SING - 4 Solar Stocks to Put on your watchlist for 2024
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The global transition to clean energyis attracting investors to solar and renewable sources, driven bygovernment policies and incentives. The increasing demand foreco-friendly solutions, along with advancements in technology anddecreasing production costs, positions solar companies as potentiallyappealing investments. The pursuit of energy independence, stability,and innovation further enhances their attractiveness. In a worldadopting cleaner energy sources, investments in solar and renewableenergy offer not only financial gains but also contribute to asustainable global energy landscape
This surge in investor interest aligns with the InflationReduction Act (IRA), which commits $369 billion for renewable energygrowth over the next decade. As solar becomes not just a clean energysource but a compelling investment, our exploration will introducefour distinctive solar stocks in this dynamic sector.
SinglePoint, Inc. (CBOE:SING) stands out as a diversified holding company committed to providinginnovative renewable energy solutions and energy-efficientapplications. Through its subsidiaries, The Boston Solar Company LLCand Box Pure Air LLC, SinglePoint focuses on integrated solar energysolutions and air purification technologies. This comprehensiveapproach aligns with the company's primary goal of sustainability,contributing to better health and living.
SinglePoint's subsidiary, Boston Solar, has recently madewaves in the renewable energy sector by partnering with EnergizerSolar. This groundbreaking collaboration positions Boston Solar as thefirst US company to offer Energizer Solar products, emphasizing itscommitment to top-tier customer service and cutting-edge renewableenergy solutions. The partnership merges Boston Solar's expertisein solar energy with Energizer Solar's innovative energy storagetechnology, addressing the increasing demand for reliable home energysolutions.
The company'sstrategic initiatives extend beyond operational excellence to itsrecent uplisting on the Cboe Exchange (formerly OTCQB:SING). This movenot only enhances SinglePoint's visibility among investors butalso reflects its commitment to sustained growth. The public offeringof 800,000 shares of common stock at $5.00 per share, with expectedgross proceeds of $4,000,000, underscores SinglePoint's dedicationto fueling expansion and advancing its diverse portfolio ofsubsidiaries.
SinglePoint'sfinancial performance showcases resilience and substantial growthpotential. With gross revenue reaching $6,914,934 for the quarterending September 30, 2023, and year-to-date revenue of almost $21million, the company has demonstrated remarkable achievements in achallenging market environment. Notably, the strategic collaborationwith Boston Solar has contributed to this success, emphasizingcommercial solar projects and a growing multi-million-dollar backlogof contracted projects in 2024.
In astrategic overview provided on January 5, 2024, SinglePoint outlinedits 2023 accomplishments and unveiled plans to increase shareholdervalue in 2024. The company, listed on the CBOE BZX Exchange, is poisedto accelerate its acquisition strategy in the renewable energy sector.This includes a focus on rolling up sector companies, specificallynational premier solar installation businesses specializing inengineering, procurement, and construction (Solar EPC's).
SinglePoint's CEO, Wil Ralston,emphasized the company's pride in navigating significant industrychallenges in 2023 and highlighted the removal of barriers toexecuting transformative-sized deals. The uplisting to the CBOE marketpositions SinglePoint to efficiently pursue strategic acquisitions,with the recent partnership between Boston Solar and Energizer Solarexemplifying the company's expanding business footprint on anational scale.
CEO WilRalston's appearance on ABC's Morning Blend further emphasizedSinglePoint's strategy to target diversified solar, energy, andclean air market opportunities through its diversified products andservices portfolio. The company's initiatives for 2024 includepotential market expansions, accretive acquisitions, and industrypartnerships, with detailed updates and presentations planned in thenear term.
SinglePoint'smultifaceted approach, strategic partnerships, financial performance,and forward-looking initiatives position it as a key player in therenewable energy and sustainable solutions industry. As the companycontinues to navigate dynamic market landscapes, investors andstakeholders can anticipate sustained growth and impactfulcontributions to the green energy sector.
Array Technologies, Inc. (NASDAQ: ARRY) is making wavesin the solar sector, solidifying its position with strategicexpansions and innovative solutions. The company, a global leader inutility-scale solar tracker technology, has been a key player inadvancing cost-effective and sustainable energy.
In a significant announcement on November2, 2023, Governor Michelle Lujan Grisham and Array Technologies CEOKevin Hostetler revealed plans for a $50 million manufacturing campusin Bernalillo County, New Mexico. This expansion aims to securehundreds of jobs, marking a milestone for Array's three-decadelegacy in Albuquerque. The investment reflects the company'scommitment to its roots and the global renewable energy mission.
Assisted by $2.5 million in Local EconomicDevelopment Act funding, Array's new 216,000-square-foot campus onAlbuquerque's west side is set to create nearly 100 new jobs,covering various roles from production to engineering. The economicimpact is projected to exceed $300 million over ten years, reinforcingArray's dedication to the local community.
The company's commitment to innovationwas further emphasized on November 3, 2023, with the launch ofcomprehensive field services and customer training solutions. Theseofferings, designed to meet industry demands, underscore Array'sdedication to supporting solar farm operations and customer needs.Kevin Hostetler, CEO of Array, highlighted the company'scommitment to being a trusted partner through every stage ofutility-scale solar projects.
Array's financial performance in the third quarter of 2023showcased robust operational execution, with revenue reaching $350.4million and executed contracts totaling $1.6 billion. The companycontinues to thrive in the market, reporting a net income of $10.1million and adjusted EBITDA of $57.4 million.
In a recent development on December 6,2023, Array Technologies named Jessica Lawrence-Vaca as Senior VicePresident, Policy and External Affairs. With over 20 years ofexperience in solar and government affairs, Lawrence-Vaca will play acrucial role in shaping policy, driving brand awareness, and executingArray's sustainability strategy.
Array Technologies' strategic expansions, commitment toinnovation, and strong financial performance position the company as anoteworthy player in the solar sector, deserving a closer look in thecoming year.
Shoals TechnologiesGroup, Inc. (NASDAQ: SHLS) stands out as a leading provider ofelectrical balance of systems (EBOS) solutions, contributingsignificantly to the renewable energy landscape. One notableachievement is Shoals' extensive global presence, with solutionsdeployed on over 62 gigawatts (GW) of solar systems. This widespreadadoption underscores the company's influence in the renewableenergy sector.
A recent milestonefor Shoals was its partnership with the U.S. Department of the AirForce, deploying the Fuel by Shoals eMobility solution. Thisinnovative solution supports a Leidos-led Electric VehicleCharging-as-a-Service (EVCaaS) pilot project aimed at providing aresilient and secure power infrastructure for the Air Force'snon-tactical vehicles. Fuel by Shoals, known for its efficiency andcost-effectiveness, aligns with the Air Force's Climate ActionPlan, paving the way for a zero-emission fleet.
While Shoals Technologies Group'sstock performance experienced a temporary decline, down 43% over thepast three months, the company's long-term potential is evident.Shoals demonstrated robust financial results for the third quarter of2023, with record quarterly revenue of $134.2 million, representing a48% year-over-year increase. The adjusted EBITDA also saw substantialgrowth, rising by 81% year-over-year to $48.0 million.
Shoals' consistent growth in revenueand earnings and a strong value proposition position it as a notableplayer in the solar sector. Despite short-term fluctuations, thecompany's commitment to innovation, sustainability, and expandinginternational business make it a compelling choice for investorsinterested in the solar energy equipment sector. The recent ramp-up ofits third facility in Tennessee further boosts Shoals' capacity tomeet growing demand, enhance production efficiency, and maintainattractive margins into 2025. With positive trends in earningsestimates, Shoals Technologies Group (NASDAQ: SHLS) appears to be apromising stock worth considering for those exploring opportunities inthe solar sector.
BrookfieldRenewable (NYSE: BEPC) (TSX:BEPC) has made significant strides inthe renewable energy sector, underscoring its leadership throughrecent announcements and robust financial results.
In its latest move towards sustainablefinancing, the company announced on January 8, 2024, its intention toissue C$400 million in green bonds, Series 17, maturing on January 10,2054. This initiative reaffirms Brookfield Renewable's commitmentto environmentally conscious financing, further solidifying itsposition as a trailblazer in responsible investment within theindustry.
Brookfield Renewablereported a 7% increase in Funds From Operations (FFO) to $253 millionfor the third quarter of 2023, with $1.29 per unit year-to-date. Thecompany's success in closing strategic acquisitions, includingX-Elio and Deriva Energy, and progressing with others likeWestinghouse Electric and Origin Energy, positions it for sustainedgrowth in the renewable energy market.
The operational achievements of the quarter were notable, withthe commissioning of approximately 2,200 megawatts of capacity,surpassing development plans. Brookfield Renewable's ability toexecute non-recourse financing, generating over $800 million inupfinancing proceeds, enhances its financial flexibility andunderscores its commitment to responsible financial management.
With a diverse portfolio encompassinghydroelectric, wind, utility-scale solar, and storage facilitiesglobally, Brookfield Renewable maintains its pivotal role in shapingthe renewable energy landscape. The recent green bond issuance alignsseamlessly with the company's broader strategy of responsiblefinancing, emphasizing a multifaceted approach to sustainable energysolutions. As it continues to achieve consistent revenue and earningsgrowth, coupled with a steadfast commitment to innovation andsustainability, Brookfield Renewable is strategically positioned forfurther expansion and success in the evolving renewable energymarket.
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