Mr. Gary Barrow, CD
Chief Executive Officer Wigton Energy Limited (WIG)

In a bold move set to redefine Jamaica’s energy and electric vehicle (EV) landscape, Wigton Energy Limited (WIG) has taken control of Flash Holdings Limited, raising its stake to 51 per cent. This acquisition, while strategic in accelerating the roll-out of EVs under subsidiary Flash Motors Company Limited (FMCL), also signals a deeper ambition: Wigton’s emergence as the Caribbean’s leading multi-solution renewable energy powerhouse.

Yet behind the headlines of Wigton’s pivot from its windfarm legacy lies an even more intriguing opportunity – one involving Tropical Battery Company Limited, the decades-old Jamaican battery and solar energy firm currently in the throes of a J$1.79-billion (US$11.09-million) secondary share offering.

The offering, extended for a second time to July 4, is designed to reduce debt and graduate the company from the Junior Market to the Main Market of the Jamaica Stock Exchange – a critical step in Tropical Battery’s quest to list on Nasdaq within the next three to five years.

The question on the minds of investors and analysts is simple: Could Tropical Battery become Wigton’s next big strategic play?

 From Wind to Multi-Solution Renewables

Founded as Wigton Windfarm, the company rebranded in late 2024 to Wigton Energy Limited, reflecting a strategic pivot towards diversified clean energy solutions. Alongside wind, Wigton is now advancing solar photovoltaic (PV) projects, battery storage systems, and EV infrastructure – creating a full-suite renewable energy model.

The acquisition of Flash Holdings is a testament to this vision. Wigton’s initial 21 per cent stake, valued at J$112 million (just over 1 per cent of its total assets), was symbolic – an entry point into the EV market. The June 2025 expansion to majority control demonstrates serious intent to scale electric mobility, not only distributing EVs but enabling the charging infrastructure needed to drive adoption across Jamaica and, ultimately, the region.

 Tropical Battery’s Debt, Expansion, and Nasdaq Dreams

Alexander Melville Chief Executive Officer Tropical Battery Company Limited

Meanwhile, Tropical Battery is fighting its own battles. Founded in 1950, the company has evolved into an integrated battery distributor, solar energy provider, and EV solutions player, with strategic acquisitions in Silicon Valley (Rose Electronics) and the Dominican Republic (Kaya Energy).

Yet its rapid expansion has come at a cost. Tropical is carrying significant debt, including a US$9.5-million bridge loan from CIBC Caribbean Bank and a maturing J$300-million bond. The current APO seeks to raise at least J$1 billion to stabilise its balance sheet, improve working capital, and clear the path to Main Market graduation and Nasdaq listing.

But with two extensions announced in quick succession, questions loom about investor appetite. Institutional investors have reportedly requested more time for internal processes – a potential window for strategic partners like Wigton Energy to step in.

By participating significantly in Tropical Battery’s APO, Wigton could secure a meaningful minority stake – potentially 10-20 per cent – positioning itself on Tropical’s board and integrating the firm’s battery manufacturing and distribution network into Wigton’s renewable energy and EV ecosystem.

Why This Alliance Makes Sense

On paper, Wigton and Tropical Battery are perfectly complementary.

A Playbook for Execution

Strategic Capital Injection: Wigton could anchor Tropical’s APO, sending a strong market signal and stabilising Tropical’s financial base.

 Board Influence & Governance: Securing a board seat would align Tropical’s expansion with Wigton’s regional clean energy goals.

 Joint Ventures for EV Charging: Tropical’s battery and solar solutions combined with Wigton’s utility-scale renewable projects could fast-track the installation of EV charging stations powered by clean energy – a win-win for emissions goals and revenue streams.

 BESS & Grid Services: As Jamaica’s grid modernises, battery energy storage systems (BESS) will be critical for stabilisation and integration of renewables. Wigton and Tropical are both invested in this space, but collaboration could enable larger projects with better financing terms and risk sharing.

 Nasdaq Roadmap: Tropical’s ambitions to list on Nasdaq could be strengthened by Wigton’s institutional backing, while Wigton benefits from the valuation uplift of an equity partner expanding into North America.

Risks and Realities

Of course, execution risks remain. Tropical’s debt burden must be managed carefully to avoid operational strain. Cultural and operational integration will require disciplined governance structures. For Wigton, investing in a non-controlling stake carries the challenge of influencing strategy without direct operational control – a delicate dance that only strong board-level partnerships can navigate.

 The Bigger Picture

Ultimately, the strategic logic is compelling. Together, Wigton and Tropical Battery could create a vertically integrated clean energy and EV solutions group with:

✅ Renewable generation capacity
✅ Battery manufacturing and storage solutions
✅ EV distribution and charging infrastructure
✅ Access to regional and North American markets

This is exactly the model that global energy giants are pursuing: controlling the entire clean energy value chain to drive long-term sustainable revenues.

 “The Caribbean Tesla?”

As the Caribbean accelerates its renewable energy transition, the region needs companies with the vision, capital, and integration capability to deliver clean energy solutions at scale. Wigton’s rebranding is more than cosmetic; it is a bet on becoming the Tesla of the Caribbean – not only in EVs, but in energy storage, solar, and grid services.

By partnering with Tropical Battery, Wigton could create an ecosystem that powers Jamaica’s homes, businesses, and vehicles with clean, resilient energy – a transformative step towards the island’s 50 per cent renewable energy target by 2030.

And perhaps, in the years ahead, when investors search for the Caribbean’s first clean energy unicorn, it will be this strategic alliance they point to as the moment the region’s energy future changed forever.

Foot Notes

Company Overviews & Recent Moves

 Wigton Energy Limited (WIG)

• Rebranded from Wigton Windfarm in November 2024 to reflect its pivot toward diversified renewables—wind, solar, batteries, and now EVs.
• Broadening into solar PV (won ~50 MW project in 2024), and developing battery storage alongside EV infrastructure.
• June 2025: boosted its stake in EV distributor Flash Holdings from 21% to 51%, aiming to fast‑track EV rollout via Flash Motors (FMCL). Wigton also provided corporate guarantees for FMCL loans

 Tropical Battery Company Limited

• Jamaica-based battery and solar energy firm, listed in 2020; now distributes Mac Battery brand, solar solutions, and even sells Tesla vehicles
• Acquired Silicon Valley-based Rose Electronics and Dominican solar firm Kaya Energy; revenue doubled in late 2024 but profit fell due to debt
• Currently launching a J$1.79 billion (~US$11M) secondary share offering—now closing July 4—aimed at trimming debt and enabling migration from JSE Junior to Main Market, with Nasdaq aspirations in 3–5 years

 Business Model Synergies

There’s a strong alignment in battery energy storage systems (BESS) and EV charging infrastructure. Tropical’s access to the US market and grid storage tech aligns with Wigton’s ambition to become a “multi-solution renewable provider.”

 Could Tropical Battery Be an Acquisition or Investment Target?

 Acquisition—Full or Partial

Full acquisition improbable: Tropical’s valuation (~US$11M) and upcoming debt clearance means it’s not distressed enough to sell entire control cheaply.

Strategic merger: WIG could acquire a controlling minority stake—e.g., buying current shareholders’ stock and participating in the APO. This could integrate Tropical’s distribution and manufacturing capacity into Wigton’s ecosystem.

 Participating in APO

With WIG’s guidance, investing in the July 4 APO (minimum J$1B) positions its shareholding favorable—potentially 10–20%+ depending on uptake.

This gives Wigton influence in Tropical’s board and strategic decisions without full takeover.

 Strategic Alliance Framework

 Coordinated capital raise: Wigton leads or coordinates participation in the APO, signalling stability and boosting investor confidence.

 Cross‑shareholding : Tropical could take a stake in FSMC (Flash Motors), aligning EV ambitions and creating a shared EV–battery value chain.

 Joint BESS & EV infrastructure roll‑out: Co-develop charging & storage solutions across WIG’s solar/Wind sites and Tropical’s commercial distribution footprint.

 Regional market expansion: Tropical supports EV battery servicing and solar projects from its Jamaica/US base, while Wigton provides local grid integration and regulatory experience.

IPO/Nasdaq roadmap: Wigton’s participation helps Tropical graduate to JSE Main then aim for Nasdaq—giving Wigton a stake in a growth IPO narrative.

 How This Can Be Executed

 Due diligence: Wigton assesses Tropical’s balance sheet post-IPO, tech integration capabilities (e.g., Silicon Valley assets), and debt reduction efficacy.

 Negotiation: Restructure APO conditions to secure stakes with board representation.

Legal integration: Form joint ventures for EV charging deployments and BESS installations, sharing risk and scaling faster.

 Capital partnership: Align Tropical’s Nasdaq ambitions with Wigton’s institutional backing—opening a new funding channel.

Summary

While a full takeover of Tropical Battery isn’t likely and may not be necessary, strategic participation in its APO offers Wigton:

• Entry into battery manufacturing & EV services.
• A way into the US through Silicon Valley tech.
• Leverage Solar/BESS synergy.
• A shot at future upside via Tropical’s equity if it lists on Nasdaq.

Alexander Melville Chief Executive Officer Tropical Battery Company Limited (TROPICAL) has released the following Interim Financial Statements For The Second Quarter Ended March 31, 2025

The second quarter of FY2025 represents a defining chapter in Tropical Battery’s transformation into a multi-market, diversified energy solutions group. With operations spanning Jamaica, the Dominican Republic, and the United States, and products shipping to over 35 countries, we continue to scale a resilient and future-facing platform that aligns with global megatrends in energy storage, electrification, renewable energy, and mobility. We have delivered solid operating results while executing key elements of our long-term strategic plan, against a favourable macroeconomic backdrop, marked by stabilising inflation, a return to growth-oriented monetary policy, and strong investor appetite for energy transition assets.

We continue to benefit from diversified revenue streams and scalable infrastructure. Rose Batteries (USA), Kaya Energy (Dominican Republic and Jamaica), and Tropical Mobility are now fully integrated and operationally aligned. These businesses give us direct exposure to energy storage systems, solar EPC services, and electric vehicle supply chains—markets projected to grow at 20%+ CAGR over the next decade (Straits Research, 2024; IEA, 2024).

Our U.S. operations provide access to the world’s largest energy storage market. At the same time, the Dominican Republic, six times the size of Jamaica by GDP, offers a rapidly expanding base of commercial and industrial customers. These strategic positions allow us to scale quickly while limiting overexposure to any single geography.

The second quarter of FY2025 demonstrated a resilient financial performance across Tropical Battery Group, with key metrics reflecting operational discipline and improved commercial execution. Gross operating revenue totalled J$1.63 billion, representing a 5.1% year-over-year increase compared to the J$1.55 billion posted in Q2 FY2024. On a year-to-date basis, revenue rose 34%, underscoring the strength of our core battery and energy businesses, alongside the contributions from new and recently integrated subsidiaries.

A key highlight for the quarter was the continued improvement in gross profit margins, which rose to 34.8%, up from 30.9% in Q1 FY2025 and 31.5% in Q2 FY2024. This reflects the successful implementation of strategic pricing actions, supplier cost recovery, and process corrections initiated in late Q1. These efforts helped to fully offset the impact of increased input costs and restored margins to target levels. Gross profit for the period stood at J$567 million, a 15.9% improvement over the prior year.

Operating expenses increased to J$428 million, compared to J$305 million in Q2 FY2024, reflecting one-time APO marketing expenses, investments in new talent management to help grow revenue in the United States, the continued expansion of group operations and the complete consolidation of Rose Batteries and Kaya Energy Group. These investments in integration, staffing, and infrastructure are essential for scaling our platforms in the U.S., Dominican Republic, and Jamaica, and are expected to yield further efficiencies in subsequent quarters.

Finance costs rose to J$132 million, a 30% year-over-year increase, driven by the full-quarter impact of the bridge loan facility used to acquire Rose Batteries. This was partially offset by J$26 million in finance income, which brought total net finance costs to J$106 million. As a result, while operating profitability remained substantial, bottom-line profit for the quarter was modest, with net profit of J$2.78 million. Nonetheless, this marks a significant turnaround from the Q1 net loss of J$96.2 million, validating the underlying health of the business and the one-off nature of prior period adjustments.

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An investment of $420 million is being made by Jamaica’s largest independent power supplier, InterEnergy Group, for the development of the second compressed natural gas (CNG) facility, at the Jamaica Urban Transit Company’s (JUTC’s) Spanish Town depot.

The disclosure was made by Minister of Science, Energy, Telecommunications and Transport (MSETT), Hon. Daryl Vaz, during a press briefing at the Ministry’s offices in Kingston, on Thursday (May 22).

“This facility will be able to fuel 202 CNG buses per day. Added to the [existing facility at the] Spanish Town depot, that is a total of 397 CNG buses per day,” the Minister outlined.

Mr. Vaz pointed out that the JUTC’s CNG fleet currently has 127 buses, while another 100 are set to arrive in the island within weeks.

“When the InterEnergy facility is completed, we will not only have the capacity to fuel the 227 CNG buses in the fleet but we will also have the capacity to fuel 75 per cent above the demand that will exist for the JUTC with the CNG,” the Transport Minister maintained.

He noted that the InterEnergy facility is expected to be completed between August and September of this year.

“The [new CNG] buses will get here by the middle to the end of June. That is down time. School is off, and we will be in a better position to start back-to-school, not only with the buses being fuelled in Portmore but the new facility in Spanish Town,” he outlined.

Meanwhile, the Minister indicated that the Government has received a proposal from Xcelerate Energy, which has indicated that it is prepared to fund and build out Phase 3 of the Portmore CNG fuel plant, taking the facility’s capacity up to 195 buses per day.

The Government’s investment in CNG buses is expected to further improve operational efficiencies at the JUTC, while leading to significant savings.

By: DONIQUE WESTON JIS

Photo: Donique Weston

In a bold step toward shaping a more sustainable and resilient Caribbean energy landscape, the Caribbean Electric Utility Services Corporation (CARILEC) and Green Solutions International SKN Incorporated (GSI) have signed a strategic Memorandum of Understanding (MOU) that will set the stage for a comprehensive programme of training, knowledge exchange, and technical capacity building across the region.

This partnership brings together CARILEC’s powerful network of over 100 members—including electric utilities, independent power producers, regulators, academic institutions, and energy service providers —with GSI’s recognised expertise in renewable energy, grid modernisation, and sustainable transportation. The MOU reflects a shared commitment to fostering a future-ready Caribbean energy workforce equipped to lead the region’s clean energy transformation.

A Collaborative Approach to Advancing Caribbean Energy Skills
Beginning in 2025, CARILEC and GSI will collaborate under the new agreement to deliver high-quality, certified training programmes in key technical areas, including Grid Operational Management, Solar Photovoltaics (PV), and Electric Vehicle (EV) Repair, Maintenance, and Charging Infrastructure. These programmes will be offered in blended formats—virtual and in-person—and tailored to the specific needs of utility professionals, engineers, regulators, and energy entrepreneurs across the region. The training will emphasise real-world application and hands-on learning, combining theoretical modules with practical sessions, webinars, and direct exposure to advanced clean energy tools and technologies.

Beyond technical instruction, the partnership will enable the development of professional certifications and ongoing learning opportunities, helping to raise the overall competency and recognition of regional talent. CARILEC and GSI will also host knowledge-sharing events—including forums, workshops, and industry networking sessions—to foster cross-border collaboration and the continuous exchange of expertise throughout the sector. By integrating global best practices and international standards, the initiative aims to ensure that Caribbean energy stakeholders remain well-positioned within a rapidly evolving global energy landscape.

A Win-Win Partnership: Empowering Energy Professionals Across the Region
“This MOU with GSI speaks to more than just a functional collaboration—it reflects the transformation of CARILEC into an association of electric energy solution providers,” explained Dr. Cletus Bertin, Executive Director of CARILEC. “It supports our strategic goal of broadening representation across the energy sector, including individual practitioners such as solar PV installers, EV technicians, and energy efficiency auditors. GSI is a critical partner in this shift, and we commend them for their innovative and groundbreaking work in capacity building across the region.”

“The most immediate impact for our member utilities will be access to a wider pool of trained and qualified professionals who can support the changing energy service model,” Dr. Bertin added.

“Participants will operate within a collaborative, service-oriented ecosystem, supporting prosumers and households as utilities transform how they deliver energy. This partnership also supports the development of career pathways, job opportunities, and regional networking. And for successful GSI graduates, automatic eligibility for CARILEC’s individual membership offers valuable access to business development through our conferences, publications, and technical forums. It’s a clear win-win for both organisations and the broader Caribbean energy community.”

This MOU responds directly to the calls for enhanced regional cooperation articulated in recent Caribbean Community (CARICOM) energy discussions and climate adaptation strategies. The Caribbean’s vulnerability to climate change, coupled with increasing electricity demand and volatile fossil fuel prices, has made the need for modern, secure, and clean energy infrastructure more urgent than ever. The collaboration also supports CARILEC’s commitment to enhancing the effectiveness of electric utilities and service providers across the region through training and knowledge sharing, ultimately facilitating the development of world-class electric energy services for the people of the Caribbean.

Transforming the Caribbean’s Energy Future through Local Expertise
“This partnership with CARILEC represents more than just technical collaboration—it’s a signal that the Caribbean is serious about its energy future,” said Dr. Wayne Archibald, Executive Director of GSI.

“For too long, our energy landscape has depended on imported expertise. GSI was founded with a mission to reverse that dynamic by investing in local capacity, home-grown knowledge, and scalable innovation. With this MOU, we’re creating a region-wide platform to equip professionals with the tools, certifications, and confidence to lead the clean energy transition from within. We’re not just training people to install solar panels or maintain EVs—we’re preparing them to build and manage the region’s smart, decentralised, and sustainable grid of the future.”

Dr. Archibald added: “As the Caribbean seeks to establish itself as a global model for small-island energy innovation, partnerships like this are laying the groundwork for long-term leadership in sustainable infrastructure. With a growing pool of certified professionals and stronger institutional linkages, the region is positioning itself not only to meet internal demand but also to export talent, ideas, and solutions to other developing economies facing similar energy and climate challenges.”

As both organisations continue to drive regional transformation, the CARILEC-GSI partnership sets a compelling example of how collaboration and innovation can create tangible pathways to energy resilience, economic growth, and environmental stewardship in the Caribbean.

Caption: Participants receiving hands-on training in electric vehicle maintenance and repair during an EV Training Programme facilitated by GSI SKN.

Basseterre, St. Kitts, 7^th April 2025 – CARILEC, the leading association for electric utilities in the Caribbean, has partnered with Green Solutions International SKN Inc (GSI SKN) to deliver a cutting-edge Electric Vehicle (EV) Training Programme in St. Kitts from June 23 to July 4. This comprehensive training aims to equip professionals with the skills needed to work safely and effectively with electric and hybrid vehicles.

GSI SKN, a leading NGO driving clean energy growth and sustainability across the Caribbean, offers EV certifications from the Institute of the Motor Industry (IMI) in the UK and Technischer Überwachungsverein (TÜV) in Germany. The organisation partners with the IRENA SIDS Lighthouses Initiative, holds accreditation with the UNFCCC, and is the exclusive regional partner for the North American Board of Certified Energy Practitioners (NABCEP). With a strong track record in renewable energy and e-mobility, GSI SKN has successfully delivered consulting, training, and certification projects across the Caribbean, including in Guyana, Jamaica, Barbados, Bermuda, and St. Kitts & Nevis.

Dr Wayne Archibald, Executive Director at GSI SKN, will also contribute his expertise as a featured speaker at the upcoming Eastern Caribbean Central Bank (ECCB) 9^th Annual Growth and Resilience Dialogue, taking place from April 10 to 11, 2025. His participation reflects the regional recognition of GSI SKN’s leadership in clean energy and sustainable mobility.

Accelerating the Caribbean’s Shift to Electric Vehicles

The Caribbean region is increasingly adopting electric vehicles (EVs), driven by government incentives, environmental concerns, and economic opportunities. Barbados leads in per capita EV usage in the region, with over 600 EVs on the road and more than 100 charging stations (2023). Jamaica has also made significant strides, setting a goal to have 10% of its transportation powered by EVs by 2030 and introducing electric buses into its public transit system. These efforts align with regional strategies, such as the CARICOM Regional Electric Vehicle Strategy (REVS), which aims to transform transportation systems and promote sustainable mobility across the Caribbean. St. Kitts and Nevis is also advancing electric vehicle (EV) adoption through a government-led initiative focused on EV maintenance training and policies to promote sustainability. The island’s compact size makes EVs an ideal solution for local transportation, with several EV charging stations already installed to support the growing number of electric vehicles on the road.

Preparing the Caribbean for the EV Revolution

This training is a vital step toward ensuring that regional professionals are equipped with the necessary technical and safety skills to handle EV systems. As governments and private sector entities increase their investments in electric vehicle infrastructure, trained specialists will be essential to maintaining and expanding this rapidly growing industry.

Dr Archibald, Executive Director at GSI SKN and a key advocate for green energy and sustainable development in the Caribbean, emphasised the significance of this training: “The adoption of electric vehicle technology is a crucial component of the Caribbean’s transition to a sustainable energy future. By providing professionals with hands-on training and internationally recognised certifications, we are not only advancing technical expertise but also fostering a culture of innovation and resilience in the region.”

World-Class EV Training for the Caribbean

The EV Training Programme is certified by IMI and TÜV, ensuring world-class accreditation and technical proficiency. Participants will gain hands-on expertise in EV maintenance, repair, and diagnostics, with courses designed to cater to a broad spectrum of professionals, including auto technicians, fleet operators, engineers, compliance officers, and safety professionals. Participants will benefit from the IMI certification, which ensures that auto professionals receive industry-standard training, and the TÜV certification, recognised globally for safety and compliance in engineering.

Participant Testimonials

Past participants have found the training to be highly relevant and beneficial. Devlin Connor, Vehicle Superintendent with the Government of Anguilla’s Vehicles Department, shared his experience:

“This training course was incredibly valuable and came at a critical time, as electric vehicles represent the future of transportation. It was essential for us to have the opportunity to attend, gain insights, and receive hands-on training in EV operation and safety practices. This knowledge will enable us to be better prepared to manage the challenges and opportunities that arise from the adoption of EVs.”

Vince Archibald, Technician, Automotive Division, Clarence Fiztroy Bryant College, reflected on the significance of the training: “This training was an eye-opening experience, providing hands-on expertise and a deeper understanding of EV technology. The programme was not only highly beneficial but also innovative, equipping us with the latest industry knowledge and best practices. As the automotive industry transitions to greener technologies, this kind of specialised training is essential for keeping professionals ahead of the curve.”

Expert-Led Training

The training will be facilitated by Andy Latham, a globally recognised expert in electric and hybrid vehicle technology, with an extensive career spanning senior management roles in the automotive sector. As a Fellow of the Institute of the Motor Industry (FIMI) and an Incorporated Engineer with the Engineering Council UK, Latham will provide participants with a world-class learning experience.

How to Register

Contact training@carilec.org or slprimus@carilec.org, provide your organisation’s name, the number of participants and contact details. For further inquiries, call +1 (758) 717 9577.