Texas May Be State That Receives The Most Federal Funds For EV Charging Sta-tion Installations As Analysts Say Lone Star State Needs Larger Network To Sup-port Electric Cars; Solar Integrated Roofing Corp. (OTC PINK: SIRC), Through Its PLEMCo. Subsidiary, Sees A Boom In EV Charging Station Demand

Posted February 22, 2022

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Texas may be the state that receives the most EV Charging Station funds to build a network of EV Charging Stations than can better support electric cars/trucks. President Biden’s original infrastructure law earmarked $5 billion for EV Charging Stations nationwide to grow from 100,000 to 500,000 by 2030. Outside of major cities, some rural areas of Texas too few plug-in stations for electric vehicles. Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) PLEMCo. subsidiary installs EV Charging Stations and could benefit from a mass installation effort in Texas.

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).

Texas May Be State That Receives The Most Federal Funds For EV Charging Station Installations As Analysts Say Lone Star State Needs Larger Network To Support Electric Cars; Solar Integrated Roofing Corp. (OTC PINK: SIRC), Through Its PLEMCo. Subsidiary, Sees A Boom In EV Charging Station Demand

A new study from Market Research Engine estimates that the EV Charging Station industry will exceed $30 billion by 2024, growing at a high 40% CAGR. It even segments solar-power EV Charging Station growth.

The new report on EV Charging Stations in Texas, compiled by TV’s KHOU-11, details how major cities like Dallas has 424 plug-ins, Fort Worth 209 and Plano 135, but the vast rural areas of the state have too-few available for a comfortable electric car trip. Range anxiety can hamper electric car/truck growh.

As a result, Texas is expected to receive some $408 million — the most of any single state — from the federal government for more EV Charging Stations, the report says. The round one initial phase calls for $60 million to Texas for new EV Charging Stations.

“The reason we’re taking this step is we have to accelerate the progress of that EV revolution,and we have to make sure that more of it is made in America,” Pete Buttigieg, Secretary of Transportation, tells Inside Texas Politics. Texas May Be State That Receives The Most Federal Funds For EV Charging Station Installations As Analysts Say Lone Star State Needs Larger Network To Support Electric Cars; Solar Integrated Roofing Corp. (OTC PINK: SIRC), Through Its PLEMCo. Subsidiary, Sees A Boom In EV Charging Station Demand.

The US is lagging China and Europe in electric vehicle market share and embrace of EV vehicles. In the U.S., electric vehicle sales as a per cent of OEM volume is only 4%. But analysts believe America will rapidly make up share as more model electric vehicle models are launched by General Motors (NYSE: GM), Ford (NYSE: F) and others. As potential buyers see more EV Charging Stations on the road and in high profile charging locations near auto dealerships, prominent retail stores and even tire dealerships, their range anxiety fears will be addressed — and these potential buyers will want to try electric vehicles.

Here are some more positives for electric car growth and EV Charging Stations with them:

The U.S. federal government is committed to growing electric cars from 4% of OEM market share today to some 50%. It will spend money to do this on tax rebates for EV car purchasers, grants to EV car companies for new plants and union facilities and a nationwide network of EV Charging Stations.
Tesla (NASDAQ: TSLA) has shown that making electric vehicles and marketing them can be done at a profit. It makes EVs in China, California and Austin, Texas., and is now close to approval for a plant location in Germany to service Europe. Other OEM makers are envious, want share of this new pie as well as tie-up partnerships with EV Charging Station installers already in place. Tesla (NASDAQ: TSLA) stunned and excited the rest of the electric car industry when it announced its 2021 full year and Q3 record earnings of $1.6 billion and sales of $13.8 billion.
Wall Street investors who missed the Tesla (NASDAQ: TSLA) gold mine, now want in. That’s a driving reason why the recent IPO for Rivian (NASDAQ: RIVN) was so successful. At a $70 billion valuation, Rivian hasn’t shipped many cars to date, but pre-orders are topping their ability to produce.
Enter Amazon, which has already pre-ordered some additional 100,000 Rivian electric delivery vans. Morgan Stanley analysts say this order could eventually reach 300,000.
Now enter the usual suspects: Ford (NYSE: F), General Motors (NYSE: GM) Toyota (NYSE: TM), Nissan and all the European brands,such as BMW, Volkswagen, Mercedes, and others. Even Toyota — the slowest to join electric car believers — is now sold.
OEM electric car makers are increasingly partnering with electric car makers and auto repair centers, such as Bridgestone and Firestone. Electric cars will require new tires and other work. This is a significant opportunity for EV Charging Station companies to brand with OEM car makers.
Research studies cannot keep up with the growth. Electric charging stations are projected to reach $111.90 Billion by 2028 with a 30.26% CAGR jump, says Fortune Business Insights. Texas May Be State That Receives The Most Federal Funds For EV Charging Station Installations As Analysts Say Lone Star State Needs Larger Network To Support Electric Cars; Solar Integrated Roofing Corp. (OTC PINK: SIRC), Through Its PLEMCo. Subsidiary, Sees A Boom In EV Charging Station Demand.

EV Charging Station installers, like SIRC’s PLEMCo., see the opportunities ahead. As a result, they are bidding for government RFP contracts. They may be slow in coming, but they are large. SIRC is also an applicant for some $80 million in new government federal dollars to help build more EV Charging Stations.

The Federal government is providing tailwinds under its newly-passed ‘Infrastructure’ Biden administration bill. But that $1 trillion bill with incentives of about $7.5 billion for the EV industry cannot on its own force consumer sales. Too many simply want more EV Charging Stations.

If Biden is to hit his goal of a government-owned fleet of 500,000 electric vehicles — and hit 2030 carbon pollutant-reduction goals — he will need to fund the building of more EV Charging Stations. That’s great news for installers like SIRC and its PLEMCo. subsidiary.

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

Source: Stock Market Press

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