SIRC Makes Major Announcements about EV Charging, Following Record Financial Results
- Poway, California Apr 5, 2022 (Issuewire.com) –
- Solar Integrated Roofing Corp (OTC: SIRC) reported audited revenue growth of 388% for 2021.
- Audited financial results confirmed revenues of $84.2 Million, with a net income of $19.9 Million.
- This comes shortly after the U.S. government confirmed support for Electric vehicles by means of activating the defense production act.
Major shifts are occurring in the marketplace which is expected to positively impact the solar energy and electric vehicle (EV) market. Car sales could be reduced by as much as 16% in the first quarter of 2022, largely due to the state of the economy and the limited inventory that car manufacturers possess. This is predicted to increase the demand for EVs as gasoline prices remain high. The North American market will lead a 13.8% CAGR of the concentrated solar market from 2020 to 2030 due to their solar initiatives. This means that the solar market will grow to an expected $133.43 billion by 2030.
The Biden Administration has announced that it will use the Defense Production Act to support the extraction of materials that are critical to the production of batteries for EVs. In a clear move to pivot toward the broader EV charging market, Solar Integrated Roofing Corp (OTC: SIRC) announced that it is renaming itself “Solar EV“.
The sales of conventional cars could be reduced by up to 16% in the first quarter of 2022. Toyota and General Motors have both reported significant decreases in sales. GM has reported a 20% decrease in sales while Toyota has reported a 15% decrease in sales. This is while EV manufacturers such as Tesla are experiencing massive levels of demand which has led to a ten-month waiting list to be able to purchase one of their vehicles. The combination of the low inventory for traditional gasoline vehicles, increasing gasoline prices, and the semiconductor shortage have all contributed to the decrease in sales of traditional cars and the relative increase in popularity of EVs.
North America is the fastest-growing region in demand for solar power and this is facilitated by the drive that North America has shown to reduce carbon emissions. North American countries have strict policies for protecting the environment and they incentivize solar and renewable energy sources through subsidies and grants. SIRC facilitates this growth through its installation of solar systems for the residential and commercial markets allowing customers the freedom to sustain their energy needs off the grid.
In addition to a near $5Billion investment in solar charging, another government initiative that will increase the growth of the solar market is the announcement to use the Defense Production Act to increase the production of batteries for EVs. Now, essential raw materials for large-scale batteries used in EVs and solar systems will be more readily available in the domestic market and the US will become less reliant on other countries for its raw materials. Mining companies will be incentivized to extract these necessary resources by a $750 million federal fund. This is with the explicit purpose of increasing the US’s capacity to produce batteries for EVs and for renewable, clean energy.
SIRC is primed for significant growth in the coming year’s thanks to its position in both the solar and EV sectors. These sectors are seeing considerable growth thanks to the trend toward renewable energy and away from fossil fuels. Traditional car manufacturers are being hamstrung by problems that the EV industry is not suffering from. Additionally, solar energy is becoming increasingly more popular and cost-efficient which is supported by governmental initiatives which are boosting the industry further.
About Solar Integrated Roofing Corporation (OTC: SIRC):
SIRC is a company that specializes in single-source solar power and roofing system installations for both residential and commercial property across the US. The company offers a wide range of services and products which include solar EV charging, sales, and installation of rooftop solar systems, and setting up battery backup systems. The company is one of few U.S. providers that aims to monetize the entire lifecycle of EV charging equipment, covering installation, maintenance, and supply. Given its latest audited revenue report, it is one of the fastest-growing companies in the solar industry.
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Source :Solar Integrated Roofing Corporation (OTC: SIRC)
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