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Sunworks Expands Addressable Market with New Projects in Massachusetts and New Jersey

Company leverages ACI expertise and track record in California to expand into emerging solar markets in the Northeast United States

ROSEVILLE, Calif., Dec. 18, 2018 (GLOBE NEWSWIRE) -- Sunworks, Inc. (SUNW), a premier provider of high-performance solar power solutions for agriculture, commercial, industrial (ACI), public works and residential markets, today announced it has been awarded an engineering, procurement and construction contract to develop a 600kW roof mount and parking canopy project for a food manufacturer in New Jersey and an 700kW project for a self-storage facility in Massachusetts.

Sunworks’ Chief Executive Officer, Chuck Cargile said, “These projects represent a major advancement of our long-term growth strategy that will significantly expand Sunworks’ addressable market and over time diversify our revenues. The state of California has long been recognized as an early adopter of renewable energy initiatives that promote the expansion of cost-effective clean energy, and not surprisingly, we are seeing this trend expand across the country.”

“With the implementation of the Solar Renewable Energy Credit (SREC) Program in New Jersey and the Solar Massachusetts Renewable Target (SMART) Program in Massachusetts, we saw an opportunity to leverage our long track record of developing solar programs for agriculture, commercial and industrial customers in California to enter new geographical markets,” Cargile added. “State and local governments are eager to expand the use of renewable energy in these regions, but these markets are lacking specialized developers like Sunworks that have the proven ability to deliver high quality, performance-oriented solutions. Our pipeline of opportunities in these markets is expanding rapidly and should serve as an increasingly important growth driver for Sunworks in 2019 and beyond.”

In aggregate, the new project wins in New Jersey and Massachusetts are expected to generate more than $2 million in revenue for Sunworks with instillations anticipated to be completed in 2019.  

Scott Bowden, Sunworks’ VP of Sales & Development, Northeast Region commented, “Having spent the past 11 years in the solar industry and in the Northeast region, I have seen the solar market develop firsthand. As markets have matured, the need for a middle-market EPC developer with ACI experience and a track record working with small- and mid-sized business emerged. Joining Sunworks to combine and leverage my local relationships with their established reputation and experience has allowed us to quickly establish a strong foundation for growth in these markets.”

About Sunworks, Inc.

Sunworks, Inc. (SUNW) is a premier provider of high-performance solar power systems. We are committed to quality business practices that exceed industry standards and uphold our ideals of ethics and safety.

Sunworks continues to grow its presence, expanding nationally with regional and local offices. We strive to consistently deliver high quality, performance-oriented solutions for customers in a wide range of industries including agricultural, commercial and industrial, public works, and residential.

Our dedication to excellence is reflected in our 25-year warranty, a benchmark that we stand by to support our customers above and beyond their expectations.

Sunworks’ diverse, seasoned workforce includes distinguished veterans who bring a sense of pride, discipline, and professionalism to their interaction with customers.

Sunworks is a member of the Solar Energy Industries Association (SEIA) and is a proud advocate for the advancement of solar power.

Safe Harbor Statement

Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," “will,” "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, these they are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These risks include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive, regulatory, environmental and other factors affecting the Company and its operations, markets, products, and prospects for sales, lower revenues, failure to earn profit, higher costs than expected, persistent operating losses, ownership dilution, inability to repay debt, failure of acquired businesses to perform as expected, the inability to complete projects within anticipated timeframes and costs, the impact of tariffs imposed by governmental bodies,  the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company. We also refer you to the risks described in “Risk Factors” in Part I, Item 1A of Sunworks, Inc.’s Annual Report on Form 10-K and in the other reports and documents we file with the Securities and Exchange Commission from time to time.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Investor Relations Contact:

Business Development Contact
Scott Bowden
VP Sales & Development, Northeast Region

Investor Relations Contact
Rob Fink
Hayden IR