#RenewableEnergy
is Here to Stay- #Stocks to Watch (OTCQB: $SING) (NASDAQ: $SEDG) (NASDAQ: $SPWR)
(NASDAQ: $PLUG) @_Singlepoint_ @SolarEdgePV @SunPower @PlugPowerInc
Inflation
Reduction Act Provides Economic Support and Growth for the Sector
Vancouver,
Kelowna, Delta, BC, August 12, 2022, Investorideas.com, a
leading investor news resource covering solar and clean energy stocks, released
today a special report, featuring solar energy company, SinglePoint, Inc. (OTCQB:
SING), on the growth of acquisitions and improved investor
sentiment for the renewable energy sector following the news surrounding the
Inflation Reduction Act.
Read this article,
featuring SING in full at https://www.investorideas.com/news/2022/renewable-energy/08121Stocks-To-Watch.asp
In recent
news, “The US Senate has just approved a bill which
includes America’s most significant investment in climate action. Alongside
healthcare commitments, the Inflation Reduction Act allocates $369 billion to
renewable energy and reducing greenhouse gas emissions. Experts at several
analysis firms have estimated that it could cut emissions in the US by around 40 per
cent by 2030.”
President
Joe Biden called the legislation the “largest investment ever in combating the
existential crisis of climate change,” praising it for “making the wealthiest
corporations finally pay their fair share”. It could bring the country close to
Biden’s goal of cutting emissions in half
by the end of the decade.
Investors
saw several companies that released their Q2 financials pre-climate bill reap
the benefits of an emboldened investor attitude towards green energy stocks.
SolarEdge Technologies, Inc. (Nasdaq:
SEDG), a global leader in
smart energy technology, recently
announced its financial results for the second quarter ended
June 30, 2022 on August 2nd.
"The growing demand for energy
in general and clean energy in particular continued to drive top line growth
this quarter resulting in record revenues in Europe and the United
States," said Zvi Lando, Chief Executive Officer of SolarEdge. "While
we continue to face growing supply chain challenges, some related to our rapid
growth in an environment of component shortages, and macro-economic trends as a
result of our global footprint, we continue to support our customers while
building the infrastructure for sustainable growth."
SunPower
Corp.
(NASDAQ:SPWR), a
leading solar technology and energy services provider, released
their financial results as well for the second
quarter, ending July 3, 2022.
"There is a ubiquitous need for
reliable electricity at an affordable price that isn't being met with our
traditional energy sources," said Peter Faricy, SunPower CEO. "With
our strategic growth plan, investment in world-class customer experience and robust
pipeline, SunPower is well positioned to capture the strong resulting demand
for solar and storage. This quarter we added a record number of customers,
including an all-time high for new homes installs, and accumulated a backlog
that we expect to set us up for high growth in the second half of the
year."
SunPower Corporation’s earnings beat
estimates as it increased 4.9% since its earnings release on Aug
2, 2022. The company reported second-quarter 2022 adjusted earnings of 3 cents
per share. The bottom line marked a deterioration from the year-ago quarter’s
earnings of 7 cents per share.
The Zacks Consensus Estimate for
second-quarter earnings was a penny. Excluding one-time adjustments, the
company reported a GAAP loss of 24 cents per share against the prior-year
quarter’s earnings of 46 cents per share.
SinglePoint,
Inc. (OTCQB:
SING), an acquisition-focused solar energy and sustainable
solutions provider, recently
announced the acquisition of Frontline Power Solutions, a
Multi-State Licensed Energy Services Company (ESCO).
Frontline Power Solutions (FPS) is a
comprehensive energy service Company with the ability to operate in deregulated
markets across the country. Frontline Power is licensed in nine (9) states and
has applied for and is awaiting final approval in twelve (12) additional
states. Frontline provides Energy Supply Agreements to all sizes of commercial,
industrial, and institutional properties. In addition to supplying direct
agreements, FPS also lends its expertise to its clients to help reduce energy
consumption, streamline energy portfolios, and offer other options to lower
energy costs.
The strategic acquisition provides
SinglePoint with access to an extensive portfolio of clients while giving those
FPS clients reciprocal access to one of the nation's leading solar power
solutions companies and best-in-class customer service.
Wil Ralston, CEO of SinglePoint said,
"Frontline Power Solutions is a great addition to SinglePoint. Frontline
will round out our service offerings by providing tremendous opportunities in
the deregulated energy markets. Through Energy Service Agreements or assistance
with installing a client's solar system, SinglePoint can now assist thousands
of commercial clients in their solar transition."
John Holmes, Founder & CEO of
FPS said, "Our focus has been supplying commercial energy contracts to
large and small commercial, industrial, institutional, and property management
firms. We facilitate substantial reductions in energy consumption and spending
while streamlining logistical management of their energy portfolios. By joining
SinglePoint, our two companies benefit from economies of scale and monetizing
opportunities more efficiently and quickly."
The FPS purchase is just the latest
in SinglePoint's acquisition strategy, bringing a growing collection of solar
providers and energy solutions under one corporate umbrella. SinglePoint has
acquired six (6) subsidiaries, including EnergyWyze, BOX Pure Air, Direct Solar
America, Ecodaptive, Boston Solar, and Frontline Power Solutions.
There are currently 26 US states
that offer deregulated power options which are expected to reach $9 Billion in
annual industry revenues.
This follows the company’s earlier
announcement that its subsidiary, The
Boston Solar Company LLC, expects
to see substantial increases in residential solar energy projects due to the
Inflation Reduction Act which passed on Sunday, August 7, 2022. The climate
change and tax package passed by the Senate on Sunday will provide $370 billion
in funding for clean energy, including extending and increasing lucrative tax
credits for solar energy, enabling residential homeowners to claim up to 30% of
the value of a solar project as a tax credit.
The legislation provides a 30% tax
credit for installing residential solar panels until December 31, 2034. The tax
credit would decline to 26% for solar panels put into service after December
31, 2032, and before January1, 2034. Additionally, homeowners installing solar
battery systems with at least three kilowatt-hours of capacity qualify for the
tax credit. The 30% credit will be retroactive to anyone who installed their
system from the beginning of 2022. The tax credit also applies to energy
storage, whether it is co-located or installed as standalone energy storage.
This enables consumers to retrofit an array of batteries with a wide range of
solar infrastructure, significantly increasing immediate revenue opportunities
for SinglePoint through its majority-owned subsidiary, Boston Solar.
Wil Ralston, CEO of SinglePoint
said. "SinglePoint is capable of exponentially increasing revenue due to
this legislation passing. We will benefit from the largest clean energy act
passed in the US in ways we haven't even thought of yet. Tax credits for solar
projects have always been crucial in a property owner's decision to install
solar panels."
Ralston continued, "In addition
to the increase in demand and EV subsidies, the extension of tax credits
provides additional benefits for the buyer and increases the potential market
for solar energy projects because it increases affordability. Without question,
this is huge for green living everywhere."
Corey Lambrecht, President and Chief
Financial Officer of SinglePoint remarked, "With federal government
support in the form of tax credits for solar energy projects and direct federal
funding of air purification projects in schools, SinglePoint is poised to
benefit from more contracts going forward."
Plug Power Inc. (NASDAQ:
PLUG), a leading provider of turnkey hydrogen
solutions for the global green hydrogen economy, announced
its 2022 second quarter results with
the quarterly shareholder letter posted at https://www.ir.plugpower.com/Q222Plug.
In a recent article from MarketWatch “shares
of Plug Power Inc. pulled a U-turn to trade sharply higher Wednesday, as
investors and analysts appeared to embrace the hydrogen and fuel cell company’s
glowing praise of the Inflation Reduction Act (IRA), over the company’s
disappointing second-quarter results.”
Plug
Chief Executive Andrew Marsh said on a post-earnings conference call with
analysts that the IRA provides a “trifecta effect,” as it’s good for the
climate, for jobs and for national security. And it’s great for the company.
“With
the passage of the Act, we expect a boom for our electrolyzer and green
hydrogen business,” Marsh said, according to a FactSet transcript. “All
applications that use gray hydrogen [produced from fossil fuels] today, such as
fertilizer manufacturing, will now be able to buy green hydrogen at a
competitive price with gray.”
The
Inflation Reduction Act is expected to pass through the House in short order
which we can expect will embolden investors as well the companies themselves,
in regards to growth and acquisitions, even as the economy maintains a
recession. While there has been a dark shadow cast on the stock market over the
past seven months we are starting to see a ray of sunshine for solar, wind and
renewable energies.
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