Jun 18, 2020 (Investorideas.com via COMTEX) -- Point Roberts, WA and Delta, BC - June 18, 2020 (Investorideas.com Newswire) 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.
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 t hat 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.
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."