Solar Integrated Roofing Corp. Subsidiary PLEMCo Awarded 5 Year EV Charging Contract with General Services Administration

Rhea-AI Summary

Solar Integrated Roofing Corp. (OTC PINK:SIRC) announced that its EV charging subsidiary, Pacific Lighting Management (PLEMCo), received a five-year Blanket Purchase Agreement from the U.S. General Services Administration to support a $5 billion federal initiative for electric vehicle (EV) charging infrastructure. The contract focuses on supplying Level 2 and Level 3 EV chargers and positions PLEMCo as one of only sixteen firms authorized to potentially provide over 500,000 charging stations. With significant industry tailwinds, the EV charging market is forecasted to exceed $28.4 billion by 2028, enhancing SIRC's strategic shift towards EV projects.

Positive

• Awarded a five-year Blanket Purchase Agreement from the U.S. GSA for EV charging installations.
• Positioned among 16 companies eligible to supply over 500,000 EV charging stations.
• Potential increase in revenue as the EV charging market is projected to surpass $28.4 billion by 2028.
• Strategic focus on a $30 million EV charging project pipeline and a $20 million project backlog.

Negative

• None.

Contract to Service $5 Billion Electric Vehicle Supply Equipment (EVSE) Federal Stimulus Opportunity

PLEMCO, Part of the SIRC Family of Companies, One of Sixteen Firms in the U.S. to Receive Federal Blanket Purchase Agreement

HENDERSON, NV / ACCESSWIRE / April 28, 2022 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power, roofing systems installation and EV charging company, today announced that EV charging subsidiary Pacific Lighting Management ("PLEMCo") was awarded a 5 year Blanket Purchase Agreement ("BPA") from the U.S. General Services Administration ("GSA") as part of the $5 billion in federal funds allocated to electric vehicle charging installations in the Biden Administration's Infrastructure Bill.

One of the bipartisan Infrastructure Bill's stated goals is to install EV Charging Stations every 50 miles along the interstate system. Although each state will establish its own priorities and allocate infrastructure funds, all spending at the Federal, State, Local, and Department level for government funded Electric Vehicle Supply Equipment (EVSE) will be bid and awarded through the GSA. Installation may be done by government entities, contracted out through a secondary bid process or by utilities.

PLEMCo's award is a five year Design and Material only contract for Level 2 and Level 3 EV chargers. A second EVSE - BPA is currently being submitted that will include Design, Equipment, and Installation of EV Chargers, which is expected to be awarded this year.

"We are privileged to be one of only 16 companies in the United States authorized to potentially supply over 500,000 EV charging stations across the country over the next decade," said David Massey, Chief Executive Officer of Solar Integrated Roofing Corp. "These stations are set to supercharge the increasingly widespread adoption of electric vehicles by consumers and fleets through providing charging stations across the interstate system and filling in current gaps of service.

"We continue to see significant industry tailwinds, as California has announced they will discontinue the sale of internal combustion engine ("ICE") vehicles by 2035, potentially requiring 1.2 million EV Charging station installations to be completed to support the transition. Washington State has also announced an intention to eliminate ICE vehicles sales even earlier, by 2030. Taken together, the EV charging market is expected to surpass the $28.4 billion mark by 2028 and continue upwards - an exciting opportunity for us to empower through charging installations.

"This contract further supports our strategic shift towards prioritizing our over $30 million electric vehicle (EV) charging project pipeline and over $20 million EV charging project backlog given the immense near-term opportunities. This will serve to further bolster our position as a clear national player in the space, helping to create sustainable value for our shareholders. We look forward to additional announcements regarding EV charging opportunities in the months ahead," concluded Massey.

About Solar Integrated Roofing Corp.

Solar Integrated Roofing Corp. (OTC PINK:SIRC), is an integrated, single-source solar power, roofing systems installation and EV charging company specializing in commercial and residential properties throughout the United States. The Company serves communities by delivering the best experience through constant innovation & legacy-focused leadership. The Company's broad array of solutions include sales and installation of solar energy systems, battery backup and electric vehicle (EV) charging stations to roofing, HVAC and related electrical contracting work. For more information, please visit the Company's website at www.solarintegratedroofing.com or join us on Twitter, Facebook or Discord.

Forward-Looking Statements

Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update the information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.

Investor Relations Contact:
Lucas A. Zimmerman
Director
MZ North America
Main: 949-259-4987
SIRC@mzgroup.us
www.mzgroup.us

SOURCE: Solar Integrated Roofing Corp.

View source version on accesswire.com:
https://www.accesswire.com/699225/Solar-Integrated-Roofing-Corp-Subsidiary-PLEMCo-Awarded-5-Year-EV-Charging-Contract-with-General-Services-Administration

FAQ

What is the significance of the contract awarded to SIRC's subsidiary PLEMCo?

The contract establishes PLEMCo as a key player in the federal EV charging infrastructure initiative, allowing it to potentially supply over 500,000 chargers.

How much federal funding is allocated for EV charging installations?

The Biden Administration has allocated $5 billion for electric vehicle charging installations as part of its Infrastructure Bill.

What types of EV chargers will PLEMCo supply under the new contract?

PLEMCo will supply Level 2 and Level 3 EV chargers as part of its contract with the U.S. General Services Administration.

What is the projected growth of the EV charging market?

The EV charging market is expected to exceed $28.4 billion by 2028, driven by increasing adoption of electric vehicles.

What strategic shift is SIRC focusing on after winning the contract?

SIRC is prioritizing its EV charging project pipeline, which is valued at over $30 million, and a project backlog exceeding $20 million.