Solar3D to buy Elite Solar for USD 7.15m

Solar3D Inc (NASDAQ:SLTD) said today it has signed a definitive agreement to buy solar systems provider Elite Solar for USD 7.15 million (EUR 6.4m).

US-based Solar3D will pay USD 2.5 million in cash and USD 4.65 million in common stock.

Under the terms of the purchase agreement, Elite Solar will receive additional consideration should certain sales and earnings before interest, tax, depreciation and amortisation (EBITDA) milestones are met.

Following the acquisition, expected to close on or before November 1, Elite Solar will operate as a wholly owned subsidiary of Solar3D. Elite, which allows residential, commercial, agricultural and municipal customers to go solar, will be working closely with the SUNworks division.

The closing of the deal is subject to Solar3D's satisfactory review of the operations, financial and corporate records of Elite Solar. The target expects a revenue for 2015 of USD 20 million, a 140% increase over last year, as well as EBITDA of USD 2.2 million.

Solar3D is the developer of a three-dimensional (3D) silicon solar cell. In 2014 it acquired solar installer Solar United Networks Inc (SUNworks) as part of a plan to expand to additional segments of the solar sector. The Elite deals is a continuation of the company's aggressive growth-by-acquisition strategy.

(USD 1 = EUR 0.896)

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