Solar3D pioneers of a breakthrough three-dimensional solar cell technology designed to maximize the photovoltaic process has this week announced that it has acquired 100% of solar systems provider, SUNworks.
Having enjoyed better-than-expected financial results and performance in 2013, SUNworks’ performance attracted the attentions of Solar3D, which has remarked that the new deal will enable the company to augment its own groundbreaking technology by allying themselves with SUNworks’ commercial reach and reputation.
In 2013, SUNworks became one of the fastest-growing providers of solar systems in California, delivering hundreds of commercial systems ranging from 2.5 kW to 1 MW, while also entering larger-scale territory with the capability of installing 25 MW systems. Having generated revenues of more than $8.5 million last year, the company began 2014 with an impressive pipeline of orders, prompting Solar3D to act.
"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 Solar3D CEO, Jim Nelson. 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."
SUNworks president Emil Beitpolous described the deal as a good opportunity for the company, adding: "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."