SOURCE: Solar3D, Inc.

Solar3D, Inc.

March 19, 2015 06:00 ET

Solar3D's Newest Acquisition MD Energy Lands $2.4 Million Contract

Company to Provide Rancho Mirage Public Library With a Complex Solar System

RANCHO CUCAMONGA, CA--(Marketwired - March 19, 2015) - Solar3D, Inc. (NASDAQ: SLTD), a leading provider of solar power solutions and the developer of a proprietary high efficiency solar cell, today announced that its MD Energy subsidiary has secured a $2.4 million contract from the Rancho Mirage Public Library to install a complex solar system designed to protect against rising electric utility costs.

Located in Southern California, the Rancho Mirage Public Library sought to implement a solar program that would reduce dependency on local utility providers while ultimately resulting in long-term cost savings. In the near term, MD Energy expects to finalize the design for the project, complete the construction documents and undertake the permitting phase of construction.

"This transaction is a direct result of our reputation for providing stellar customer service throughout the entire Southern California region," said Danny Mitchell, CEO of MD Energy. "Municipalities and other commercial entities depend on our team of experienced solar professionals to design and install solar systems that best fit their long-term needs. We are proud to work directly with the City of Rancho Mirage to develop a system that will provide long-term cost savings while setting a positive example of energy sustainability within the community."

"MD Energy's recent agreement with Rancho Mirage is a prime example of why we were so enthusiastic about acquiring this company and making it part of our rapidly growing Solar3D organization," said Jim Nelson, CEO of Solar3D. "This specific transaction is a good example of why MD Energy fit the criteria for our growth-by-acquisition strategy. They are committed to our 'Solar 2.0' model that provides the cost-efficient flexibility that commercial and residential property owners seek when choosing to go solar. This is a key reason why we expect all of our operating subsidiaries to continue attracting substantially more customers, which will drive our future revenues."

About Solar3D, Inc.

Solar3D, a leading provider of solar power solutions, is focused on the design, installation and management of solar power systems for commercial, agricultural and residential customers. Through its wholly owned subsidiaries, Solar3D is one of the fastest growing solar systems providers in California delivering 2.5 kilowatt to multi-megawatt commercial systems. 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. 

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