Vivint Solar Creates New Technology Team - Solar Labs26 February, 2015 | Press Releases
Former Solmetric SunEye Products to be Discontinued; New Research and Development Team to Focus on Advanced Photovoltaic Installation Instruments
LEHI, Utah, Feb. 26, 2015 /PRNewswire/ -- Vivint Solar (NYSE: VSLR), a leading provider of residential solar systems in the United States announced today that its Solmetric team will be fully integrated into the Vivint Solar operating structure and be known as Vivint Solar Labs. The new research and development team will focus on proprietary photovoltaic installation instruments and software.
Having reached the end of the product lifecycle, the Solmetric SunEye 210 and its line of products – including PV Designer, Solmetric Shade Training and the SunEye Extension Platform – will no longer be available. PV Analyzer will continue to be available.
"We are pleased with the integration of the Solmetric team of engineers and staff into Vivint Solar Labs," said Greg Butterfield , CEO of Vivint Solar. "We look forward to further development of advanced photovoltaic installation technology that will significantly reduce our cost per watt and expedite solar installations for our customers."
Vivint Solar acquired Solmetric Corporation in January 2014. Vivint Solar is the second largest installer of solar energy systems to the U.S. residential market with approximately 16 percent market share in the third quarter of 2014, according to GTM Research. In 2014, the company established 23 new sales and installation offices to its 16 previously existing offices. The company plans to expand further in 2015.
About Vivint Solar
Vivint Solar is a leading provider of distributed solar energy – electricity generated by a solar energy system installed at a customer's location – to residential customers in the United States. Vivint Solar's customers pay little to no money upfront, receive significant savings relative to utility generated electricity and continue to benefit from guaranteed energy prices over the 20-year term of their contracts. Vivint Solar finances, designs, installs, monitors and services the solar energy systems to make things easy for its customers. For more information, visit www.vivintsolar.com or follow @VivintSolar.
Note on Forward-looking Statements
This press release contains forward-looking statements as defined within the meaning of the federal securities laws, including statements regarding Vivint Solar's growth plans and prospects, including its plans and prospects for the former Solmetric team and Vivint Solar Labs, and the expected benefits associated with Vivint Solar Labs and the growth of the company's business. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements should not be read as a guarantee of future performance or results, and they will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. These statements are based on current expectations and assumptions regarding future events and business performance as of the date of this press release, and they are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements, including but not limited to the availability of additional financing on acceptable terms; changes in retail price of traditional utility generated electricity; changes in electric utility policies and regulations; the availability of rebates, tax credits and other incentives that affect the pricing of our offering, including regulations related to net metering; changes in regulations, tariffs and other trade barriers and tax policy affecting the company and its industry; our ability to manage our recent and future growth effectively, including attracting, training and retaining sales personnel and solar energy system installers; the availability and price of solar panels and other system components; and the other risks identified in the registration statements and reports that Vivint Solar files with the U.S. Securities and Exchange Commission, which are available on the Investor Relations section of our website at www.vivintsolar.com. Vivint Solar does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Director of Public Relations
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SOURCE Vivint Solar