SANTA BARBARA, USA: Solar3D Inc. confirmed that it is committed to expansion via acquisition of profitable solar providers.
Since its acquisition of SUNworks, a solar design and installation firm, in early 2014, Solar3D has experienced strong revenue growth. In July 2014, the company announced second quarter sales of $7.5 million, a 600 percent increase over Q1 2014, resulting in operating profits for the quarter in excess of $762,000.
Yet another indicator of its growth, the SUNworks division also announced its move to a 20,000 square foot facility, tripling the size of its headquarters.
Solar3D's growth-through-acquisition model is fueled by interest from both residential and commercial sectors for solar. According to a market report produced by GTM Research and the Solar Energy Industries Association, "The US installed 1,133 MW of solar PV in Q2 2014, up 21 percent over Q2 2013, making it the fourth-largest quarter for solar installations in the history of the market."
In further testament to the market opportunity Solar3D continues to aggressively pursue, "53 percent of new electric generating capacity in the US in the first half of 2014 came from solar."
Solar3D is headquartered in California, the home of well over half of the solar systems installed in the US in 2013.