Growth In Electric Cars Puts Lithium Center Stage As USA EV Companies Such As Tesla (NASDAQ: TSLA) Seek Domestic Sources; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Is Bullish On Future Of EV Charging Stations, A Sector In Which It Competes
Electric cars grew to 3% of all new car sales the past two months from 2% prior, but now the search is on for new — and domestic — supplies of key ingredient lithium (used in lithium-ion batteries) to keep electric car sales growing. Some 101 of worldwide136 lithium plants are located in China, a country which controls some 80% of finished lithium. But guess which country has infinite supplies of raw lithium: Afghanistan, according to online site The Diplomat. EV electric cars are important to companies such as Solar Integrated Roofing Corp. (OTC PINK: SIRC) because they are active in the EV Charging Station sector, through its ownership of PLEMco., and want the electric car population to keep growing.
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), 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).
Growth In Electric Cars Puts Lithium Center Stage As USA EV Companies Such As Tesla (NASDAQ: TSLA) Seek Domestic Sources; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Is Bullish On Future Of EV Charging Stations, A Sector In Which It Competes
So while China, Afghanistan and Australia are leaders in raw or finished lithium, a key ingredient for lithium-ion batteries in electric cars — and, as a result, a key component driving the creation of the expanding EV Charging Stations network — the search for domestic sources of lithium has a higher profile.
A September 2021 report by Fortune Business Insights projects the global electric vehicle EV Charging Station market — post COVID-19 — will reach $111.90 billion by 2028. This includes a $13.64 billion market in North America by 2028, growing at a CAGR of 24.61%. The Report asserts that rapid growth will rebound in 2021 as vaccines become more prevalent. Growth In Electric Cars Puts Lithium Center Stage As USA EV Companies Such As Tesla (NASDAQ: TSLA) Seek Domestic Sources; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Is Bullish On Future Of EV Charging Stations, A Sector In Which It Competes.
But everything depends on lithium resources: its availability and at a reasonable cost. Domestic supplies of mined lithium would be key to Tesla (NASDAQ: TSLA) and other EV OEM suppliers. They will need continuity of supply to keep EV vehicles becoming a larger part of the EV vehicle population. In turn, this will mean a larger network of EV Charging Stations supporting electric vehicles in future years. As General Motors (NYSE: GM), Ford (NYSE: F), Rivian and other OEM electric car companies grow in the sector, the competition for domestic lithium will be fierce. So for Tesla (NASDAQ: TSLA) and others, the search for US-sourced lithium goes on.
David Massey, chairman and CEO of SIRC, said on a recent live Q&A call via Discord that the company is optimistic about its some $100 million in grants it is currently applying for to build more EV Charging Stations. SIRC also said that PLEMco — SIRC’s acquired EV Charging Station company — has a pipeline of so many state and federal projects that it is overwhelmed. “PLEMco is very active,” the company said.
Massey explained to shareholders and the financial community in the live Q&A call that he talked with the company’s contact person who handles the grant process and learned that the outlook for SIRC being approved is good, but not confirmed yet. Growth In Electric Cars Puts Lithium Center Stage As USA EV Companies Such As Tesla (NASDAQ: TSLA) Seek Domestic Sources; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Is Bullish On Future Of EV Charging Stations, A Sector In Which It Competes.
One trend highlighted by the Fortune Business Insights study is the growth of residential EV charging. Other studies have shown 80% of all charging is done at home. However, with the tailwind of government subsidies, that will mean more charging stations located in commercial and public areas in the future, it said. Some governments are spending upwards of 80% of the costs to build public charging stations. They are collaborating with oil and gas companies in planning these, are structuring deals along federally-built highways and even within national and state parks. Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) is an applicant for some $100 million in government grants to build more EV Charging Stations in the future.
Fortune Report Says Fast Chargers, Residential Installations And Post-COVID-19 Projections Show An Emerging Global Market Of $111.90 Billion For EV Charging Stations By 2028, Including $13.64 Billion For North America, Growing At CAGR Of 24.61%; Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) SIRC Applies For $100 Million In Government Charging Station Grants.
SIRC added that the pending infrastructure deal is touching SIRC and its customers on multiple levels. He explained that its impact affects everything, from an extension on tax credits for solar installations, to the benefits for EV Charging Stations. Growth In Electric Cars Puts Lithium Center Stage As USA EV Companies Such As Tesla (NASDAQ: TSLA) Seek Domestic Sources; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Is Bullish On Future Of EV Charging Stations, A Sector In Which It Competes.
In its most recent financial filing, SIRC reported more record growth — this time some $25 million in its Q2, the three months ended August 31, 2021. That number, the company said, is unaudited and preliminary. But it also fails to include a full quarter at scale of two major SIRC acquisitions — Future Home Power (FHP) and USA Solar Network. This is because their acquisitions were completed after Q2 already started, the company said.
Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.
Source: Stock Market Press
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