Solar Integrated Roofing Corp. (OTC: SIRC) Doubles Down On EV Charging Station Business With Planned Buyout Of PlemCo. Subsidiary For $500,000, But New Wrinkle In EV Charging Industry Is That Off-Grid Technology Is Taking The Lead As Electrical Grid Connections Take Too Long To Close
As Solar Integrated Roofing Corp. (OTC: SIRC) intensifies its push into the EV Charging industry by doubling down with a planned buyout of its PlemCo. subsidiary for $500,000 cash, the EV Charging Station industry now has a new wrinkle: the need for off-grid connections in key markets. Utility companies operating central electrical grids find themselves overwhelmed by solar and electrical charging station applications for interconnections. So off-the-grid technology is currently winning the day, Solar Power World says. The shortage is especially true in California, where it is acerbated by the popularity of EV vehicles and localized forest fires that pressure grid use to shut down for protection reasons.
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.’s (OTC: SIRC) David Massey, CEO, told shareholders and financial investors in a recent webcast stock update that SIRC plans to buy the remaining 40% of EV Charging Station subsidiary PlemCo. it does not currently own for $500,000 cash and no stock. See the entire SIRC Webcast On Yahoo at https://www.youtube.com/watch?v=Aa4zOVhscQE.
SIRC’s outright purchase of its EV Charging Station subsidiary PlemCo. intensifies its entry into the EV Charging Station business at a time when utilities cannot handle the influx of interconnection requests — from both solar customers and EV Charging Station developers. PlemCo. specializes in EV Charging Station installations, particularly commercial projects.
The New York Times says that there are some 8,100 energy projects on hold to interconnect with central electrical grids. Utilities find themselves jammed with many permit requests for solar, wind, and battery interconnections. Some larger utilities overseeing these grids have stopped taking any more permit requests — the NYT says as a result some projects will never happen and developers are walking away from a multiple-year wait, as a result.
The one bright spot in all this for SIRC is that 80% of all EV vehicle charging is done in the already-connected home. But for development of commercial charging stations on public highways or parking lots this is seen as a significant issue. Federal government financial incentives to build a nationwide network of EV Charging Stations may attract more developers to this sector, but a ‘freeze’ on new electrical grid interconnections — particularly in California— may also be a deterrent. So, off-grid may be a solution to this issue in the future to sidestep long waits for permit approval.
Tom McCalmont, CEO of Paired Powered, says, “The grid’s just not big enough. It’s a difficult process, especially in California. Companies that want to put in 10 or 20 chargers in California, that typically requires a new service drop to the utility because your capacity on your existing service drop is not going to be big enough. And that’s a two year wait.”
Source: Stock Market Press
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