The global solar energy market was valued at $52.5 billion in 2018 and is projected to reach $223.3 billion by 2026, growing at a CAGR of 20.5% from 2019 to 2026. Solar energy is the radiant energy emitted from the sun, which is harnessed by using various technologies such as solar heating, photovoltaic cells, and others.
The increase in residential installations helped the U.S. solar market grow 45% year-over-year and contributed to 15 states having their best quarter ever for residential solar. States with smaller solar markets such as Idaho, Wyoming, New Mexico and Iowa all saw record residential growth due to continued price declines and improvements to the economic competitiveness of solar across the country.
The Democratic Party has pledged to expand use of renewable energy in its platform, including adding more than 500 million solar panels to the country’s energy infrastructure over the next five years.
Solar Integrated Rooﬁng Corporation (OTC: SIRC), is an integrated, single-source solar power and rooﬁng systems installation company specializing in commercial and residential properties in the Southern California market. For more information, please visit the Company’s website at www.solarintegratedrooﬁngcorp.com.
The company announced yesterday that it has signed a non- binding Letter of Intent (LOI) to acquire a California-based provider of Heating, Ventilation, and Air Conditioning (HVAC) solutions to residential and commercial properties.
The target company is a leader in HVAC installation in California with over 15 years of experience. The company has an extensive new product line including an Ultraviolet (UV) lighting system that can be installed within heating and cooling systems, sanitizing air as it passes through the ﬁlter system. The system is expected to kill certain airborne pathogens that transmit illnesses, such as COVID-19.
Last week the company provided a Corporate Update announcing Q2 as the best quarter in the Company’s history, with record breaking revenues surpassing $5 Million USD. This growth has led to record-setting August and September months, with approximately $2 Million USD in sales each month. Solar Integrated Roofing Corp. management would like to take this opportunity to highlight the year to date progress for 2020, as well as inform shareholders about significant events that are nearing completion.
The Company would like to start with confirming that the financial audit is very close to completion and the corporate attorney is working diligently to finalize the Form-10. Simultaneously, SIRC is working on the documents required to trade on the OTCQB tier. Trading on the OTCQB will significantly improve corporate visibility and transparency, leading to increased shareholder value. The Company would also like to address key highlights from the year including:
• The corporate website is undergoing a gradual transformation which is nearing its full-version launch.
• In January, the company closed the acquisition of Milholland Electric Inc. The Company is now on a +$25 Million USD run-rate in revenues.
• The Company has recently brought in a new CFO, Jennifer Bees, to complete the audit. Ms. Bees has a background in mergers and acquisitions, auditing, corporate finance, and account management. She will play a crucial role for the Company’s compliance, filings, and corporate growth.
• In September, the company announced the retirement of 20 Million shares of Common Stock to the Treasury. The current market value of this retirement is over $1 Million USD, and accounts for approximately 15% of the current Outstanding Shares.
• In September, a Letter of Intent to acquire an established $5 Million California-based Solar Sales and Marketing Company was signed. The Company has a robust customer base throughout California and is exploring opportunities in the Phoenix Metropolitan area. The acquisition target carries a 50% gross profit margin, with revenue expected to increase to more than $2 Million per month over the next 12 months, which The Company intends to further duplicate region by region.
• In order to sustain amid the pandemic, The Company has switched primarily to a virtual sales model, allowing potential customers to meet with salespeople online.
• The Company continues to grow at a rapid pace in the southwestern U.S. Our expansion into the highly lucrative market of Albuquerque is complete. The sales team continues to acquire new customers and strengthen its core business, attracting $100,000 in new business for the month of October.
Dave Massey, CEO of Solar Integrated Roofing Corp, stated, “With a tumultuous 2020 three quarters of the way behind us, and many unexpected twists, we are proud that we have broken several corporate records for revenues. As we continue to move forward with our expansion plans into several highly lucrative markets, we feel confident as a leader in the Solar industry, that accounts for nearly 250,000 jobs and generates $18.7 billion of investment in the American economy. The team, from upper management all the way down to the team members doing the groundwork, has been phenomenal. The continued faith and trust our shareholders have shown has been really impressive. We thank you all for your continued belief in what we are building at SIRC; we look forward to updating shareholders, on completion of corporate milestones.”