#Cleantech News: Solar Integrated
Roofing (OTC: $SIRC) to Address Significant #EV Charging Opportunity with
Acquisitions; Sales Run Rate Expected to Exceed $400 Million Annually After
Closing Announced Acquisitions; @SIRCStock
Las Vegas, NV /
March 2, 2022 /
Solar/EV stock news from Investorideas.com Newswire and RenewableEnergyStocks.com - Solar Integrated
Roofing Corp. (OTC: SIRC), an integrated, single-source solar power,
roofing systems installation and EV charging company, today announced a
strategic shift towards prioritizing its over $30 million electric vehicle (EV)
charging project pipeline and $20.2 million EV charging project backlog given
the immense near-term revenue opportunity, better aligning with the Company’s
planned corporate name change to ‘SolarEV’.
Read this news,
featuring SIRC in full at https://www.investorideas.com/news/2022/renewable-energy/03021SIRC-EV-Charging.asp
In conjunction with the strategy shift and to
bolster its national EV charging business line, Solar Integrated Roofing has
signed an LOI for an acquisition of three complementary Los Angeles-based EV
charging installers with over $100 million of contracts in their sales
pipeline.
“Electric vehicle charging is the next massive
opportunity in our market, and this calculated alignment of our near-term focus
will help to position SIRC as a clear national player in the space,” said David
Massey, Chief Executive Officer of Solar Integrated Roofing. “The expanding EV
charging market is being driven by the rapid the adoption of electric vehicles
nationwide – for example, the U.S. Energy Information Administration predicts
there will be 7.5 million EVs on American roads by 2025.
“To meet this expected surge in demand, just
last week the Biden administration announced a plan to allocate $5.0 billion to
states to fund electric vehicle chargers over five years as part of the
bipartisan infrastructure package. This creates an absolutely immense
opportunity for our family of companies nationwide. Grand View Research reports
that the U.S electric vehicle charging infrastructure market size will increase
from $2.1 billion in 2020 to $28.4 billion in 2028, a compound annual growth
rate of 38.9%. With our proven success in solar, the EV charging market is
opening the door for our company to capture dual-industry, synergistic avenues
of growth.
“We are currently leveraging our vast network
of nationwide installers to ramp sales efforts and capitalize on the
exponential increase in demand. As of today, we have over $20.2 million in EV
charging projects in our backlog with a further $30 million in the pipeline. I
expect to further grow this through a recent LOI to acquire three complementary
Los Angeles-based EV charging installers with over $100 million of contracts in
their sales pipeline and the potential for significant additional growth in the
quarters to come. After we close our announced acquisitions, I believe our sales
run rate is likely to exceed $400 million annually.
“These strategic shifts, paired with our
planned rebranding to ‘SolarEV’, better reflects our increased emphasis on
solar and EV charging, with a tempered focus on roofing. We expect this
corporate name change to take effect upon FINRA approval, for which we have
already applied. I look forward to sharing our accomplishments in these
exciting new markets in the months to come, as we continue to strive to create
sustainable value for our shareholders and their communities,” concluded
Massey.
Closing of any potential acquisition is
subject to final due diligence, negotiation and execution of a definitive
purchase agreement and all necessary approvals.
About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corp. (OTC:SIRC), is
an integrated, single-source solar power, roofing systems installation and EV
charging company specializing in commercial and residential properties
throughout the United States. The Company serves communities by delivering the best
experience through constant innovation & legacy-focused leadership. The
Company's broad array of solutions include sales and installation of solar
energy systems, battery backup and electric vehicle (EV) charging stations to
roofing, HVAC and related electrical contracting work. For more information,
please visit the Company's website at www.solarintegratedroofing.com.
Forward-Looking Statements
Any statements made in this press release
which are not historical facts contain certain forward-looking statements; as
such term is defined in the Private Security Litigation Reform Act of 1995,
concerning potential developments affecting the business, prospects, financial
condition and other aspects of the company to which this release pertains. The
actual results of the specific items described in this release, and the
company's operations generally, may differ materially from what is projected in
such forward-looking statements. Although such statements are based upon the
best judgments of management of the company as of the date of this release,
significant deviations in magnitude, timing and other factors may result from
business risks and uncertainties including, without limitation, the company's
dependence on third parties, general market and economic conditions, technical
factors, the availability of outside capital, receipt of revenues and other
factors, many of which are beyond the control of the company. The company
disclaims any obligation to update the information contained in any
forward-looking statement. This press release shall not be deemed a general
solicitation.
Investor Relations Contact:
Lucas A. Zimmerman
Director
MZ North America
Main: 949-259-4987
SIRC@mzgroup.us
www.mzgroup.us
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