Solar3D to Benefit From Rapidly Growing Adoption of Solar
March 11 2014 - 3:01AM
Marketwired
Solar3D to Benefit From Rapidly Growing Adoption of Solar
Solar Claims Mainstream Status With Report That US Photovoltaic
Installations Grew 41% in 2013, Which Could Boost Many Solar Stocks
Including First Solar, SolarCity and SunPower
SANTA BARBARA, CA--(Marketwired - Mar 11, 2014) - Solar3D, Inc.
(OTCQB: SLTD), a leading solar power company and the developer of a
proprietary high efficiency solar cell, commented on the outlook
for future growth at Solar3D, based on a new report describing
rapidly growing demand for solar systems, which could boost many
solar stocks including First Solar, SolarCity and SunPower.
"We knew that PV installations in the US were growing when we
made the decision to acquire SUNworks," said Jim Nelson, CEO of
Solar3D. "But now that the data has been published, our optimism
has been corroborated. The future looks brighter than we even dared
to imagine."
It was announced last week that photovoltaic installations in
the US in 2013 grew 41% with much of that coming in the fourth
quarter. According to Shayle Kann, SVP at GTM Research, this is
"the first real glimpse of [U.S. solar's] path toward mainstream
status."
"Over half of the US PV installations in 2014 took place in
California, the market served by our SUNworks division," Nelson
continued. "SUNworks will continue to grow and expand in California
as it offers options and service that are superior to other
providers -- even our bigger and better known competitors. But with
the strength of our management team, we are eyeing additional
opportunities as well."
SUNworks revenue in 2013 exceeded $8.5 million as a stand-alone
company. Solar3D completed the acquisition of the profitable
company on January 31, 2014, opening what Nelson calls an
"aggressive" entry into the solar systems market. Organic growth
alone is anticipated to make the company substantially larger in
2014. Nelson also reported that Solar3D is actively seeking
additional acquisitions to enlarge the SUNworks division.
Nelson continued, "The solar space is popular right now and most
of the solar stocks are performing very well. For example,
SolarCity is the leading installer of residential solar systems
with 80,000 customers and expects to have 1 million customers
within the next 4 years. With a recent market cap of approximately
$6.4 billion and estimated 2013 revenues of approximately $160
million, SolarCity is valued at approximately 40 times its annual
revenue. The market seems to be giving SolarCity credit on what it
will become."
But Nelson claims that entry of solar into mainstream is just
beginning -- and that Solar3D will be a big part of it.
"We have long discussed the fact that it is economics -- not
talk -- that will drive the growth of the solar market," he said.
"There are many great things happening in the technology of solar
systems -- including the Solar3D Cell -- that are reducing the cost
of solar power to the end users. The key to all of the advances is
the amount of power generated by the solar cell. We believe that as
we push toward commercialization, the Solar3D Cell will be a key
driver in making solar power competitive with the low cost
alternatives -- increasing the growth of the market many fold."
Nelson concluded, "This is the ultimate mission of Solar3D -- to
provide affordable solar power to the world. We believe that the
values that we espouse as a team at SUNworks, as well as the
further development of the proprietary Solar3D Cell, will allow us
to accomplish our mission."
About Solar3D, Inc.
Solar3D is a leading provider of solar power solutions and the
developer of a proprietary high efficiency solar cell. The
company's SUNworks division focuses on the design, installation and
management of solar power systems for commercial, agricultural and
residential customers. SUNworks is one of the fastest growing solar
systems providers in California and has delivered hundreds of 2.5
kilowatt to 1-megawatt commercial systems and has the capability of
providing systems as large as 25 megawatts. Solar3D's technology
division is developing a patent-pending 3-dimensional solar cell
technology to maximize the conversion of sunlight into electricity.
The Solar3D Cell collects sunlight from a wide angle and lets light
bounce around in 3-dimensional microstructures on the solar cell
surface. The Company's mission is to further the widespread
adoption of solar power by deploying affordable, state-of-the-art
systems and developing breakthrough new solar technologies.
To learn more about Solar3D, 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
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