SinglePoint Inc. a company focused on providing renewable energy solutions, announced today it has entered into a letter of intent with EnergyWyze, LLC, a premiere digital and direct marketing firm focused on customer centric lead generation in the solar energy industry. Under the terms of the LOI, SinglePoint will acquire the assets and business relationships, including an extensive database of validated leads, of EnergyWyze to form a premier solar lead generation engine. Additionally, three principals of EnergyWyze with extensive experience from lead generation to closed sales will join SinglePoint as employees to bolster the Company’s marketing team.
EnergyWyze is an emerging industry leader providing qualified preset appointments to the nation’s leading solar installation companies. Customer acquisition can account for a significant percentage of the spend in solar contractors cost of doing business. SinglePoint aims to reduce those costs and increase the conversion rate of new customers through creating a premium customer experience the solar industry is lacking at this point in time. SinglePoint believes that EnergyWyze’s customer-centric focus will bring to market a value-add service for homeowners and solar installation contractors.
“We believe this agreement represents a catalytic moment for SinglePoint and will play an integral piece in our overall business strategy as we work to maximize our online presence and lead generation capabilities. EnergyWyze adds tremendous value and brings with it an extensive database of potential customers who have actively requested solar installation to their home,” commented Wil Ralston, President of SinglePoint. “We believe this acquisition, together with our other subsidiaries, will help us to further unlock value and strengthen the launching pad of SinglePoint to our next phase of growth. We are committed to adding companies to our portfolio that will mutually benefit one another to create a network effect and drive economies of scale. The acquisition of EnergyWyze is a critical component as the company that acquires the customers ultimately controls the growth.”
Brent Duskin, CEO of EnergyWyze commented, “Over the course of the EnergyWyze founder’s marketing careers, we’ve excelled at building predictable, large volume, high-quality lead generation machines for some of the largest and most demanding marketing and sales organizations in the country. Our combined experiences have created strict disciplines for the development of compelling and disruptive value propositions with a focus on lowered cost-per-leads and lower cost-per-sales.”
“Times have changed and so have we. EnergyWyze is a singularly focused residential solar marketing group that will deliver exclusive residential solar appointments, not just leads, to the ever-emerging residential solar category. We will use the latest and most advanced customer experiential management (CXM) software to deliver qualified set appointments to solar installers and sales teams who could never realistically keep up with the latest marketing technologies required to win this game. We are excited to join with SinglePoint who will become our exclusive partner of choice within this very exciting category,” added Mr. Duskin.
It is estimated that less than 4% of the residential solar addressable market in the domestic U.S. market currently has a solar system installed. In the past few years, the cost of residential rooftop solar has dramatically decreased giving homeowners who wish to be sustainable and to decrease their reliance on the existing domestic energy infrastructure an economic benefit that makes sense. EnergyWyze is currently creating thousands of leads per month through its robust platform. Over the course of their careers, the EnergyWyze principals, now joining SinglePoint, have been responsible for generating 25,000 to 35,000 unique leads per week with 100% of attendance confirmation. This experience will drive the model moving forward to set qualified appointments with high show rates as opposed to handing over contact information for a solar installer to reach out and set their own appointments.
“We are used to creating large, profitable, predictable and scalable programs that pencil for everyone. We work and operate with solar companies in all 50 states in over 135 different markets,” commented Joe Hupp, CMO for EnergyWyze. Prior to Joe’s role at EnergyWyze, he served as the Director of Marketing for both SunEdison and Crius Solar where he was responsible for managing all lead generation for sales teams and running all digital marketing efforts for the residential solar departments. Most recently, he has consulted for Vivint Solar, Elite Solar Pros, and others.
The residential solar market which was the hardest hit by the business impacts of the COVID-19 pandemic beat recovery expectations, growing 14% over Q2 but remained below Q1 levels. Residential solar installations will continue to increase, and the incoming administration and Congress have an opportunity to help the solar industry reach its Solar+ Decade goals, creating hundreds of thousands of jobs and tackling the climate crisis.
“Solar is the next wave of change in America’s energy infrastructure. Providing an industry-leading customer-centric platform will be fundamental to the industry as consumers look for trusted, knowledgeable companies to guide them through this shift. Together, EnergyWyze and SinglePoint will be able to meet consumer demands and scale nationally very quickly,” adds Che Oliver, COO of EnergyWyze. Che specializes in customer-centric marketing strategies to drive consumer engagement. Previously, Che took the role of CMO where revenue was flat and stalled at $10MM annually. Che helped push that company past $50MM and the company went public. Fueled by direct mail and digital ads, the company did $80MM and continued growth up to $180MM kicking out $20MM net income and driving stock prices from $2 to $36 per share.
SinglePoint, through its majority owned subsidiary, SinglePoint Direct Solar, operating as Direct Solar of America is focused on providing renewable energy solutions to consumers and small commercial businesses and growing its national footprint, which has grown to operate in 38 states in U.S. during 2020 alone. Through the execution of this model, the Company is leveraging synergistic acquisitions and partnerships to generate revenue in the solar industry by providing renewable energy solutions to consumers and small businesses.
With its initial focus in solar energy, the Company is building a foundation for future expansion opportunities including energy storage, charge points for electric vehicles and solar as a subscription.
The Transaction is subject to customary operational, financial, and legal due diligence and the successful execution of sale and purchase agreements. The Transaction is an arm’s length transaction and pursuant to the terms of the LOI the parties intend to sign a definitive agreement in respect of the transaction in January.