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Innovative Energy Group (IEG) plans to assemble electric golf carts in Jamaica, betting the venture will open doors for its core solar panel business across Caribbean resorts and golf clubs.
The renewable-energy company plans to hire some 20 workers for initial assembly operations in a special economic zone warehouse, where duty exemptions will lower costs. CEO Conrad Miller said the first shipment of carts is en route from China, with full assembly operations starting later this year.
“We have golf carts on the way now,” Miller said, adding that he expects arrival by early February. “But the full assembly is going to be later this year.”
IEG held their annual general meeting on Wednesday. The company chose Caymanas Golf Club in St Catherine as the venue for its annual general meeting to showcase the cart opportunity to shareholders.
The strategy ties carts to solar recharging infrastructure. Each cart sale creates demand for solar-powered charging stations, bundling photovoltaic panels and battery storage into the package. Miller declined to disclose investment figures or revenue projections. IEG signed an exclusive dealership agreement with Tara Golf Carts of Xiamen, China, last February to market electric carts across Jamaica and the Caribbean. The deal, disclosed in April, represents a revenue diversifier that underwrites deployment of solar charging systems.
The addressable market spans roughly 118 golf clubs across the Caribbean, with Jamaica accounting for about 10 courses. Each typically operates fleets of 50 to 100 carts, pointing to recurring replacement demand and service revenue opportunities.
Hotels represent the largest prospective buyer segment for utility carts used around resort properties. Jamaica is forecasting more than 4.5 million visitors through 2026 with a robust pipeline of new rooms, even as the sector recovers from Hurricane Melissa. Industry data firm STR counted 2,140 hotel properties with 286,000 rooms across the Caribbean in 2024.
Executive Chairman Nigel Davy called the golf cart push a “measured” step into electric mobility, with near-term focus on assembly in Jamaica for distribution to the Caribbean, Latin America and North America. “We continue to scale cautiously as market demand and economics justify,” he told shareholders.
To fund expansion, IEG is preparing an additional public offering of roughly US$5 million, timing it to market liquidity on the Jamaica Stock Exchange. The company has reduced its ownership below 80 per cent to meet free-float requirements, with elevated trading volumes over the past 60 days signalling investor interest. In the interim, projects are being financed with bank debt from First Global Bank.
Unaudited second-quarter results for the period ended November 2025 showed shareholders’ equity swung to $1.04 billion from negative $7.88 million a year earlier. Quarterly net profit was $13.46 million, down slightly from $13.89 million a year earlier.
Management cited insurance costs and pricing pressure on solar inventory, though revenue rose on hurricane-related work and resumed projects. Intangible assets stood at $2.6 billion from its transaction to merge the operational company IECL into the group. IEG was formerly listed as Ciboney Group on the Jamaica Stock Exchange. The group acquired control of the largely dormant company and subsequently renamed the listed stock.
Davy outlined a dual-growth strategy: monetise a US$20-million pipeline of solar project opportunities, while building a mobility business that complements renewable operations.
For hotels managing sprawling properties and golf clubs facing rising energy costs, the combined cart-and-charging package promises lower operating expenses and carbon reductions.
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