- SING switches to virtual sales model, grows solar business from 13 to 25 states
- Company to launch website allowing consumers to buy complete solar installations online
- SING expanding solar footprint into commercial sales through awareness campaigns and financial partnerships
In an effort to keep up with continuing consumer demand for solar energy solutions, SinglePoint Inc. (OTCQB: SING), a diversified holdings company, recently shifted to a virtual sales process for Direct Solar, one of its subsidiaries. Besides almost doubling the company’s footprint to 25 states, management expects the strategic move will further streamline the business and spur additional growth as demand for solar installations increases nationwide.
SING CEO Greg Lambrecht recently discussed the move in a recent video (http://cnw.fm/3qSIh) where he also revealed the company’s plans to launch a new website in the next few weeks that will enable customers to purchase solar solutions for their homes online.
“What’s happening with Singlepoint and Direct Solar is that we’re taking everything virtual,” Lambrecht stated in a news release. “We have a huge advantage to outpace our competition where a lot of these shops just don’t have the technical savvy to do what we’re going to do virtually. Singlepoint is in a great spot with Direct Solar.”
The move comes at a time where current shelter-in-place restrictions are creating challenging situations, forcing companies in high-potential industries like solar to adapt their sales process in order to meet consumer demand.
“We had to either shift to the online model now or take a serious hit this year,” President Wil Ralston said in a recent article (http://cnw.fm/tE6at). “We’re not yet where we were, but we’re getting back there very quickly,” he explained, referring to management’s expectations to return to the growth-oriented profits that characterized the company’s impressive 2019 performance (http://cnw.fm/Gol6e).
Despite the economic slowdown and its effect on the economy, the potential for solar industry growth remains. According to the Solar Energy Industries Association, 2019 saw tremendous growth for solar with an increase of 23% from 2018 – despite policy challenges and increased tariffs (http://cnw.fm/l0o5K). SING captured a significant portion of that market, posting more than $3.3 million in revenue in its financial results for 2019, showing a 189% increase from 2018 to 2019 with over $2 million of that revenue derived directly from Direct Solar (http://cnw.fm/8bnhL).
Since acquiring Direct Solar in 2019, SING has focused on growing its national residential-solar brokerage model in addition to increasing its footprint into the commercial sector. To achieve these goals, the company has engaged in awareness campaigns with schools and commercial businesses and also developed partnerships with financial institutions to help finance these projects. Once they pass the review stage to execution, SING management believes that many of these projects could bring in revenue that is purely incremental to any current projections for the residential solar division.
Besides Direct Solar, SING operates other subsidiaries in the hemp and technology spaces that benefit from its capital injections, sales guidance, and marketing expertise. Founded in 2011, the company specializes in acquisitions of small to mid-sized companies, providing investors with the opportunity to make diversified investments across a wide range of assets.
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://cnw.fm/SING
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