EL CAJON, Calif. - December 8, 2020 (Investorideas.com Newswire) Breaking renewable energy stock news from Investorideas.com Newswire and RenewableEnergyStocks.com - Solar Integrated Roofing Corp. (OTC: SIRC), an integrated, single-source solar power, HVAC and roofing systems installation company, today announces the signing of an agreement with Solectrac, Inc, an electric tractor developer and manufacturer located in Northern California and an applicant for a $500,000,000 USTDA grant.
Solar Integrated Roofing will provide solar panels, electric storage and other power devices along with installation services to Solectrac's existing customers and grant projects where applicable. This agreement also includes future clients' customers and grants.
The $75B global agricultural tractor market is largely supplied by diesel powered equipment. The continual global demand to reduce pollution with sustainable electric vehicles has propelled the electric powered tractor market to the forefront of agricultural development, efficiency and sales. Solectrac already has a 30 HP-equivalent compact electric tractor (CET) and a 40 HP-equivalent eUtility in the largest segment, the under 40 HP category, and is developing a 70 HP-equivalent utility model and a 40 HP row crop model, further expanding their market opportunities.
"The growth in the global agricultural market for alternative powered tractors is growing exponentially as can be seen just by the increased interest in our products. Signing an agreement with Solar Integrated Roofing provides us with a sustainable, efficient and off-grid electrical system to power our tractors. We'll now be able to supply complete systems across the globe, regardless of the power grid connectivity or lack thereof, while reducing the equipment costs for our clients,'' commented Steve Heckeroth, CEO of Solectrac, Inc.
"Our highly developed, near turnkey level, product and services are perfectly suited for expansion into the agricultural equipment market and brings new opportunities for us to rapidly move into the under-served rural farming communities throughout the U.S. Solectrac has shown top of the line sustainable equipment with reduced downtime, maintenance and fuel costs. Melding our solar technology with Solectrac's farming equipment will bring significant growth and benefit to this multi-billion-dollar industry. We look forward to working closely with Solectrac, bringing much needed efficiency and savings to the strained agricultural markets," said David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation.
Solectrac, Inc., a California Benefit Corporation and a certified B Corporation, located in Northern California, has developed 100% battery powered, all electric tractors for agriculture and utility operations. Solectrac tractors provide an opportunity for farmers around the world to power their tractors by using the sun, wind, and other clean renewable sources of energy. The company's mission is to offer farmers independence from the pollution, infrastructure, and price volatility associated with fossil fuels.
Ideanomics (NASDAQ: IDEX) is a 24% owner with $2.6 M of investment as of last month. More information on Ideanomics can be found on their website: https://ideanomics.com/. A recent write-up from Indeanomics and Solectrac on electric tractors: https://ideanomics.com/wp-content/uploads/2020/11/Solectrac_11_11_2020.pdf
USTDA - The U.S. Trade and Development Agency is an independent agency of the United States government, formed in 1992 to advance economic development and U.S. commercial interests in developing and middle-income countries.
About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corporation (OTC: SIRC), is an integrated, single-source solar power and roofing systems installation company specializing in commercial and residential properties in the Southern California market. For more information, please visit the Company's website at www.solarintegratedroofingcorp.com.
Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update the information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.
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