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Solar Integrated Roofing Corp. to Form Dominant Player in EV Charging Market with Planned Acquisition of Charging Installer with $100 Million Order Pipeline, Buoyed by $5 Billion in Federal Stimulus
Solar Integrated Roofing Corp. to Form Dominant Player in EV Charging Market with Planned Acquisition of Charging Installer with $100 Million Order Pipeline, Buoyed by $5 Billion in Federal Stimulus.
About this update from Solar Integrated Roofing Corporation
[{"type":"text","content":"Company to Refocus Sales Efforts from National Roofing Segments to Address Significant Near-Term EV Charging Opportunity; Sales Run Rate Expected to Exceed $400 Million Annually After Closing Announced AcquisitionsLAS VEGAS, NV / ACCESSWIRE / March 1, 2022 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power, roofing systems installation and EV charging company, today announced a strategic shift towards prioritizing its over $30 million electric vehicle (EV) charging project pipeline and $20.2 million EV charging project backlog given the immense near-term revenue opportunity, better aligning with the Company's planned corporate name change to 'SolarEV'.In conjunction with the strategy shift and to bolster its national EV charging business line, Solar Integrated Roofing has signed an LOI for an acquisition of three complementary Los Angeles-based EV charging installers with over $100 million of contracts in their sales pipeline."Electric vehicle charging is the next massive opportunity in our market, and this calculated alignment of our near-term focus will help to position SIRC as a clear national player in the space," said David Massey, Chief Executive Officer of Solar Integrated Roofing. "The expanding EV charging market is being driven by the rapid the adoption of electric vehicles nationwide - for example, the U.S. Energy Information Administration predicts there will be 7.5 million EVs on American roads by 2025."To meet this expected surge in demand, just last week the Biden administration announced a plan to allocate $5.0 billion to states to fund electric vehicle chargers over five years as part of the bipartisan infrastructure package. This creates an absolutely immense opportunity for our family of companies nationwide. Grand View Research reports that the U.S electric vehicle charging infrastructure market size will increase from $2.1 billion in 2020 to $28.4 billion in 2028, a compound annual growth rate of 38.9%. With our proven success in solar, the EV charging market is opening the door for our company to capture dual-industry, synergistic avenues of growth."We are currently leveraging our vast network of nationwide installers to ramp sales efforts and capitalize on the exponential increase in demand. As of today, we have over $20.2 million in EV charg...