There’s a variety of appealing ways in which investors can soak up the sun. With solar powered products becoming even more affordable, and an ever-increasing number of people adopting it to fulfill their daily needs, solar power stocks do present a viable investment instrument.
The increase in residential installations helped the U.S. solar market grow 45% year-over-year and contributed to 15 states having their best quarter ever for residential solar. States with smaller solar markets such as Idaho, Wyoming, New Mexico and Iowa all saw record residential growth due to continued price declines and improvements to the economic competitiveness of solar across the country.
Currently, solar energy investors have an incredible opportunity to invest in stable yet powerful solar companies, who are prepared to reach their full market potential. With a potential market capitalisation of trillions of dollars, and one of the highest growth rates among all sectors, patient investors can prosper in the long term by initiating positions in solar power-oriented stocks such as Solar Integrated Rooﬁng Corporation (OTC: SIRC).
Solar Integrated Rooﬁng Corporation (OTC: SIRC), is an integrated, single-source solar power and rooﬁng systems installation company specializing in commercial and residential properties in the Southern California market. For more information, please visit the Company’s website at www.solarintegratedrooﬁngcorp.com.
The company announced today that it has signed a thirty day joint venture agreement with Enerev, LLC (“Enerev Solar”), a solar energy solutions provider to residential and commercial properties in California.
Enerev has operated as a highly respected solar energy solutions provider in the California market, having completed over 9,000 solar energy system installations across both residential and commercial properties in recent years. Enerev has a robust customer base throughout California and is exploring new opportunities in the Phoenix metropolitan area.
In September 2020, Solar Integrated Roofing signed a Letter of Intent (LOI) to acquire Enerev. In anticipation of the acquisition, the two companies initiated the one-month joint venture partnership to strategically align the marketing, sales and operations of the businesses to ensure a correct fit and successful combination.
“Enerev is a market leader with best-in-class business development and solar energy systems installers, with over 30 years of combined experience in the solar industry, and a wide residential and commercial customer base,” said David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation. “The company is expected to generate revenues of more than $2 million per month over the next 12 months. This initial joint venture is an excellent opportunity for both teams to work together as we pursue the intended acquisition.
“We believe acquiring Enerev can significantly expand our customer base and improve labor efficiencies company-wide. With offices in Chula Vista, a short drive to the greater San Diego area, as well as a growing presence in the Phoenix, Arizona market, Enerev will open exciting new growth opportunities for our team. With our full complement of products and services, we can offer Enerev’s customers opportunities across solar, battery backup installation, roofing and related HVAC/electrical contracting work.
“We are pleased to be executing on our robust acquisition strategy, forecasting $20 million in revenue in fiscal 2021, ended February 28, 2021, and at least $40 million in revenue in fiscal 2022, ended February 28, 2022. I look forward to further augmenting our growth initiatives by adding Enerev’s customers and highly skilled team to our fast-growing company after this initial joint venture is successfully concluded,” concluded Massey.
Closing of any potential acquisition is subject to final due diligence, negotiation and execution of a definitive purchase agreement and all necessary approvals.