SOURCE: Solar3D, Inc.
Solar3D, Inc. (NASDAQ: SLTD), a leading provider of solar power solutions and the developer of a proprietary high efficiency solar cell, today commented on a number of recent activities that included completing an acquisition, uplisting to the NASDAQ, and receiving a significant capital infusion to fund its growth-by-acquisition strategy in the high growth solar market.
In order to uplist to the NASDAQ, Solar3D conducted a reverse stock split to meet the share price requirement. To meet the NASDAQ's shareholders' equity requirement, the Company completed a public offering of $12.5 million, led by Cowen and Company. The Company's management is confident that this uplisting and financing will allow Solar3D to reach a new level of competitive strength. By listing its shares on the NASDAQ, the Company is better positioned to attract institutional investors and analysts, as well as provide increased liquidity for its shareholders.
"This is a major step in our acquisition strategy," said CEO, Jim Nelson. "The combination of increased capital, market credibility and equity currency make it significantly more likely that we will attract and acquire high quality solar companies, which will further strengthen Solar3D."
A recent article from Renewable Energy World cited several factors contributing to the rapid growth of the solar industry. Factors include financial incentives available from federal, state and local governments, lower module prices, a renewed emphasis on the reduction of greenhouse emissions, President Obama's pro-green agenda, widespread adoption from utility providers, and a driven consumer base. The Company's management considers Solar3D to be on the forefront of a powerful market trend, one that is growing rapidly and possesses significant growth opportunities as compared to the total U.S. electricity market. Solar3D's operating subsidiaries have already experienced 100% annual growth from 2013 to 2014.
After several weeks of due diligence and proper execution by both management teams, the Company recently completed the acquisition of MD Energy, another profitable solar systems provider, which is based in Southern California. Similar to SUNworks, the existing operating division for Solar3D, MD Energy designs, finances, monitors and maintains solar systems. In 2014, MD Energy installed 14 commercial systems totaling 3.35 megawatts of capacity, resulting in a profitable operation with estimated revenues of $6.5-7 million.
Solar3D expects to report 2014 revenues in the range of $19.5 - $20.5 million with positive EBITDA, and is on a path to more than double its revenues in 2015. The Company's management is confident that business momentum is very strong and that it will experience growth at a rate significantly greater than the current market, resulting in increased market share. Because the solar industry is highly fragmented, Solar3D will continue to focus on acquisitions in California and Nevada in order to create critical mass and strength in these high growth markets.
Recently, Tracy Welch joined the Company as Chief Financial Officer. Mr. Welch possesses a reputation for strong financial leadership and expertise in completing and integrating acquisitions, which makes him a great fit for the Company's growth-by-acquisition model. During his career, he has completed 36 acquisitions ranging in size from $10 million to $500 million, and brings invaluable experience to the Company, while playing a key role in driving revenue, profit optimization, and high quality financial management.
Mr. Nelson concluded, "We believe that we are on the path to building the next solar powerhouse. We are forecasting a record year. Enthusiasm has never been stronger throughout our organization. We are highly focused on driving sales, satisfying our customers and creating value for our shareholders."
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.
