- SING projects solar subsidiary could generate sales of $15 to $25 million in FY2020
- Global solar industry valued at $52.5 billion in 2018, growing at a 20.5 percent CAGR to reach $223.3 billion by 2026
- Direct Solar subsidiary signs MOU with social-media, sports-recruiting app to bring solar into U.S. educational community, open international market
SinglePoint Inc. (OTCQB: SING) subsidiary Direct Solar is surging in what was valued as a $52.5 billion global solar market in 2018 by Allied Market Research. Allied sees solar CAGR growing at 20.5 percent between 2019-2026, when it is expected to reach $233.3 billion (http://ibn.fm/hIZwo). SING anticipates large growth and sustainability from Direct Solar, which it projects could deliver sales up to $25 million in FY2020, according to an interview by SinglePoint CEO Greg Lambrecht.
During a MoneyTV interview with host Donald Baillargeon, Lambrecht said that a strong performance by subsidiary Direct Solar could drive company revenues in FY2020 anywhere from $15 to $25 million. The solar division, Lambrecht said, is already generating $1 million a month in contracts with an estimated 30 percent profit margin. In 2020 that monthly sales total could be dramatically higher (http://ibn.fm/RBsEz). By the end of 2019, the company projects its solar division will generate some $5 million in contract sales (http://ibn.fm/Gar50).
“Solar is a monster,” Lambrecht said in a news release. “It’s taken on a life of its own.” Key to the success of solar at SING has been Direct Solar Capital, a division of Direct Solar that helps residential and business owners finance solar installations, enabling them to fund installation and experience long-term savings without a large initial capital outlay.
In addition, to help drive its solar growth and sustainability, SING has signed a memorandum of understanding (MOU) to partner with SchollyME to build solar longevity in the future. Based in California, SchollyME is a social-media app that plays a role in high school athletes being recruited for all 32 NCAA sports (http://ibn.fm/S0E1m).
SchollyME has an international footprint, having recently landed a partnership deal in China said to be worth $1.4 billion within the next 24 months. The deal enables Chinese high school athletes to promote themselves to college coaches in both China and the United States (http://ibn.fm/4j9ab).
The MOU partnership puts SING’s solar subsidiary directly into the worldwide community for education on solar and renewable energy for future generations. “With the SchollyME and Direct Solar partnership, we will be collectively raising capital to continue projects throughout North America,” the announcement said. The partnership will also open the door to greater solar business opportunities for Direct Solar in international markets.
On a larger scale, SING’s optimism about solar and Wall Street’s confidence is based partially on the success of Sunnova Energy International Inc., which completed its IPO in July 2019 and sold some 14 million shares of common stock at a price of $12 per share. In its Q3 2019 financial reporting period, NOVA had positive adjusted operating cash flow of $1.6 million for the three months ended September 30 and generated revenue of $97.9 million for the nine months ended September 30 (http://ibn.fm/1YwqQ). The NOVA IPO and subsequent performance indicates the growth potential of solar, and SING’s expanding presence in the burgeoning industry through Direct Solar suggests its potential for tremendous growth potential and increasing valuation.
For more information, visit the company’s website at www.SinglePoint.com
NOTE TO INVESTORS: The latest news and updates relating to SING are available in the company’s newsroom at http://ibn.fm/SING