CHICO, CA--(Marketwired - November 19, 2015) - Solar3D, Inc. (NASDAQ: SLTD), a leading provider of solar power solutions, announced today that Elite Solar, the Company's newest planned acquisition, reports over $7 million in projects that have begun recently and a backlog of contracted projects of over $5.5 million for agreements due to commence shortly.
The list of ongoing and backlogged projects spans solar implementation for sizeable commercial and agricultural businesses. The projects range in size from 100kW to over 1MW in terms of solar deployment, the latter representing a project that will save the farm millions in energy cost savings while driving significant revenue for Elite Solar. The Company also anticipates contracting a number of new deals within the next two weeks, including sizeable contracts with large agricultural and commercial organizations throughout the high-growth California solar market.
"We are thrilled that Elite Solar business has flourished late into the year as we continue to establish 2015 as the most lucrative year in Company history," said Kirk Short, CEO of Elite Solar. "With over a dozen projects currently under development and several more about to begin, we anticipate finishing the year on a very strong note."
"The tremendous profitable growth experienced by Elite Solar is a common denominator the solar companies with which we anticipate joining forces," said Jim Nelson, CEO of Solar3D. "In addition to their rapid growth, Elite Solar is a natural fit for the Solar3D organization due to its strong leadership, and for how well we anticipate they will complement our existing team. We expect Solar3D and its subsidiaries as a whole to be strengthened through this process, resulting in a Company with a dominant presence within the high-growth solar regions that we serve."
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.
To learn more about Solar3D, 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 resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.