Shining a Light on One of the Fastest-Growing Companies in Solar Energy Space On the OTCQB Benzinga - Rachael Green
Phoenix, AZ
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August 05, 2022 08:00 AM Eastern Daylight Time
Governments worldwide are finally injecting serious funding into renewable energy, and consumer demand is seemingly shifting toward sustainable and healthier solutions. Now, an industry of hundreds of smaller, local players could see intense competition over the next few years.
That’s why SinglePoint Inc. (OTCQB: SING) says it has been leveraging an aggressive acquisition and partnership strategy to build a nationwide renewable energy network. This pairs with their goal of providing healthy living solutions with a current focus on solar energy and air purification. With a large-scale network and a synergistic portfolio of products and services that offer tons of opportunities for cross-selling, SinglePoint reports that it is increasing rapidly and ready for the competition.
SinglePoint’s Gamble On A Sustainable Future Could Pay Off Big This Year
While the Company has not achieved profitability yet, it’s been using capital raised from stockholders and other sources to fund an acquisition and partnership strategy that is starting to yield results.
The Company has acquired five subsidiaries, including Energy Wyze, BOX Pure Air, Direct Solar America, Ecodaptive, and Boston Solar. In addition, the Company is in the process of closing the Frontline Power Solutions acquisition.
SinglePoint achieved $1.5 million in revenue reported in the first quarter of this year. That represents a 650% growth over the $239,000 in revenue it reported in the first quarter of 2021.
That’s just the start of what SinglePoint described as a breakout year for the Company. BOX Pure Air, for example, accounted for nearly all of the Company’s first-quarter revenue, and it’s expected to generate $10 million to $12 million for SinglePoint by the end of 2022.
As an approved supplier of air purifiers under the U.S. Department of Education’s Emergency Assistance to Non-Public Schools (EANS) program, BOX Pure Air received a $5 million award, with deliveries slated to start in the third quarter.
Launched in 2021 with an initial budget of $2.75 billion, EANS is meant to help eligible non-public schools around the country fund health and safety upgrades. Ranging from improving indoor air quality to providing personal protective equipment (PPE) and everything in between.
In addition to the anticipated BOX Pure Air revenue, SinglePoint is targeting another $25 million from The Boston Solar Co. this year, a recent acquisition with a multimillion-dollar backlog of solar and energy storage projects.
While the Company is still pursuing acquisitions, SinglePoint has also reported planning to use the projected revenue from 2022 to invest in its subsidiaries to grow that revenue further and leverage the existing synergies.
In June, for example, SinglePoint added Ecodaptive Inc. to its portfolio through the Boston Solar acquisition. The Clean Energy Company is developing the SunRAYS Energy Program in Massachusetts to empower traditionally underserved communities to benefit from solar energy without the upfront investment it usually requires.
Twenty-two states have policies to incentivize community solar programs. More than half of U.S. households cannot invest in solar because of a lack of financing, insufficient roof space, or limited sunlight to make individual solar systems viable. For those households, programs that spread the cost and share the benefits will make going solar a feasible and realistic option.
Capitalizing on national and consumer interest in community renewable energy programs, SunRAYS will use a roof-lease structure. That means homeowners won’t need to pay upfront installation costs. As an additional bonus, the homeowners will get paid through lease agreements to install solar on their rooftops.
Along with regional energy providers like Eversource Energy (NYSE: ES) and National Grid plc (NYSE: NGG), the pilot program is a pioneer in solving some distribution problems holding renewable energy markets back. By installing the solar panels on the rooftops in the communities where that power will get used, fewer high-voltage interconnections and power transmitters are needed to move that energy from its source to its end user.
Singlepoint Inc is a bright light in the solar space as one of the fastest growing publicly traded solar companies in the U.S. Based on their incredible journey over the last two years; it will be interesting to see what happens next. Under the leadership of CEO Wil Ralston and his team, this Company is said to have executed superbly on its business plan. A business plan the Company looks to continue for the foreseeable future.
About SinglePoint Inc (OTCQB:SING)
SinglePoint Inc.(www.singlepoint.com) is a renewable energy and sustainable lifestyle company focused on providing environmentally friendly energy efficiencies and healthy living solutions. SinglePoint is initially focused on building the largest network of renewable energy solutions and modernizing the traditional solar and energy storage model. The Company is also actively exploring future growth opportunities in air purification, electric vehicle charging, solar as a subscription service, and additional energy efficiencies and appliances that enhance sustainability and a healthier life. For more information, visit the Company's website (www.singlepoint.com) and connect on social media for the latest updates.
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SinglePoint Inc.
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