Solexant hopes to take on First Solar

San Jose California-based solar cell developer Solexant Corp is reportedly starting a new financing round that it hopes will bring its thin-film solar panels to market. The development was confirmed by chief executive and president Damoder Reddy according to a report filed by Reuters. The company is looking to raise $50 million by the first quarter of 2010. It will be used to finance a 100-MW production line planned to come online in 2011. The company already had raised $22.5 million from two rounds of financing from its investors -- X/Seed Company Trident Capital Medley Partners and Firelake Capital. "I think if we can cut the manufacturing cost to 50 cents per watt which will allow us to sell modules as low as $1 per watt which would then make the total installation cost somewhere between $2 and $2.50 (per watt) " reportedly said Reddy. According to him the company plans to compete with First Solar on three related fronts: lower production cost being more capital efficient with its manufacturing facilities and undercut First Solar on total system cost including installation by about 25%. For its part First Solar's second-quarter profit more than doubled on higher revenue and margins. The company reported earnings of $180.6 million up from $69.7 million a year earlier. Manufacturing costs came in at $0.87 per watt for the quarter down 6.5% quarter over quarter driven primarily by the Malaysian ramp and also bill of material cost reduction.

1st October 2009 Thin Film Today news deskSourceSource:

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