In An Effort To Align Their Marketing, Sales And Operations, Solar Integrated Roofing Corp. (OTC PINK: SIRC) And Enerev, LLC Announce 30-Day Joint Ven-ture Agreement; In September 2020 SIRC signed LOI To Acquire Planned Ac-quisition Target Enerev
Solar companies Solar Integrated Roofing Corp. (OTC PINK: SIRC) and Enerev, LLC, today (November 12, 2020) announced they have signed a 30-day joint venture agreement to ensure a correct fit and successful combination if SIRC acquires Enerev in the future. In September, Solar Integrated Roofing Corp. (OTC PINK: SIRC) had signed a Letter of Intent (LOI) to acquire Enerev. The joint venture agreement is designed to ensure both companies will strategically align marketing, sales, operations of a combined business. SIRC projects that its volume will exceed $40 million in fiscal 2022 revenues, ending February 28, 2022. Learn more about both companies at Solar Integrated Roofing Corp. (OTC PINK: SIRC) and Enerev LLC.
stockmarketpress.com features specialized coverage of related stocks in the solar industry such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), SolarEdge Technologies, Inc. (NASDAQ: SEDG), First Solar, Inc. (NASDAQ: FSLR), Tesla, Inc. (NASDAQ: TSLA), SunPowerCorp. (NASDAQ: SPWR), Canadian Solar Inc. (NASDAQ: CSIQ) and Vivint Solar Inc. (NYSE: VSLR).
Both Solar Integrated Roofing Corp. (OTC PINK: SIRC) and Enerev, LLC are in the soaring solar business. SIRC, an integrated single source roofing systems installation company, has grown quickly with organic growth and expansion by acquisition. Enerev has completed more than 9,000 solar energy system installations in residential and commercial properties in California and is now looking at opportunities in the Phoenix, Arizona metropolitan area. In An Effort To Align Their Marketing, Sales And Operations, Solar Integrated Roofing Corp. (OTC PINK: SIRC) And Enerev, LLC Announce 30-Day Joint Venture Agreement; In September 2020 SIRC signed LOI To Acquire Planned Acquisition Target Enerev.
$40+ Million Volume Forecast By Solar Integrated Roofing Corp. (OTC PINK: SIRC) For Fiscal 2022
The one month joint venture partnership can be seen as an agreement initiated prior to an acquisition of Enerev LLC. In September, Solar Integrated Roofing Corp. (OTC PINK: SIRC) signed an LOI to acquire Enerev LLC. SIRC projects that its fast-track growth in the California residential market anticipates generating greater than $40 million in fiscal 2022 revenues. In the current 2021 fiscal year, SIRC forecast it would report $20 million in volume for the year ended February 28, 2021. Closing of any potential acquisition is subject to final due diligence, negotiation and execution of a definite purchase agreement and all necessary approvals.
Enerev LLC Expected To Generate More Than $2 Million In Revenues Each Month Over The Next 12 Months
David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation, said, “Enerev is a market leader with best-in-class business development and solar energy systems installers with over 30 years of combined experience in the solar industry and a wide residential and commercial customer base. The company is expected to generate revenues of more than $2 million per month over the next 12 months. This initial joint venture is an excellent opportunity for both teams to work together as we pursue the intended acquisition.”
Massey added, “We believe acquiring Enerev can significantly expand our customer base and improve labor efficiencies company-wide. With offices in Chula Vista, a short drive to the greater San Diego area, as well as a growing presence in the Phoenix, Arizona market, Enerev will open exciting new growth opportunities for our team. With our full complement of products and services, we can offer Enerev’s customers opportunities across solar, battery backup installation, roofing and related HVAC/electrical contracting work.” In An Effort To Align Their Marketing, Sales And Operations, Solar Integrated Roofing Corp. (OTC PINK: SIRC) And Enerev, LLC Announce 30-Day Joint Venture Agreement; In September 2020 SIRC signed LOI To Acquire Planned Acquisition Target Enerev.
A ‘Robust’ Acquisition Strategy
Massey said that Solar Integrated Roofing Corp. (OTC PINK: SIRC) is executing on its robust acquisition strategy. “I look forward to further augmenting our growth initiatives by adding Enerev’s customers and highly skilled team to our fast growing company after the initial joint venture is successfully concluded,” he said. In An Effort To Align Their Marketing, Sales And Operations, Solar Integrated Roofing Corp. (OTC PINK: SIRC) And Enerev, LLC Announce 30-Day Joint Venture Agreement; In September 2020 SIRC signed LOI To Acquire Planned Acquisition Target Enerev.
Multiple Expansion Opportunities For Solar Integrated Roofing Corp. In Hot Solar Market In Southern California, Adjacent States
Within the fast-growing marketplace in Southern California and adjacent states, solar powerhouse Solar Integrated Roofing Corp. (OTC PINK: SIRC) sees multiple expansion opportunities. The election of Joe Biden’s as President-elect means a powerful pro-reusable energy policy. California’s 2020 laws requiring solar energy in newly-built residences and a national preference for cleaner, efficient homes is setting a solar ecosystem for growth. Another factor is Elon Musk’s, CEO and founder of Tesla (NASDAQ: TSLA), optimism about the future of solar energy, electric cars and a possible move — he teased on Twitter — regarding the company’s development of an efficient home with energy by solar. It would have a new HVAC system and HEPA hospital-quality air filtration. That reusable energy business model sparked renewed investor interest in solar and HVAC.
California’s Pro-Solar Legislation Mandating Solar Energy In New Homes Constructed In 2020
The residential solar industry has been stimulated by legislation this year requiring that all new residences in California must receive energy by solar. The California solar legislation makes it the first state in the nation to mandate solar usage to drive electricity in residential buildings three stories or lower, but the trend to require solar in all new homes in California is being watched very carefully by other states. Massachusetts, for example, is looking at adopting similar legislation.
Solar Integrated Roofing Corp. (OTC PINK: SIRC) is also growing from its base in Southern California. The company is now expanding into the Albuquerque/Santa Fe metropolitan market in New Mexico with its recent partnership with SunPower Corporation as a premier dealer in the New Mexico market. For SIRC, this expansion is low cost because SIRC will utilize the company’s online infrastructure and virtual sales office. With a market of 1.1 million new customers and only a 5% penetration rate of solar energy from residential and commercial markets, this is an area ripe with opportunity.
Solar Integrated Roofing Corp (OTC PINK: SIRC) Exploring Expansion Into Five Additional Metropolitan Areas
Dave Massey, CEO of Solar Integrated Roofing Corp (OTC PINK: SIRC), said, “Our business strategy has always been to expand beyond Southern California and become an industry leader at the national level.” He said that his Company is currently exploring five additional metropolitan areas for future expansion locations.
Research: ’Demand For Solar Cells Has Gained Major Traction’
Research studies find that global solar is growing fast. Allied Market Research projects that worldwide global solar market is growing at a 20.5% CAGR to USD $223.3 Billion By 2026. The report states, “The demand for solar cells has gained major traction in owing to surge in rooftop installations, followed by increase in applications in the architectural sector.” According to a new (November 2020) study by Fortune Business Insights, the global solar market the global solar market size is projected to be USD $194.75 Billion by 2027, growing at a CAGR of 5.9% during the forecast period from 2020-2027.
Wall Street analysts Have Noticed Aggressive Expansion Goals Of Solar Integrated Roofing Corp.
This market is growing fast and Solar Integrated Roofing Corp. (OTC PINK: SIRC), headquartered in Southern California, is now expanding into more states as it eyes national growth, a market up listing and a national footprint. Even Wall Street observers have spotted this pure play Solar Integrated Roofing Corp. as a company to watch in the solar/renewable energy sector. One analyst termed the company a ‘niche leader’ in the sector and called it ‘energy savvy.’
Solar Integrated Roofing Corp. (OTC PINK: SIRC) Growing In Anticipated Solar Boom Industry
Solar Integrated Roofing Corp. (OTC PINK: SIRC) is moving quickly to grow in the solar installer marketplace. SIRC recently acquired solar installers McKay Roofing and Milholland Solar and Electric Roofing.
Source: Stock Market Press
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