The Solar Integrated Roofing Corp (OTCMKTS:SIRC) stock has come into sharp focus among investors and on Wednesday, the stock made significant gains to emerge as one of the notable gainers.
Yesterday, Solar Integrated Roofing Corp (OTCMKTS:SIRC) soared by as much as 100% after it emerged that the company is working on plans to strengthening its electric vehicle charging solutions arm.
Considering the fact that the electric vehicle industry is growing at an impressive pace, the news about Solar Integrated’s ambitious plans has been welcomed by investors.
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The company launched its electric vehicle charging solutions arm only recently but now it is looking to expand its footprint through the acquisition of electric vehicle charging installers in the United States.
The optimism among investors and the bullish stance of Solar Integrated is understandable. The sector is growing rapidly and ultimately, charging solutions are going to be one of the major constituents of the electric vehicle ecosystem.
On the other hand, the industry has also got a significant boost from states like California which have set highly ambitious targets to get all new vehicle sales to be zero emissions by the time 2035 comes around. Solar Integrated has decided to be primarily involved with marketing, servicing, sales, and installation of personal electric vehicle chargers.
The services can be provided to help with electric vehicle infrastructure for network operators and also at residential properties. This strategy is understandable considering the fact that the company is now a Tesla certified installer and that could work in its favor.
On the other hand, the bullishness about the stock becomes clearer when one takes a look at the potential market size in the long run. As per analysis from Precedence Research, the total market size of the electric vehicle charging industry could hit as much as $39 billion by 2027.
More importantly, that works out to potential CAGR of as much as 40% from 2020 onwards.
Disclaimer: We hold no position in SIRC stock.