Sunworks Expands Presence in Fast-Growing Commercial Market with $10.1 Million in New Orders
New Opportunities in Emerging Small and Medium-sized Businesses (SMB) Driving Incremental Demand
ROSEVILLE, CA (May 2, 2016) -- Sunworks, Inc. (NASDAQ: SUNW), a leading provider of solar power solutions, announced that its Agricultural and Commercial Divisions have been awarded approximately $10.1 million in commercial based solar solution orders ranging from 19kW to 768kW since the end of January 2016. These awards support the company's current growth outlook and are included within their previously issued guidance.
These contracts from new customers, represent additional penetration by Sunworks into the SMB market which historically had not been addressable given the economics of solar integration and budget limitations of smaller businesses. However, with the introduction of new financial solutions by an increasing number of commercial and farm focused lenders, the SMB market is increasingly turning to solar as a way to reduce energy costs and lower carbon profiles.
“We are seeing a new market segment open up and significant opportunities for small- to mid-sized businesses that require less than 1 Megawatt of power offset to take advantage of solar,” said Abe Emard, COO at Sunworks. “The costs for solar integration have been significantly reduced and with innovative new financing solutions available through Sunworks and our financial partners, solar is more economically viable. We are designing innovative custom solar solutions for motels, golf courses, animal shelters, storage units, and farms throughout California and Nevada.”
Jim Nelson, Sunworks CEO added, “Empowering small business owners with highly efficient and affordable solar solutions is good for the environment and the economy. Sunworks is well positioned to capitalize on growth opportunities in this emerging market segment and is focused on driving organic growth in both its residential and commercial divisions.”
