LOUISVILLE, Colo., Feb. 17, 2015 (GLOBE NEWSWIRE) -- RGS Energy (Nasdaq:RGSE), one of the nation's largest and most recognized rooftop installers of solar equipment, has signed a partnership agreement with Centrosolar America, a provider of premium roof-based PV systems, components and turnkey projects.
The partnership will expand RGS Energy's capacity for solar installations on the East Coast by approximately 1-2 megawatts (MW) per month beginning in the second quarter of 2015.
Centrosolar will make available to RGS its full range of turnkey products and logistic services as well as its network of solar installers for deploying RGS Energy's residential solar projects. The additional capacity allows RGS Energy to better address its large installation backlog on the East Coast and facilitate possible expansion into other states.
"Our partnership with RGS Energy brings together their decades of solar industry experience and large backlog with our world-class PV modules and network of solar installers," said Ram Akella, CEO of Centrosolar America. "We're excited to join with RGS Energy in meeting the growing demand for solar and allow RGS the opportunity to cost-effectively enter new geographic markets."
Dennis Lacey, CEO of RGS Energy, commented: "Centrosolar's extensive network gives us access to equipment and third-party installers that increases our installation capacity and reduces our sale-to-installation times. As it comes up to speed in the second quarter, we expect this partnership will allow us to more quickly convert our backlog into revenue and improve cash flow."
About Centrosolar America, Inc.
Centrosolar America, Inc. is a PV manufacturer and solutions provider. Centrosolar America differentiates itself by providing a full range of turnkey products and services for its installer partners offering technical and sales support, original equipment manufacturing (OEM), pre-packaged and fully integrated solar systems, warehousing and distribution, on-line portals and finance products. Centrosolar America has a longstanding and proven track of manufacturing, world class quality and high standards for customer service and support. More information at www.centrosolaramerica.com.
About RGS Energy
RGS Energy (Nasdaq:RGSE) is one of the nation's largest and most recognized rooftop installers of solar equipment, serving residential and small business customers in the mainland U.S. and Hawaii. Beginning with one of the very first photovoltaic panels sold in 1978, the company has installed tens of thousands of solar power systems. RGS Energy makes it very convenient for customers to save on their energy bill by providing a comprehensive solar solution, from design, financing, permitting and installation to ongoing monitoring, maintenance and support.
The company has 13 offices across the West and the Northeast and one in Hawaii. For more information, visit RGSEnergy.com, on Facebook at www.facebook.com/rgsenergy and on Twitter at www.twitter.com/rgsenergy. RGS Energy is a trade name and RGS Energy makes filings with the Securities and Exchange Commission under its official name "Real Goods Solar, Inc." These documents are available on both the EDGAR section of the SEC's website at www.sec.gov and the Investor Relations section of the Company's website at www.rgsenergy.com. For more information about the company, visit www.rgsenergy.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they provide our current beliefs, expectations, assumptions and forecasts about future events, and include statements regarding our future results of operations and financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations. The words "anticipate," "approximately", "can", "expect," "should," and similar expressions as they relate to us are intended to identify such forward-looking statements. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual performance and results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual performance and results to differ materially from those indicated in the forward-looking statements include, without limitation, the following: our ability to implement the relationship described in this press release, our ability to convert backlog into revenues, our ability to improve operating efficiencies and successfully reinvest cost savings in our business, and such other factors as discussed throughout Part I, Item 1A, Risk Factors and Part II, Item 7, Management's Discussion and Analysis of Financial Conditions and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2013 and Part I, Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations included in our Quarterly Reports on Form 10-Q.
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