Solar power remains at the forefront of renewable energy sources, as it allows us to tap into the sun’s infinite reserves to generate clean energy. Aside from the obvious environmental benefits, solar power stands out due to its capacity to spark economic growth and job creation, which is why governments across the globe have quickly embraced this shift.
In the US, for instance, the Inflation Reduction Act of 2022 provided numerous incentives for solar adoption, which fueled demand and made solar companies attractive to investors once again. With Allied Market Research estimating that the global solar industry will surpass $300 billion by 2032, here are four solar stocks that renewable energy investors should keep an eye on.
SinglePoint (OTC:SING) is an under-the-radar company operating in the highly lucrative renewable energy and air purification markets. It provides solar installation and brokerage services in addition to digital and direct marketing services focused on customer lead generation in the solar energy industry. The company also offers solar, battery backup, and electric vehicle chargers to homeowners and commercial businesses. Essentially, the company has positioned itself for massive success in two sectors that have received historic federal investments, which could drive significant shareholder value going forward.
First, to get a better perspective on SING’s exciting prospects, consider this. The US solar industry expects to add a record 32 gigawatts (GW) of new capacity in 2023, a 52% increase from 2022, according to the U.S. Solar Market Insight Q3 2023 report. This bodes well for the company’s flagship subsidiary, Boston Solar, the leading solar panel installer in Massachusetts, which happens to lead the nation in solar installations. In the last year alone, SING grew Boston Solar from $17 million in revenue to nearly $25 million, further illustrating the surging demand for solar installations. As such, it is highly likely that the increasing momentum in solar installations will fuel top-line growth for the company.
SING has set itself apart from the competition through its unique business model of acquiring top solar installers in each marketplace and vertically integrating offerings through its own portfolio. This is important as it has allowed the company to quickly grow its installed solar capacity to about 2,588 kw as of Q4 2022 from just 1,330 kw two quarters before.
Meanwhile, SING's Frontline Power Solutions recently disclosed that it had established an exclusive energy advisory agreement and a substantial 7.1 million kWh energy services contract with a national property management firm. Frontline Power Solutions is a licensed energy services company (ESCO) operating in fifteen states that provides gas and electric contracts to commercial entities in deregulated markets.
This strategic move is set to generate approximately $110,000 in cost savings for the client over the term of the contract, reinforcing FPS's standing as a vital ally for all clients aiming to optimize energy savings across their portfolios. This pivotal achievement represents the second-largest energy contract in FPS's impressive track record, highlighting the opportunity for exponential growth since SING's strategic investment. FPS’s energy-centric focus has helped new sales grow across the portfolio, with KwH (kilowatt hours) sold continuing to surge on the backdrop of multiyear contracts with several clients. As a matter of fact, FPS has grown its recurring KwH to over 18 million KwH sold on a year-to-date basis.
Apart from actively exploring future growth opportunities in renewable energy, energy as a subscription, and other energy-efficient technologies and products that enhance sustainability and a healthier life, SING has reaffirmed its commitment to becoming a key player in the air purification market.
Last month, the company announced that it had acquired the remaining 49% interest in Box Pure Air LLC, a distributor of industrial-grade air purification products. It also announced a new leadership team to deliver on the remainder of the allocated funding available to the company from the initial $5 million Grant Award Notification (GAN) under EANS II from the California Department of Education. According to the company, this transaction allows SinglePoint to direct sales efforts and capitalize on the over $121 billion federally allocated to enhance indoor air quality in our nation's schools. Box Pure Aire is committed to providing commercial-grade products and solutions that are designed to provide and improve indoor clean air in schools.
Solar Integrated Roofing Corp. (OTC:SIRC) is an integrated, single-source solutions provider of solar power, roofing, and EV charging systems, specializing in commercial and residential properties throughout North America. The company has experienced significant evolution in the first half of 2023, with considerable changes occurring in the second quarter as it positions for the future.
These changes include the company’s execution of a binding letter of commitment with Tribeca Energy (a new holding company represented by Global Fund LLC and Neo Energy Storage Ltd.) for a merger agreement to list on the NYSE or Nasdaq by October 30.
“For the initial phase of Tribeca Energy, we envision building a core portfolio consisting of approximately six companies,” said Joe HQ Luong, Partner at Tribeca Energy and NEO Energy Storage Ltd. “In addition to Solar Integrated Roofing Corp., we are targeting various companies across the alternative energy supply chain, including the mining, manufacturing of key component parts for batteries, energy storage technology including Vanadium Redox Flow Battery, wind and solar companies, and companies in the distributed energy sector, to construct our primary portfolio.
Sunworks, Inc. (NASDAQ:SUNW), a high-performance solar and battery storage solutions provider across residential, agricultural, commercial, industrial, and public works markets, recently announced that it had signed an agreement with an existing solar PV customer to install multiple commercial-grade electric vehicle (EV) charging systems.
"Sunworks recognized the necessity to support the infrastructure needs of a growing EV market. As a result, we have seen significant interest in commercial EV charging systems from both new and existing customers. This project is the first in a robust line-up of commercial electric vehicle charging system projects in our pipeline," said Gaylon Morris, President and Chief Executive Officer of Sunworks.
At the company’s recent Q2 earnings release, management reiterated that execution within the commercial business was strong during the period, as revenue nearly doubled on a year-over-year basis and the gross profit margin rate increased more than 1000 basis points to 26.5%.
Solar Alliance (OTC:SAENF) is an energy solutions provider focused on the commercial, utility, and community solar sectors. The company’s strategy is to build, own, and operate its own solar assets while also generating stable revenue through the sale and installation of solar projects to commercial and utility customers. It currently owns two operating solar projects in New York and has been actively seeking out new growth opportunities.
Last week, the company provided a corporate update, revealing a number of interesting developments. One of the major highlights was that the company had a contracted project backlog of $5.8 million thanks to the transition to larger commercial solar system sales and was backed by several key projects, such as an 872-kW solar project in Tennessee announced back in February.
SAENF also revealed that it was pursuing corporate opportunities to expand through partnerships or joint ventures, with CEO Myke Clark noting, “We are committed to exploring all accretive and strategically opportunistic North American acquisition opportunities, with a bias towards the U.S. market. We remain committed to growing responsibly while avoiding excessive dilution. I believe this approach will allow for greater long-term success for Solar Alliance and our shareholders. Our team continues to reduce costs, increase revenues and increase margins as we experience growth in the U.S. commercial solar market. As a result, we have the flexibility to wait for more favourable market conditions and acquisition opportunities.”
SolarWindow Technologies, Inc. (OTC:WNDW) develops proprietary, transparent electricity-generating coatings called "Liquid Electricity”. Ultra-thin layers of Liquid Electricity coatings are applied to rigid glass, flexible glass, and plastic surfaces, where they transform otherwise ordinary surfaces into electricity-generating photovoltaic devices.
What’s particularly unique about the product is that it works in natural, shaded, low-light, even indoor light and even outperforms rooftop solar by 50-fold when modeled for a 50-story building since it can be applied to all four sides of tall towers. The company recently underwent a major corporate reorganization after a resolution was passed to remove all former directors from the South Korean subsidiary.
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