Solar3D, Inc. has closed its acquisition of Elite Solar, a Durham, California-based solar systems provider including Universal Racking Systems, a manufacturer of highly advanced ground mount racking for solar systems. As previously announced on August 12, 2015 Solar3D entered into an agreement with Elite Solar to acquire the Company through a merger agreement. The purchase price for Elite Solar was $7 million.
The addition of Elite Solar to the Solar3D family of companies marks the third major acquisition executed by the Company since it embarked upon its acquisition strategy. This vision of consolidating profitable solar companies servicing customers in key markets has led Solar3D to experience tremendous growth, resulting in its successful efforts at uplisting on Nasdaq in March 2015, increasing 2015 revenue guidance by 20% and issuing revenue guidance of $100 million for the year 2016. With the purchase of Elite Solar now completed, Solar3D continues to identify additional solar companies that possess solar expertise that is complimentary to its existing subsidiaries, and that will boost the company's top line revenue and operating profit.