Solar3D to take over solar projects installer MD Energy

Nov 10, 2014 - Solar3D Inc (OTC:SLTD), the US company developing a three-dimensional (3D) silicon solar cell, has inked a deal to buy solar systems installer MD Energy LLC.

In a statement published on Thursday, Solar3D said that the agreement is part of its growth-by-acquisition strategy aimed at boosting revenues and operating earnings. The company did not disclose the sum it has agreed to pay for the target.

Based in Rancho Cucamonga, California, MD Energy deploys solar systems with capacities from a few kilowatts up to multi-megawatts for residential, commercial and industrial customers. The company’s 2014 revenue is expected to reach USD 7.3 million (EUR 5.9m), with significant growth projected for next year.

MD Energy does business in Southern California, a region which is described by Solar3D's CEO Jim Nelson as “arguably the hottest solar market in the world right now.” The particular US state has nearly 250,000 solar projects with a combined capacity of more than 2,300 MW, Solar3D noted.

The takeover of MD Energy is scheduled for completion by February 2015.

Solar3D concluded a similar transaction in early 2014, acquiring California-headquartered solar system installer Solar United Networks Inc (SUNworks) for a non-specified price.

(USD 1.0 = EUR 0.802)

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