Victory Square Technologies Inc (CSE:VST, OTCQX:VSQTF) has revealed that its portfolio company Stardust Solar is aiming for a public listing in 2022 as it continues to gain new franchisees and expands into the United States.
The Vancouver, British Columbia-based company, which invests in promising startups, noted that Stardust Solar recently received the Consumer Choice Award for Vancouver’s “Best Solar Energy Company”.
Victory Square entered into a share purchase agreement with Stardust Solar in June 2021, acquiring a 20% interest in Stardust Solar in exchange for shares worth $600,000.
READ: Victory Square Technologies offers an update on its promising portfolio of companies and rosy outlook
“This strategic investment aligns with our company’s vision of working with technology and sustainability influencers as we endeavor to eradicate damage to our environment and create a more sustainable and eco-friendly footprint,” Victory Square CEO Shafin Diamond Tejani said in a statement.
“It’s not just an environmental issue, it’s an economic issue. The estimates going forward in terms of the size of the prize for companies that are in this game early, developing technologies and deploying technologies that address some of the carbon-related issues, is enormous.”
Founded in 2017, Stardust Solar is a leader in renewable energy education, providing CSA/NABCEP approved design and installation training with hands-on experience. Stardust Solar is also one of the first companies in North America to offer a franchise opportunity dedicated to the installation of solar PV systems.
Other highlights in a corporate update include:
- Solar Network of over 2,000+ trained professionals in Canada and USA (all trained and certified in renewable energies)
- One of the biggest renewable energy education providers in Canada
- Recently acquired the Canadian Solar Institute
- Training courses in solar PV Installation, EV charger installation, solar hot water, wind energy, and wave energy
- CSA and NABCEP approved training for those entering the renewable energy industry
- Solar PV installation franchise model (developed Dale & Lessmann LLP, a leading franchise law firm)
- 12 franchise territories sold or reserved
- SunPower National Residential Dealer Agreement in Canada
- Future proprietary products in research and development
- Solar panel recycling plant
- Environmental panels (generate energy from sun and raindrops)
- Environmental pledge - 10 trees planted in a country affected by deforestation for every solar panel installed, and 25 trees planted for every solar student certified
- Gained eight new franchisees in 2021 and is preparing to add 15-20 more franchisees in 2022, with approximately five in the US
The company noted that the US Department of Energy (DOE) recently released the “Solar Futures Study” detailing the significant role solar will play in decarbonizing the nation’s power grid.
The study shows that in just 13 years, solar energy has the potential to power 40% of the nation’s electricity, drive deep decarbonization of the grid, and employ as many as 1.5 million people - without raising electricity prices.
“Solar is the future today! Stardust Solar Technology literally changes lives,” said Stardust Solar CEO Mark Tadros.
“Owners of our Stardust Solar equipment quickly realize that solar power is much more than saving money and healing the planet… It’s about producing clean energy and reducing one’s carbon footprint today and well into the future,” Tadros added.
Tejani concluded: “Victory Square continuously looks for returns to its stakeholders and looks forward to the upcoming public offering of Stardust Solar.”
Victory Square builds, acquires and invests in promising startups, then provides the senior leadership and resources needed for fast-track growth.
Contact the author at stephen.gunnion@proactiveinvestors.com