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
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