- With the recently passed Inflation Reduction Act, Correlate looks to achieve significant net gains
- The company just posted a significant revenue bump from $236,690 in Q2 2022 to $2,313,577 in Q3 2022, plus shows project opportunities of up to $194 million
- Todd Michaels, Correlate’s CEO, has also noted the company’s finalized M&A plans through Q2 2023, integral to scaling up the size and overall value of its projects and further growing revenue
- In September, the company entered into a non-binding letter of intent to acquire Vermont-based Aegis Renewable Energy Inc., which, once finalized, will present Correlate with new strategic abilities to explore the bludgeoning Northeast renewable energy market
Correlate Infrastructure Partners (OTCQB: CIPI), a tech-enabled development, finance, and fulfillment platform for distributed energy solutions across North America, just released its financial report for the third quarter of the 2022 financial year (“Q3 2022”). Of obvious note was the significant bump in revenue from $236,690 in Q2 2022 to $2,312,577. While speaking during the announcement, Todd Michaels, Correlate’s CEO, lauded the company’s performance and expressed his optimism for the company’s future, particularly with the enactment of the Inflation Reduction Act (
https://ibn.fm/wVfqP).
Mr. Michaels acknowledged the Act, citing its benefits to clients and investors in the renewable energy space, reporting that the move will be a significant net gain for the company and integral in opening it up to new markets in 2023.
“The Inflation Reduction Act enacted in late August provided new tax incentives that reduce costs for clients and/or elevate returns to investors; this led to larger contract sizes with redesigns to domestic content,” noted Mr. Michaels.
“While this meant delaying some project starts, it will be a big net gain, and will open new markets for us in 2023,” he added.
The Inflation Reduction Act was designed to offer renewable technologies tax credits. While it promises immediate results and benefits, the most significant impact is projected to be felt toward the end of the decade once supply-chain issues are fixed. For example, through this Act, it is estimated that solar power plants built between 2022 and 2030 will generate over 364 gigawatts of electricity, which is more than three times the capacity of all US solar plants in operation in 2021 (
https://ibn.fm/Gupzo).
Currently, Correlate has project opportunities valued at up to $194 million, with projects in development that have been awarded agreements and contracts that have been executed and are under installation. With the implemented Act, it looks to significantly scale up its projects’ size and overall value, ultimately growing its revenue and creating even more value for its shareholders. This will also be achieved by Correlate’s ambitious M&A plan, which Mr. Michaels notes the company has already finalized.
“With this in mind [anticipated project delays], we have finalized our M&A plans through Q2 2023 and seek to close our first acquisition by year-end,” noted Mr. Michaels.
In September, Correlate entered into a non-binding letter of intent to acquire Vermont-based Aegis Renewable Energy Inc., a leading commercial, industrial, and community solar company focused on solar project development and engineering, procurement, and construction (“EPC”). Through this acquisition, Correlate hopes to capitalize on new strategic abilities to explore the bludgeoning Northeast renewable energy market where some of the states in the region, such as Vermont, have set goals to meet 90% of their energy needs with renewable sources by 2050 (
https://ibn.fm/f5DuI).
Correlate remains optimistic about its performance going forward and looks to capitalize on new and existing opportunities to achieve its short-term and long-term goals. Mr. Michaels is confident that the recently-implemented Inflation Reduction Act will play an integral role in the company’s growth, expansion of its opportunity pipeline, and value creation for its shareholders.
For company information, visit the company’s website at
www.CorrelateInfra.com, including the following:
NOTE TO INVESTORS: The latest news and updates relating to CIPI are available in the company’s newsroom at
https://ibn.fm/CIPI
