Singlepoint, Inc. (OTC:SING) said its Frontline Power Solutions subsidiary has closed on a 4.5 million kWh energy services contract representing its largest contract to date since being acquired by SinglePoint in August this year.
The contract is with a licensed energy services company, operating in 15 states and providing electric and gas contracts to commercial companies in deregulated states. The latest transaction will save approximately $800 million in energy costs over the contract term, the company said.
In a statement, John Holmes, Frontline Power Solutions CEO, said: "We are excited about this being the largest transaction since being acquired, which is one of many in our current pipeline. Our customers have relayed their concerns about power and energy costs increasing from the rise of natural gas costs and production. We expect a large influx of new clients to come through our pipeline in 2023."
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The company pointed out that energy costs have significantly increased throughout 2022, as high as 200%, and are projected to be a challenge for businesses. Frontline Power Solutions provides clients with strategic energy procurement strategies, resulting in reduced and predictable power costs for years. Procuring energy directly from the utility can result in increased energy supply rates. However, customers of Frontline Power Solutions can lock in their rates at a discount as outlined by this recent transaction.
"With a significant rise in energy usage, a volatile natural gas market, and more uncertainty in the global market, FPS energy procurement solutions serve an essential role for both small and large enterprises looking to protect their bottom line. Many businesses' energy costs are of paramount importance as these are typically one of their most expensive line items. Locking in an energy cost rate enables these businesses to predict cash flow and budget accordingly," Holmes added.
Frontline Power Solutions currently has 22 representatives throughout fifteen markets and plans to expand to 35 representatives by the end of the year. The current staff has multi-million-kilowatt hours already quoted for contracts in the pipeline and continues adding to this potential weekly sales pipeline.
A key selling point in the Frontline Power Solutions transaction is offering these commercial businesses a cost-efficient and reliable energy solution. Such solutions will encompass all customers' needs, from wholesale energy to solar, EV, and Energy Storage solutions, with the ultimate goal of being able to help all our customers offset their energy costs and meet carbon-neutral efforts.
Frontline Power Solutions is a comprehensive energy, solutions company equipped with industry experts who have been on the 'frontline' of energy procurement, sales, marketing, analysis, and information technology in the power industry since the dawn of deregulation. The combined intellectual and leveraged resources translate to unmatched value for the company's customers.
Frontline provides full-service power supply solutions, including supply, billing, auditing, renewable energy supply, efficiency consulting, and incentive coordination for large or small enterprises. With 20 years of energy experience, the company's deep relationships provide detailed energy procurement and curtailment strategies for commercial businesses.
SinglePoint is a sustainable lifestyle company in the solar energy and air purification markets. The company plans to build the largest renewable energy solutions network and modernize the traditional solar energy and energy storage business model. SinglePoint continues to execute its acquisition strategy by exploring future growth opportunities in air purification, electric vehicle charging, solar as a subscription service, and additional energy efficiencies and appliances that enhance sustainability and healthier life.
Contact the author at jon.hopkins@proactiveinvestors.com