Sunworks Names Judith Hall as New Chairperson of the Board of Directors

Rhea-AI Summary

Sunworks, Inc. (NASDAQ:SUNW) has appointed Judith Hall as the new Chairperson of the Board, succeeding Charles Cargile. Hall, who has over 25 years of experience in the power industry, joined the board in October 2019. This leadership change follows a significant merger with Solcius and aims to leverage the company's strong cash position of $82.6 million. Cargile continues as a board member until June 2021. Hall's expertise is expected to guide Sunworks through its next growth phase in the expanding solar market.

Positive

• Judith Hall brings over 25 years of power industry experience, enhancing leadership quality.
• The company has a strong cash balance of $82.6 million, providing growth opportunities.
• Recent merger with Solcius increases scale and addressable market, positioning Sunworks for growth.

Negative

• Cargile's departure may create continuity concerns in company leadership.

25-Year Renewable Energy Veteran to Lead Board in Next Phase Company's Evolution

ROSEVILLE, CA / ACCESSWIRE / April 27, 2021 / Sunworks, Inc. (NASDAQ:SUNW), a provider of solar power solutions for commercial, public works and residential markets, today announced that Judith Hall has been named Chairperson of the Board of Directors. Ms. Hall, who joined the Sunworks Board as an independent director in October 2019, succeeds Charles Cargile, who has served as Chairman since January 2020. Mr. Cargile will continue to serve on the Sunworks Board of Directors until the annual meeting of shareholders in June 2021.

"Having closed the milestone merger with Solcius, significantly increasing our scale, expanding our addressable opportunities and with a strong cash balance, this is the ideal time for Judith to take over as Chairperson," commented Mr. Cargile. "Since joining our Board, Judith has proven to be an exceptional leader, providing business, legal, and strategic advice to our organization all while maintaining a focus on enhancing shareholders value. The entire Board is confident she will provide invaluable leadership as Sunworks continues to evolve."

Ms. Hall has more than 25 years of power industry experience as a C-level executive and General Counsel. Her expertise and success in the energy sector are grounded in her training as an engineer. She earned a bachelor's degree in mechanical engineering from UC Berkeley in 1985 and subsequently worked as a consultant, specializing in probabilistic risk assessment for clients including electric power utilities such as Southern California Edison (SCE), Pacific Gas & Electric (PG&E) and Arizona Public Service (APS), the U.S. Department of Energy (DOE) and the Electric Power Research Institute (EPRI). Ms. Hall then pursued a law degree from UC Hastings, continuing work in the energy sector upon graduation in 1997. In 2009, Judith joined the executive team at Recurrent Energy, one of North America's leading solar project development companies, as Chief Legal Officer and General Counsel where she directed the company's corporate, transactional, governance and compliance matters. During her tenure at Recurrent Energy, she secured more than $4B of project financing, developed and sold more than 700 MW of solar PV projects and executed more than 1 GW of long-term power purchase agreements. She led the company's negotiations with counterparties including Duke, Dominion, Google, KKR, MetLife, Mitsubishi, NRG, Sharp Corporation and Osaka Gas.

"On behalf of the entire Board of Directors of Sunworks, we thank Chuck for his years of dedication and leadership both as Chief Executive Officer (CEO) and, most recently as Chairperson of the Board. Chuck's contribution to the company is marked by our hiring of an outstanding CEO in Gaylon Morris, a recent cash raise of $82.6 million and the transformational acquisition of Solcius," commented Ms. Hall.

Rhone Resch, member of the Sunworks Board of Directors, added, "Judith becoming the Chairperson marks a key milestone at a critical juncture for Sunworks. Her leadership of the Board will be invaluable as we integrate Solcius, fully utilize our strong cash position and capitalize on our strategic opportunities. Judith is not only a leader in the solar industry, with a wealth of experience, she also brings significant expertise with public companies and much larger enterprises, and we will certainly benefit from this as we scale. Sunworks is now positioned for growth in an industry that is expected to triple over the next few years."

About Sunworks, Inc.

Sunworks, Inc. (NASDAQ:SUNW) is a premier provider of high-performance solar power systems. Sunworks is committed to quality business practices that exceed industry standards and uphold its ideals of ethics and safety. Sunworks continues to grow its presence, expanding nationally with regional and local offices. The Company strives to consistently deliver high quality, performance-oriented solutions for customers in a wide range of industries including commercial, state and federal, public works, and residential. Sunworks' diverse, seasoned workforce includes veterans who bring a sense of pride, discipline, and professionalism to their interaction with customers. Sunworks is a member of the Solar Energy Industries Association (SEIA) and is a proud advocate for the advancement of solar power. For more information, visit www.sunworksusa.com

Investor Relations Contact:
Rob Fink
FNK IR
646.809.4048
rob@fnkir.com

SOURCE: Sunworks, Inc.

View source version on accesswire.com:
https://www.accesswire.com/642444/Sunworks-Names-Judith-Hall-as-New-Chairperson-of-the-Board-of-Directors

FAQ

Who is Judith Hall and what is her role at Sunworks?

Judith Hall is the newly appointed Chairperson of the Board of Directors at Sunworks, bringing over 25 years of experience in the power industry.

What is the significance of Judith Hall’s appointment for Sunworks?

Hall's appointment is crucial as it coincides with a strong cash position and the integration of the Solcius merger, signaling potential growth for the company.

What changes occurred in Sunworks’ Board of Directors?

Judith Hall succeeded Charles Cargile as the Chairperson of the Board, with Cargile remaining on the board until June 2021.

What recent financial position does Sunworks hold?

Sunworks recently raised $82.6 million, enhancing its financial strength and capacity for strategic growth.

How will the merger with Solcius affect Sunworks?

The merger with Solcius is expected to significantly increase Sunworks' scale and market opportunities, supporting its growth trajectory.