Outlook For Electric Cars Spikes Globally As Oil Prices Settle At $116.8 Per Barrel Last Evening And Drives Demand For Non-Gasoline Powered Vehicles; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Resets Focus To EV Charging Sta-tions, Signs LOI To Acquire Three Complementary LA-Based EV Charging In-stallers With $100+ Million Of Contracts In Sales Pipeline
Brent Crude settled last evening at $116.8 per barrel last evening, according to
OilPrice.com. Drivers in the market for new OEM cars have had it with wild global price spikes and want the stability of electric cars. They are driving demand for the cars and accompanying EV Charging Stations faster than they had been predicted. Solar Integrated Roofing Corp. (OTC PINK: SIRC) sees the trendiness and is refocusing its business on EV Charging Stations as it foresees spiraling growth of electric vehicles faster than expected. Federal grants, OEM fuding and federal tax credits are tailwinds for the industry.
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).
Outlook For Electric Cars Spikes Globally As Oil Prices Settle At $116.8 Per Barrel Last Evening And Drives Demand For Non-Gasoline Powered Vehicles; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Resets Focus To EV Charging Sta-tions, Signs LOI To Acquire Three Complementary LA-Based EV Charging In-stallers With $100+ Million Of Contracts In Sales Pipeline
SIRC sees the opportunity in EV Charging Stations for the increasing number of OEM car brands — 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 $100+ per gallon as Russia’s invasion of Ukraine continues.The Brent Crude settle price last night was unprecedented and high.
Oil is predicted by analysts to reach $125 and higher by next summer — and that may prove conservative.
As a part of its own transition, SIRC announced earlier this week 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 its efforts 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. Outlook For Electric Cars Spikes Globally As Oil Prices Settle At $116.8 Per Barrel Last Evening And Drives Demand For Non-Gasoline Powered Vehicles; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Resets Focus To EV Charging Stations, Signs LOI To Acquire Three Comple-mentary LA-Based EV Charging Installers With $100+ Million Of Contracts In Sales Pipeline
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 na-tionwide. Grand View Research reports that the U.S. electric vehicle charging in-frastructure 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 na-tionwide 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.”
Outlook For Electric Cars Spikes Globally As Oil Prices Settle At $116.8 Per Barrel Last Evening And Drives Demand For Non-Gasoline Powered Vehicles; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Resets Focus To EV Charging Sta-tions, Signs LOI To Acquire Three Complementary LA-Based EV Charging In-stallers With $100+ Million Of Contracts In Sales Pipeline
Massey concluded, “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.”
Closing of any potential acquisition is subject to final due diligence, negotiation and execution of a definitive purchase agreement and all necessary approvals.
Outlook For Electric Cars Spikes Globally As Oil Prices Settle At $116.8 Per Barrel Last Evening And Drives Demand For Non-Gasoline Powered Vehicles; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Resets Focus To EV Charging Sta-tions, Signs LOI To Acquire Three Complementary LA-Based EV Charging In-stallers With $100+ Million Of Contracts In Sales Pipeline
Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.
Source: Stock Market Press
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