FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “SinglePoint Subsidiary Direct Solar America Signs Commercial Agreement With a Total Project Value Estimated at $1.75M for Illinois Office Park Complex.”
SinglePoint Inc. (OTCQB: SING) announces 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.
Founded in 2011 SinglePoint, Inc (SING) invests in and acquires brands and companies that will benefit from injection of growth capital and the sales and marketing expertise of SinglePoint. The company portfolio currently includes solar, hemp and technology applications. SinglePoint is working to grow the company to a multinational brand.
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.
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.”
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