#ESG Investing Snapshot - #Solar still shining (OTCQB: $SING) (NASDAQ: $RUN)
(NASDAQ: $TSLA) (NYSE: $STAG)
SinglePoint,
Inc. / Solar Subsidiary Reports Commercial Agreement - Project Value Estimated at $1.75M for
Illinois Office Park Complex
Point Roberts WA, Delta BC, June 18, 2020 –
Investorideas.com, a global news source and leading investor resource covering
cleantech and renewable energy
stocks issues a sector snapshot
looking at the solar/ cleantech sector, featuring SinglePoint, Inc. (OTCQB: SING) and its solar
subsidiary, Direct Solar of America.
Read this news featuring SING in full at https://www.investorideas.com/news/2020/cleantech-climatechange/06181SING-RUN-TSLA-STAG.asp
deVere Group recently reported that since the
beginning of May, 26% of clients around the world are eyeing exposure to, or
are now part of the environmental, social and governance (ESG)
"megatrend."
Looking specifically at solar stocks, headlines
like “Positive news for California rooftop solar in Q2 – so far” and news of installations, projects and hiring make it a play to
watch.
One of the smaller companies in the sector is also
seeing installations and deal flow rise. US-based SinglePoint, Inc. (OTCQB: SING) and its solar
subsidiary, Direct Solar of America just
made headlines with news that they had
signed a “ Commercial
Agreement with a Total Project Value Estimated at $1.75M for Illinois Office
Park Complex.”
Direct Solar
currently services key areas including Florida, Texas, Illinois, Arizona and
New Mexico.
From the news: SinglePoint Inc.
announced that its majority
owned subsidiary, Direct Solar America has signed an agreement with LUX Power LLC
to co-develop rooftop solar solution for the AET office complex as well as the
on-site covered parking structures. This project is one of many projects in the
company sales pipeline that totals approximately $50,000,000. The project
closely fits the strategic customer acquisition criteria developed by senior
management to focus on small to mid-sized commercial projects that we feel are
currently underserved in the market and represent a high growth potential.
“Over the past nine
months we have established a solid process of identifying commercial projects
that meet our criteria and could benefit from our years of solar expertise. I
am pleased we have closed this deal and looking forward to this being the
catalyst that allows us to close the additional projects in our sales pipeline.
Commercial is a much more involved process as the projects are typically more
complex and the project sizes are dramatically larger than our traditional
residential solar rooftop transactions. Ultimately this provides more revenue
to the company per project which will help the company to continue to grow its
top line revenue”, states JT Turner, Direct Solar America’s, Commercial
Division Sales Manager. “Our Commercial
Solar pipeline consists of small to mid-sized industrial and commercial
projects as evidenced by this office complex project as well as several schools
and other innovative municipal projects that can benefit from solar power
generation”.
Continued: The Company has executed the Energy
Services Development Agreement with the Client and the co-development
compensation agreement with Lux Power LLC. The client has agreed to and
executed the final solar power purchase agreement and is awaiting final
approval from the financing source. The
project's estimated value is approximately $1.75M covering the commercial solar
system components for the office complex roof and the existing parking lot
structure. This specific commercial
project's estimated value of $1.75M is roughly 50 times greater than the
historical residential rooftop solar installation which can average between
$30K to $35K per installation.
“This is a major
milestone for the company. The senior leadership at Direct Solar America has
been working tirelessly for months building out the commercial side of the
business. This first closing is a major step in the right direction. The
company has multiple commercial deals that are progressing through the sales
pipeline stages towards final closing. This Commercial Solar installation in
Illinois helps to validate our decision to move into commercial because the
deal size is much larger than typical residential rooftop solar resulting in
greater revenue and increased profitability for the company. We are focused on
establishing a repeatable process that correctly identifies and targets clients
that meet our criteria. We believe our
commercial business unit has the ability to rapidly become the leading revenue
contributor for Direct Solar America.
The commercial solar sales division will continue to grow and expand
partnership and co-development opportunities. When you combine that with our
intention to have the leading national residential rooftop sales network it
creates an emerging powerful platform and asset for SinglePoint and its
shareholders,” said Greg Lambrecht, CEO SinglePoint.
Significantly larger, Sunrun Inc. (Nasdaq:RUN),
a provider of rooftop solar and battery storage, has 285,000 customers and have
sold their solar service in 22 states, DC & Puerto Rico.
They just announced
that Sunrun and Southern California Edison (SCE), the largest utility in
Southern California and one of the largest in the country are working together
to launch one of the first residential energy storage virtual power plants in
operation in the United States.
From the news: Beginning this month and continuing
through mid-2021, Sunrun and SCE will network up to 300 of Sunrun’s Brightbox
home solar and rechargeable battery systems across Southern California to
demonstrate how clean energy stored in Sunrun Brightbox rechargeable solar
battery systems can provide peaking capacity to the electrical grid for
Southern California residents. The virtual power plant will provide a
resilient, clean source of energy at times when electricity is needed most,
such as during a hot summer day and other times when there is high demand for
energy. Families with Sunrun’s Brightbox rechargeable solar battery systems
will also have access to reliable backup power to keep their lights on and food
fresh during outage events.
Continued: The partnership between Sunrun and SCE will demonstrate how residential rooftop solar and batteries support California’s ongoing transition to clean, reliable, locally-generated electricity.
“California is leading the way to 100% clean energy for all. We’re excited to work with SCE to bring the benefits of Brightbox rechargeable solar batteries to more Californians through this innovative partnership,” said Lynn Jurich, Sunrun co-founder and CEO.
Continued: The partnership between Sunrun and SCE will demonstrate how residential rooftop solar and batteries support California’s ongoing transition to clean, reliable, locally-generated electricity.
“California is leading the way to 100% clean energy for all. We’re excited to work with SCE to bring the benefits of Brightbox rechargeable solar batteries to more Californians through this innovative partnership,” said Lynn Jurich, Sunrun co-founder and CEO.
Tesla (NASDAQ: TSLA), known for their electric vehicles is also competing
in solar. PV magazine just reported on ‘First Tesla solar tile roof V3 installed in
Massachusetts.’
From the article: “Dorchester, Massachusetts is the home of the first Tesla
solar tile roof in the state and the second on the East Coast, according to
Bert Bremer, the homeowner.”
Continued: “The 7.5 kW, version 3.0 system includes two Powerwall batteries —
although there is no time-of-use pricing and there hasn’t been a local power
failure in a few years, according to Bremer.”
Thinknum, reporting on Tesla’s solar division
noted, “Hiring of solar installers, electricians, and field service reps have
more-than doubled in just a month after a severe drop-off.”
Continued: “In April as the pandemic shut down business — and any thoughts of
having solar panels installed — hiring at Tesla for jobs with the terms
"Solar", "Electrician", and "Installer" dropped
from 259 to just 120.“
“But in the second half of May, hiring for these
positions has skyrocketed, from the aforementioned 120 to 254 in the past week.
That's an increase of 112% in less than a month.”
New rooftop installations were also announced by STAG
Industrial, Inc. (NYSE:STAG), a real estate investment trust focused on the
acquisition and operation of single-tenant, industrial properties throughout
the United States. They recently announced the groundbreaking of four new solar rooftop
systems in Massachusetts and one in New Jersey. The projects will deliver
energy to the local electrical grid, ultimately powering homes and businesses.
Black Bear Energy facilitated the project in partnership with STAG. These
systems have an aggregate capacity of 8.5MW, which will generate over 10
million kWh of electricity annually - the equivalent to powering nearly 1,000
homes with solar. With the addition of these sites, STAG now hosts over 10 MW
of solar nationally. The MA projects are being developed by Nautilus Solar
Energy, LLC as part of the Solar Massachusetts Renewable Program (SMART) - a
program to cost-effectively bring new distributed solar resources in the state.
According to IEA, “Renewables
are not immune to the Covid-19 crisis, but are more resilient than other fuels.
The IEA’s Global Energy Review 2020 projected renewables to be the only energy
source to grow this year compared to 2019, in contrast to all fossil fuels and
nuclear.”
That, combined with a strong global investor
sentiment driven by millennial’s is a reason to pay attention to the
renewables/cleantech sector.
Want to get more info on the sector? Visit the Cleantech and Climate Change Podcast page at Investorideas.com
Visit the renewable energy stocks directory: http://www.investorideas.com/Companies/RenewableEnergy/Stock_List.asp
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