Singlepoint Inc. (OTCQB: SING) a renewable energy and sustainable lifestyle that focuses on providing energy-efficient and healthy living solutions to its customers, took its first steps into acquiring itself into a NASDAQ listing in 2022.
Their first acquisition was New England’s leading full-service EPC provider Boston Solar Company. The value of the acquisition was undisclosed, but this is only the beginning for Singlepoint as they look to acquire well-established solar companies to build a network of solar providers around the nation.
Why Boston Solar?
There are plenty of reasons why Boston Solar Company was the first acquisition for Singlepoint Inc. To start, they are projected to have at least $25M in revenue in 2022. They already have approximately $16M in revenue contracted and, in the pipeline, so they are well on track for their projections. In 2011, they partnered with the Boston Red Sox and were enabled to build a solar system at the MGM Music Hall at Fenway.
In 2020, they were awarded the Guildmaster award from Guildquality which exemplifies a business that stands for quality service and exceptional customer experiences. Finally, Boston Solar Company has been constantly recognized by the Solar Power World Magazine as a top solar contractor. Being a regional market leader while also being widely known for great customer service shows the rigorous criteria that Singlepoint is looking for with their future acquisitions.
“This acquisition moves us in the right direction to achieve our goals of building the nation’s leading solar services network. As the electrification of everything continues and the importance of obtaining consistent and reliable energy access, we see a long-term future for solar, EV Charging and Energy Storage.
We are excited to welcome Boston Solar and their entire experienced professional team. With this acquisition we are addressing the massive residential opportunity with the leading residential company in the New England area which shares the common core values of providing best in class customer service and honest treatment of all customers across the board as evidenced by their impressive business history in the market and positive customer reviews.”
Residential Solar is Seeing Continued Growth
Singlepoint Inc. aims to be the one-stop-shop to support homeowners and businesses as the world transitions towards renewable energy sources. Their main focus is providing outstanding customer service through the acquisition of Solar EPC (Engineering, Procurement, and Construction).
The market for Solar energy is expected to grow at 10% CAGR over the next 5 years. There is a long-term opportunity to address the market for renewable energy solutions as the current market is extremely underserved with reports saying that only 4% of the market has been penetrated. A big driver of growth is the trend of decreasing costs to the consumer to begin the transition into solar energy.
This, coupled with an increase in demand, will have the solar market exceed its growth expectations over the long-term.
Similar Solar Businesses to Watch
Momentum Solar– A Solar EPC based out of New Jersey known for its extraordinary customer service as it was named one of the best solar panel installation companies of 2022 in Forbes advisor. It has also been consistently recognized as a top solar company on Solar Power World Magazine
PurePoint Energy – A comprehensive solar company that is based out of Connecticut that provides high quality services throughout Connecticut and Westchester County, NY. Pure Point has been identified as a top private solar company by Solar Power World Magazine.
Bright Planet Solar – Based out of Massachusetts, they are a solar EPC that provides a full, turnkey, installation and support platform for residents within Massachusetts and 8 other states. They recently raised $5M in commercial capital in March of 2021.
