NEW YORK, Feb. 28, 2019 /CNW/ --With climate change a hot topic and the Green New Deal providing a possible pathway for progress, solar power may be a more viable — and profitable — source of energy than ever before.
- Significant growth, ample resources point toward bright solar energy future
- SinglePoint acquisition provides phenomenal opportunity for company to establish industry foothold.
Experts predict solar could be main power source of choice in the coming years.
Recognizing a building interest in and support of renewable energy sources such as solar energy, smart companies are finding ways to establish a strong foothold in the sector. SinglePoint Inc. (OTC:SING) (SING Profile) just signed an asset purchase agreement with Direct Solar and AI Live Transfers, providing what has been described as the Lending Tree model for solar business. First Solar Inc. (NASDAQ:FSLR) is working to complete construction and upgrades of its manufacturing facilities, enabling the company to produce its most advanced Series 6 solar panels. NextEra Energy Inc. (NYSE:NEE) was ranked by Forbes as No. 21 among the top 57 companies that globally change the world, in part because Florida Power & Light Company, one of NextEra Energy's principal subsidiaries, is in the midst of one of the largest solar expansions in the world. NRG Energy Inc. (NYSE:NRG) was recently recognized at Smart Energy Decisions' 2019 Innovative Summit for its landmark new sustainability product, Renewable Select. And in Virginia, Dominion Energy Inc. (NYSE:D) has launched a major bid to significantly increase its solar and wind energy generation under the state's new Grid Transformation & Security Act.
To view an infographic of this editorial, click here.
Industry Growth, Public Sentiment Supports Movement
Now seems to be the time for solar energy. According to a report from the Solar Energy Industries Association, the country's solar market capacity increased 13 percent year-on-year in Q1, accounting for 55 percent of all U.S. electricity added during the period — that includes fossil fuels and other forms of renewable energy. The SEIA also reported that, in 2018, a new solar energy project launched every 100 seconds.
In addition, Advanced Energy Now projects that the solar rooftop market will reach $4.14 billion by 2022, growing at a compound annual growth rate of 9.7 percent until then. The public appears to be behind that growth, with more than three-quarters of Americans feeling that their utility provider should invest more heavily in solar energy.
The resources are certainly available. According to the Office of Energy Efficiency and Renewable Energy, the amount of sunlight hitting the Earth every couple of hours could provide the world's energy needs for an entire year. And with the increased focus created by the New Green Deal and other environmentally friendly movements, this could be the year for the sun to shine on solar energy.
New Acquisition Changes Company Future
Recognizing the potential for significant movement in solar energy, savvy companies both in and out of the energy sector are eyeing opportunities to get involved. SinglePoint Inc. (OTCQB: SING) has seized the day and, with its announced Asset Purchase Agreement with Direct Solar and AI Live Transfers, appears to be making a strong move in the industry.
"This is a phenomenal opportunity for SinglePoint," said SinglePoint president Wil Ralston. "This changes the entire financial fundamentals for the company and enables us to continue to push forward with opportunities to continue increasing shareholder value and the overall value of SinglePoint."
Direct Solar has seen exponential growth recently. In the past year, the company has surpassed $1,500,000 in revenue and has posted approximately 60 percent gross margins. This month alone Direct Solar generated approximately $321,230. Company officials project record revenues for the company throughout the year after the acquisition is finalized.
Burgeoning Growth Presents Hot Opportunities
At the United States Energy Association's annual State of the Energy Industry forum, SEIA president and CEO Abby Hopper declared the 2020s as "the solar energy decade," stating that solar would be the main power source of choice in the coming years.
Although the comment may seem bold, it may not be without merit. Total installed U.S. PV capacity is expected to more than double over the next five years, and by 2023, more than 14 GW of PV capacity will be installed annually. The U.S. Energy Information Administration projects that utility-scale solar's share of total generation in the United States will grow by 10 percent this year alone, and by 17 percent in 2020, joining wind as the fastest-growing sources of electricity over that time period. And some experts say those numbers aren't aggressive enough.
This burgeoning solar growth presents a major opportunity for SinglePoint and Direct Solar to establish a leadership role within a promising industry. SinglePoint is well equipped to make this move.
Initially a full-service mobile technology provider, the company has grown through diversification into the horizontal market and has created an impressive portfolio by acquiring an interest in undervalued subsidiaries. Throughout this process, SinglePoint has built a reputation for researching opportunities where it can be active within a company and influence strategy and direction. Target companies are typically undervalued and cash-flow positive with high potential and verified assets.
Other Companies Seeking Solar Options
SinglePoint isn't the only company exploring solar energy options.
In 2018, First Solar Inc. (NASDAQ:FSLR) announced plans to build a new $400 million solar module manufacturing facility in Lake Township, Ohio. Construction began in mid-2018 on the 1 million-square-foot facility, which will manufacture Series 6 thin-film PV modules and triple First Solar's U.S. capacity. The facility is scheduled to enter full production mode in late 2019. The new facility will be located within a mile of First Solar's flagship manufacturing center in Perrysburg Township. In addition, First Solar has developed, financed, engineered, constructed and currently operates many of the world's largest grid-connected PV power plants.
Self-described as the world's largest producer of wind and solar energy, NextEra Energy Inc. (NYSE:NEE) is a leader in solar energy development. Almost a decade ago, the company's FPL Group broke ground on a 10-MW solar power facility at the Kennedy Space Center, and in 2015, the company's Desert Sunlight Solar Farm — one of the world's largest solar projects — began commercial operation in Riverside County, California. A year later, FPL partnered with Daytona International Speedway to complete the FPL Solar Circuit, a system of more than 7,000 solar panels built as canopies that not only generate electricity for FPL customers and the speedway operations but also offer shade to face fans. Currently, FPL is midst of completing one of the largest solar expansions ever, bringing eight new solar energy centers online in 2018 with plant so install more than 10 million solar panels by 2023.
NRG Energy Inc. (NYSE:NRG) was recently recognized at Smart Energy Decisions' 2019 Innovative Summit for its landmark new sustainability product, Renewable Select. This new solar energy plan is designed for NRG Energy business customers who were interested in renewable energy but hesitant to give up cost certainty. Keeping those needs in mind, NRG Energy developed a plan that offers customer clean, green, accessible energy at a fixed price without the complexity often associated with renewable options. NRG's team sourcing the actual energy needed then packages it in a standard contract with straightforward terms. As a result, a dedicated solar facility and 100 percent of its production is assigned to an individual business.
At Dominion Energy Inc. (NYSE:D), solar energy is key to the company's commitment to clean energy growth. Since 2013, Dominion has helped bring 1,200-megawatts (MW) of large-scale solar into operation in nine states — enough energy to power about 300,000 homes at peak output. The company plans to expand large-scale solar energy in Virginia by 2020, with an estimated 5,200 MW of new solar energy potentially added in the next 25 years.
Although the Green New Deal may be founded in political positioning, the core idea of focusing on and investing in renewable energy sources — specifically solar energy — has arrived. Companies such as SinglePoint that are exploring solar energy options appear to be poised to make the most of what looks to be a bright future.
For more information about SinglePoint, please visit SinglePoint Inc. (OTCQB:SING).
NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today's market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge. For more information, please visit https://www.NetworkNewsWire.com.
DISCLAIMER: NetworkNewsWire (NNW) is the source of the Article and content set forth above. References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. FN Media Group (FNM) is a third-party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated with NNW or any company mentioned herein. The commentary, views and opinions expressed in this release by NNW are solely those of NNW and are not shared by and do not reflect in any manner the views or opinions of FNM. Readers of this Article and content agree that they cannot and will not seek to hold liable NNW and FNM for any investment decisions by their readers or subscribers. NNW and FNM and their respective affiliated companies are a news dissemination and financial marketing solutions provider and are NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.
The Article and content related to the profiled company represent the personal and subjective views of the Author, and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author has not independently verified or otherwise investigated all such information. None of the Author, NNW, FNM, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer's filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer's securities, including, but not limited to, the complete loss of your investment.
NNW & FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and NNW and FNM undertake no obligation to update such statements.
NetworkNewsWire (NNW) is affiliated with the Investor Brand Network (IBN).
Over the past 10+ years we have consistently introduced new network brands, each specifically designed to fulfil the unique needs of our growing client base and services. Today, we continue to expand our branded network of highly influential properties, leveraging the knowledge and energy of specialized teams of experts to serve our increasingly diversified list of clients.
Please feel free to visit the Investor Brand Network (IBN) www.InvestorBrandNetwork.com
FN Media Group, LLC