying set up and lowering prices versus present market choices. The corporate operates with an asset-light mannequin, specializing in core know-how improvement and licensing.
Volpe highlighted SPARQ’s provide and manufacturing settlement with Jio Issues Restricted, a subsidiary of Reliance Industries and India’s largest digital providers firm, as “transformative.” The deal positions SPARQ’s microinverters for deployment throughout India’s rooftop photo voltaic market whereas embedding the know-how into Jio’s world vitality options. Reliance will fund all working capital and capital expenditures, enabling SPARQ to scale with out stability sheet pressure.
“Reliance has a confirmed observe document of success scaling into new industries,” Volpe stated, noting the conglomerate’s 5,000-acre Jamnagar complicated, which is ramping as much as manufacture photo voltaic panels, batteries and gasoline cells. Photo voltaic module capability on the web site is predicted to achieve 10 GW by 2026 and will increase to twenty–30 GW by 2035 to assist India’s net-zero targets. Every GW requires roughly 500,000 microinverters, suggesting a income alternative of as much as $270-million by fiscal 2026 and $675-million by fiscal 2027 if SPARQ captures all of Reliance’s demand.
India, the world’s most populous nation and one of many prime 5 economies globally, has focused greater than 280 GW of photo voltaic capability by 2030. With regulatory incentives, home content material mandates beginning in 2026, and strong rooftop markets in each residential and agriculture, Volpe described India as “one of the vital solar-supportive environments globally,” offering a de-risked entry level for SPARQ.
Volpe underscored the technical management of CEO Dr. Praveen Jain, a Canada Analysis Chair at Queen’s College with greater than 100 patents and prior success promoting CHiL Semiconductor for US$75-million.
“We view Dr. Jain and the underlying Quad microinverter platform as integral to Reliance’s photo voltaic initiatives shifting ahead,” he stated.
Beacon fashions income of $18.5-million in FY26 and $135-million in FY27, driving Adjusted EBITDA of $1.4-million and $9.5-million respectively. For fiscal 2025, Volpe forecasts income of $2.0-million with Adjusted EBITDA “not significant,” enhancing to $18.5-million and $1.4-million in 2026.
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