BALTIMORE, MD / ACCESSWIRE / July 18, 2023 / Tiderock Companies, Inc. ("we", "our", or the "Company"), (OTC PINK:TDRK) provides more details surrounding its new joint venture. Our joint venture partner is currently recognizing revenue at an annualized run rate of $30 million. They have also been experiencing a tremendous growth rate of 12% per month. Under the terms of the joint venture, all new client contracts will be owned by the National Distribution Center. Tiderock will own 55% of the joint venture requiring Tiderock to consolidate the financials recognizing all joint venture revenues.
Tiderock's new joint venture partner has been selling solar for over 10 years, within the last couple of years the solar team realized to be successful they needed to also manage the installation process as well. Their closure rates grew substantially and currently maintain an exceptional 5-star rating on google. The solar company performs an average of four installations per day and jointly our objective is to double that within the next 12 months.
To provide some guidance on solar pricing and sizing, most homes in the area they are selling range from 6kW to 9kW in size. The average homeowner cost of equipment and installation ranges between $3 to $5 per watt, excluding any financing relates fees. With the Inflation Reduction Act of 2022 has economic incentives for homeowners providing up to 30% income tax credits on purchases of solar and related equipment, so their effective costs are sizably lower.
Tiderock CEO Thomas Fore stated, "This venture creates a new foundation for Tiderock to flourish and puts us in control of our future. Historically, we focused on development projects for clients, and with uncertainty with interest rates and inflation many of those projects were put on hold. Our objective all along has been to find opportunities to minimize dilution and provide high return for our shareholders."
Under the terms of the Memorandum of Understanding, Tiderock will issue 20 million common shares to our solar joint venture partner at time of close.
“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”
Warren Buffett
