Look to Innovation and Growth-By-Acquisition Companies as Solar Market Grows at Sizzling Pace
Tuesday, November 29, 2022
Every year, BP
does a deep dive into the world energy market, providing a comprehensive collection of data from overarching to minutiae to provide a clear picture of trends. This year’s (NYSE: BP) report was equally illuminating as its prior iterations, including showing that solar and wind made up more than 10 percent of global electricity, the first time ever reaching double digits.
Solar was the smaller contributor of the two, but it is making up ground with a blistering expansion rate. Back in 2007, there were just 22 gigawatts (GW) of photovoltaic (PV) power generation installations. In 2022, it is expected that installations will reach 240 GW, representing a compound annual growth rate of 34.5%.
Global decarbonization initiatives to blunt climate change and a dramatic reduction in costs are driving solar mainstream. And not only on rooftops and in barren fields.
Solar cars are coming around the corner and just may soon be a commuter’s dream to have a zero-fuel-cost vehicle. Companies like Sono Motors , Aptera Motors (still private, but (NASDAQ: SEV) raising money), and Lightyear (also still private and raising capital) are leading innovation in the solar-powered car space, along with a team of students at Eindhoven University of Technology in the Netherlands, who have created a solar-powered car that collects more CO2 than it emits as it zips around.
The fact is that consumers are becoming increasingly familiar and comfortable with the reliability of solar. Couple that with geopolitical turbulence, such as the impact of the Russia/Ukraine war and its impact on European natural gas, and the desire to shepherd in more renewable energy and the future of solar is bright.
Consumer adoption continues to be at the root of spectacular growth at Solar Integrated Roofing Corp.
, a pink sheet with its eyes set on a Nasdaq listing in 2023. Headquartered in Henderson, Nevada, SIRC is an integrated, single-source solutions provider for solar power, roofing systems and EV charging installations, specializing in commercial and residential projects throughout North America. The company brings the entire package to its customers, offering an array of solutions, inclusive of solar, battery backup, EV charging, HVAC and related electrical work. (OTCPK: SIRC)
SIRC now has 11 brands within its integrated family of companies.
The company certainly has the numbers to support a listing on a national exchange and recently filed a Form 10 Registration Statement with the U.S. Securities and Exchange Commission, a key piece of documentation to uplist. SIRC has been executing on an aggressive acquisition model that is translating to profitable triple-digit growth as it deploys operations from coast-to-coast.
Revenue during Q3 surged 333% from the year prior quarter to $57.3 million. Net income jumped to $6.2 million, reversing a net loss of $1.7 million in Q3 2021. Based solely upon commercial solar contracts in hand, SIRC says it expects to realize $291.6 million in revenue over the next year.
While thrilled with the third quarter performance, David Massey, Chief Executive Officer of Solar Integrated Roofing Corp., is focused on what the future holds. “Looking forward into 2023, we are well positioned for continued execution upon the foundation that we have built,” said Massey in a statement. “There remains plenty of work to be done, though I have never been more confident in the future of our business as I am today.”
The company has also added veteran operations executive Stefan Abbruzzese as president, which Massey says “will support our pursuit of the capital needed to scale operations and capitalize on the macro trends impacting our target markets, including the recently passed Inflation Reduction Act.”
The SIRC chief executive was referring to the landmark legislation of the Biden administration that earmarks $369 billion for clean energy and climate change mitigation initiatives. The new law restores and extends federal tax incentives for solar and other renewable energy products that are expected to provide tailwinds for the clean energy companies.
Solar Integrated Roofing Corp. (OTC: SIRC) Full Corporate Write-Up:
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