Solar Integrated Roofing Corp. (OTC PINK: SIRC) Signs LOI To Acquire Three Complementary LA-Based EV Charging Installers With $100+ Million Of Contracts In The Sales Pipeline; SIRC Sees Run Rate Exceeding $400 Million Annually, Plans Name Change To SolarEV

Posted March 1, 2022

In NASDAQ: BLNK, NASDAQ: CSIQ, NASDAQ: EVGO, NASDAQ: FSLR, NASDAQ: ROCK, NASDAQ: RUN, NASDAQ: SEDG, NASDAQ: SPWR, NASDAQ: TSLA, NYSE: CHPT, NYSE: GM, NYSE: SPRQ, OTC PINK: SIRC

Seeking to become the dominant player in the projected $28.4 billion by 2028 EV Charging Station industry, Solar Integrated Roofing Corp. (OTC PINK: SIRC) to-day (Tuesday, March 1, 2022) announces it has signed a 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. It also means the company will refocus its efforts to the EV Charging opportunity and better align with its planned corporate name change to SolarEV.

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).

Solar Integrated Roofing Corp. (OTC PINK: SIRC) Signs LOI To Acquire Three Complementary LA-Based EV Charging Installers With $100+ Million Of Contracts In The Sales Pipeline; SIRC Sees Run Rate Exceeding $400 Million Annually, Plans Name Change To SolarEV

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.”

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.

Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.

Source: Stock Market Press

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Bina Murarka

Bina Murarka is a India-based technology reporter for Stock Market Press. A freelance writer who covered tech for various mainstream and financial websites, she writes about everything from small-cap telecommunications companies to the digital economy's impact on financial markets. She graduated from Calcutta University.