Solar Integrated Roofing Corp. (OTC: SIRC) A Company In Transition To Al-ternative Energy Hits ‘Sweet Spots’ Of Solar Projects And EV Charging; Tesla (NASDAQ: TSLA) Owners React As Company Considers Opening Part Of Its Nationwide Network Of EV Superchargers To Other Electric Vehicle Brands
Solar Integrated Roofing Corp. (OTC: SIRC) is a Company in transition to alternative energy, hitting ‘sweet spots’ of Solar Projects and EV Charging. Pressure is on now to build/create more EV Charging Stations nationally. Tesla (NASDAQ: TSLA) owners react as company considers opening some 3,500 of its Tesla-only EV Fast Superchargers to other Electric Vehicle Brands. The move underscores the need to build more fast EV chargers — but Tesla owners, already hampered in key markets by busy and overused Tesla-only EV Chargers — say the move could backfire. They indicate they will buy other electric vehicle brands in the future and still use Tesla-branded chargers. To SIRC, all this demonstrates a need for more EV fast chargers in the near future — reinforcing its business strategy.
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).
President Biden has allocated some $7.5 billion to create a network of some 500,000 electric chargers across the country. Tesla (NASDAQ: TSLA) wants a piece of that pie.
However, by allocating some 3,500 of its now dedicated Tesla-only Superchargers to get it, Tesla (NASDAQ: TSLA) has to realize that its current car owners will be understandably upset about their loss of exclusivity and may buy other and less expensive brands of electric vehicles in the future. They can then use the same Chargers with other electric car brands. Tesla is considering making some 3,500 of its fast Superchargers available to all brands from its current exclusive network in the U.S. of its 17,700 fast chargers built at more than 1,650 locations.
To Tesla (NASDAQ: TSLA) this is a cash-in plan now — but the Company could pay a price in electric vehicle brand loyalty tomorrow. Tesla’s newest Supercharger move is perceived as a means for the Company to cash in on a share of the $7.5 billion of federal dollar subsidy money designed to build a nationwide network of 500,000 electric vehicle chargers.
The Wall Street Journal quotes one Tesla Model ‘Y’ owner as saying that if this move happens, she will consider buying a less expensive KIA electric car in the future — and continue to charge at the same Tesla stations on future road trips.
Elon Musk, CEO of Tesla (NASDAQ: TSLA), explained that the decision could generate hundreds of millions of dollars for Tesla and that, “We knew it was coming and it’s been really fun to have full access to a service that’s not completely utilized.” Another Tesla executive said, “You can’t sustain this sort of accessibility and make it economically feasible.”
To SIRC, all this underscores the need for more EV vehicle Supercharger stations now — subsidized by the U.S. government. As one of its primary business priority models, the building of EV charging stations, it pairs with SIRC’s strategy to grow both its commercial and residential solar project businesses. Both are seen as ‘hot’ environmentally-friendly energy initiatives.
SIRC is transitioning to an alternative energy company, according to CEO David Massey. He reasserted that priority in a recent financial update Live telecast to shareholders and the financial community. Armed with new fiscal funding in the form of a $25 million new drawdown term note and $10 million in a new revolving credit facility, SIRC recently signed a binding LOI to acquire AVCO Roofing, a roofing and solar solutions provider. It is the first in the list of ‘strategically important’ LOIs SIRC has announced since the Company received the recent new fiscal funding
“The AVCO LOI represents the first in the list of strategically important LOI’s that SIRC has announced following our recent funding which will enable our next phase of growth,” Massey said.
SIRC said that AVCO has generated some $140 million in revenue since owner Heath Hicks purchased the company in 2016. AVCO currently has 150 team members located in three locations. It currently operates in North and East Texas, Oklahoma and Louisiana. It specializes in roof and solar repair and replacement services for residential and commercial buildings.
David Massey, CEO and Chairman of SIRC, said AVCO generated some $21 million in FY 2022 and SIRC anticipates the acquisition will be immediately accretive.
Closing of any potential acquisition is subject to final due diligence, negotiation and execution of a definitive purchase agreement and all necessary approvals.
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