Sunworks, Inc. Announces Board Changes; Secures $3.75 million, two-year term loan
April 27, 2018 at 07:00 am
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Sunworks, Inc. announced that Joshua Schechter has been appointed as an independent member of the board of directors. Mr. Schechter is a private investor who has broad experience serving on public company's board of directors. James Nelson, Executive Chairman and Frank Hunt, who has served as a director and chair of the audit committee since December 2014, retired from the Board of Directors.
The company announced that it has secured a $3.75 million, two-year term loan. The loan is comprised of $3.0 million from CrowdOut Capital, LLC and a combined $750,000 from Chuck Cargile, Sunworks' Chief Executive Officer and Kirk Short, Sunworks' President of Commercial Operations.
Sunworks, Inc. provides photovoltaic (PV) and battery-based power and storage systems for residential and commercial markets. The Company's commercial projects include commercial, agricultural, industrial, and public works projects. It operates through three segments: Residential Solar, Commercial Solar Energy, and Corporate. Residential Solar segment designs, arrange finances, integrates, installs, and manages systems, primarily for residential homeowners. The Commercial Solar Energy segment designs, arrange finances, integrates, installs, and manages systems ranging in size from 50kW (kilowatt) to multi-MW (megawatt) systems primarily for larger commercial and public works projects. Its commercial installations include installations at office buildings, manufacturing plants, warehouses, service stations, churches, and agricultural facilities such as farms, wineries, and dairies. Its public works installations include school districts, federal facilities and local municipalities.
SUNWORKS, INC. 
