Envision Solar International Inc., a San Diego maker and designer of solar arrays, reported a 2012 net loss of $2.48 million, compared with a net loss of $2.54 million in 2011.
Revenue for the year came in at $722,000, compared with $2.3 million in revenue for 2011.
The company said its decision to focus on engineering and scalability improvement while developing strategic relationships with larger customers resulted in longer sales cycles last year.
CEO Dennis Wheatley said the company is making the necessary investments to become stronger and more competitive. He cited a contract to become the provider of solar arrays to Cadillac’s 952 U.S. dealerships, a process that took two years to arrange.
Envision Solar also said it signed an agreement with Horizon Energy for 2,300 solar tree arrays in North Carolina.
At the end of last year, Envision raised a net of $1.7 million in a private placement offering. The company said it intends to complete an additional $2.19 million private placement sometime in the second quarter of 2013.
“With our financing nearly complete, we are focused on executing the commercial opportunities we have with GM, Horizon Energy and others, while developing a pipeline of future customers and partners,” Wheatley said.
— SDBJ Staff Report