First Solar, the “Google of Solar Energy,” Is Coming to America

Phoenix-based solar modules maker First Solar Inc. has been growing like crazy from its European clients.

In ‘07, its profits soared a mighty 686 percent. Revenue quadrupled to $200 million. And yesterday, it reported a nine-fold leap in its first-quarter returns and announced future revenues that might go north of $1 billion in ‘08.

And now it’s poised to enter the US utility market.

The company has a solar plant application pending in California -- and an eye toward tapping more of America's solar potential.

First Solar CEO Michael Ahearn in The Arizona Republic:

"Our objectives in 2008 are to secure several (U.S.) pilot projects that will enable us to validate the cost and performance of our large-scale systems."

The US solar market is still up for grabs. And if its past is any indication, First Solar may just corner a piece of it. Why?

Because while other companies have been building up their production lines with shortage-prone silicon, First Solar has adopted a different approach. It has built a wildly successful solar module using a thin film semiconductor technology of cadmium telluride on glass.

That's kept First Solar immune from the price spikes in the silicon sector that have ravaged the bottom lines of its competitors.

And it's made First Solar's products relatively cheap. So cheap, reports the LA Times blog Money & Co., that:

Some see [First Solar] leading the charge to bring solar into coal’s price range.

That would be the perfect ending to its Cinderella story.

Remember that First Solar had an initial public offering in November 2006. Its stock went out at 20 bucks a share.

At the time of publishing this story -- even after today's market decline -- First Solar's share price was around $266. That means First Solar has gone up in value over 13 times in a year and a half.

That Google-like zoom in stock prices led CNET’s Green Tech blog to dub First Solar the "Google of Solar Companies."

Yes, First Solar has been blazing on Wall Street. Few clean energy companies have had its kind of success. So it’s worth watching what it does next.

But, the actual Google has put its solar investment dollars elsewhere with one clear goal in mind: to make clean energy cheaper than coal.

The lucky recipients? eSolar and its solar thermal plant solution and Nanosolar with its super cheap, $1 per watt panels.

It appears the race is officially on for affordable solar. Will First Solar really be the first?

Source: The Arizona Republic

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