Solar Integrated Roofing Corp. (OTC: SIRC) Expands Finance Division To Service All Alternative Energy Contractors; SIRC Anticipates Move Will Generate $2+ Million In Profits Over Next 12-14 Months, ‘Scale Exponentially’ In The Future And Lead To Millions More In Additional Project Originations


Solar Integrated Roofing Corp. (OTC: SIRC) today announced it is expanding its Finance Division to service all Alternative Energy Contractors. It believes the move will generate $2+ million in additional profits over the next 12-14 months, lead to millions more in additional project originations and ‘scale exponentially’ beyond the first year of the new program. David Massey, SIRC CEO, said the decision, “Should bring us much closer to cash flow positive” as it seeks its goal of becoming “ the premier all-inclusive alternative energy solution in the market.” Additionally, Massey said the expansion is an important part of SIRC’s plan to move on “strategic acquisition targets that we have on the books.” 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).

SIRC is expanding its Finance Division with specific new offerings to service contractors and customers within the alternative energy and roofing space. Beginning in March, SIRC will grow its Finance Division with product offerings to all residential solar, commercial solar, roofing and EV projects for contractors and internal and external customers throughout the country, the Company said.

The financial offerings SIRC will offer include:

  • Residential solar finance solutions with competitive rates and low dealer fees;
  • Residential Power Purchase Agreements (PPAs) that allow homeowners with little, no or poor credit to qualify for solar installations on their homes;
  • Commercial ‘no credit’ required PPAs for non-profits;
  • Financing for commercial alternative energy projects, some with no money required out-of-pocket;
  • Stand-alone finance solutions for all roof and home efficiency projects;
  • Equipment leasing and finance solutions for EV.

The comprehensive new program complements SIRC’s existing list of services and represents an evolution of SIRC’s strategy to be one of the ‘most dynamic’ alternative energy companies in the U.S., the Company said.

Massey said, “For SIRC, our objective is to be the premier all-inclusive alternative energy solution in the market. The growth of SIRC Finance is another step in that direction and should bring us much closer to cash flow positive. This helps us achieve our goals and is a very important piece of our plan for the current strategic acquisition targets that we have on our books. We are excited about how this should enable everything to come together quickly to yield results to SIRC’s bottom line that will benefit all of our shareholders and constituents.”

The Company estimated that the financial services division may generate $2+ million over the first 12-14 months, with millions more in new project originations resulting from these enhanced financial products. Beyond the first year, SIRC’s financial services division is anticipated to ‘scale exponentially,’ the Company said.

The expansion of its Financial Service Division is another SIRC move after its recent new funding in the form of a $25 million new drawdown term note and $10 million in a new revolving credit facility. Since that news was announced, SIRC has signed a binding LOI to acquire AVCO Roofing, a roofing and solar solutions provider. Massey said AVCO is the first in the list of ‘strategically important’ LOIs for SIRC.

He added that  AVCO generated some $21 million in FY 2022 and SIRC anticipates the acquisition will be immediately accretive. “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.

Now he infers that the SIRC has more plans to acquire additional “strategic acquisition targets’ in the future.

Closing of any potential acquisition is subject to final due diligence, negotiation and execution of a definitive purchase agreement and all necessary approvals.

Source: Stock Market Press

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