Solar3D, the start-up which is developing a three-dimensional solar cell, has signed a definitive purchase agreement for 100% of California-based solar panel installer and energy consulting corporation Solar United Networks (SUNworks).
The closing of the deal is subject to a review of SUNworks’ operational financial and corporate records. SUNworks will continue to operate as a wholly owned subsidiary of Solar3D if the deal goes through as planned. According to Solar3D, estimated pre-tax profits at SUNworks for 2013 are close to US$1 million. Revenue for 2013 is estimated at over US$7,500,000.
SUNworks is able to deliver systems of up to 25MW capacity in size, the company claims. It has worked on PV plants from 2.5kW to 1MW in size to date and categorises its work as being in the residential, commercial and agricultural markets. Solar3D plans to expand aggressively in both companies' home state of California, which accounts for nearly half of all US solar installations, and is the fastest growing regional market in the US for solar.
Solar3D reiterated its commitment to commercialising the Solar3D Cell three-dimensional photovoltaic cell. Chief executive officer Jim Nelson stated however that the new acquisition would also give Solar3D the ability “to immediately participate in the fastest growing segment of the solar industry, while building a growing base of customers for our proprietary Solar3D Cell.”
Nelson went on to say that “building this line of business will be a key mission of the new Solar3D. Through organic growth and additional acquisitions, we plan to turn the solar systems part of our company into one of the fastest growing players in the industry”.
SUNworks president Emil Beitpolous said: “Joining Solar3D will allow SUNworks to expand even more aggressively. We share the strategy of connecting with the customer at the end-user level to provide high quality, affordable solar solutions”.
According to Jim Nelson, Solar3D would therefore be following the example of First Solar, in linking proprietary technology to systems installations.