SANTA BARBARA, CA--(Marketwired - Dec 3, 2013) - Solar3D, Inc. (
"We have commercialization in sight for our next-generation solar cell," said Jim Nelson, CEO of Solar3D. "That is the big prize that we organized our company to accomplish. Additionally, we believe that with the anticipated closing of our SUNworks acquisition in January, and other acquisitions to be pursued, we will have the opportunity to be one of the fastest growing players in the solar systems business in the United States."
Inspired by light management techniques used in fiber optic devices, the company's 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. Solar3D's initial 2012 prototype design was calculated to produce just over 25% efficiency -- the highest of any silicon solar cell. Even more important was an originally unanticipated feature -- wide-angle light collection -- allowing for the generation of electricity throughout more times of the days and seasons than current technology.
Last month, the company announced the execution of a definitive purchase agreement with Solar United Networks, Inc., (SUNworks) of Roseville, CA. SUNworks, focused on the design, installation and management of solar energy systems for commercial, agricultural and residential customers, is one of the fastest growing solar systems providers in California. The company has delivered hundreds of 2.5 kilowatt to 1-megawatt commercial systems and has the capability to deliver systems as big as 25 megawatts. Its revenue for 2013 is estimated to be in excess of $7,500,000, with estimated pre-tax profits of almost $1,000,000. After the acquisition, SUNworks will continue operations as a wholly owned subsidiary of Solar3D. The transaction is expected to close in January 2014.
The Company's plan for the solar cell side of its business includes:
1. Complete the final lab-based, third generation prototype of the Solar3D Cell.
2. Retain a "lab-to-fab" partner that will produce a manufacturing prototype and pilot manufacturing run.
3. Select a manufacturing partner to produce and distribute the new product.
The plan for the Company's proposed solar systems business includes:
1. Close the SUNworks transaction in January.
2. Grow SUNworks organically to dramatically increase sales and earnings in 2014.
3. Identify additional acquisition targets to add to the SUNworks group.
Nelson concluded, "As Thanksgiving has just past, we at Solar3D have much for which we are grateful. The prospects for 2014 are bright with a new business opportunity and a new product primed for market introduction. When we take stock of our position at this time next year, we will anticipate having a dramatically different and prosperous company."
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, with the goal of achieving 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 of terrorist actions, and U.S. actions subsequently; and other factors detailed in public reports filed by the Company.
Contact Information:
Press Contact:
Jim Nelson
805/690-9000