A Goleta company has finalized its acquisition of Roseville-based solar power systems installer SUNworks, according to Generational Equity, a Dallas-based mergers and acquisitions consultancy.
Under the deal, SUNworks will operate as a wholly owned subsidiary of Solar3D Inc., developer of three-dimensional solar-cell technology designed to maximize the conversion of sunlight into electricity.
Financial terms of the transaction were not disclosed.
SUNworks designs, installs and manages solar power systems for homes, ranches and businesses. Officials estimated that the local companys 2013 revenue was more than $7.5 million. Over the past 18 years, the company has overseen hundreds of photovoltaic installations ranging from 2.5 kilowatts to 1 megawatt. In 2012, SUNworks was one of Solar Power Worlds Top 100 solar contractors.
Solar3Ds three-dimensional solar cell technology allows for the collection of sunlight over a wide range of angles during the day.
The opportunity represented by SUNworks allows us to immediately participate in the fastest growing segment of the solar industry while building a growing base of potential customers for our proprietary Solar3D Cell, said Jim Nelson, CEO of Solar3D.
Call The Bees Mark Glover, (916) 321-1184.