June 21, Boston Solar Company LLC (“Boston Solar”), the subsidiary of SinglePoint, Inc., (OTCQB: SING) acquired Ecodaptive, Inc. which will support Boston Solar’s growing commercial solar division.
Acquisition
Ecodaptive is a clean energy company providing innovative financial structuring solutions to expand the adoption of clean energy projects. The acquisition mainly focused on Ecodaptive’s ongoing program in Massachusetts, SunRAYS Energy Program (“SunRAYS”), which enables traditionally underserved customer segments to go solar through a roof lease structure. The SunRAYS Program was developed to expand access to rooftop solar generation opportunities.
Opportunities
Wil Ralston, CEO SinglePoint, said
“The opportunity with Ecodaptive could prove itself to be a significant competitive advantage as well as a company changing event. There is a framework $100 million asset finance facility enabling Boston Solar and Ecodaptive to scale a successful SunRAYS pilot program.”
“The opportunity with Ecodaptive could prove itself to be a significant competitive advantage as well as a company changing event. There is a framework $100 million asset finance facility enabling Boston Solar and Ecodaptive to scale a successful SunRAYS pilot program.”Good Government Policy
Currently, solar PV represents approximately 3% of US electricity generation. The US Department of Energy, in its “Solar Futures Study” released in September 2021, said it is estimated that the US must install 30GW of solar capacity per year through 2025 and 60GW of solar capacity annually after 2025.
Technology Advantages
There are already large delays associated with interconnection for large-scale utility solar projects. With that context, the SunRAYS Program located the solar generation resources closer to the sources of electricity demand so as to not require high voltage interconnections nor long-distance power transmission.
Easy to expand
Administration, in 2020, Massachusetts sourced 76% of its generation from the combustion of natural gas, which means SunRAYS program has enough growing space. The SunRAYS Program uses existing under-utilized building stock. There is no additional land required to host projects in the program. SunRAYS program uses available small commercial, multi-family housing units and single-family residential buildings as place to arrange solar PV projects. The owners of the buildings enter into a site-lease agreement through which they receive ongoing rental payments in exchange for hosting one or more solar PV projects that feed their output directly into the electricity grid.
Benefits to SinglePoint
There are efficiencies and operational synergies within SinglePoint’s current solar assets, when combined with the opportunities, and the demonstrated expertise of Ecodaptive and the Boston Solar team, that are expected to be accretive and enhance overall profit margins as the company grows revenue and strategically expands their renewable energy and energy storage footprint.
Similar transactions
BlueWave, a solar and energy storage developer and certified B Corp based in Boston, Mass, announced that it has been acquired by Axium, an infrastructure investment management firm with a North American renewable portfolio. BlueWave is known for its community solar, agrivoltaics, and floatovoltaic projects.
Source: SinglePoint Inc.
