Solar3D Completes Acquisition of Profitable and Rapidly Growing Solar Systems Provider
January 31 2014 - 4:30PM
Marketwired
Solar3D Completes Acquisition of Profitable and Rapidly Growing
Solar Systems Provider
SUNworks, the Company's New Wholly Owned Subsidiary, Expects to
Report 2013 Revenue in Excess of $8,500,000 and Forecasts
Significant Growth in 2014
SANTA BARBARA, CA--(Marketwired - Jan 31, 2014) - Solar3D,
Inc. (OTCQB: SLTD), the developer of a breakthrough 3-dimensional
solar cell technology to maximize the conversion of sunlight into
electricity, today announced that it has acquired 100% of Solar
United Networks, Inc., (SUNworks), a rapidly growing provider of
solar systems, based in Roseville, California.
SUNworks, focused on the design, installation and management of
solar systems for commercial customers, is one of the fastest
growing solar systems providers in California. SUNworks has
delivered hundreds of 2.5 kilowatt to 1-megawatt commercial systems
and has the capability to deliver systems as big as 25 megawatts.
SUNworks expects to report 2013 revenue in excess of $8,500,000 --
higher than originally forecast by the company. Based on the
current backlog of orders, SUNworks expects significant top line
and bottom line growth in 2014.
"The opportunity represented by SUNworks allows us to
immediately participate in the fastest growing segment of the solar
industry, while building a growing base of potential customers for
our proprietary Solar3D Cell," said Jim Nelson, CEO of Solar3D. "We
are confident, based on all of our internal data and market
analysis, that we will have very strong organic growth in 2014.
Further, the SUNworks acquisition strengthens our management team,
which will allow us to explore additional acquisitions. We intend
to turn the solar systems part of our company into one of the
fastest growing players in the industry."
Nelson continued, "One of the great joys of business is working
with very competent people who know how to drive a business. The
SUNworks team is seasoned and proven, and will be the cornerstone
of a powerful supplier of solar systems. Building this line of
business will be a key mission of Solar3D."
Emil Beitpolous, President of SUNworks, said, "Joining Solar3D
allows SUNworks to move to the next level as an industry
competitor. We share the strategy of connecting with the customer
at the end-user level to provide high quality, affordable solar
solutions. Solar3D provides the vision and partnership
commitment that will help us become an even greater force in our
industry."
According to the recent U.S. Solar Market Insight report by GTM
Research and SEIA, the United States is now one of the fastest
growing solar markets in the world, with a solar system installed
every 4 minutes. The U.S. solar market is poised to grow 30%
annually, with a forecast of over 1 million solar installations by
2016. According to SEIA, the solar installations industry was
valued at $11.5 billion in 2012, up from $6 billion in 2010. The
fastest growing regional market for solar installation is Solar3D's
home state of California, accounting for nearly half of all U.S.
solar installations.
Nelson concluded, "One of the few things on which Wall Street
and the federal government agree is that solar will be the fastest
growing business in the world for years to come. Solar3D has
management strength and access to capital resources that will
enable us to build a substantial solar systems business, while we
continue to focus on the big prize -- a proprietary Solar3D
Cell."
About Solar3D, Inc.
Solar3D, Inc. is developing a breakthrough 3-dimensional solar
cell technology to maximize the conversion of sunlight into
electricity. Up to 30% of incident sunlight is currently reflected
off the surface of conventional solar cells, and more is lost
inside the solar cell materials. Inspired by light management
techniques used in fiber optic devices, our innovative solar cell
technology utilizes a 3-dimensional design to trap sunlight inside
micro-photovoltaic structures where photons bounce around until
they are converted into electrons. An innovative wide-angle light
collection feature on the cell surface allows for the collection of
sunlight over a range of angles during the day. This next
generation solar cell is designed to be dramatically more
efficient, resulting in a lower cost per watt that will make solar
power affordable for the world. To learn more about Solar3D, please
visit our website at http://www.Solar3D.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. When used in this press release, the words
"anticipate," "believe," "estimate," "may," "intend," "expect" and
similar expressions identify such forward-looking statements.
Actual results, performance or achievements could differ materially
from those contemplated, expressed or implied by the
forward-looking statements contained herein. These forward-looking
statements are based largely on the expectations of the Company and
are subject to a number of risks and uncertainties. These risks
include, but are not limited to, risks and uncertainties associated
with: the impact of economic, competitive and other factors
affecting the Company and its operations, markets, products, and
prospects for sales, failure to commercialize our technology,
failure of technology to perform as expected, failure to earn
profit or revenue, higher costs than expected, persistent operating
losses, ownership dilution, inability to repay debt, failure of
acquired businesses to perform as expected, the impact on the
national and local economies resulting from terrorist actions, and
U.S. actions subsequently; and other factors detailed in reports
filed by the Company.
Press Contact:
Jim Nelson Email Contact 805/690-9000
Sunworks (NASDAQ:SUNW)
Historical Stock Chart
From May 2024 to Jun 2024
Sunworks (NASDAQ:SUNW)
Historical Stock Chart
From Jun 2023 to Jun 2024