First Solar

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First Solar, Inc.
FormerlyFirst Solar Holdings, Inc. (1999–2006)
Company type Public
Industry Photovoltaics
Founded1999;25 years ago (1999)
Headquarters
Tempe, Arizona
,
U.S.
Key people
 Michael J. Ahearn (chairman of the supervisory board)
Mark Widmar (CEO)
RevenueIncrease2.svg US$3.58 billion (FY 2015)
Increase2.svg US$516.66 million (FY 2015) [1]
Increase2.svg US$546.42 million (FY 2015)
Total assets Increase2.svg US$7.32 billion (FY 2015)
Total equity Increase2.svg US$5.55 billion (FY 2015
Number of employees
6,400 [2]  (2020)
Website firstsolar.com

First Solar, Inc. is a publicly traded American manufacturer of solar panels, and provider of utility-scale PV power plants, supporting services that include finance, construction, maintenance and end-of-life panel recycling. First Solar uses rigid thin-film modules for its solar panels, and produces CdTe panels using cadmium telluride (CdTe) as a semiconductor. [3] The company was founded in 1990 by inventor Harold McMaster as Solar Cells, Inc. and the Florida Corporation in 1993 with JD Polk. In 1999 it was purchased by True North Partners, LLC, who rebranded it as First Solar, Inc.

Contents

The company went public in 2006, trading on the NASDAQ. Its current chief executive is Mark Widmar, who succeeded the previous CEO James Hughes July 1, 2016. [4] First Solar is based in Tempe, Arizona.

In 2009, First Solar became the first solar panel manufacturing company to lower its manufacturing cost to $1 per watt. [5] As of 2022, First Solar was considered the fourth-largest solar company on American stock exchanges by 12-month trailing revenue [6] and in 2012 was ranked sixth in Fast Company's list of the world's 50 most innovative companies. [7]

In 2011, it ranked first on Forbes's list of America's 25 fastest-growing technology companies. [8] It is listed on the Photovoltaik Global 30 Index since the beginning of this stock index in 2009. The company was also listed as No. 1 in Solar Power World magazine's 2012 and 2013 rankings of solar contractors. [9]

Technology

First Solar manufactures cadmium telluride (CdTe)-based photovoltaic (PV) modules, which produce electricity with a thin CdTe film on glass. [10] [3]

In 2013, the company produced CdTe-panels with an efficiency of about 14 percent at a reported cost of 59 cents per watt. [11] In August 2019, researchers from NREL and First Solar published a Nature Energy article demonstrating a way to achieve 20.8% solar cell efficiency. [12] [13]

History

In 1984, inventor and entrepreneur Harold McMaster founded Glasstech Solar. After trying amorphous silicon, he shifted to CdTe and founded Solar Cells, Inc. (SCI) in 1990. [14] In February 1999, SCI was acquired by True North Partners, which then formed First Solar, LLC. [15] [16]

At the end of 2009, First Solar had surpassed an energy power production rate of 1 GW [17] and was the largest producer of PV cells in the world. [18]

The company is headquartered in Tempe, Arizona and has manufacturing facilities in Perrysburg, Ohio, Kulim, Malaysia, Ho Chi Minh City, Vietnam and Chennai, India. [19]

In July 2010, First Solar formed a utility systems business group to address the large-scale PV systems solutions market. Utility systems are now the company's core business focus, with a strategy to focus on markets that do not require subsidies to support the solar generation business. [20]

On April 17, 2012, First Solar announced it would restructure operations worldwide. This restructuring process included phasing out operations in Frankfurt (Oder), Germany and idling four production lines in Kulim, Malaysia. [21] 30% of First Solar's workforce was laid off as a result of these actions, which were blamed on market volatility and reduced demand. [22] Mark Widmar, the CFO of First Solar, said, "We need to resize our business to a level of demand that is highly reliable and predictable." [23]

On July 1, 2016, Mark Widmar was appointed CEO of First Solar. Previously he had been chief financial officer. Company founder and former CEO Mike Ahearn remains chairman of the board. [4]

In May 2023, First Solar acquired Evolar, a European company that provided perovskite technology. The deal was valued at $38M USD. [24]

Market history

Historically, First Solar sold its products to solar project developers, system integrators, and independent power producers. Early sales were primarily in Germany because of strong incentives for solar enacted in the German Renewable Energy Sources Act (EEG) of 2000 (cp. Solar power in Germany).[ citation needed ] Declines and uncertainty in feed-in-tariff subsidies for solar power in European markets, including Germany, France, Italy and Spain, [25] prompted major PV manufacturers, such as First Solar, to accelerate their expansion into other markets, including the U.S., India and China. [26]

Beginning in December 2011, First Solar shifted away from existing markets that are heavily dependent on government subsidies and toward providing utility-scale PV systems in sustainable markets with immediate need. [27] As a result, it now competes against conventional power generators, [28] and has reduced its focus on the rooftop market. [20]

On February 24, 2009, First Solar's cost per watt broke the $1 barrier, reaching $0.98. Production cost has continued to fall and in February 2013, reached $0.68 per watt. [29]

11.4 GW of solar modules were sold in 2023. Production costs of 18.8 Cent/Watt were forecast in February 2024, with average sales prices of 18.2 Cent/kWh for sales of around 16 GW in 2024.

Production history

In 2019, the company was expected to pass annual shipments of panels for 5,400 MWp. Production started in Perrysburg, Ohio, expanded in 2010. [30] Between 2007 and 2012, production grew in additional plants in Frankfurt (Oder) in Germany, in Kulim Hi-Tech Park in Malaysia and in France. Other locations considered for expansions before 2012 were Vietnam [31] and Mesa, AZ. [32] The 2023 Sustainability Report published in August 2023 highlights findings related to Environmental, Social, and Governance (ESG) metrics, including modern slavery and forced labor findings. Report findings shared with media support the company's proactive efforts and due diligence to address human right violations within the solar power supply chain as they are discovered. [33] First Solar's products have been released by U.S. Customs and Border Protection and comply with the Uyghur Forced Labor Prevention Act. [34]

Country2005 Capacity2007 Capacity2008 Capacity2011 Capacity2012 Capacity2015 Capacity2019 shipments (guidance)
Line capacity25 MW44 MW48 MW66 MW70 MW (est)
USA25 MW132 MW143 MW264 MW280 MW
Germany–176 MW191 MW528 MW220 MW (est)
Malaysia––382 MW1584 MW1400 MW
Total Capacity25 MW308 MW716 MW2376 MW [35] 1900 MW [36] 2700 MW [37] ~5500 MW [38]

In 2023, the company reported current Operational Annual US Cell Capacity of 6.5 GW plus and projected Global Annual Nameplate Capacity in 2026 will be about 26 GW.

Market performance

While First Solar witnessed record sales of over $3.37 billion in 2012, its restructuring efforts impacted the bottom line, leading to a net loss of $96.3 million – or $1.11 per share – for the year. [39]

Historically, the low cost of First Solar's modules has been the key to its market performance. The use of cadmium telluride instead of silicon allowed it to achieve a significantly lower module cost ($0.67 per watt), [40] compared to crystalline-silicon PV, which averaged $1.85 per watt in 2010. [41]

As the company shifts its focus away from module sales to utility-scale projects, it will need to become price competitive with non-solar power sources, a move which its executives say will require the company to reduce manufacturing costs and optimize efficiency. [42]

Installations

First Solar had installed 1,505 MW of solar capacity as of 2012. [9] As of 2019, First Solar has over 17GW deployed globally. [43] Below are some of First Solar's solar installations and development projects:

North America

Europe, Middle East, and North Africa

Asia and Australia

See also

Related Research Articles

<span class="mw-page-title-main">Photovoltaics</span> Method to produce electricity from solar radiation

Photovoltaics (PV) is the conversion of light into electricity using semiconducting materials that exhibit the photovoltaic effect, a phenomenon studied in physics, photochemistry, and electrochemistry. The photovoltaic effect is commercially used for electricity generation and as photosensors.

<span class="mw-page-title-main">National Renewable Energy Laboratory</span> United States national laboratory

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In the 19th century, it was observed that the sunlight striking certain materials generates detectable electric current – the photoelectric effect. This discovery laid the foundation for solar cells. Solar cells have gone on to be used in many applications. They have historically been used in situations where electrical power from the grid was unavailable.

<span class="mw-page-title-main">Solar cell</span> Photodiode used to produce power from light on a large scale

A solar cell or photovoltaic cell is an electronic device that converts the energy of light directly into electricity by means of the photovoltaic effect. It is a form of photoelectric cell, a device whose electrical characteristics vary when it is exposed to light. Individual solar cell devices are often the electrical building blocks of photovoltaic modules, known colloquially as "solar panels". Almost all commercial PV cells consist of crystalline silicon, with a market share of 95%. Cadmium telluride thin-film solar cells account for the remainder. The common single-junction silicon solar cell can produce a maximum open-circuit voltage of approximately 0.5 to 0.6 volts.

<span class="mw-page-title-main">Solar panel</span> Assembly of photovoltaic cells used to generate electricity

A solar panel is a device that converts sunlight into electricity by using photovoltaic (PV) cells. PV cells are made of materials that produce excited electrons when exposed to light. The electrons flow through a circuit and produce direct current (DC) electricity, which can be used to power various devices or be stored in batteries. Solar panels are also known as solar cell panels, solar electric panels, or PV modules.

Nanosolar was a developer of solar power technology. Based in San Jose, CA, Nanosolar developed and briefly commercialized a low-cost printable solar cell manufacturing process. The company started selling thin-film CIGS panels mid-December 2007, and planned to sell them at 99 cents per watt, much below the market at the time. However, prices for solar panels made of crystalline silicon declined significantly during the following years, reducing most of Nanosolar's cost advantage. By February 2013 Nanosolar had laid off 75% of its work force. Nanosolar began auctioning off its equipment in August 2013. Co-Founder of Nanosolar Martin Roscheisen stated on his personal blog that nanosolar "ultimately failed commercially." and that he would not enter this industry again because of slow-development cycle, complex production problems and the impact of cheap Chinese solar power production. Nanosolar ultimately produced less than 50 MW of solar power capacity despite having raised more than $400 million in investment.

MiaSolé is an American solar energy company selling copper indium gallium selenide (CIGS) thin-film photovoltaic products. MiaSolé's manufacturing process lays CIGS on a flexible stainless steel substrate. MiaSolé produces all layers of photovoltaic material in a continuous sputtering process.

<span class="mw-page-title-main">Solar power in the United States</span>

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<span class="mw-page-title-main">Ascent Solar</span>

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<span class="mw-page-title-main">Thin-film solar cell</span> Type of second-generation solar cell

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<span class="mw-page-title-main">Growth of photovoltaics</span> Worldwide growth of photovoltaics

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<span class="mw-page-title-main">Copper indium gallium selenide solar cell</span>

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The following outline is provided as an overview of and topical guide to solar energy:

<span class="mw-page-title-main">Solar Frontier</span>

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Hanwha Qcells is a major manufacturer of photovoltaic cells. The company is headquartered in Seoul, South Korea, after being founded in 1999 in Bitterfeld-Wolfen, Germany, where the company still has its engineering offices. Qcells was purchased out of bankruptcy in August 2012 by the Hanwha Group, a South Korean business conglomerate. Qcells now operates as a subsidiary of Hanwha Solutions, the group's energy and petrochemical company.

References

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  4. 1 2 "First Solar Appoints James Hughes CEO". Archived from the original on May 13, 2012. Retrieved May 4, 2012.
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  8. ↑ John J. Ray (February 16, 2011). "America's 25 Fastest-Growing Tech Companies". Forbes. Retrieved July 26, 2011.
  9. 1 2 Solar Power World
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  12. ↑ "NREL, First Solar Collaboration Improves Thin-Film Solar Cells | News | NREL". www.nrel.gov. Retrieved January 17, 2020.
  13. ↑ Metzger, W. K.; Grover, S.; Lu, D.; Colegrove, E.; Moseley, J.; Perkins, C. L.; Li, X.; Mallick, R.; Zhang, W.; Malik, R.; Kephart, J. (August 19, 2019). "Exceeding 20% efficiency with in situ group V doping in polycrystalline CdTe solar cells". Nature Energy. 4 (10): 837–845. Bibcode:2019NatEn...4..837M. doi:10.1038/s41560-019-0446-7. ISSN   2058-7546. S2CID   201101743.
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  16. ↑ "Annual Technical Report 1998-1999" (PDF). NREL . October 1999. Retrieved January 17, 2020.
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  18. ↑ "First Solar to Produce Twice as Much as Leading Crystalline Solar Module Suppliers in 2009". Isuppli.com. September 4, 2009. Retrieved March 23, 2012.
  19. ↑ Nelson, Gary (March 18, 2011). "First Solar plans major manufacturing plant in SE Mesa". Arizona Republic.
  20. 1 2 "First Solar slashes forecast, staff & plans to flee subsidized markets". GigaOM. December 14, 2011.
  21. ↑ "First Solar Restructures Operations to Align With Sustainable Market Opportunities". Archived from the original on June 20, 2012. Retrieved August 17, 2019.
  22. ↑ Hsu, Tiffany (April 18, 2012). "First Solar to cut 2,000 jobs and close factory in Germany". Los Angeles Times. Retrieved April 18, 2012.
  23. ↑ "First Solar to Write off $150 Million as it Pulls Out of German Market" . Retrieved April 18, 2012.
  24. ↑ Editor, Manshi Mamtora, CFA, SA News (May 12, 2023). "First Solar acquires European thin film company, Evolar (NASDAQ:FSLR) | Seeking Alpha". seekingalpha.com. Retrieved May 15, 2023.{{cite web}}: |last= has generic name (help)CS1 maint: multiple names: authors list (link)
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  26. ↑ "First Solar Profit Drops on European Uncertainty". Archived from the original on May 9, 2011. Retrieved May 10, 2011.
  27. ↑ Sweet, Cassandra; Chernova, Yuliya (December 15, 2011). "First Solar Revamps Amid Weak Market". The Wall Street Journal.
  28. ↑ Sweet, Cassandra; Chernova, Yuliya (December 15, 2011). "First Solar Revamps Amid Weak Market". The Wall Street Journal.
  29. ↑ "FSLR Dec13 10k". www.sec.gov.
  30. ↑ "Archived copy". Archived from the original on May 16, 2016. Retrieved December 8, 2010.{{cite web}}: CS1 maint: archived copy as title (link)
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  32. ↑ Hayley Ringle (August 15, 2018). "See inside Apple's $2 billion data center in Mesa". Phoenix Biz Journal. Retrieved August 15, 2018. First Solar (Nasdaq: FSLR) built the facility for $300 million but never put it into production. Apple bought the facility in 2013 for $100 million
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  34. ↑ "US Queries Solar Supply Import Chains Amid China Crackdown". Bloomberg.
  35. ↑ First Solar Financial Report for Quarter 1 2012 Earnings Call; "First Solar to Boost Production as Profit, Sales Climb," Wall Street Journal, August 1, 2012)
  36. ↑ "First solar to Increase module production capacity to 1800 MW". www.renewindians.com.
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  40. ↑ Matt Daily and Nichola Groom (August 4, 2011). "First Solar profit falls, cuts 2011 forecast". Reuters. "First Solar Q3 Earnings Presentation" (PDF). First Solar. November 1, 2012. Archived from the original (PDF) on January 10, 2014. Retrieved November 16, 2012.
  41. ↑ Michael Kanellos (August 6, 2011). "Suntech Abandons Thin Film, Wafer Experiments". GreenTechSolar.
  42. ↑ First Solar Investors Conference Call, December 15, 2011
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  44. ↑ "Commission Approves Largest Clean Energy Investment in Nevada History". T&D World. January 8, 2019.
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