As previously announced on November 6, 2014, Solar3D entered into an asset purchase agreement with MD Energy and the members of MD Energy to acquire 100% of the tangible and intangible assets of MD Energy.
Jim Nelson, Chief Executive Officer of Solar3D, said, "We are pleased to announce that we have successfully closed our acquisition of MD Energy. We believe this acquisition strengthens our competitive position in California, a growing market for solar power.
With MD Energy, we will be focused on commercial and industrial customers. We are particularly excited to have Danny Mitchell, MD Energy's Founder and CEO, join our management team. He is a great professional and one with integrity. We are proud to have him direct our business in Southern California."
Mr. Mitchell commented, "We feel that joining Solar3D gives us the depth, capital and impetus to help build our business. Solar3D's team is incredibly accomplished and collaborative. We already feel that we are part of the team and look forward to working with Jim in the coming years ahead to grow the Solar3D business."
The purchase price for MD Energy was $3,500,000.
