Welcome to the first quarter newsletter from NEXT Energy Technology. Our goal is to keep you updated on the latest developments in our mission to reduce carbon emissions through innovative technology. Looking back on Q1, we are delighted with the attention and acclaim we have garnered thanks to our installation project at the Patagonia headquarters.
The Patagonia headquarters project marked a significant milestone for NEXT Energy. This proof-of-concept brought to life our decade-long engineering propositions, and we are excited to scale up this product and bring it to the market on a larger scale.
The current landscape of solar shows increasing demand. With the aid of government incentives and the continuous expansion of state policies, we anticipate a surge in solar installations that will not only be extensive but also encompass a wider range of products. According to the International Energy Agency (IEA), solar energy is currently the world's fastest-growing source of electricity, with its installed capacity increasing by an average of 22% annually over the last decade.
As we eagerly anticipate future accomplishments in the market, we are thrilled to share with you some of the highlights and announcements that have led to our success in Q1. We are grateful for your continued support as we strive to enhance our transparent photovoltaic window technology and make a positive impact on the built environment.