SHREVEPORT, La., April 19, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Correlate Infrastructure Partners Inc. (OTCQB: CIPI) (“Correlate” or the “Company”), a technology-enabled provider of energy optimization and clean energy solutions for the U.S. commercial real estate industry, is pleased to announce the results of its audited annual financial report for the year ending Dec. 31, 2021.
2021 Year-End Financial Highlights
- Revenues for the year ended Dec. 31, 2021, were $98,446 compared with $170,719 for the year ending 2020, resulting from a heavy focus in R&D and technology build-out now being commercialized in 2022.
- Gross profit for the year ended Dec. 31, 2021, totaled $9,695 compared to a loss of $65,259 in the prior year.
- For the year ended Dec. 31, 2021, operating expenses decreased to $84,944 compared to $119,129 for the year ending 2020.
- Operating loss for the year ended Dec. 31, 2021, narrowed to $75,249 from $184,338 the previous year.
2021 Corporate Highlights
- The Company completed two strategic acquisitions, both now wholly owned subsidiaries, that form the platform for future growth for the Company’s business going forward:
- Correlate, Inc., founded in 2015, is a portfolio-scale development and finance platform offering commercial and industrial facilities access to clean electrification solutions focused on locally sited solar, energy storage, EV infrastructure and intelligent efficiency measures.
- Solar Site Design, founded in 2013, is a U.S. Department of Energy Sunshot Catalyst winner that provides customer acquisition and project development tools for the commercial solar power industry.
- Initiated a comprehensive rebranding campaign to better reflect the combined Company’s business model and focus moving forward.
- Moved to change the company name and ticker symbol to Correlate Infrastructure Partners Inc. and CIPI, respectively. (The changes were subsequently approved by shareholders in February 2022 and subsequently by regulators and market authorities in April 2022.)
- Capitalized the Company, subsequent to year-end 2021, with a $1.35 million note from P&C Ventures.
- Cory Hunt, managing director of P&C Ventures, and Bob Powell, CEO of Brightmark Energy LLC, both joined the board, adding independent directorship and governance.
- Future acquisitions sought by the Company to leverage existing technology platform, development expertise and financing capabilities.
“Our leadership team made great strides to execute our market development strategy in 2021. We focused on integrating key technologies while building a scalable client backlog of 2022 projects, which included completing the acquisitions of Correlate and Solar Site Design as wholly owned subsidiaries,” said Todd Michaels, company president and CEO. “We assembled a rare, nationally recognized management team to execute this backlog while aggressively scaling our technology and fulfillment capacities to match our growth rate and market opportunity. In 2022, we anticipate revenues to increase with the expansion of operations, sales channels and repeat business from our 2021 portfolio of national accounts. The post-pandemic U.S. commercial and industrial market has approximately 6.8 million facilities applicable for our solution to increase building owner net income. With only about 3% of those facilities currently being addressed, demand is very high. We couldn’t be more confident and excited about our position for tremendous growth.”
“With the recent capitalization, addition of new board members, and a focused strategy on key acquisitions coupled with organic project origination, the Company is poised to ramp top-line growth in 2022 and optimize gross profit,” said Correlate CFO Channing Chen.
Read Correlate Infrastructure Partners’ 2021 Annual Financial Report here
About Correlate Infrastructure Partners
Correlate Infrastructure Partners, Inc., formerly Triccar, Inc., through its subsidiaries Correlate and Solar Site Design offers a complete suite of proprietary clean energy assessment solutions for the commercial real estate industry. Correlate believes scaling distributed clean energy solutions is critical in mitigating the effects of climate change. We believe that we are at the forefront in creating an industry-leading energy solution and financing platform for the commercial and industrial sector. Correlate sees tremendous market opportunity in reducing site-specific energy consumption and deploying clean energy generation and energy efficiency solutions at scale.
For more information about Correlate and its subsidiaries, please visit www.correlateinfra.com.
Forward-Looking Statements
This news release may include "forward-looking statements" regarding Correlate Infrastructure Partners, Inc., its subsidiaries, business and project plans. Such forward-looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Correlate Infrastructure Partners, Inc. expresses or implies an expectation or belief about future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Correlate Infrastructure Partners, Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
General inquiries
Correlate Infrastructure Partners Inc.
Shreveport, Louisiana
www.correlateinfra.com
855.264.4060
info@correlateinc.com
Corporate Communications
IBN (InvestorBrandNetwork)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
