Complete Solar Acquires Core Energy
2024年7月15日 - 9:30PM
Complete Solar, Inc. (“Complete Solar” or the “Company”) (Nasdaq:
CSLR), a solar technology, services, and installation company,
today announced that the Company has acquired selected assets of
Core Energy, a Logan, Utah solar engineering, procurement and
construction (EPC) firm, and hired its 37 employees, including the
CEO, Cole Farmer, an industry veteran who will run Sales and
Marketing for the combined company. Due to tight cost management
and merit-based retention, Complete Solar’s headcount will increase
from 106 to only 113 because of the acquisition.
Cole Farmer has worked in Utah’s “Solar Valley”
since joining Vivint in 2014. His most relevant experience came at
Legacy Power, a large, private solar sales company, where he worked
before starting Core Energy in 2019. Our industry is divided into
solar sales companies, which typically sell systems door-to-door
for about 30% of revenue and EPC companies, like Complete Solar,
that install the systems. Cole grew Core Energy’s revenue to $143
million (unaudited) in the 2022 solar boom, before it dropped to
its current annualized revenue of $22 million due to the solar
downturn triggered by rate changes to California’s Net Energy
Metering (NEM 3.0), which lowered the payment for home solar power
delivered to the grid by 75%.
Cole Farmer, formerly a lanky, confident
linebacker on a Utah high school state-championship football team,
said, “I am very excited to be at Complete Solar, where I’m
learning a lot about how public companies are run. I plan to
contribute by burying my new Company in sales orders.”
T.J. Rodgers, Complete Solar’s CEO, said, “Not
only will Cole’s sales and marketing acumen help us grow faster,
his Core Energy team will install solar systems in California’s
Central Valley in parallel with Complete Solar’s LA-San Diego team
to increase our overall installation rate in California, the
largest solar market in the U.S.”
Rodgers concluded, “Just as at Complete Solar,
every new Core Energy employee has received public company stock
options – our currency of growth. We will bring to Utah’s Solar
Valley the company-oriented culture that is common in Silicon
Valley and is driven by sharing wealth with employees.”
About Complete SolarComplete
Solar is a solar company with unique technology and end-to-end
customer offering, which includes financing, project fulfilment and
customer service. Complete Solar’s digital platform together with
premium solar products enable one-stop service for clean energy
needs for customers wishing to make the transition to a more
energy-efficient lifestyle. For more information visit
www.completesolaria.com and follow us on LinkedIn.
Forward Looking
Statements This press release may contain certain
forward-looking statements within the meaning of the federal
securities laws with respect to the referenced transactions. These
forward-looking statements generally are identified by the words
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “might,” “plan,” “possible,” “potential,”
“predict,” “project,” “should,” “would,” and similar expressions,
but the absence of these words does not mean that a statement is
not a forward-looking statement. Forward-looking statements are
forecasts, predictions, projections and other statements about
future events that are based on current expectations, hopes,
beliefs, intentions, strategies and assumptions and, as a result,
are subject to risks and uncertainties. Many factors could cause
actual future events to differ materially from the forward-looking
statements in this press release the price of Complete Solar’s
securities may be volatile due to a variety of factors, including
changes in the applicable competitive or regulatory landscapes,
variations in operating performance across competitors, changes in
laws and regulations affecting Complete Solar’s business, and
changes in the combined capital structure; the ability to implement
business plans, forecasts, and the evolution of the markets in
which Complete Solar will compete.
Readers should carefully consider the foregoing
factors and the other risks and uncertainties described in the
“Risk Factors” section of Form 10-K filed with the Securities and
Exchange Commission (the “SEC”) on April 1, 2024, and our
subsequently filed Quarterly Reports on Form 10-Q. Such filings
identify and address other important risks and uncertainties that
could cause actual events and results to differ materially from
those contained in the forward-looking statements. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and Complete Solar assumes no obligation and does not intend to
update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise.
For investor inquiries, please contact:
Complete Solar, Inc.Genevieve SwordsPhone: +1 (510)
270-2537InvestorRelations@completesolar.com
Source: Complete Solar, Inc.
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