Power-One Inc., maker of electrical frequency inverters if stock is more than quadrupled in one year, plans to deliver its first U.S.-made devices to solar developers Dec. 1, anticipating growth on its domestic market.
California manufacturer, whose production is largely in Italy, hiring employees and expand the factory capacity and in the United States and China to profit from increasing demand for the equipment that connects the solar panels and wind turbines to the utility grids, Executive Director Richard Thompson said.
Camarillo-based company expects to increase its capacity to 6,000 megawatts of next year, said Thompson yesterday in an interview at Solar Power International Conference in Los Angeles.There are about a third of the global market for solar panels in 2011, according to Bloomberg, new Energy Finance.
"We are not the largest yet, but we are working on it," he said. frequency inverters are effective, "which means cheaper electricity," said Thompson.
Power-One factory in China will begin production on Jan. 1 and reduce shipping costs for equipment that may weigh as much as 9 tons, said Thompson.Setup of production lines in new regions increases overhead costs less than the reduces shipping costs, he said.
Thompson also grow the production of frequency inverters for the offshore wind turbines and plans to introduce micro-inverters, which can be attached directly to individual residential rooftop solar panels for the market next year.
Shares Rise
Power-One climbed 28 cents, or 2.6 percent to $ 11.15 as of 2: 13 p.m. in the Nasdaq Stock Market composite trade. Shares has more than quadrupled in the last 12 months and lead 20-Member Bloomberg Americas Electrical Components & Equipment index, which has won 19% in the period.
Last week, purchased Power-One software developer Fat Spaniel Technologies Inc. to improve communication between utility grids and renewable energy sources and better manage the production.
Sales in the third quarter will be in the range of $ 260 million to $ 270 million, he says. company was expected to have revenues of $ 263.4 million, the average estimate of analysts compiled eight by Bloomberg. Company plans to report third quarter results after the end of trading on October 28.
Contact the reporter on this story: Christopher Martin in New York in cmartin11@bloomberg.net.
Contact the person responsible for this story editor: Reed Landberg at landberg@bloomberg.net.
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