Bloomberg sees solar and clean energy spending continuing in 2021 as EV grows. Some $500 billion was invested in clean energy last year for solar, wind and other environmental projects and Bloomberg sees even higher levels in 2021, especially as EV vehicles are set to grow and take a larger share of the market. Solar Integrated Roofing Corp. SIRC is growing its solar footprint — last week it closed on the acquisition of solar company Enerev LLC — as it sees positive legislative tailwinds for solar in its home state of California
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.
Tesla, Inc. TSLA and other solar companies are growing their solar residential installations with rooftop tiles as well as the Tesla Powerwall solar battery storage systems. Solar Integrated Roofing Corp. SIRC has in common with Tesla more than solar roof installations and Tesla Power Wall rechargeable solar battery stations. Both are now in the EV recharging stations industry. Tesla TSLA, as part of its marketing of its electric cars, was early into the building of a national network of EV charging stations to enable Tesla car owners to recharge while on the road. SIRC recently announced that it was organizing a dedicated division for residential and commercial EV battery charging stations.
Solar Roofing, Solar Battery Storage Units And EV Charging Stations In 2021
Solar Integrated Roofing Corp. SIRC recently continued its quick acquisition pace of buying solar companies when, in a cash and stock transaction, it closed on its purchase of Enerev LLC. Earlier it reached agreement with San Diego homebuilders to install solar rooftops in new homes in that market — California mandates new residences in the state be powered by solar. SIRC also established its own dedicated division to build residential and commercial EV charging stations. Still earlier, SIRC reached agreement with Solectrac, Inc., an all-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 Growing In Solar, Clean Energy Sees Favorable Legislation Tailwinds Ahead
One reason Tesla, Inc. TSLA and Solar Integrated Roofing Corp. SIRC are so optimistic about 2021 performance is that the Biden Administration is to be pro-clean energy investment. In its first week, the new administration canceled Keystone Oil Pipeline permits and rejoined the Paris Climate Accords. It has taken a positive view of state mandates that set specific years for new EV vehicles and appears to want even more. Bloomberg Site Says $500 Billion Annual InvestmentFor Clean Energy Will Increase In 2021 As EV Market Expands; Solar Integrated Roofing Corp. SIRC Sees Legislative Tailwinds Favoring Solar Mandates.
SIRC Sees Sees Opportunity Ahead In Solar With Larger Sales Tickets
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 additionally 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 roofing system plus solar battery and generate additional revenue. Bloomberg Site Says $500 Billion Annual InvestmentFor Clean Energy Will Increase In 2021 As EV Market Expands; Solar Integrated Roofing Corp. SIRC Sees Legislative Tailwinds Favoring Solar Mandates.
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." Bloomberg Site Says $500 Billion Annual InvestmentFor Clean Energy Will Increase In 2021 As EV Market Expands; Solar Integrated Roofing Corp. SIRC Sees Legislative Tailwinds Favoring Solar Mandates.
SIRC Shares 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.
M&A Strategy At Solar Integrated Roofing Corp. SIRC
Goldman likes the SIRC M&A strategy, entry into adjacent sectors, past record performance and partnership/agreement with EV developer of all-electric tractors, which is an applicant for a $500 million USTDA grant. 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.
Rob Goldman, Senior Analyst, cited SIRC's Q3 FY 2021 volume jump of 130% YOY to $5.2 million in sales. It also noted SIRC's move into new adjacent clean air categories such as EV charging stations, all-electric tractors and new home solar installations in San Diego — mandated in California — in addition to its solar activity in Southern California.
Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/ SIRC.
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: http://stockmarketpress.com/disclaimer/ SOURCE: Stock Market Press
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
