Solar power solutions provider Solar3D has announced a multitude of measures that will help ensure the company’s continued growth, including the completion of an acquisition, uplisting to the NASDAQ and earning a large capital gain.
The company finished a public offering of US$12.5 million — led by Cowen and Company — in order to uplist to the NASDAQ and reach the shareholders’ equity requirement.
Jim Nelson, Solar3D CEO, said: “This is a major step in our acquisition strategy. 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.”
Solar3D recently finalised the acquisition of solar systems provider MD Energy — based out of Southern California. MD Energy installed 14 commercial systems totalling 3.35MW in 2014, generating revenues of US$6.5-7 million.
The company expects to announce 2014 revenues within the range of US$19.5 – 20.5 million and is set to double its revenue totals in 2015. From 2013 to 2014, Solar3D’s operating subsidies witnessed 100% annual growth.