SinglePoint Subsidiary Direct Solar America Signs Commercial Agreement with a Total Project Value Estimated at $1.75M
June 17 2020 - 8:00AM
InvestorsHub NewsWire
SinglePoint
Subsidiary Direct Solar America Signs Commercial Agreement with a
Total Project Value Estimated at $1.75M for Illinois Office Park
Complex
Phoenix, AZ --
June 17, 2020 -- InvestorsHub NewsWire -- SinglePoint Inc.
(OTC:SING)
announces that its majority owned subsidiary, Direct Solar
America has signed an agreement with LUX Power LLC to co-develop
rooftop solar solution for the AET office complex as well as
the on-site covered parking structures. This project
is one of many projects in the company sales pipeline.
The project
closely fits the strategic customer acquisition criteria developed
by senior management to focus on small to mid-sized
commercial
projects that we feel are currently underserved in the market and
represent a high growth potential.
https://www.youtube.com/embed/i8Z_Pd3G868
"Over the past
nine months we have established a solid process of identifying
commercial projects that meet our criteria and could benefit from
our years of solar expertise. I am pleased we have closed this deal
and looking forward to this being the catalyst that allows us to
close the additional projects in our sales pipeline. Commercial is
a much more involved process as the projects are typically more
complex and the project sizes are dramatically larger than our
traditional residential solar rooftop transactions. Ultimately this
provides more revenue to the company per project which will help
the company to continue to grow its top line revenue", states JT
Turner, Direct Solar America's, Commercial Division Sales
Manager. "Our Commercial Solar pipeline consists of small to
mid-sized
industrial and commercial projects as evidenced by this office
complex project as well as several schools and other innovative
municipal projects that can benefit from solar power
generation".
According to the
report, the global solar energy industry was pegged at $52.5 billion
in 2018 and is projected to garner $223.3 billion by 2026,
registering a CAGR of 20.5% from 2019 to 2026.
The company
has executed the Energy Services Development Agreement with the
Client and the co-development compensation agreement with Lux Power
LLC. The client has agreed to and executed the final solar power
purchase agreement and is awaiting final approval from the
financing source. The project's estimated value is
approximately $1.75M covering the commercial solar system
components for the office complex roof and the existing parking lot
structure. This specific commercial project's estimated value
of $1.75M is roughly 50 times greater than the historical
residential rooftop solar installation which can average between
$30K to $35K per installation.
"This is a
major milestone for the company. The senior leadership at Direct
Solar America has been working tirelessly for months building out
the commercial side of the business. This closing is a major step
in the right direction. The company has multiple commercial deals
that are progressing through the sales pipeline stages towards
final closing. This Commercial Solar installation in Illinois helps
to validate our decision to move into commercial because the deal
size is much larger than typical residential rooftop solar
resulting in greater revenue and increased profitability for the
company. We are focused on establishing a repeatable process that
correctly identifies and targets clients that meet our
criteria. We believe our commercial business unit has the
ability to rapidly become the leading revenue contributor for
Direct Solar America. The commercial solar sales division
will continue to grow and expand partnership and co-development
opportunities. When you combine that with our intention to
have the leading national residential rooftop sales network it
creates an emerging powerful platform and asset for SinglePoint and
its shareholders", Greg Lambrecht CEO SinglePoint.
About SinglePoint, Inc.
Founded in
2011 SinglePoint, Inc (SING)
invests in and acquires brands and companies that will benefit from
injection of growth capital and the sales and marketing expertise
of SinglePoint. The company portfolio currently includes solar,
hemp and technology applications. SinglePoint is working to grow
the company to a multinational brand.
Connect on social media at:
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For more
information visit: www.SinglePoint.com
Forward-Looking
Statements
Certain
statements in this news release may contain forward-looking
information within the meaning of Rule 175 under the Securities Act
of 1933 and Rule 3b-6 under the Securities Exchange
Act of 1934,
and are subject to
the safe harbor created by those rules. All statements, other than
statements of fact, included in this release, including, without
limitation, statements regarding potential future plans and
objectives of the Company, are forward-looking statements that
involve risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such statements.
Technical
complications, which may arise, could prevent the prompt
implementation of any strategically significant plan(s) outlined
above. The Company undertakes no duty to revise or update any
forward-looking statements to reflect events or circumstances after
the date of this release.
KEYWORDS:
solar, commercial solar, renewable energy
Corporate
Communication
SinglePoint
Inc.
888-OTC-SING
investors@singlepoint.com
www.singlepoint.com
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