A new January 2021 "Today In Energy" report by the U.S. Energy Information Administration (EIA) says that renewables will represent most of the new electricity generating capacity in 2021 with solar holding the top spot at 39% of the 39.7 gigawatts (GW) to be added to the grid this year. Wind, at 31%, will be second, the EIA report says. Solar installers and adjacent sector innovators like Solar Integrated Roofing Corp. SIRC are seen enjoying a record GW electrical addition to the grid this year. SIRC closed last week on its acquisition of another solar company, Enerev LLC, for residential and commercial properties.
stockmarketpress.com features specialized coverage of related stocks in the solar, roofing and battery charging energy industry such as Solar Integrated Roofing Corp. SIRC, Sunrun, Inc. RUN, Blink Charging Co. BLNK, Tesla, Inc. TSLA, SolarEdge Technologies, Inc. SEDG, First Solar, Inc. FSLR, SunPowerCorp. SPWR, Gibraltar Industries, Inc. ROCK and Canadian Solar Inc. CSIQ.
U.S. Sees Solar Tops For 2021 In New Electricity Generating Capacity On The Grid And Wind Is Second; Solar Integrated Roofing Corp. SIRC Expanding Solar Footprint Recently Acquired Enerev LLC
Solar Integrated Roofing Corp. SIRC continued its expansion push into solar last week 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. U.S. Says Solar Tops For 2021 In New Electricity Generating Capacity On The Grid And Wind Second; Solar Integrated Roofing Corp. SIRC Expanding Solar Footprint Recently Acquired Enerev LLC.
David Massey, CEO of SIRC, Said Acquisition Of Enerev LLC 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."
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.
Battery Storage Seen Quadrupling Capacity In 2021, U.S. Says
Not only is solar set for a record-breaking additional capacity year in 2021, the new U.S. Energy Information Administration (EIA) report estimates that utility-scale battery storage will increase a record four-fold in 2021, continuing the trend of pairing renewable energy sites with battery storage. The EIA projects that paired energy sites will jump with greater than 56 more paired sites coming online by 2023 — combining solar and wind sites with battery storage. Although these are utility-scale measurements, they indicate the important leading role of solar, wind and storage batteries make in generating new electricity capacity to the grid in 2021.
California In Top Four States Planning More Electricity Hybrid Operating Capacity
The four top states for operating and planned energy storage by gigawatts are: Texas, Nevada, California and Florida. In all, just nine states generate more than 90% of total operating hybrid capacity. This is measured by renewable generator plus energy storage. Solar Integrated Roofing Corp. SIRC is a certified installer of Tesla's TSLA Powerwall line of lithium-ion solar batteries. U.S. Sees Solar Tops For 2021 In New Electricity Generating Capacity On The Grid And Wind Is Second; Solar Integrated Roofing Corp. SIRC Expanding Solar Footprint Recently Acquired Enerev LLC.
David Massey, SIRC CEO, has overseen the moves by the Company into multiple revenue sources of clean energy. This includes its core of solar roofing, installing solar storage batteries, an entry into new home developments alongside several San Diego builders in California where solar installations are mandated in new homes. SIRC also reached a new partnership/agreement with the EV developer of all-electric tractors. SIRC reached a new agreement with Solectrac, Inc., an electric tractor developer and manufacturer located in Northern California. The company is now 24% owned by Ideanomics IDEX. Solectrac is an applicant for a $500 million USTDA grant.
SIRC Raising Its Sales ‘Tickets' With Multiple Solar-Related Installations
David Massey, SIRC CEO, said, "Our main focus is roofing and solar," he said. However, the company is "able to raise the amount of its (sales) tickets" Massey explained by partnering with Tesla TSLA as a certified installer of that company's solar battery backup Powerwall product. The net result is that SIRC can install a solar battery system and generate additional revenue. U.S. Sees Solar Tops For 2021 In New Electricity Generating Capacity On The Grid And Wind Is Second; Solar Integrated Roofing Corp. SIRC Expanding Solar Footprint Recently Acquired Enerev LLC.
SIRC Home Base Of California Is One Of Four Peak Clean Energy Growth States
The new U.S. Energy Information Administration (EIA) report cites four states as key to the growth of renewable energy — Texas (28%), Nevada (9%), California (9%) and North Carolina (7%). More than half of all utility-scale solar, setting a new record of adding nearly 12 GW of electricity in 2021, is planned in those four states alone, it said.
California Mandates Solar In 2020 And Later New Residences
As California's law now mandates solar energy systems for new residences built in 2020 and beyond, there are many new opportunities for expansion for SIRC.
New Strategies And Partnerships Present SIRC With Multiple Solar Opportunities
Massey, SIRC CEO, said of the company's entry into new home developments alongside several San Diego builders, "In addition to the roofing and solar revenue from each new housing development, we maintain the upside opportunity to sell the end home buyer additional solar or battery storage solutions, creating an exciting new sales pipeline for our growing team."
SIRC Shares Seen As Trading North Of $1.00 And Beyond In 2021
Goldman Small Cap Research in an updated report of January 4, 2021, explained that SIRC's stock still has a lot to gain in valuation metric. "Thus, we believe that these shares (SIRC) could trade north of $1.00 and beyond in 2021, especially as new companies are brought into the SIRC family," it concluded. Goldman Small Cap Research in the new report tripled its price target for Solar Integrated Roofing Corp. SIRC to $0.75 for the next three-six months after it blew past the previous price target Goldman set only last month.
The Goldman report added: "Based on the Company's price/sales metrics relative to our price target (2.7x next year's sales), we have determined that for each new $5 million in acquired business, SIRC's shares should enjoy a $0.10 per share rise." It specifically likes SIRC's entry into the EV residential charging station market. Cross-selling in this market — leveraging the Company's existing customers — could generate strong volume growth and profitability, it finds.
Volume Drivers Cited For Solar Integrated Roofing Corp. SIRC
Goldman likes the volume drivers for SIRC: the M&A strategy, entry into adjacent sectors, past record performance and partnership/agreements. Saying that SIRC is "hitting on all cylinders," expanding volume both organically and with acquisition growth, it projects SIRC sales at $19.8 million for FY 2021 and $38.5 million In FY 2022.
SIRC itself forecasts a volume of $40 million for FY 2022 — slightly north of the $38.5 million projected for it that year by the new Goldman report. Similarly, Massey of Solar Integrated Roofing Corp. SIRC projects that its fast-track growth will generate revenues of $20 million for the FY ending February 28, 2021, almost precisely the $19.8 million estimated by the initial report.
Learn more about SIRC at Solar Integrated Roofing.com SIRC.
Source: Stock Market Press
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