20 April 2011

OPEL poised for growth after revenue dip in Q4/2010

OPEL Solar International Inc of Toronto, Ontario, Canada, which makes high-concentration photovoltaic (HCPV) panels (and both roof- and ground-based solar tracker systems), has reported revenue of $375,747 for fourth-quarter 2010 and $1,647,638 for full-year 2010 (both up year-on-year). However, Q4 was down 22% on Q3's $479,141.

OPEL notes however that, in response to difficult economic times in the marketplace, in 2010 it cut expenses by more than $540,000 while increasing annual revenue by $1m. At the end of 2010, the firm had $6,934,107 in cash and short-term investments and no debt.

In Q4/2010, OPEL received a purchase order to install a 446kW plant for Toray Plastics in Rhode Island. The firm also agreed a joint venture with Ecotech Environmental Technology Ltd of Hong Kong to form OPEL Solar Asia Ltd and install its HCPV panels and dual-axis solar trackers in China. OPEL Solar Asia's initial purchase order was for 2MW of panels and trackers, but this has recently been increased to 5MW.

At the Solar Power International show in Los Angeles last October, OPEL launched two new products: a prototype of its next-generation Mk-1X HCPV solar module (with performance 20% better than the firm’s prior module designs); and a wireless network controller communications capability for its single- and dual-axis trackers (which can lower installation cost and ongoing operations and maintenance costs for solar fields).

“With our recent bookings OPEL will be well positioned for growth in 2011,” says chief financial officer Michael McCoy. “I am also pleased by the recent endorsement for our POET [planar optoelectronic technology] by third parties and the possibilities that the enhanced POET intellectual property portfolio has provided the company [via its US affiliate OPEL Defense Integrated Systems (ODIS) of Shelton, CT, which designs communications transceivers, optoelectronic integrated platforms and infrared sensor type products for military, consumer and industrial applications].”

Tags: OPEL Solar POET

Visit: www.opelinc.com

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