Solar Integrated Roofing Corp. (OTC: SIRC) Thrives And Expands Its National Footprint In Solar And Roofing; US Government Overwhelmed By 8,100 Solar, Wind And Battery Projects Seeking To Connect To Central Electric Grids
Solar Integrated Roofing Corp. (OTC: SIRC) is thriving and expanding its national footprint in Solar And Roofing as the US Government is overwhelmed by 8,100 Solar, Wind And Battery Projects seeking to connect to central electric grids while receiving government subsidies. The backlog in alternative energy project applications is so severe that some developers are walking away from the interconnection process. Fewer than one-in-five such projects actually make it through the protocol. More Federal subsidies are needed to clear the 4-5 year waiting lists. The result: the American Clean Power Association says large scale alternative energy projects fell by 16% in 2022, The New York Times reports. Meantime, Solar Integrated Roofing Corp. (OTC: SIRC) is flourishing in both solar and roofing installations.
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).
SIRC has signed a binding LOI to acquire AVCO Roofing, a roofing and solar solutions provider as it grows its national solar/roofing footprint. Parallel to that growth is the alternative energy logjam from developers trying to interconnect to central grids —- and seeking Federal subsidy money for wind, solar, wind and battery projects. Many of these projects will never be built, experts say.
“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,” said David Massey, SIRC CEO said. AVCO generated some $140 million in revenue since owner Heath Hicks purchased the company in 2016. AVCO operates in North and East Texas, Oklahoma and Louisiana. It specializes in roof and solar repair and replacement services for residential and commercial buildings.
Meanwhile, the Lawrence Berkeley National Laboratory finds that 1,300 gigawatts of solar, storage and wind energy projects are stuck in central grid utility interconnection queues — and says most proposed projects will not be built.
Independent developers seeking to lure buyers with savings from interconnections to a central grid are waiting 4-5 years for application processing. As a result, the trend line in solar for companies like SIRC is changing to a ‘me’ strategy for potential buyers. Rather that being triggered by savings by selling electricity back to central grids alone, rooftop solar customers now have other priorities:
- They seek protection from losing electrical power altogether in key markets. With their own solar, they have their own power plant to manage as they wish.
- Customers are less motivated by potential cost savings when electricity is sold back to central utilities. Instead, they seek continuity of electrical service to ‘me’ — especially during planned and intentional ‘rolling blackouts’ in markets such as Los Angeles and Dallas, Texas.
In this environment, SIRC’s growth In both residential and commercial solar installations is only made more profitable with the accompanying sale of specialized solar batteries — such as those made by Tesla.
The New York Times reports that electricity production generates about one-quarter of all greenhouse gases in the U.S. To combat that, President Biden is offering some $370 billion in subsidies for low-carbon technologies. The issue now is that this is so popular, utilities and the US Government finds themselves overwhelmed by permitting holdups and local opposition.
The largest largest central grid operator — stretching from Illinois to New Jersey — has now instituted a ‘freeze’ on all new applications. PJM, is dealing with 2,700 alternative energy projects — a number that has tripled in just three years, the NYT says. PJM has now paused all its project reviews and is overhauling its application review processes.
“The biggest challenge is just the sheer volume of projects,” says Ken Seiler, who leads system planning at PJM.
SIRC’s Massey says AVCO is among the leading companies in the roofing industry and a highly regarded name in its region.” SIRC seeks to generate continued growth under SIRC’s roofing division while unlocking additional revenue through cross-selling opportunities.”
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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