Solar Integrated Roofing Corp. Closes Future Home Power Acquisition, Adding $1 Million per Week in Expected Near-Term, High-Margin Revenue
EL CAJON, CA / ACCESSWIRE / June 9, 2021 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power and roofing systems installation company, today announced the closing of its acquisition of Future Home Power, a …
EL CAJON, CA / ACCESSWIRE / June 9, 2021 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power and roofing systems installation company, today announced the closing of its acquisition of Future Home Power, a solar, roofing and battery storage sales company.
Founded in late 2020 by Jason Newby, San Diego-based Future Home Power specializes in the sales of residential solar panels, roofing as well as battery storage – partnering with local installers, chiefly SIRC portfolio companies going forward, to finalize on-site installation. Future Home Power has earned a strong reputation for providing customers a smooth, simple process for solar panel and battery storage consultation and installation. The Company expects the acquisition to be immediately accretive and to rapidly grow to $1 million per week in incremental sales at a robust 45% gross margin profile, capturing value across the full customer lifecycle.
“The quick close of our acquisition of Future Home Power is timely for us, as they are on track to reach 60 sales representatives by the end of May with further growth planned after that point,” said David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation. “The additional workforce and lead generation capabilities will allow us to rapidly scale the acquisition to an estimated $1 million plus per week of sustainable, incremental sales as early as next month – for example, Future Home Power drove $1.4 million in the last week of May alone and is likely to reach $2.0 million in weekly revenue in the near-term.
“The acquisition is expected to act as a major growth driver for our other subsidiaries for years to come, who can complete the on-site contracting work once the sale is complete, capturing the full lifecycle value of each customer. I look forward to working with Jason and his growing team - integrating them into our business development arm to further ramp project flow for the entire SIRC family of companies,” concluded Massey.
About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corp. (OTC:SIRC), is an integrated, single-source solar power and roofing systems installation platform company specializing in commercial and residential properties throughout the United States. 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.
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
Senior Vice President
MZ North America
SOURCE: Solar Integrated Roofing Corp.
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