In an acquisition announced today (Thursday, January 21, 2021), Solar Integrated Roofing Corp. SIRC continued its expansion push by closing on a cash and stock transaction to buy solar energy company Enerev, LLC expected to add $2 million monthly to SIRC's run rate by late 2021. Prior, SIRC and Enerev, LLC had a joint venture signed in November 2020 which ensured each Company they were properly aligned for a possible future combined business. Together, they have 20 years of experience and more than 9,000 solar installs.
stockmarketpress.com features specialized coverage of related stocks in the solar industry such as Solar Integrated Roofing Corp. SIRC, SolarEdge Technologies, Inc. SEDG, First Solar, Inc. FSLR, Tesla, Inc. TSLA, SunPowerCorp. SPWR, Canadian Solar Inc. CSIQ and Vivienne Solar Inc. VSLR.
Solar Integrated Roofing Corp. SIRC Continues Its Expansion Push, Acquiring Solar Energy Company Enerev, LLC In Cash And Stock Transaction Expected To Add $2 Million Monthly To SIRC's Run Rate By Late 2021
Solar Integrated Roofing Corp. SIRC and Enerev, LLC agreed to the acquisition after signing in November a 30-day joint venture agreement to ensure a correct fit and successful combination first. SIRC believes that the transaction will add up to $2 million per month to its revenue run rate by late calendar year 2021. Solar Integrated Roofing Corp. SIRC Continues Its Expansion Push, Acquiring Solar Energy Company Enerev, LLC In Cash And Stock Transaction Expected To Add $2 Million Monthly To SIRC's Run Rate By Late 2021.
David Massey, CEO of SIRC, Said Acquisition Will Open Cross-Selling Opportunity
"Enerev's business, built on a long legacy of good business practices, provides an exciting cross-selling opportunity for our full complement of products and services across solar, battery backup installation, roofing and related HVAC/electrical contracting work," David Massey, CEO of SIRC said. He added, "We look forward to adding the Enerev team to the Solar Integrated Roofing family as their no-cost, direct door to door marketing, is a perfect fit for Solar Integrated Roofing."
Massey also said, "Enerev is a market leader with best-in-class business development and solar energy systems installers, a business which we believe can significantly expand our customer base and improve labor efficiencies company-wide. We will expand and accelerate those achievements by transitioning their team to offer our highly sophisticated and efficient system designs, tailored to each client's specific needs including start to finish oversight of the entire project with a single point of contact throughout the life of the solar system."
Both Solar Integrated Roofing Corp. SIRC and Enerev, LLC are in the soaring solar business. SIRC, an integrated single source roofing systems installation company, has grown quickly with organic growth and expansion by acquisition. Enerev has completed more than 9,000 solar energy system installations in residential and commercial properties in California. Solar Integrated Roofing Corp. SIRC Continues Its Expansion Push, Acquiring Solar Energy Company Enerev, LLC In Cash And Stock Transaction Expected To Add $2 Million Monthly To SIRC's Revenue Run Rate By Late 2021.
$40+ Million Volume Forecast By Solar Integrated Roofing Corp. SIRC For Fiscal 2022
SIRC projects that its fast-track growth in the California residential market anticipates generating greater than $40 million in fiscal 2022 revenues. In the current 2021 fiscal year, SIRC forecast it would report $20 million in volume for the year ended February 28, 2021.
Multiple Expansion Opportunities For Solar Integrated Roofing Corp. In Hot Solar Market In Southern California, Adjacent States
Within the fast-growing marketplace in Southern California and adjacent states, solar powerhouse Solar Integrated Roofing Corp. SIRC sees multiple expansion opportunities. The election of Joe Biden as President means a powerful pro-reusable energy policy. California's 2020 laws requiring solar energy in newly-built residences and a national preference for cleaner, efficient homes is setting a solar ecosystem for growth.
California's Pro-Solar Legislation Mandating Solar Energy In New Homes Constructed In 2020
The residential solar industry has been stimulated by legislation this year requiring that all new residences in California must receive energy by solar. The California solar legislation makes it the first state in the nation to mandate solar usage to drive electricity in residential buildings three stories or lower.
Source: Stock Market Press
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