SIRC News!
Solar Integrated Roofing Corp. Completes EV Charging Acquisition Pacific Lighting Management
9:01 am ET March 18, 2021 (Accesswire) Print
EL CAJON, CA / ACCESSWIRE / March 18, 2021 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power and roofing systems installation company, today announced the closing of its previously announced acquisition of Pacific Lighting Management ("Pacific Lighting" or "PLEMCo"
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PLEMCo is a GAAP audited, diversified energy services and electric vehicle (EV) charging station solutions provider to large commercial and government customers. For nearly two decades, PLEMCo has specialized in the design and implementation of solar photovoltaic systems, energy efficiency measures, and electric vehicle (EV) charging stations for both commercial and government facilities throughout the southwest. Past PLEMCo customers include federal, state, and local governments, school districts, hospitals, and large commercial clients. PLEMCo has several long-term (IDIQ-type) contracts with the Federal General Services Administration (GSA & GSA Fleet). The Company is also qualified by the U.S. Department of Energy as an ESCo (Energy Services Company).
Spurred by increasingly widespread adoption of electric vehicles by consumers and fleets, the EV charging market is expected to surpass the $39 billion mark by 2027. The market has seen notable commitments from the Biden administration, which hopes to build 500,000 new EV charging stations over the next decade, creating a significant addressable market opportunity.
"PLEMCo is a market leader with best-in-class solutions to support our recently announcing EV charging station division," said David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation. "Their highly respected brand and access to the significant government contract market were key factors in our due diligence. We will expand and accelerate their achievements by transitioning their team and customers to supporting our full complement of products and services.
"The acquisition is strongly in line with our focus on creating shareholder value by rapidly growing our dedicated EV charging solutions division. We see increasing opportunity for this division as the nation continues its shift to a more sustainable transportation system, enabled by widespread adoption of electric vehicles and our comfortable cash balance of greater than $11 million as of our fiscal year ended Feb. 28, 2021. With the close of this acquisition, we anticipate seeing significant growth in our burgeoning EV charging solutions division.
"By integrating our technology, resources, and building on the momentum PLEMCo has established, we can reach our long-term goal of building a nationwide EV charging division in key regional markets. We expect PLEMCo will be a meaningful contributor to our EV charging revenue growth in 2021 and beyond, as we build on our position as one of nation's leading integrated, single-source solar power and roofing systems installation companies," concluded Massey.
Solar Integrated Roofing Corp. Completes EV Charging Acquisition Pacific Lighting Management
9:01 am ET March 18, 2021 (Accesswire) Print
EL CAJON, CA / ACCESSWIRE / March 18, 2021 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power and roofing systems installation company, today announced the closing of its previously announced acquisition of Pacific Lighting Management ("Pacific Lighting" or "PLEMCo"
. PLEMCo is a GAAP audited, diversified energy services and electric vehicle (EV) charging station solutions provider to large commercial and government customers. For nearly two decades, PLEMCo has specialized in the design and implementation of solar photovoltaic systems, energy efficiency measures, and electric vehicle (EV) charging stations for both commercial and government facilities throughout the southwest. Past PLEMCo customers include federal, state, and local governments, school districts, hospitals, and large commercial clients. PLEMCo has several long-term (IDIQ-type) contracts with the Federal General Services Administration (GSA & GSA Fleet). The Company is also qualified by the U.S. Department of Energy as an ESCo (Energy Services Company).
Spurred by increasingly widespread adoption of electric vehicles by consumers and fleets, the EV charging market is expected to surpass the $39 billion mark by 2027. The market has seen notable commitments from the Biden administration, which hopes to build 500,000 new EV charging stations over the next decade, creating a significant addressable market opportunity.
"PLEMCo is a market leader with best-in-class solutions to support our recently announcing EV charging station division," said David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation. "Their highly respected brand and access to the significant government contract market were key factors in our due diligence. We will expand and accelerate their achievements by transitioning their team and customers to supporting our full complement of products and services.
"The acquisition is strongly in line with our focus on creating shareholder value by rapidly growing our dedicated EV charging solutions division. We see increasing opportunity for this division as the nation continues its shift to a more sustainable transportation system, enabled by widespread adoption of electric vehicles and our comfortable cash balance of greater than $11 million as of our fiscal year ended Feb. 28, 2021. With the close of this acquisition, we anticipate seeing significant growth in our burgeoning EV charging solutions division.
"By integrating our technology, resources, and building on the momentum PLEMCo has established, we can reach our long-term goal of building a nationwide EV charging division in key regional markets. We expect PLEMCo will be a meaningful contributor to our EV charging revenue growth in 2021 and beyond, as we build on our position as one of nation's leading integrated, single-source solar power and roofing systems installation companies," concluded Massey.
