Solar Integrated Roofing Establishes Strategic Partnerships to Expand Deeper into California’s $1B New Home Market
Rhea-AI Summary
Solar Integrated Roofing Corp. (OTCPINK:SIRC) has formed strategic partnerships with San Diego County builders, marking its entry into the new home market. With approximately 500 new homes in its project pipeline, the company anticipates generating $6.5 million in revenue, with each home potentially providing at least $13,000 in revenue. This initiative aligns with California's regulations mandating solar integration in new homes, creating a significant market opportunity. CEO David Massey is optimistic about future growth and added sales opportunities in solar and battery solutions.
AI-generated analysis. Not financial advice.
Positive
- Partnerships with San Diego builders expand market presence.
- Projected revenue of $6.5 million from 500 new homes.
- Each home offers at least $13,000 in revenue potential.
- Alignment with California's solar integration regulations enhances market opportunity.
Negative
- None.
News Market Reaction – SIRC
On the day this news was published, SIRC gained 4.50%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Company Establishes Strategic Partnerships with San Diego County Builders; Maintains Pipeline of 500 Roofing & Solar Installations at New Housing Developments
EL CAJON, CA / ACCESSWIRE / November 24, 2020 / Solar Integrated Roofing Corp. (OTCPINK:SIRC), an integrated, single-source solar power and roofing systems installation company, announced today that it has partnered with several San Diego county home builders to expand its addressable opportunity into the new home market, marking the Company's initial entry into servicing large, new residential housing developments.
Now that state regulations require solar to be integrated into the roof of every new home in the State of California, new housing developments present not only a significant roofing installation opportunity but a mandated minimum solar installation opportunity as well. The Company expects each new home with roofing, and the minimum required solar installation will generate at least
Solar Integrated Roofing has established partnerships with several small and medium San Diego county builders to expand into this new market, having already secured approximately 500 new homes in its project pipeline. This will provide Solar Integrated Roofing with an estimated
California's new home market, according to the San Diego Tribune, averages 80,000 new homes per year. Requiring solar integration, as mentioned, on each new home will help reduce the current rolling brownouts and blackouts in California resulting from the currently limited energy supply.
"We are pleased to announce our strategic partnership with local builders to enter the new home development market, presenting a significant opportunity to leverage the full breadth of our suite of services," said David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation. "In addition to the roofing and solar revenue from each new housing development, we maintain the upside opportunity to sell the end home buyer additional solar or battery storage solutions, creating an exciting new sales pipeline for our growing team. I look forward to continued growth into 2021 and beyond as we work to create value for our shareholders."
About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corporation (OTCPINK: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.
Forward-Looking Statements
Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition, and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing, and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market, and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update the information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.
Investor Relations Contact:
Lucas A. Zimmerman
Senior Vice President
MZ North America
Main: 949-259-4987
SIRC@mzgroup.us
www.mzgroup.us
SOURCE: SIRC
View source version on accesswire.com:
https://www.accesswire.com/618014/Solar-Integrated-Roofing-Establishes-Strategic-Partnerships-to-Expand-Deeper-into-Californias-1B-New-Home-Market