On Thursday, Solar3D, Inc. (NASDAQ:SLTD), declined -3.65% or -0.13 points and is now trading at $3.43.
The one-year high recorded for the company is currently $8.88. The 50-day moving average for the company is $3.48, while the 200-day moving average for the company is currently at $4.04. The company shares have declined -61.02% from its 1-Year high price. On Feb 26, 2015, the shares registered one-year high at $8.88 and the one-year low was seen on Mar 18, 2015.
Today, the firm released its latest news release regarding its aim to dominate California Agriculture Sector with expected Acquisition of Elite Solar.
According to the release, a provider of solar power solutions commented on the importance of the addition of Elite Solar to its family of companies. The acquisition of Elite Solar also continues Solar3D practice of adding another profitable solar company with a strong reputation for excellent customer service throughout its region.
Identifying solar companies for our consolidation strategy requires a vigorous due diligence process that our team takes very seriously, said Jim Nelson, CEO of Solar3D. While vetting a number of strong companies, we were drawn to Elite Solars rapid organic growth in the Northern California and Central Valley farming sector, in addition to their synergistic value-add to our other divisions, SUNworks and MD Energy. An important part of our consolidation strategy is to build an ecosystem where all Solar3D auxiliaries, current and future, leverage expertise and resources through their relationship with one another, resulting in a Solar3D enterprise with stronger offerings, more market presence, and poised for tremendous revenue growth.
Elite Solar, led by CEO Kirk Short, is comprised of over 25 professionals whose reputation for providing customer-friendly solar solutions has resulted in sales predictable to approach $20 million in 2015 contrast to $7.5 million in 2014, an enhance of 166% with a very strong year end backlog. Elite Solar is known for its presence as a dominant player within the agricultural solar industry in California, executing about 70% of its contracts in the farming sector, with 20% in commercial, and 10% residential. Their foothold in the space is predictable to align directly with SUNworks growing area of focus, as the Roseville, CA-based partner has recently closed a flurry of contracts for large agricultural solar projects.
We believe the integration of Elite Solar into Solar3D will provide the resources and infrastructure we need to continue our rapid growth and allow the combined company dominate the California farming solar market, said Kirk Short, CEO of Elite Solar. The size and scope of the solar projects weve accomplished have dramatically risen this year as we have signed a number of projects in excess of a megawatt. We expect this trend to continue due to our partnership with SUNworks, a peer organization with a very specialized know-how for designing and installing solar systems that reduce energy costs for California farmers.
Solar3D, Inc. provides photovoltaic-based power systems for the residential, commercial, and agricultural markets in the United States. It also designs, finances, integrates, and manages systems ranging in size from 2 kilowatt for residential loads to multi megawatt systems for larger commercial projects.