NEW YORK, June 9, 2021 /PRNewswire/ -- There is strong demand for new alternative, renewable and green energy. In recent years, new technologies have allowed for more affordable energy storage from alternative energy sources, but the solar sector in particular has went through a surge of implementation, both for residential and commercial purposes. According to data published by Solar Energy Industries Association (SEIA), solar energy accounted for 43% of all new electricity-generating capacity added in the U.S. in 2020, representing solar's largest ever share of new generating capacity. The U.S. installed 19.2 gigawatts (GWdc) of solar PV capacity in 2020 to reach 97.7 GWdc of total installed capacity, enough to power 17.7 million American homes. Solar Integrated Roofing Corp. (OTC: SIRC), Renesola Ltd. (NYSE: SOL), Sunworks, Inc. (NASDAQ: SUNW), Sunrun Inc. (NASDAQ: RUN), Canadian Solar Inc. (NASDAQ: CSIQ).
The last decade was riddled with obstacles for renewable energy in the U.S. and for the solar panel industry in particular. The panels were too expensive, looked bulky and customers were uncertain if investing in solar panels will be worthwhile from a financial standpoint. Over the years, however, these opinions have shifted thanks to various technological advancements that led to better designs and efficacy. Now, the upcoming decade is expected to be different. "This positive report makes clear that American families are demanding energy choice and solar, and that our industry is ready to deliver," said Abigail Ross Hopper, President and CEO of SEIA. "This is the kind of growth and investment we could see going forward if we make smart policy moves, like extending the solar Investment Tax Credit and stopping additional tariffs. Failure to make these policy moves will limit deployment potential and cost jobs."
Solar Integrated Roofing Corp. (OTC: SIRC) just announced breaking news that, "it has signed a binding Letter of Intent (LOI) to acquire Future Home Power, a solar, roofing and battery storage sales company.
Founded in late 2020 by Jason Newby, San Diego-based Future Home Power specializes in the sales of residential solar panels, roofing as well as battery storage – partnering with local installers to finalize on-site installation. The Company expects the acquisition to be immediately accretive.
Future Home Power generated over $7 million since inception with between 10 and 15 sales representatives – since scaling to 30 with plans to reach 60 sales representatives by the end of May. Management believes that based on historical performance and with the new sales representative additions, Future Home Power can rapidly scale to over $1 million per week in incremental sales with 45%+ gross margins as early as June 2021. The acquisition is expected to act as a major growth driver for other SIRC subsidiaries who can complete the on-site contracting work once the sale is complete, capturing the full lifecycle value of each customer.
"Future Home Power is a true up and comer in the solar and battery storage sales business – with $7 million in revenue since inception and projections an order of magnitude higher for 2021," said David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation. "Jason and his team have quickly earned a strong reputation for providing customers a smooth, simple process for solar panel and battery storage consultation and installation.
"Leveraging a strong industry background as a top producing regional manager with Vivint Smart Home, Jason brings the lead generation skillset and industry experience necessary to drive rapid growth across new geographies. When paired with our robust suite of operating businesses, we believe Future Home Power can act as our business development arm, driving a robust project-flow for our installers working for the SIRC family of companies.
Closing of any potential acquisition is subject to final due diligence, negotiation and execution of a definitive purchase agreement and all necessary approvals. The Company expects the acquisition to be immediately accretive."
Renesola Ltd. (NYSE: SOL) announced back in May the signing of JV agreement with Eiffel Investment Group ("Eiffel") that aims to accelerate the development and financing of ReneSola Power's current and future solar projects across Europe. With the signing of the joint venture agreements, ReneSola Power and Eiffel Investment Group have created European Solar Energy Development JV, a 51/49 joint venture company with ReneSola Power having a 51% ownership stake and Eiffel a 49%. The initial portfolio will consist in 340 MW advanced stage development projects located in Poland, Spain, and France, which both partners will support and develop to reach ready-to-build stage. The joint venture company intends to fund the development of up to 700 MW of solar projects in the next 3 years across Europe. Mr. Josef Kastner, CEO of ReneSola European Region, commented, "Eiffel Investment Group has been our financial partner for several years and proven leader in business financing, and we are thrilled to strengthen this relationship further and execute the long-term strategic joint venture agreement with them. This marks an important milestone for us, and we expect the joint venture company to help facilitate the development of our pipeline of project opportunities in front of us."
Sunworks, Inc. (NASDAQ: SUNW) reported yesterday that the company has filed a Form 8-K/A with the Securities and Exchange Commission, disclosing pro forma results for Sunworks and Solcius, as if they had been combined January 1st, 2020. The disclosure therefore provides combined financial results for the two companies for the 2020 fiscal year and the first quarter of 2021. On April 8th, 2021, Sunworks acquired Solcius, LLC ("Solcius"), a privately held, rapidly growing residential solar company for USD 51.8 Million in an all-cash transaction, creating a national solar power provider with a presence in 12 states. The financial results for the second quarter will include the operating results of Solcius from April 8th through June 30th, 2021.
Sunrun Inc. (NASDAQ: RUN) announced back in May its partnership with Ford Motor Company (NYSE: F) to serve as the preferred installer for Ford Intelligent Backup Power, debuting on the all-electric F-150 Lightning. Sunrun will facilitate easy installation of the 80-amp Ford Charge Station Pro and home integration system. With Ford Intelligent Backup Power, enabled by the available 80-amp Ford Charge Station Pro and home integration system, the F-150 Lightning can serve as a reliable home backup energy source by dispatching power to the home during a power outage event. Through this partnership, customers will also be provided with the opportunity to install a solar and battery system on their home, enabling them to power their household with clean, affordable energy and charge their F-150 Lightning with the power of the sun.
Canadian Solar Inc. (NASDAQ: CSIQ) announced last month it has executed a strategic partnership and investment with Habitat Energy Limited ("Habitat Energy"), a UK-based market leader in power trading and asset optimization services for battery storage assets that uses artificial intelligence and machine learning. The partnership will allow Canadian Solar to offer enhanced technology solutions for developers and owners of battery storage assets to capture additional revenue from trading optimization, while improving grid stability and contributing to the global energy transition to a cleaner, smarter and more efficient power grid.
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