GAF Energy, a subsidiary of Standard Industries has been developing a new solar roof that combines regular roofing with a solar system for the past two years. This three-year-old company will introduce the new solar roof today, developed for the general public at the CES trade show in Las Vegas.
The Co-CEO of Standard Industries, one of the biggest privately owned businesses in the country, David Millstone stated that every solar installation carried out was done around the roof which is unattractive and causes waterproofing issues, and is not ideal for good roofing which is why they invented the new product during their journey.
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Timberlane Solar, the new solar roof comes with a nailable solar shingle, the very first in the world, according to the company, which will be combined in San Jose, California, the location of the GAF Energy facility. GAF Energy has collaborated with the Sandia National Laboratories of the Department of Energy to validate the durability and rigidity of the product prior to its launch.
This new product directly competes with Tesla’s attractive (and costly) product, which comes with several years of waitlist however, the release of Tesla’s product has been slow and challenging. According to a report from Reuters in December, the Securities and Exchange Commission has started an investigation to determine if the stakeholders are informed of the risks associated with the solar system over a few years, referencing a letter from the agency.
David Winter, 45, the Co-CEO, and Millstone, 44, the CEO have developed the new roof’s top secret design at the San Jose facility, as described in the profile released in the earlier part of the year. Over 3,000 solar roofs have already been sold earlier using Decotech. We were informed last winter that millions of fresh sets of roofs through a price point developed for the public and a set of accredited installers. Winter stated that the objective of developing a solar product that continues in an American home or probably the world is the genuine integration of solar roofing which must safeguard you from the factors as well as power generation.
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Last year December, four new roofs have been installed by GAF Energy, two in Louisiana and Pennsylvania, in collaboration with PosiGen and Resnick Roofing, and a house in New Jersey for demonstration. President Martin DeBono of GAF Energy indicates that he expects that by January, there would have been up to 30 installations. He said it was a drop in the bucket and through the product, the idea will become mainstream.
Every year, over five million fresh roofs in US homes, and the major player in the roofing industry is GAF with more than 25% of the total industry share. Only a handful of homeowners opt for sola to date. However, over the next few years, DeBono expects that solar roofs will be installed in up to 10% of homes or over 100,000 home roofs every year. If this becomes a success, with a rough estimate of about $10,000 for every roof, this would generate more than $1 billion as revenue for the solar industry. Installation should begin in the South and East Cost, with California, the largest solar sector in the nation, after spring as more accreditations are obtained for solar roofs.
Millstone indicated that within the short term, their objective is for every homeowner to opt for a solar roof when planning to install a new roof. Millstone and Winter discovered that they can close the sale of their current Californian facility. The facility can produce up to 50 mW of solar roof energy after its integration, enough power to meet the demand of about 10,000 homes even though the first year of installations might reach half of it or just for about 3,000 to 5,000 homes.
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Winter and Millstone intend to develop additional facilities that would meet subsequent demands. Winter stated that they intend to release new factories very soon to meet expected demands. He refused to assume the required number of facilities required but indicated that subsequent facilities would for the most part be bigger than the current ones. The company indicated that they have a higher record of solar roof installations than Tesla. Unlike Tesla, the business model does not have a solar roof waitlist.
Millstone and Winter have always aimed at utilizing technology to change people’s perspective of how they regularly see putting a roof over their heads. Their family-owned business is worth over $9.5 billion after they acquired W.R. Grace in 2021. They generated around $6.4 billion and Ebitda of about $1.4 billion in 2020.
The powerhouse of the industry has been around since 1983 when Sam Heyman, a Forbes 400 member, a corporate raider, and the father-in-law of Winter and Millstone won a proxy tussle for GAF, a chemicals and roofing agency. The connected business which is a subsidiary of Standard Industries and other relevant investments was thereafter owned by the Winter-Millstone-Heyman families, which is worth more than $10 billion, based on estimates by Forbes.
