- Direct Solar posts 2019 unaudited gross revenue numbers of $2 million
- SING expands solar services into two new markets: Minnesota and Wisconsin
- Business model enables expansion without significant operational start-up costs due to leverage from existing infrastructure
SinglePoint Inc. (OTCQB: SING), alongside subsidiary Direct Solar of America, is expanding its solar energy services into additional markets as the company continues its impressive revenue growth. The expansion comes as SING works to meet increased customer demand for solar solutions for homes and businesses.
SinglePoint recently announced 2019 unaudited gross revenue numbers for Direct Solar of $2 million. That total is based on numbers from May 2019, when SING acquired Direct Solar, until the end of the year and doesn’t reflect the full annualized revenue opportunity (http://cnw.fm/OK75b).
“This is an exciting time for the company as the appetite for solar and energy storage solutions continues to rise,” SING chairman and CEO Greg Lambrecht stated in a news release. In addition, Lambrecht noted, Direct Solar continues to track a minimum of $8 to $10 million in residential solar sales and is on pace to meet or exceed total targeted solar bookings.
As part of SinglePoint’s commitment to meet consumer demand, the company has expanded into Minnesota and Wisconsin. Minnesota legislators recently outlined their 2020 agenda, which included a requirement that all electrical energy generated for the state come from carbon-free sources such as wind and solar power. The move is in line with a national surge in solar power energy use.
“[Solar power] is growing at about 30% per year,” Greg Nemet, professor of public affairs at the University of Wisconsin-Madison, told Channel 3000 (http://cnw.fm/1Gp3u). “There are studies that say solar could be 50 percent of our electricity within 10, 15 or 20 years… Solar is for real now and… people are installing solar because it’s the cheapest way to make electricity, even in a place like Wisconsin. I would expect to see more of that.”
The Direct Solar of America model enables the company to increase revenues by entering new markets without significant operational start-up costs due to the leverage from its existing infrastructure, said Lambrecht. “We look forward to continuing to add markets such as Wisconsin and Minnesota to fuel our growth in the residential and light commercial sector,” he said. “The solar and clean-energy solutions (both in the Americas and globally) have undergone enormous change over the last decade, and we feel the acquisition of Direct Solar of America has firmly positioned SinglePoint and its stakeholders to take advantage of the opportunities created by these changes as we move into the next 10 years that is being described as the solar-plus decade.”
SinglePoint provides investors with the opportunity to make investments across a wide range of assets that currently include but are not limited to solar energy, hemp, mobile-payment applications and more. SING is leveraging technology expertise into emerging opportunities. By building a portfolio in undervalued companies the company is able to provide a rich, diversified holding base and create branded products.
For more information, visit the company’s website at www.SinglePoint.com
NOTE TO INVESTORS: The latest news and updates relating to SING are available in the company’s newsroom at http://cnw.fm/SING
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