Solar Integrated Roofing Corp. Provides Corporate and Operational Update

Rhea-AI Summary

Solar Integrated Roofing Corp. (OTC: SIRC) provides updates on PLEMCo EV Charging Projects won and California solar changes. PLEMCo has recently won contracts for EV Charging Stations at Wasco State Prison, Lancaster Department of Veterans Affairs, and California Department of Transportation. Work will begin in early 2024. PLEMCo continues to have excellent relationships with numerous EV Charging Station OEM’s and installs as requested for commercial projects. Additionally, SIRC has extended its agreement with Tribeca Energy through May 2024.

HENDERSON, Nev., Dec. 01, 2023 (GLOBE NEWSWIRE) -- Solar Integrated Roofing Corp. (OTC: SIRC) (“SIRC” or “the Company”), an integrated, single-source solutions provider of solar power, roofing and EV charging systems provides updates on PLEMCo EV Charging Projects won and California solar changes.

PLEMCo has experienced a nice round of wins in the Electric Vehicle Infrastructure space and was awarded the following contracts recently. Wasco State Prison in Kern County, California for 10 EV Charging Stations. Lancaster Department of Veterans Affairs for 12 new EV Charging Stations and all associated EV equipment within 2 parking lots. California Department of Transportation 10 Altaville in Angels Camp, California awarded installation of 2 EV Charging Stations. Work will begin in early 2024 for all three contracts. PLEMCo continues to have excellent relationships with numerous EV Charging Station OEM’s and installs as requested for commercial projects. The most recent award for installing 4 Xeal Charging Stations will be completed mid-January.

PLEMCo recently added a Government Relations Manager based in Washington, DC, to focus on GSA projects and bid opportunities. In his first month, Bart Saunders has brought in several nice opportunities which are currently in the development and bid process, specifically in the small/mid size commercial Solar project space. “We expect a jump start in the commercial solar space ($250,000 to $2.5 million project size) with Bart’s help,” commented Julie Brehm, Senior VP of Sales and Marketing for SIRC.

SIRC has also entered into an extension agreement with Tribeca Energy formally extending our Letter of Commitment through May 2024 while SIRC Management works to improve and accurately represent revenue and operating profit for valuation purposes.

About 6 months ago, The California Public Utilities commission implemented NEM 3 which reduced the value of solar for residential and commercial projects by about 70%, making it harder for residents to recover the cost of installing new systems. “Many studies show that solar jobs are decreasing, so SIRC is focusing on roofing and solar combo jobs. By focusing on combo jobs, we believe that we can still have a strong solar presence without relying strictly on solar projects.” says Brad Rinehart, SIRC CEO. “We are also one of the few providers that can compete with both roofing, solar, and battery storage capacity installations by one provider for residential projects and can provide financing for these projects up to $100,000,” Rinehart added.

About Solar Integrated Roofing Corp.

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 serves communities by delivering the best experience through constant innovation & legacy-focused leadership. For more information, please visit the Company's Investor Relations website at www.solarintegratedroofing.com, Corporate website at https://www.sirc.com or join us on Twitter, LinkedIn or Facebook.

Press Release Contact:
Julie Brehm
jbrehm@sircfamily.com

FAQ

What updates has Solar Integrated Roofing Corp. (SIRC) provided?

SIRC has provided updates on PLEMCo EV Charging Projects won and California solar changes.

What contracts has PLEMCo recently won for EV Charging Stations?

PLEMCo has recently won contracts for EV Charging Stations at Wasco State Prison, Lancaster Department of Veterans Affairs, and California Department of Transportation.

What is the timeline for the EV Charging Station projects?

Work for the EV Charging Station projects will begin in early 2024.

What is the focus of the new Government Relations Manager based in Washington, DC?

The new Government Relations Manager is focused on GSA projects and bid opportunities for PLEMCo.

What is the status of the agreement between SIRC and Tribeca Energy?

SIRC has entered into an extension agreement with Tribeca Energy, formally extending their Letter of Commitment through May 2024.