- SinglePoint’s acquisition of Direct Solar is expected to increase the company’s revenues by $5 million in the first 12 months
- The solar panel market is projected to exceed $22 billion by 2025
- Direct Solar’s model allows for quick, efficient expansion throughout the U.S. and globally
Energy efficient, renewable energy technologies are quickly gaining a permanent spot in homes and commercial buildings across North America and around the world. SinglePoint Inc. (OTCQB: SING) CEO Greg Lambrecht said in a news release that SING’s recent asset acquisition of Direct Solar and affiliate AI Live Transfers catapults the technology and investment company into the nation’s rapidly growing renewable energy markets (http://ibn.fm/7QAIJ).
“This acquisition will securely place SinglePoint on a new path towards growth, revenue and overall profitability. We believe Direct Solar has the people and the ability to scale beyond initial projections and truly make an impact on SinglePoint’s goal of getting a NASDAQ or NYSE,” Lambrecht stated in a news release. “We believe, in the following 12 months from the date of the acquisition, revenues will be in the multiple millions along with profitability. This acquisition is a new opportunity and puts SinglePoint on a whole new trajectory path.”
Direct Solar provides a Lending Tree model that connects consumers with solar power products and services. Pablo Diaz, founder and CEO of Direct Solar, said that the company has seen tremendous growth over the past year and expects its sales to soar as it joins with SinglePoint.
“We are excited to officially be a part of SinglePoint. The access to growth capital will allow us to scale quickly and turn the processes we have built into revenue generating opportunities,” Diaz added. “We signed over $570,000 of contracts in April with very little marketing per sales budget. With the backing and support of SinglePoint, we believe we can exponentially increase our sales pipeline.”
More than two million residential, commercial and utility-scale solar installations are currently installed in the U.S., producing enough electricity each year to power more than 12 million homes, according to the Solar Energy Industries Association (http://ibn.fm/xEWYk). Solar installations are gaining in popularity as a cost-efficient, responsible energy choice as power costs rise and environmental awareness increases. The emerging solar panel market is projected to reach nearly $23 billion by 2025 as a result of increasing demand and decreased installation costs, according to Hexa Research (http://ibn.fm/gfjKn).
SinglePoint has also been in discussions with cannabis companies interested in utilizing solar to increase power efficiencies and reduce costs during indoor cultivation (http://ibn.fm/ec0bs). Legal cannabis growers are taking a hard look at solar, co-generation and battery systems as ways to combat rising energy costs, as an article published by GreenTechMedia details (http://ibn.fm/vLLu5).
SinglePoint’s SingleSeed subsidiary distributes CBD-based products derived from hemp via its website – www.SingleSeed.com. Multiple new product listings were added to the site in 2018, including the recently launched pet-friendly brand, Phyto-Bites, which is formulated to reduce stress, pain, separation anxiety and inflammation, particularly for dogs.
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://ibn.fm/SING
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