Business
Solar Integrated Roofing Completes Acquisition of Southern California Residential Solar Installer Enerev After Successful JV Pilot, Targeting an Additional $2M per Month in Revenue
Solar Integrated Roofing Completes Acquisition of Southern California Residential Solar Installer Enerev After Successful JV Pilot, Targeting an Additional $2M per Month in Revenue.
About this update from Solar Integrated Roofing Corporation
[{"type":"text","content":"EL CAJON, CA / ACCESSWIRE / January 21, 2021 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power and roofing systems installation company, announced today that following its successful and satisfactory completion of the previously announced joint venture, it has signed a binding term sheet to acquire Enerev, LLC ("Enerev"), a solar energy solutions provider to residential and commercial properties in Southern California with over 5 years of successful installations.Solar Integrated Roofing will acquire Enerev for a combination of cash and stock. The transaction, combined with anticipated synergies and growth opportunities, is expected to add up to $2 million per month to Solar Integrating Roofing's revenue run rate by late calendar year 2021."Enerev is a market leader with best-in-class business development and solar energy system installers, a business which we believe can significantly expand our customer base and improve labor efficiencies company-wide," said David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation. "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. 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, this transaction opens up exciting new growth opportunities to our team."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. 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," concluded Massey.About Enerev SolarEnerev makes solar simple. With over 20 years of combined experience and over 9,000 solar installs, the Company provides solar energy solutions for residential and commercial properties including tailored planning, financing assist...