While Congress Dawdles On Infrastructure Bill, States Plan Flurry Of New EV Charging Stations As Federal Grants For New Ones Remain In Negotiations; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Says On Track For $150 Million Volume In 2022 FY As It Grows Organic Sales
Congress may be dawdling on its infrastructure bill, but states are rapidly moving forward on plans to install more EV Charging Stations in locations such at all 56 state parks in Tennessee in a deal with auto electric car maker Rivian, as well as some 150 fast-charging stations in New York State. As private industry teams with states and even OEM EV vehicle manufacturers to build a flurry of new units, Congress is dawdling as the two major parties negotiate into next week on how much money to spend and the how to pay for it. The goal nationally is to grow EV cars from just under 2% of sales now to dominance with deadline dates a few years into the future. Solar Integrated Roofing Corp. (OTC PINK: SIRC) has allied for grants to help fund a larger EV Charging Division as it is committed to green renewable energy initiatives. It recently acquired USA Solar Network and announced it will acquire by July 31, 2021 multi-platform Approved Home Pros and SIRC says its FY 2022 volume is on track to reach $150 million.
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), 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).
While Congress Dawdles On Infrastructure Bill, States Plan Flurry Of New EV Charging Stations As Federal Grants For New Ones Remain In Negotiations; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Says On Track For $150 Million Volume In 2022 FY As It Grows Organic Sales
The Senate votes down a $3.5 trillion infrastructure bill yesterday, with both parties negotiating on a total $4.1 trillion package — and trying to figure out how to pay for it. As Congress dawdles, states and private industry are planning a flurry of new EV Charging Stations to service a fleet of EV electric vehicles in the future. While Congress Dawdles On Infrastructure Bill, States Plan Flurry Of New EV Charging Stations As Federal Grants For New Ones Remain In Negotiations; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Says On Track For $150 Million Volume In 2022 FY As It Grows Organic Sales.
The newest examples are in Tennessee and New York. In Tennessee, the state has agreed to partner with electric EV car maker and technology company Rivian to install electric chargers in all 56 state parks on a schedule from Fall 2021 through March 2022. Initially, the charging will be at no cost — future costs will be determined by statewide utilization to recover electricity expenses. This is a 10 year program with Rivian agreeing to pick up network access fees, equipment service and maintenance. Rivian manufactures the Rivian Wayside electric car (EV).
The agreement is part of a larger statewide program which includes activity by the Tennessee Valley Authority (TVA). The TVA has agreed to provide fast charging EV Charging Stations every 50 miles along Tennessee’s state highways and interstates.
In New York State, the government is committed to add 150 fast-charging stations in 2021. The latest initiative in that program is the installation of EV Charging Stations at Stewart’s Shops in the Capital and Adirondack region. Construction has started on the five stations Stewart’s will receive. The five stations will include 20 chargers, available to any EV make or model, the State said. While Congress Dawdles On Infrastructure Bill, States Plan Flurry Of New EV Charging Stations As Federal Grants For New Ones Remain In Negotiations; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Says On Track For $150 Million Volume In 2022 FY As It Grows Organic Sales.
As states and OEM EV vehicles manufacturers like Ford (NYSE: F) are finallzing EV Charging Station partnerships Ford with Sunrun, Inc. (NASDAQ: RUN), the Federal government has made a priority of supporting EV vehicles and EV Charging Stations with grants, rebates and other initiatives, but Congress cannot more rapidly on cementing the renewable green energy infrastructure program into law. The $3.5 trillion proposed new spending package — combined with the $600 billion already in the bipartisan spending program — makes for a total of $4.1 trillion.
As part of its commitment to green renewable energy, SIRC last week signed a purchase agreement to acquire USA Solar Network LLC, a solar energy and EV Charging infrastructure company, enabling to expand its sales by 50-100% growth or $50 million per year in incremental growth at 16% gross margins as early as FY 2022. Led by Pablo Diaz, CEO, USA Solar Network has scaled into 38 states and key markets such as Texas, Florida, Illinois, Arizona, Missouri and New Mexico.
Then on July 21, SIRC announced plans to acquire multi-platform Approved Home Pros and its proprietary platform tool Pro Finder. This enables consumers to hire Pro Finder-approved contractors for home improvement work. It is a great fit for explore and internal and organic growth for SIRC. Anticipating a July 31, 2021 close on the acquisition, SIRC believes the new company will generate $11 million in new annualized volume for the parent company. It will offer leads to the SIRC family of companies while also offering the company enhanced branding and exposure to consumers. It is also part of SIRC’s strategy of increasing its internally-generated or organic growth.
With its continued acquisitions and organic volume gains, SIRC now sees its 2022 FY volume on track to reach $150 million. While Congress Dawdles On Infrastructure Bill, States Plan Flurry Of New EV Charging Stations As Federal Grants For New Ones Remain In Negotiations; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Says On Track For $150 Million Volume In 2022 FY As It Grows Organic Sales.
Solar Integrated Roofing Corp. (OTC PINK: SIRC) reported June sales reached $10+ million, including some Future Home Power (FHP) volume which was prior to its June 9 acquisition by SIRC, so it will be designation non-SIRC revenue. In total, FHP did $6+ million in June alone. David Massey, CEO of SIRC, told shareholders in his first live Q&A session that the company is now tracking towards a $150 million volume in FY 2022. His vision for later performance is for a company doing $250 million annually with a $25 million gross profit.
The transaction to buy USA Solar Network marks an important moment for SIRC — in addition to the anticipated dramatic volume and footprint gains. David Massey, CEO of SIRC, said, “USA Solar Network has a footprint in exciting new markets that will continue to broaden our national reach — the missing piece to the puzzle, allowing us to expand to new markets nationally with minimal cost using their existing network spanning solar and EV installation.”
Massey added that USA Solar Network has built strong partnerships with key players in the solar and EV charging industries. The acquisition is expected to act as a notable growth driver for solar and EV charger installers within the SIRC family of companies who can complete the work once the sale is complete through USA Network, capturing the full lifecycle value of each customer, the Company said.
Massey said, “The acquisitions drove annual revenues to a record $17.1 million and set us on a course to achieve at least $100 million in the twelve months ended May 31, 2022. Our focus on rapidly growing, high margin acquisitions has significantly grown sales, allowed us to now capture the full lifecycle of our customers, and brought new synergies and efficiencies across the SIRC family of companies. Due to this, we expect to achieve profitability in FY 2022.”
If SIRC Further Populates Its Acquisition Pipeline, The $100 Million Guidance Figure Could Grow
Massey added, “We are realizing both acquisitive and organic growth on all fronts while minimizing dilution. Looking ahead, we continue to populate our acquisition pipeline which could further grow this $100 million revenue guidance figure. I look forward to continued operational execution in the months ahead, working closely with our team to create sustainable value for our shareholders over the long-term.”
Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.
Source: Stock Market Press
Join Stock Market Press’ newsletter for the latest in IPO, market commentary and company profiles.
Stock Market Press is a financial news company that delivers up to date stock news, introduces private and public companies to a wide audience of investors, consumers, journalists and the general public via social media and a rapidly expanding network.
Contact:
Stock Market Press
110 Wall St.
New York, NY 10005 info@stockmarketpress.com https://twitter.com/PressStock
Safe Harbor Statement:
Statements in this news release may be ”forward-looking statements.” Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Stock Market Press undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.
See Stock Market Press disclaimer: https://stockmarketpress.com/disclaimer/ SOURCE: Stock Market Press
