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Solar Integrated Roofing Corp. Announces Acquisition of USA Solar Network, Concluding Near-Term Rollup Efforts
Solar Integrated Roofing Corp. Announces Acquisition of USA Solar Network, Concluding Near-Term Rollup Efforts.
About this update from Solar Integrated Roofing Corporation
[{"type":"text","content":"Adding the Missing Piece to the Puzzle: Solar Energy and EV Charging Infrastructure Developer to Join the SIRC Family of Companies, Adding $50 Million per Year in Incremental Sales as Early as 2022Company to Prioritize Driving Organic Growth and Profitability over Acquisitions in Near-FutureEL CAJON, CA / ACCESSWIRE / July 13, 2021 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power and roofing systems installation company, today announced that it has signed a purchase agreement to acquire USA Solar Network LLC ("USA Solar Network"), a solar energy and EV charging infrastructure developer.Founded and led by CEO Pablo Diaz, recipient of the 2020 Top 20 Dynamic CEO Award, USA Solar Network helps customers to install the best available solar energy or EV charging system by comparing hundreds of local installers and financing options. Pablo's leadership has generated over $40 million in revenue since 2018, and quickly scaled into over 37 states including key markets such as Florida, Texas, Illinois, Arizona, Missouri and New Mexico.Solar Integrated Roofing believes the synergy with USA Solar Network will allow it to scale rapidly and achieve 50-100% growth in incremental residential and commercial sales with 16%+ gross margins in 2022. The acquisition is expected to act as a notable growth driver for solar and EV charger installers within the SIRC family of companies who can complete the on-site contracting work once the sale is complete through USA Solar Network, capturing the full lifecycle value of each customer.Caption: Leveraging this new network, the SIRC family of companies can now service all pictured markets.“USA Solar Network has a footprint in exciting new markets that will continue to broaden our national reach- the missing piece to the puzzle, allowing us to expand to new markets nationally with minimal cost using their existing network spanning solar and EV installation,” said David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation. "Pablo and his team have built strong regional partnerships with key industry players in the solar and EV charger space, with over 7,000 solar projects completed to-date. We believe the timing of this acquisition is perfect as well given the strong demand growth we are seeing for EV charging inst...