Harbinger Research Publishes New Research Report on Correlate Energy Corp., a Rapidly Growing Provider of Sustainable Energy Solutions Based on Solar Generation and Battery Storage Systems
Prepared by Brian R. Connell, CFA, the report offers an in-depth explanation of the Company's business, industry, and growth opportunities and an analysis of its shares' potential future value.
ATLANTA, GA / ACCESSWIRE / October 31, 2023 / Harbinger Research, LLC an independent equity research firm with a focus on the small cap and microcap sectors, announced today that it has published a new research report on Correlate Energy Corp. (OTCQB:CIPI), a growth-oriented clean distributed energy company that is focused on providing localized solar power generation, energy storage, and charging solutions for electric vehicles (EVs). CIPI plans to offer these solutions to commercial, industrial, and residential customers nationwide.
The report includes a valuation analysis, four-year financial forecast model, and future value estimate of the Company and its shares.
To access the research report, please visit the Harbinger Research website at: https://d1io3yog0oux5.cloudfront.net/harbingerresearch/media/7c2f9683a890571c9a47b77bc2148ac7.pdf
Leadership Team Focused on Organic Growth and Targeted Acquisitions
Brian Connell, CFA and Senior Research Analyst stated in the report that "Correlate Energy is a forward-thinking organization focused on net-zero with the team, strategy, and plan to become a major player in commercial and industrial (C&I) and residential solar power and energy storage.
"While their current operations are focused on generating strong cash flow by developing new commercial solar projects through to the construction phase, in parallel they have been aggressively developing their competence in complex financing, institutional caliber audits, and in sourcing and executing attractive merger and acquisition opportunities."
Correlate's Future Valuation is Driven by Strong and Likely Accelerating Revenue Growth.
"At the Company's investor summit in October 2023, management shared the Company's total pipeline was $532M, based on projects the Company already has in various stages of development, with $22M in construction, and $52M late stages of development. Based on this, 2024 organic revenues in the range of $45 million to $60 million are possible, based on projects in the pipeline that have not yet been finalized, adjusted for risks like utility interconnection "waitlists" that are outside of the Company's control. We believe these numbers indicate that the Company has been increasingly successful in winning and executing its organic growth strategy, a trend that we believe is likely to continue."
The report also noted that "There has been an acceleration of microgrid projects in the U.S. over the past few years, as neighborhoods, military and government installations, and commercial and industrial organizations seek lower and predictable energy costs and increased energy resilience. [Microgrids are small-scale power grids that operate independently or collaboratively with other small power grids and/or the main electrical grid].
"The Company recently entered into a joint venture with eDGe Renewable Partners targeting a $100 million capital deployment to accelerate the development of microgrids. Subsequently, the Company announced a major win in the microgrid space.
"On Sept 27, 2023, the Company announced a significant microgrid project in Southern California, with its initial phase projected to generate sales of over $23 million. This project cemented its position in the rapidly growing microgrid solar market.
"We expect that the microgrid segment of the market will continue to show very strong growth for at least the next 10 years, and over time will become a very important component of the Company's organic growth strategy."
Rapid Revenue Growth and EBITDA per Share Set Correlate Up for Future Success
Connell further commented, "As the Company executes its M&A strategy over the next two to three years, while also rapidly growing organically, the Company will likely experience rapidly growing revenues and EBITDA per share."
Additionally, "Management believes that there are hundreds of acquisition candidates available with which they have pre-existing relationships to at least some degree. Therefore, the Company has been focused specifically on finding the optimal companies to acquire and integrate into their organization and platform."
Also noted in the report was a filing by the Company on "October 16, 2023 of an S-1 registration (known as a preliminary prospectus, or "red herring") with the SEC, mentioning Aegis Capital Corp. as the Company's "firm commitment" underwriter, and their intent to uplist to the NYSE American exchange as part of what we presume could be a fairly major funding event for the Company."
In conclusion, Connell stated, "We believe that the Company has the right combination of leadership, strategy, experience, and scale to successfully executive its strategic growth plan. If correct, this should lead to significant appreciation in the value of the Company and its shares."
To download the full report, at no charge, please visit the Harbinger Research website at: https://d1io3yog0oux5.cloudfront.net/harbingerresearch/media/7c2f9683a890571c9a47b77bc2148ac7.pdf
About Harbinger Research, LLC
Harbinger Research, LLC is one of a new breed of issuer-sponsored research boutiques, providing unbiased equity research coverage to smaller issuers that cannot attract research coverage from traditional brokerage firm's research departments. Our mission is to help both investors and public issuers by improving the availability of issuer information and by providing sound, unbiased analysis of our issuer clients' businesses, industries, and current market valuation.
The policies of Harbinger Research, LLC require that all personnel strictly adhere to the CFA Institute's Code of Ethics and Standards of Professional Conduct, and its Best Practice Guidelines Governing Analyst / Corporate Issuer Relations. Please see www.cfainstitute.org for more information.
To view our disclosures and disclaimers, or for more information, visit www.harbingerresearch.com. Harbinger Research was compensated by a third-party in the amount of $10,000 for the preparation and distribution of this report.
Harbinger Research, LLC
Brian Connell, CFA
Senior Research Analyst
brianconnellcfa@gmail.com
+1 (315) 215-3280
SOURCE: Harbinger Research, LLC
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