NEW YORK, June 17, 2020
- FinancialBuzz.com News Commentary
NEW YORK, June 17, 2020 /PRNewswire/ -- The recent and growing popularity of solar energy as a substitute for traditional energy sources is driven by an increase in environmental pollution and establishment of government incentives & tax rebates to install solar panels. Among the other benefits associated with the use of solar energy systems is a decrease in the user's water footprint. In recent years, demand for solar cells has surged because it has become easier to install panels on rooftops, and their use has increased in applications within the architectural sector as well. Both monocrystalline and polycrystalline silicon cells have witnessed high demand, especially in residential applications. However, cadmium telluride and amorphous silicon cells are expected to create growth opportunities owing to low material cost. In addition, the increase in photovoltaic applications have further fueled the demand for first-generation cells, which include both monocrystalline and polycrystalline silicon cells. And, according to data provided by Allied Market Research, the global solar energy market was valued at USD 52.5 Billion in 2018 and is projected to reach USD 223.3 Billion by 2026 while growing at a CAGR of 20.5% from 2019 to 2026. Singlepoint, Inc. (OTCQB: SING), BioSolar, Inc. (OTCPK: BSRC), Clean Energy Technologies, Inc. (OTCQB: CETY), Greene Concepts, Inc. (OTCPK: INKW), TPT Global Tech, Inc. (OTCQB:TPTW)
Renewable energy is energy that is collected from renewable resources, which are naturally replenished on a human timescale, such as sunlight, wind, rain, tides, waves, and geothermal heat. One of the major obstacles for the renewable energy market and for tech companies in general are production and implementation costs. However, there are many efforts to overcome such obstacles. For example, a startup with MIT roots recently announced the development of lightweight solar panels based on perovskite semiconductors. Perovskites are a class of materials that are cheap, abundant, and great at absorbing and emitting light, making them good semiconductors for solar energy conversion. Sam Stranks, co-founder and Lead Scientific Advisor for the startup, Swift Solar, explained, "Our technologies enable much cheaper and more ubiquitous solar power through cheaper production, reduced installation costs, and more power per unit area… Other commercial solar photovoltaic technologies can do one or the other [providing either high power or light weight and flexibility], but not both."
Singlepoint, Inc. (OTCQB: SING) announced today breaking news that, "its majority owned subsidiary, Direct Solar America has signed an agreement with LUX Power LLC to co-develop rooftop solar solution for the AET office complex as well as the on-site covered parking structures. This project is one of many projects in the company sales pipeline. The project closely fits the strategic customer acquisition criteria developed by senior management to focus on small to mid-sized commercial projects that we feel are currently underserved in the market and represent a high growth potential.
"Over the past nine months we have established a solid process of identifying commercial projects that meet our criteria and could benefit from our years of solar expertise. I am pleased we have closed this deal and looking forward to this being the catalyst that allows us to close the additional projects in our sales pipeline. Commercial is a much more involved process as the projects are typically more complex and the project sizes are dramatically larger than our traditional residential solar rooftop transactions. Ultimately this provides more revenue to the company per project which will help the company to continue to grow its top line revenue", states JT Turner, Direct Solar America's, Commercial Division Sales Manager. "Our Commercial Solar pipeline consists of small to mid-sized industrial and commercial projects as evidenced by this office complex project as well as several schools and other innovative municipal projects that can benefit from solar power generation."
According to the report, the global solar energy industry was pegged at $52.5 billion in 2018 and is projected to garner $223.3 billion by 2026, registering a CAGR of 20.5% from 2019 to 2026.
The company has executed the Energy Services Development Agreement with the Client and the co-development compensation agreement with Lux Power LLC. The client has agreed to and executed the final solar power purchase agreement and is awaiting final approval from the financing source. The project's estimated value is approximately $1.75M covering the commercial solar system components for the office complex roof and the existing parking lot structure. This specific commercial project's estimated value of $1.75M is roughly 50 times greater than the historical residential rooftop solar installation which can average between $30K to $35K per installation.
"This is a major milestone for the company. The senior leadership at Direct Solar America has been working tirelessly for months building out the commercial side of the business. This closing is a major step in the right direction. The company has multiple commercial deals that are progressing through the sales pipeline stages towards final closing. This Commercial Solar installation in Illinois helps to validate our decision to move into commercial because the deal size is much larger than typical residential rooftop solar resulting in greater revenue and increased profitability for the company. We are focused on establishing a repeatable process that correctly identifies and targets clients that meet our criteria. We believe our commercial business unit has the ability to rapidly become the leading revenue contributor for Direct Solar America. The commercial solar sales division will continue to grow and expand partnership and co-development opportunities. When you combine that with our intention to have the leading national residential rooftop sales network it creates an emerging powerful platform and asset for SinglePoint and its shareholders", Greg Lambrecht CEO SinglePoint.
BioSolar, Inc. (OTC: BSRC) announced that it had filed a patent application for "Silicon Alloy Anode for High Power Batteries," providing protection for the implementation of the Company's silicon additive technology for high power batteries designed for application in targeted industries, such as power tools and hybrid electric vehicles. "Filing this patent application is an important step in bringing BioSolar's performance boosting Silicon additive technology closer to commercialization," said Dr. David Lee, CEO of BioSolar. "As we move forward, it is critical that we control future licensing efforts that may one day represent a significant source of revenue. Given the potential and clear market niche for our performance boosting silicon additive technology when applied to Si Alloy materials, we are pleased to file this patent and continue focusing on the evaluation of the technology."
Clean Energy Technologies, Inc. (OTC: CETY) announced earlier this year that it signed a Memorandum of Understanding (MOU) with Meishan California Smart Town Development Investment Company Ltd., China, to provide equipment and establish offices in Meishan California Smart City, located at Tianfu New Area, Sichuan Province, China. Meishan California Smart City is a visionary new development combining the pioneering cultures of California and Sichuan to foster innovation, invention, and sustainability. The new city will champion new technologies, with a focus on clean and renewable energy breakthroughs; testing, inspection, and certification; hydrogen fuel; ag tech; and IOT and is anticipated to become a model for future smart cities.
Greene Concepts, Inc. (OTC: INKW) announce recently that it has recently signed an agreement with Sunflower Consulting Group (SCG) to further position itself to be a leading bottled water and beverage provider. SCG specializes in all aspects of convenience store operations. This strategic partnership with SCG promotes increased awareness and sales of the company's initial product release, BE WATERTM, to a nationwide audience. Harold Wingert, founder and CEO of Sunflower Consulting Group suggests, "We are delighted to partner with Greene Concepts as we help to position them for great success in showcasing their BE WATERTM brand to fill the gap of a wide audience. Our connections into the proper market channels will help Greene Concepts achieve their strategic objectives and positions them in procuring purchase orders to share the BE WATERTM brand across the nation resulting in greater profits and maximized consumer value."
TPT Global Tech, Inc. (OTC: TPTW) announced recently that it has entered into an agreement with Rennova Health, Inc. ("RNI or Rennova Health") to merge two RNI companies into a newly formed TPT subsidiary to be called "InnovoQor". The two RNI companies are Health Technology Solutions, Inc. and Advanced Molecular Services Group, Inc. The two RNI companies merging into the new InnovoQor begins the first stage development of TPT Global Tech's Mobile Telemedicine products and services capabilities which also will be offered inside TPTW's upcoming Mobile TV and Social Media platform. It is the intent of TPTW to assist InnovQor in being publicly traded as a vehicle for raising capital. Upon the merger, TPTW will become a minority interest owner in InnovoQor. Individuals can learn more about the Joint Venture in the Company's Form 8k filing on the transaction.
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