- Oops!Something went wrong.Please try again later.
SIRC Subsidiary USA Solar Networks capital raised will fund global humanitarian-based solar projects including schools, churches, and disenfranchised communities
EL CAJON, CA / ACCESSWIRE / October 26, 2021 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power and roofing systems installation company, today announced the Company's subsidiary USA Solar Networks has partnered with the Founders of RxSeed Coin, a cryptocurrency coin asset listed on the Stellar Exchange, to develop a cryptocurrency funding solution for humanitarian commercial solar projects.
RxSeed Coin is dedicated to the vision of helping people, and for people to receive a living gift, known as the Coin of Compassion, in exchange for their compassion with hopes that it will grow. They are highly humanitarian in their efforts, with a primary focus on manufacturing emergency housing for disaster relief and unexpected homelessness.
RxSeed utilizes the Bitcoin model to create crowdfunding solutions for the purpose of raising money for the funding of commercial, humanitarian-based projects including schools, churches and disenfranchised communities. Via the raising of capital, a fund will be raised to fund commercial projects, with an estimate of one commercial building per one million dollars raised. This process can be repeated continuously to accommodate both the funding needed for projects and public interest in investing in the fund. The host of the commercial entity will sign a 20-25 year power purchase agreement that will pay to the coin holders a consistent revenue stream for the power that is generated by the solar system installed by USA Solar Networks.
Per the terms of the agreement, USA Solar Networks will receive long term revenues from the host of the commercial entity paying for the power generated from the system and income from the profit of the development and construction of the solar project, with a target gross profit margin of 15%, or $150,000 per $1.0 million of the commercial project. USA Solar Networks will retain all federal tax credits, any state or utility subsidies, and additional tax benefits, such as bonus depreciation of the system.
The partnership will also seek to offer energy solutions to cryptocurrency miners to reduce electricity costs through solar installations, leveraging relationships of the RxSeed Coin Founders.
"This partnership represents a unique opportunity to develop a cryptocurrency funding solution for humanitarian projects that may otherwise have been impossible," said Pablo Diaz, CEO of USA Solar Networks, an SIRC company. "RxSeed will offer us solar projects at no acquisition cost and the project will demonstrate our commitment to delivering solar solutions to underserved communities.
"The Cambridge Center for Alternative Finance (CCAF), reports that cryptocurrency mining consumes about 110 Terawatt Hours per year, or 0.55% of global electricity production. We also look forward to working with the team at RxSeed to offer miners a sustainable energy source for their needs. The partnership created with RxSeed enables us to engage in revenue producing humanitarian and cryptocurrency opportunities that are good for the planet and its people," concluded Diaz.
RxSeed Coin is dedicated to the vision of helping people, and for people to receive a living gift, known as the Coin of Compassion, in exchange for their compassion with hopes that it will grow. They are highly humanitarian in their efforts, with a primary focus on manufacturing emergency housing for disaster relief and unexpected homelessness. They are also highly involved and active in the efforts to eradicate food insecurity in the United States. For more information visit www.rxseedcoin.com.
About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corp. (OTC PINK:SIRC), is an integrated, single-source solar power and roofing systems installation platform company specializing in commercial and residential properties throughout the United States. The Company serves communities by delivering the best experience through constant innovation & legacy-focused leadership. The Company's broad array of solutions include sales and installation of solar energy systems, battery backup and electric vehicle (EV) charging stations to roofing, HVAC and related electrical contracting work. For more information, please visit the Company's website at www.solarintegratedroofing.com.
Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update the information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.
SOURCE: Solar Integrated Roof Corp.
View source version on accesswire.com: