First Solar finds success in struggling solar industry

MIT Technology Review : Many solar panel manufacturers around the world are suffering because of the continuing decrease in solar panel prices. However, one of the world’s largest manufacturersâmdash;First Solar in Tempe, Arizonaâmdash;is thriving. The company just announced that its thin cadmium telluride panels set a new record efficiency and that it will upgrade its production lines to take advantage of the new development. The company has also acquired Tetrasun, a startup with high-efficiency silicon technology. First Solar’s success is due, in part, to the lower production costs of its panels than those of its silicon-based competitors. The company was also one of the first manufacturers to expand into the development and installation of solar plants. Those projects, which have provided a steady market for First Solar’s own panels, have allowed the company to diversify its incomes and better balance its costs. Its continued success also results in more investors and financing. Raffi Garabedian, First Solar’s chief technology officer, believes that the company’s cadmium telluride thin panels, which have a slightly lower efficiency than silicon panels, will match silicon’s efficiency within five years.