SunWorks Inc (SUNWQ)

[pinguo77]

new Bloomberg article:



(Bloomberg) -- Solar3D Inc., a U.S. solar provider that just acquired cell-maker MD Energy LLC, plans to continue expanding by buying more companies.

Solar3D may seek additional capital for deals as soon as next year, depending on the size of its 2015 acquisitions, Chief Executive Officer Jim Nelson said Wednesday in an interview at Bloomberg News headquarters in New York. Potential targets include California- and Nevada-based solar-integration companies with between $10 million and $30 million in annual sales.

“We can grow forever in those two markets, and when we build critical mass, then look elsewhere,” Nelson said. “What we want is a team that will come on board and continue to run their company as a division for us.”




Solar3D is raising about $12.5 million, selling 3 million shares at $4.15, the Santa Barbara, California-based company said in a statement Wednesday. Each share comes with a warrant to purchase another share at the same price.

Cowen & Co. arranged the offering. The company trades on the Nasdaq under the symbol SLTD.

Solar3D fell 44 percent to $3.17 at 1:49 p.m. in New York.

“Virtually all of the funds that we got in the offering are going to be used for additional acquisitions,” Nelson said.

Solar3D had about $20 million in sales last year and is expected to generate between $40 million and $45 million in 2015 as the company remains cash-flow positive, Nelson said. U.S. solar demand this year may exceed 8.5 gigawatts, according to data compiled by Bloomberg New Energy Finance.

“Being on Nasdaq gives you cache and credibility, and the quality companies will see that and be interested in coming aboard,” Nelson said.

To contact the reporter on this story: Justin Doom in New York at [e-mail]

To contact the editors responsible for this story: Reed Landberg at [e-mail] Jim Efstathiou Jr., Will Wade