Brent Crude Oil Settles At $123 Per Barrel Last Evening Propelling Brighter Out-look For Electric Cars As Gas Prices Top $7 In Some Markets; The Move Solidi-fies Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) Bet On The Growth Of EV Charging Stations
Global oil pricing is out of control. Brent Crude oil hit $123 per barrel last evening — and threatens to reach $150 barrel if the West stops importing Russian oil. In some US markets (California), gas per gallon is topping $7. So, here come electric cars even faster than thought possible. Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) bet on the EV Charging business appears to be the right move. SIRC has subsidiary PLEMCo., already in the business and has recently signed an LOI to acquire three more LA-based complementary firms in the business.
stockmarketpress.com features specialized coverage of related stocks in the solar, roofing, EV charging stations and battery charging energy industry such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), Sunrun, Inc. (NASDAQ: RUN), Blink Charging Co. (NASDAQ: BLNK), Tesla, Inc. (NASDAQ: TSLA), GM (NYSE: GM), ChargePoint (NYSE: CHPT), EVgo (NASDAQ: EVGO), SolarEdge Technologies, Inc. (NASDAQ: SEDG), First Solar, Inc. (NASDAQ: FSLR), SunPower (NASDAQ: SPWR), Gibraltar Industries, Inc. (NASDAQ: ROCK), Spartan Acquisition Corp. II (NYSE: SPRQ). and Canadian Solar Inc. (NASDAQ: CSIQ).
Brent Crude Oil Settles At $123 Per Barrel Last Evening Propelling Brighter Outlook For Electric Cars As Gas Prices Top $7 In Some Markets; The Move Solidifies Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) Bet On The Growth Of EV Charging Stations
Analysts say the Russian invasion of Ukraine could trigger $150 per gallon oil prices near term if the West shuns Russian energy. That, in turn, would spark a rush to buy non-oil electric vehicles. A EV Charging Station nationwide network would then be most urgent. Enter SIRC and its refocus on the charging industry.
As the U.S. seeks to buy more oil from Saudi Arabia, Iran, Venezuela and other actors, it ignores the energy it has at home. If that is the case, SIRC would be properly re-focused on installing EV Charging Stations in the US.
SIRC sees the opportunity in EV Charging Stations for several reasons.
- Oil is already $123 per barrel. It is seen by experts to climb still higher — maybe to $150 per barrel.
- OEM car brands in electric vehicles continue to multiply. They range from lower end to luxury brands — going all electric in just a few years. Drivers have had it with prices at the gas pump fluctuating wildly and now spiking into $123 + per gallon as Russia’s invasion of Ukraine continues.
- We may be talking about $10 gas in the near future. Anything is possible.
- Federal tailwinds include tax rebates, grants and funding of electric cars and EV Charging Station initiatives of some $5 billion.
As a part of its own transition, SIRC announced recently it signed an LOI to acquire three complementary LA-based EV Charging Installers with $100 million annually in the sales pipeline. David Massey, founder and CEO of SIRC, says it means an annualized sales run rate of $400+ million. SIRC is refocusing ts efforts wisely to capitalize on the EV Charging opportunity.
SIRC seeks to become the dominant player in the projected $28.4 billion by 2028 EV Charging Station industry.
David Massey, founder and CEO of SIRC, says, “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 this space. The expanding EV charging market is being driven by the rapid 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.”
Massey adds, “To meet this expected surge in demand, just last week the Biden administration announced a plan to allocate $5 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.”
In addition, Massey says, “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.”
Closing of any potential acquisition is subject to final due diligence, negotiation and execution of a definitive purchase agreement and all necessary approvals.
Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.
Source: Stock Market Press
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