RGS Energy Surpasses $36 Million in Written Reservations for POWERHOUSE™, Adds Second Plastic Molding Manufacturer to Meet Growing Demand
DENVER, June 28, 2018 (GLOBE NEWSWIRE) -- RGS Energy (NASDAQ:RGSE), the exclusive worldwide manufacturer of the POWERHOUSE™ solar shingle system, entered into a partnership agreement with Revere Plastic Systems, LLC, one of the nation’s top injection molders, to bolster its POWERHOUSE™ supply chain to meet increasing customer demand.
Revere Plastic Systems has agreed to dedicate resources required to support up to $138 million in estimated annual POWERHOUSE™ revenue.
“Having met with the RGS team, seeing the POWERHOUSE™ product firsthand, and understanding the huge market potential,” said Glen Fish, Revere Plastic Systems CEO, “we are delighted that RGS has asked us to dedicate resources, so that POWERHOUSE™ can be launched to achieve first-mover advantage in the solar shingle marketplace. We believe our financial strength and reputation will enhance the POWERHOUSE™ supply chain. Beyond that, we believe as the POWERHOUSE™ line evolves, our design and engineering expertise will prove to be valuable at reducing cost and enhancing product features.”
Dennis Lacey, RGS Energy’s CEO, commented: “We are quite pleased customer reservations now exceed $36 million, as we have averaged over $570,000 a day in new written reservations since our last announcement. To meet growing demand, we required an additional plastic molding manufacturer. As we work towards UL certification in September, our supply chain partners are taking the necessary steps to be able to quickly manufacture POWERHOUSE™ immediately following UL certification. We are very happy that a firm of Revere’s reputation and size, with over 230 injection molding presses, has chosen to join our team.”
About Revere Plastic Systems
Revere Plastics Systems, LLC, with over 50 years of experience in plastics and manufacturing, was founded to better serve the global customers while applying its engineering core to improve its customers’ global competitive position. Manufacturing capabilities include value-add plastic injection molding, assembly and testing. For over the past 25 years, Revere Plastics Systems has remained among the nation’s top 100 plastic injection molders. The company employs more than 1,000 people in its manufacturing, technical and sales facilities. For more information about Revere, visit www.revereplasticssystems.com.
About RGS Energy
RGS Energy (NASDAQ:RGSE) is America’s Original Solar Company providing solar, storage and energy services whose mission is clean energy savings. The company is the exclusive manufacturer of POWERHOUSE™, an innovative in-roof solar shingle using technology developed by The Dow Chemical Company. RGS Energy also sells, designs and installs traditional retrofit solar systems for residential homeowners, commercial businesses, non-profit organizations and government entities.
For more information, visit RGSEnergy.com and RGSPOWERHOUSE.com, on Facebook at www.facebook.com/RGSEnergy and on Twitter at twitter.com/rgsenergy. Information on such websites and the websites referred to above in this press release is not incorporated by reference into this press release.
RGS Energy is the company’s registered trade name. RGS Energy files periodic and other reports with the SEC under its official name “Real Goods Solar, Inc.”
POWERHOUSE™ is a trademark of The Dow Chemical Company, used under license.
Forward-Looking Statements and Cautionary Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including statements regarding RGS Energy’s plans for the commercialization of the POWERHOUSE™ 3.0 Solar Shingle, and RGS Energy’s business and financial strategies. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they provide our current beliefs, expectations, assumptions, forecasts, and hypothetical constructs 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 “forecast,” “project,” “expect,” “plan,” “future,” “believe,” “may,” “hypothetical,” “will,” “estimated,” and similar expressions as they relate to RGS Energy are intended to identify such forward-looking statements.
Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements 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. Therefore, RGS Energy cautions you against relying on any of these forward-looking statements.
Key risks and uncertainties that may cause a change in any forward-looking statement or that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include: RGS Energy’s ability to successfully and timely commercialize POWERHOUSE™ 3.0; the ability to obtain requisite UL certification of POWERHOUSE™ 3.0; RGS Energy’s ability to manage supply chain in order to have production levels and pricing of the POWERHOUSE™ 3.0 shingles to be competitive; demand for POWERHOUSE™; the ability of RGS Energy to successfully expand its operations and employees and realize profitable revenue growth from the sale and installation of POWERHOUSE™ 3.0, and to the extent, anticipated; RGS Energy’s ability to realize revenue from written reservations for initial POWERHOUSE™ deliveries; and RGS Energy’s ability to obtain future written reservations for POWERHOUSE™ deliveries.
You should read the section entitled “Risk Factors” in our 2017 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, which identify certain of these and additional risks and uncertainties. Any forward-looking statements or forward-looking hypothetical examples made by us in this press release speaks only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake any obligation to publicly update or revise any forward-looking statement or forward-looking hypothetical example, whether as a result of new information, future developments or otherwise, except as may be required by law.
Investor Relations Contact
Ron Both
Managing Partner, CMA
Tel 1-949-432-7566
RGSE@cma.team
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