|By Marketwired .||
|January 8, 2014 03:03 AM EST||
SANTA BARBARA, CA -- (Marketwired) -- 01/08/14 -- Solar3D, Inc. (OTCQB: SLTD), the developer of a breakthrough 3-dimensional solar cell technology to maximize the conversion of sunlight into electricity, today announced that it anticipates closing its acquisition of SUNworks in January, as well as pushing its next generation solar cell technology toward commercialization this year.
"I believe that 2014 is going to be the year of Solar3D. With the acquisition and anticipated growth of SUNworks, we will enter the fastest growing part of the solar market in America -- solar systems sales and installation. SUNworks is a proven and quality solar systems provider and it has a great opportunity to grow," said Jim Nelson, CEO of Solar3D. "Additionally, our proprietary solar cell team has made great strides in its third round of prototypes and we are in talks with two organizations that are focused specifically on helping us make the jump to commercialization."
Management anticipates that the SUNworks acquisition will close at the end of January, as previously scheduled.
"Our team is excited about the possibilities that we have as part of Solar3D," said Abe Emard, CEO of SUNworks. "We have built a management team with the anticipation of rapid growth, and we are poised to grow substantially in 2014. Our backlog of business proves that growth is imminent."
Last month, Solar3D 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 initial 2012 Solar3D prototype cell 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. This feature increases the length of time during which light can be effectively converted to electricity, relative to current technology. Current technology is most effective for a few hours in the middle of the day.
Nelson concluded, "We feel that we are on the verge of creating substantial value for our shareholders. On the technology development front, we are very excited about our prospects for achieving what Solar3D exists to accomplish -- providing affordable solar power to people and organizations throughout the world."
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.