Solar3D, Inc. a provider of solar power solutions and the developer of a proprietary high efficiency solar cell, today commented on the importance of the addition of Elite Solar to its family of companies. The acquisition of Elite Solar also continues Solar3D practice of adding another profitable solar company with a strong reputation for excellent customer service throughout its region.
"Identifying solar companies for our consolidation strategy requires a vigorous due diligence process that our team takes very seriously," said Jim Nelson, CEO of Solar3D. "While vetting a number of strong companies, we were drawn to Elite Solar's rapid organic growth in the Northern California and Central Valley farming sector, as well as their synergistic value-add to our other divisions, SUNworks and MD Energy. An important part of our consolidation strategy is to build an ecosystem where all Solar3D subsidiaries, current and future, leverage expertise and resources through their relationship with one another, resulting in a Solar3D enterprise with stronger offerings, more market presence, and poised for tremendous revenue growth."
Elite Solar, led by CEO Kirk Short, is comprised of over 25 professionals whose reputation for providing customer-friendly solar solutions has resulted in sales expected to approach $20 million in 2015 compared to $7.5 million in 2014, an increase of 166% -- with a very strong year end backlog. Elite Solar is known for its presence as a dominant player within the agricultural solar industry in California, executing approximately 70% of its contracts in the farming sector, with 20% in commercial, and 10% residential. Their foothold in the space is expected to align directly with SUNworks' growing area of focus, as the Roseville, CA-based subsidiary has recently closed a flurry of contracts for large agricultural solar projects.
"We believe the integration of Elite Solar into Solar3D will provide the resources and infrastructure we need to continue our rapid growth and allow the combined company dominate the California farming solar market," said Kirk Short, CEO of Elite Solar. "The size and scope of the solar projects we've completed have dramatically increased this year as we have signed a number of projects in excess of a megawatt. We expect this trend to continue due to our collaboration with SUNworks, a peer organization with a very specialized know-how for designing and installing solar systems that reduce energy costs for California farmers."
Nelson concluded, "While investing the months of work finding Elite, framing the deal, and concluding our agreement with Kirk Short and his team, we have continued discussions with a group of other solar companies that fit our criteria. We believe that we will be able to come to agreements with more outstanding companies in the coming weeks and months."
Source: Solar3D, Inc.
Date: Aug 20, 2015