Elon Musk, CEO and founder of Tesla, Inc.TSLA, said on Twitter and on an earnings call that he has reimagined an energy house of the future. His business model includes solar panel sourced energy, new HVAC system and hospital quality HEPA air filtration. Those comments triggered a stock blow-out in the reusable energy sector. One company experiencing the boom and expanding in solar is quick-growing Solar Integrated Roofing Corp. SIRC. The company projects a record $40 million volume in FY 2020 and is expanding beyond its Southern California home base into key markets in nearby states such as New Mexico.
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 Vivint Solar Inc. VSLR.
Elon Musk, CEO Of Tesla TSLA, Imagines The Reusable Energy House Of The Future In a Business Model Incorporating Solar Panels, New HVAC System, Hospital Quality HEPA Air Filters And Triggers A Boom; Solar Integrated Roofing Corp. SIRC Forecasts $40 Million 2022 FY
Reports of Musk's comments on sites such as Benzinga quoted Musk's Twitter as: "We will make super-efficient home HVAC with HEPA filters one day." That was a response to a customer compliment regarding the "Biohazard Mode" hospital-quality air filters in some Tesla electric cars. But Musk went further, saying on an earnings call with investors, according to site Inverse, "I'm personally extremely excited to build a kick-ass HVAC system that also has hospital-grade particle filtration." He added, "These are all things we have achieved in our cars. I don't know if a lot of people realize but the model S and X are the only cars in the world that have a hospital operating room-grade HEPA filter built in."
When Musk talks, Wall Street investors listen. He envisions a future where a Tesla smart car ‘talks’ to to a new energy efficient home. Your car in that world can tell the house you will be home in 45 minutes and set the temperature, regulate solar, draw on a home-installed battery pack and more for your arrival. Musk's comments helped fuel a boom in solar stocks. That, combined with the election of reusable energy proponent Joe Biden and California’s new laws mandating solar on new residences built this year, has sent the solar sector into a major spike. The only tailwind: some solar products are so popular they are experience shortfalls in available supply.
Riding And Driving The Solar Wave
One company that is riding and driving that solar wave is Solar Integrated Roofing Corp. SIRC. Within the fast-growing marketplace in Southern California and nearby states, solar powerhouse Solar Integrated Roofing Corp. SIRC sees multiple expansion opportunities. One is its recent expansion into New Mexico where it is expanding into the Albuquerque/Santa Fe metropolitan market with its recent partnership with SunPower Corporation as a premier dealer in the New Mexico market. For SIRC, this expansion is low cost because SIRC will utilize the company's online infrastructure and virtual sales office. With a market of 1.1 million new customers and only a 5% penetration rate of solar energy from residential and commercial markets, this is an area ripe with opportunity.
Joint Venture Agreement Signed
Another is its announcement this week that they have signed a one month (thirty day) joint venture agreement with Enerev, LLC to ensure a correct fit and successful combination if SIRC acquires Enerev in the future. The joint venture agreement is designed to ensure both companies will strategically align marketing, sales, operations of a combined business. SIRC projects that its volume will report a record breaking exceed $40 million in fiscal 2022 revenues, ending February 28, 2022. He also forecast that Solar Integrated Roofing Corp. SIRC would report record volume of $20 million for FY 2021, ended February 28, 2021. Learn more about both companies at Solar Integrated Roofing Corp. SIRC and Enerev LLC.
Enerev, LLC has a growing presence in the Phoenix, Arizona market and is expected to generate sales of greater than $2 million per month for each of the next 12 months, SIRC said. In September, Solar Integrated Roofing Corp. SIRC had signed a Letter of Intent (LOI) to acquire Enerev. That company has completed more than 9,00000 solar energy system installations in residential and commercial properties in California. Elon Musk, CEO Of Tesla TSLA, Imagines The Reusable Energy House Of The Future In a Business Model Incorporating Solar Panels, New HVAC System, Hospital Quality HEPA Air Filters And Triggers A Boom; Solar Integrated Roofing Corp. SIRC Forecasts $40 Million 2022 FY.
Wide Residential And Commercial Customer Base
David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation, said, "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. 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."
Expanding The Customer Base
Massey added, "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."
A ‘Robust' Acquisition Strategy
Massey said that Solar Integrated Roofing Corp. SIRC is executing on its robust acquisition strategy. "I look forward to further augmenting our growth initiatives by adding Enerev's customers and highly skilled team to our fast growing company after the initial joint venture is successfully concluded," he said.
California's Pro-Solar Legislation Spurs Solar Growth
One reason for the fast growth of Solar Integrated Roofing Corp SIRC is that 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. Elon Musk, CEO Of Tesla TSLA, Imagines The Reusable Energy House Of The Future In a Business Model Incorporating Solar Panels, New HVAC System, Hospital Quality HEPA Air Filters And Triggers A Boom; Solar Integrated Roofing Corp. SIRC Forecasts $40 Million 2022 FY.
Solar Integrated Roofing Corp SIRC Exploring Expansion Into Five Additional Metropolitan Areas
Dave Massey, CEO of Solar Integrated Roofing Corp SIRC, said, "Our business strategy has always been to expand beyond Southern California and become an industry leader at the national level." He said that his Company is currently exploring five additional metropolitan areas for future expansion locations as it grows.
This market is growing fast and Solar Integrated Roofing Corp. SIRC, headquartered in Southern California, is now expanding into more states as it eyes its goal of national growth, a market up listing and a national footprint. Even Wall Street observers have spotted this pure play Solar Integrated Roofing Corp. as a company to watch in the solar/renewable energy sector. One analyst termed the company a ‘niche leader' in the sector and called it ‘energy savvy.'
Research: 'Demand For Solar Cells Has Gained Major Traction'
Research studies find that global solar is growing fast. Allied Market Research projects that worldwide global solar market is growing at a 20.5% CAGR to USD $223.3 Billion By 2026. The report states, "The demand for solar cells has gained major traction in owing to surge in rooftop installations, followed by increase in applications in the architectural sector." According to a new (November 2020) study by Fortune Business Insights, the global solar market the global solar market size is projected to be USD $194.75 Billion by 2027, growing at a CAGR of 5.9% during the forecast period from 2020-2027.
Source: Stock Market Press
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