When market investors learned late yesterday that the Fed hike in interest rates was only 50 basis points — not the 75 basis points feared — all indexes increased into a late rally. The increase was the largest in some 20 years as the Fed tries to lessen the impact of inflation on Americans. Consumer spending traditionally makes up 70% of the GDP, so the Fed’s efforts to try to cut the impact of inflation to the consumer was anticipated. But a .50% cut rise was better than the anticipated .75% increase. As a result, stocks jumped late. Solar Integrated Roofing Corp. (OTC PINK: SIRC) remains bullish on the growth of alternative energy in sectors such as solar and EV Charging Stations for Electric Cars/Trucks. Those are its core businesses now.
stockmarketpress.com features specialized coverage of related stocks in the solar, roofing, EV charging stations and battery charging energy industry such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), Sunrun, Inc. (NASDAQ: RUN), Blink Charging Co. (NASDAQ: BLNK), Tesla, Inc. (NASDAQ: TSLA), GM (NYSE: GM), ChargePoint (NYSE: CHPT), EVgo (NASDAQ: EVGO), SolarEdge Technologies, Inc. (NASDAQ: SEDG), First Solar, Inc. (NASDAQ: FSLR), SunPower (NASDAQ: SPWR), Gibraltar Industries, Inc. (NASDAQ: ROCK), Spartan Acquisition Corp. II (NYSE: SPRQ). and Canadian Solar Inc. (NASDAQ: CSIQ).
Market Jumps Late Yesterday As Fed Hikes Interest Rates By 50 Basis Points Instead Of The Expected 75 Basis Points In Effort To Curb The Impact Of Inflation On Consumers; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Bullish On Alternative Energy Such As Solar And EV Charging Stations For Electric Cars/Trucks
The Fed move on interest rates to help ease the pain for consumers was expected — even a higher rate was anticipated. The impact of inflation was beginning to sap the buying power of consumers and change the way consumers were buying — more into bargain brands, heavily discounted brands — and even cutting back on basics altogether.
Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) remains optimistic about its core businesses of alternative energy — because consumers can invest in rooftop solar installations and electric cars, supported by roadside EV Charging Stations installed in part by SIRC subsidiary. PLEMCo. was recently awarded a 5-Year Blanket Purchase Agreement (BPA) contract with the General Services Administration (GSA) to helped build/install a nationwide network of EV Charging Stations. That is federal tailwind money to build the network.
Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) subsidiary PLEMCo., was one of only 16 companies to receive such as award for a Design and Material only contract to service electric vehicles. Further, SIRC’ PLEMCo., is currently applying for a second Electric Vehicle Supply Equipment (EVSE) — BPA, expected to be awarded in mid-July. That one is for Design, Equipment and installation of EV Chargers.
As gasoline prices remain stubbornly high, it continues to represent an important incentive to buy electric vehicles in the future. Food, home fuel, housing and cost-of-living expenses are rising faster than some consumers can handle. At 70% of the GDP, consumer spending ability is at risk. Banks, credit card companies, food stores and other key retailers have noticed and are concerned about slowdowns in consumer spending habits.
Financial analysts have also noticed changes in how consumers are buying less, trading down in brands in commodities and seeking other ways to spend fewer dollars. Market Jumps Late Yesterday As Fed Hikes Interest Rates By 50 Basis Points Instead Of The Expected 75 Basis Points In Effort To Curb The Impact Of Inflation On Consumers; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Bullish On Alternative Energy Such As Solar And EV Charging Stations For Electric Cars/Trucks.
Fed Chair Jerome Powell said, “Inflation is much too high and we understand the hardship it is causing, and we moving expeditiously to bring it back down.“
A good trend in all this is that electric car companies are aiming more now for mid-priced models, not only luxury vehicles like the Tesla (NASDAQ: TSLA). General Motors (NYSE: GM) and Ford (NYSE: F) are offering mixed electric models. GM is planning an electric line of standard Chevrolets against a $100,000 Hummer model. Ford is focusing on pickup trucks and balancing that with electric muscle cars, such as the Mustang. Dollar-conscious consumers might like lower priced electric cars, as well.
Against this backdrop, the federal government has allocated $5 billion to help build a national network of EV Charging Stations, supporting a national effort to create a nationwide network of electric vehicles. Grants are now federal law. One of the bipartisan Infrastructure Bill’s stated goals is to install EV Charging Stations every 50 miles along the interstate system.
All spending at the Federal, State, Local and Department level for government funded EVSE will be bid and awarded through the GSA. Installation may be done by government entities, contracted out through a secondary bid process or by utilities. Now, SIRC will be authorized to participate in this program.
Market Jumps Late Yesterday As Fed Hikes Interest Rates By 50 Basis Points Instead Of The Expected 75 Basis Points In Effort To Curb The Impact Of Inflation On Consumers; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Bullish On Alternative Energy Such As Solar And EV Charging Stations For Electric Cars/Trucks
According to research firm Technavio, government spending will help the EV Charging Market Station grow by $22.02 billion from 2020-2025. Other factors will help propel expansion in this dynamic market — such as M&A and collaboration between charging company brands themselves and partnerships between charging companies and others allied to the industry. These include OEM EV car/truck manufacturer brands and aftermarket businesses, such as auto repair/tire firms.
David Massey, CEO of SIRC, said, “We are privileged to be one of only 16 companies in the United States to be authorized to potentially supply over 500,000 EV Charging Stations across the country over the next decade. These stations are set to supercharge the increasingly widespread adoption of electric vehicles by consumers and fleets through providing charging stations across the interstate system and filling in current gaps of service.”
Massey added, “We continue to see significant industry tailwinds, as California has announced they will discontinue the sale of internal combustion engine (ICE) vehicles by 2035, potentially requiring 1.2 million EV Charging Stations installations to be completed to support the transition. Washington State has also announced an intention to eliminate ICE vehicle sales even earlier, by 2030. Taken together, the EV charging market is expected to surpass the $28.4 billion mark by 2028 and continue upwards — an exciting opportunity for us to empower through charging installations.
“This contract further supports our strategic shift towards prioritizing our over $30 million electric vehicle (EV) charging station pipeline and over $20 million EV charging project backlog given the immense near-term opportunities. This will serve to further bolster our position as a clear national player in the space, helping to create sustainable value for our shareholders. We look forward to additional announcements regarding EV Charging opportunities in the months ahead,” Massey concluded.
Market Jumps Late Yesterday As Fed Hikes Interest Rates By 50 Basis Points Instead Of The Expected 75 Basis Points In Effort To Curb The Impact Of Inflation On Consumers; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Bullish On Alternative Energy Such As Solar And EV Charging Stations For Electric Cars/Trucks
Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.
Source: Stock Market Press
Join Stock Market Press’ newsletter for the latest in IPO, market commentary and company profiles.
Stock Market Press is a financial news company that delivers up to date stock news, introduces private and public companies to a wide audience of investors, consumers, journalists and the general public via social media and a rapidly expanding network.
Contact:
Stock Market Press
110 Wall St.
New York, NY 10005 info@stockmarketpress.com https://twitter.com/PressStock
Safe Harbor Statement:
Statements in this news release may be “forward-looking statements.” Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Stock Market Press undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.
See Stock Market Press disclaimer: http://stockmarketpress.com/disclaimer/ SOURCE: Stock Market Press
COMTEX_406753866/2785/2022-05-05T15:17:11
