to-the-point Solar3D completes USD-7m Elite Solar takeover

Dec 1, 2015 18:19 CET by Ivan Shumkov

December 1 – US firm Solar3D Inc (NASDAQ:SLTD) said on Tuesday it has wrapped up its acquisition of Elite Solar, a California-based solar systems provider that recently reported over USD 12 million (EUR 11.3m) in ongoing and backlogged projects.

The USD-7-million cash-and-stock purchase includes Universal Racking Systems, a maker of ground mount racking for solar systems. The acquisition is part of Solar3D’s strategy to consolidate profitable solar businesses and thus accelerate its own growth.

This year, Elite Solar’s revenue is expected to rise more than 100% compared with the 2014 figure, while its earnings before interest, tax, depreciation and amortisation (EBITDA) are seen to grow even more.

(USD 1.0 = EUR 0.942)

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