Sunworks Awarded Agricultural Solar Project in California

Company selected to construct solar system for dairy farm

/EIN News/ -- ROSEVILLE, Calif., Nov. 21, 2019 (GLOBE NEWSWIRE) -- Sunworks, Inc. (Nasdaq: 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 (EPC) contract to develop a 653kW ground mount solar system for a privately-held dairy farm in California’s Central Valley. 

Sunworks’ Chief Executive Officer, Chuck Cargile, said, “This project expands our agricultural, commercial and industrial (ACI) pipeline, and reinforces our presence in the California market. The system will reduce operating costs for Lima Ranch Dairy and enable them to better control the costs and access to electricity. We expect to recognize revenue related to this project in the second and third quarters of 2020."

Mr. Cargile continued, “We are experiencing strong new project orders in the fourth quarter of this year, increasing our backlog for revenue in 2020.”

Lima Ranch Dairy Farm Owner, Jack Hamm, said, “Milking is an energy intensive process and the expense required to run compressors, refrigeration, water pumping, and ventilation systems is one of our highest recurring operating costs. The implementation of solar allows us to reduce that expense while promoting clean, renewable energy. Sunworks has a strong reputation and long track record for helping similarly sized growers and processors integrate agriculture-optimized solar technology that are cost effective. From our first meeting, it was clear that they understood our challenges and sustainability goals which made them a no brainer partner for this project.”

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," “plan”, "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:

Rob Fink
FNK IR
646-809-4048
rob@fnkir.com