SANTA BARBARA, CA--(Marketwired - October 15, 2014) - Solar3D, Inc. (OTCQB: SLTD), a leading solar power company and the developer of a proprietary high efficiency solar cell, confirmed today that it is committed to expansion via acquisition of profitable solar providers.
Since its acquisition of SUNworks, a solar design and installation firm, in early 2014, Solar3D has experienced strong revenue growth. In July 2014, the Company announced second quarter sales of $7.5 million, a 600% increase over Q1 2014, resulting in operating profits for the quarter in excess of $762,000. Yet another indicator of its growth, the SUNworks division also announced its move to a 20,000 square foot facility, tripling the size of its headquarters.
Solar3D's growth-through-acquisition model is fueled by interest from both residential and commercial sectors for solar. According to a market report produced by GTM Research and the Solar Energy Industries Association, "the U.S. installed 1,133 MW of solar PV in Q2 2014, up 21 percent over Q2 2013, making it the fourth-largest quarter for solar installations in the history of the market." In further testament to the market opportunity Solar3D continues to aggressively pursue, "53 percent of new electric generating capacity in the U.S. in the first half of 2014 came from solar."
Solar3D is headquartered in California, the home of well over half of the solar systems installed in the US in 2013.
"2014 has been an outstanding year not just for Solar3D and its operating division, but for the entire solar industry. We agree with the Department of Energy and many on Wall Street, that the solar industry will be the fastest growing industry in the US for years to come." said Jim Nelson, CEO of Solar3D. "Our aggressive business model, as evidenced by the SUNworks acquisition, is to continue identifying solar providers that we believe would strengthen the Solar3D brand and reach new customers. This is the natural next step in furthering our 'Solar 2.0' model, which puts the customer first by emphasizing flexibility and cost efficiency. We intend to reach new regions with new technologies, and present more services to both residential and commercial customers."
Solar3D is focused on solar technology development and on the design, installation and management of solar systems for agricultural, commercial, and residential customers, delivering hundreds of 2.5 kilowatt to 1-megawatt commercial systems, and with the capability to deliver systems as large as 25 megawatts.
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.