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Dmytro Kovtoniuk is an SEO and automation specialist at SolarPowerSystems. Dmytro''s experience in solar projects and automation and passion for applying mathematical principles to real-life tasks—a commitment shared with the rest of the team—are crucial in shaping the company''s strategy for presenting accurate and user-friendly information on solar technology.
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Transaction Provides Scale and Operating Efficiencies
ROSEVILLE, CA and PROVO, UT / ACCESSWIRE / April 8, 2021 / Sunworks, Inc. (NASDAQ:SUNW) ("Sunworks"), a provider of solar power and storage solutions for agriculture, commercial, industrial, public works, and residential markets, and Solcius, LLC ("Solcius"), a privately held, rapidly growing residential solar company, today announced that they have entered into a definitive agreement pursuant to which a subsidiary of Sunworks will acquire Solcius, valued at $51.8 million on a cash-free and debt-free basis, in an all-cash transaction.
The transaction creates a national solar power provider with a presence in 12 states, including California, Oregon, Utah, Nevada, Arizona, New Mexico, Texas, Colorado, Minnesota, Wisconsin, Massachusetts, and South Carolina. Together, the combined organization generated net revenue of approximately $131.5 million in calendar year 2020. Sunworks expects the combined company to be profitable in the first full year after integration and after capturing strategic, operational, and cost synergies.
Acquisition Rationale and Highlights
Jason Knapp, President of Solcius, added, "Combining Solcius'' growing residential business and expanding national footprint with Sunworks'' established agricultural, commercial, industrial, and public works capabilities will provide synergies and scale to accelerate the growth and expansion that was challenging as two separate, independent companies. I am proud of what the Solcius team has accomplished as a privately held company and am excited to integrate our organization with Sunworks to begin the next phase of our evolution."
The Board of Directors of each of Sunworks and its subsidiary, Sunworks United, Inc., unanimously approved the definitive transaction agreement, which includes an all-cash payment of $51.8 million, subject to customary purchase price adjustments, and customary seller representations and warranties and indemnification obligations.
In 2020, Solcius generated approximately $93.4 million in revenue and reported $2.8 million of operating income.
Mr. Morris will serve as the CEO of the combined organization, and Mr. Knapp will continue as President of Solcius. The existing Sunworks Board of Directors will remain as currently constructed.
Additional details of the transaction will be included with the Company''s current report on Form 8-K, which will be filed with the United States Securities and Exchange Commission.
Conference Call to Discuss the Transaction:
Sunworks and Solcius will host a joint investor conference call today, Thursday, April 8, 2021 at 5:30 p.m. Eastern Time to discuss details of the transaction.
Interested parties may join the conference call by dialing:
A live and archived webcast will be available on the investor relations section of the Sunworks investor relations website at https://ir nworksusa /events.
Following the conclusion of the live call, a replay of the webcast will be available on the Sunworks website for at least 90 days. Alternatively, a telephonic replay of the call will be available beginning at 8 p.m. Eastern Time on April 8, 2021 and can be accessed until 11:59 p.m. Eastern Time on April 22, 2021 by calling (877) 481-4010 in the U.S. or (919) 882-2331 internationally, with access code 40787.
About Sunworks, Inc.
Forward-Looking Statements
About Solcius residential solar system
As the photovoltaic (PV) industry continues to evolve, advancements in Solcius residential solar system have become critical to optimizing the utilization of renewable energy sources. From innovative battery technologies to intelligent energy management systems, these solutions are transforming the way we store and distribute solar-generated electricity.
When you're looking for the latest and most efficient Solcius residential solar system for your PV project, our website offers a comprehensive selection of cutting-edge products designed to meet your specific requirements. Whether you're a renewable energy developer, utility company, or commercial enterprise looking to reduce your carbon footprint, we have the solutions to help you harness the full potential of solar energy.
By interacting with our online customer service, you'll gain a deep understanding of the various Solcius residential solar system featured in our extensive catalog, such as high-efficiency storage batteries and intelligent energy management systems, and how they work together to provide a stable and reliable power supply for your PV projects.
