SANTA BARBARA, CA--(Marketwired - Jun 24, 2014) - Solar3D, Inc. (OTCQB: SLTD), a leading solar power company and the developer of a proprietary high efficiency solar cell, reported that its SUNworks division posted record sales, pre-tax profits and backlog in the month of May.
Jim Nelson, CEO of Solar3D, commented, "As we expected when we acquired SUNworks, the company's management team has done an outstanding job of driving sales and profits. Recognized revenue for the month of May alone exceeded $2.6MM. That means that between April and May, we have achieved sales of over $4MM, a level equal to nearly half the sales of the entire year of 2013. Also, SUNworks sales have been very profitable with with pre-tax profits in May of over $450K. We believe that our strategy of profitable growth at SUNworks is the best approach for solid long term sustainability."
Abe Emard, CEO of SUNworks, added, "Not only are we realizing substantial results now, but our combined residential and commercial contracted backlog is well over $10MM and we anticipate adding to it substantially in the next few weeks."
Solar3D completed the acquisition of SUNworks, on January 31, 2014, opening what Nelson calls an aggressive entry into the solar systems market. Organic growth alone is expected to result in a substantially larger company in 2014. Nelson also reported that Solar3D is actively seeking additional acquisitions to enlarge the SUNworks division.
Nelson added, "We continue our active search for companies that would be compatible with our culture and strategy. We have strong hopes that this activity will grow and strengthen this already dynamic division."
Solar3D continues the development of the Solar3D cell, as it refines the final "lab version" of the new technology. "Our future looks brighter than ever," said Jim Nelson, CEO of Solar3D. "We are very optimistic about the path we are on to achieve our ultimate mission of providing affordable and efficient solar power to the world."
About Solar3D, Inc.
Solar3D is a leading provider of solar power solutions and the developer of a proprietary high efficiency solar cell. The company's SUNworks division focuses on the design, installation and management of solar power systems for commercial, agricultural and residential customers. SUNworks is one of the fastest growing solar systems providers in California and has delivered hundreds of 2.5 kilowatt to 1-megawatt commercial systems and has the capability of providing systems as large as 25 megawatts. 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.