26 August 2011

OPEL Solar continues revenue growth in Q2

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 $1.2m for second-quarter 2011 (up by $0.7m on a year ago), and $2.7m year to date.

The firm says that it is on track to generate substantially more revenue in full-year 2011 than it did in 2010. It adds that, to help ensure the continuation of growth prospects, it is tightly managing its operating expenses. As of end-June, the firm had $4.9m of cash and short term investments and no debt.

The backlog of orders for delivery in second-half 2011 and 2012 continues to grow. The 446kW solar power plant for Toray Plastics (America) Inc of North Kingstown, RI, USA is one of three currently being installed, and all will be completed in August. Upon its completion, Toray Plastics (a turnkey installation by OPEL) will be the largest solar field in the State of Rhode Island.

“We have continued to book sizable orders, which will allow for the sustained revenue growth in 2011 and 2012,” says chief financial officer Michael McCoy. “Customers are responding positively to our product offerings and we continue to quote potential future business,” he adds.

“Even through the recent poor economic conditions, OPEL Solar continued to build on the company's revenue momentum,” notes CEO Leon M. Pierhal. “We continue to develop our municipal utilities and brownfield efforts, and we expect to see growth continue to accelerate as a result of these and other industrial construction projects in the latter half of 2011 and into 2012.” 

The firm also continues to build on success at its US affiliate OPEL Defense Integrated Systems (ODIS Inc) of Shelton, CT. Revenue included additional funding for further development of its Planar Optoelectronic Technology (POET) semiconductor platform, which enables the monolithic fabrication of gallium arsenide (GaAs) integrated circuits containing both electronic and optical elements on a single wafer. The firm says that it is pursuing a number of avenues to monetize the decade of effort that went into developing POET, and expects to announce initiatives in this regard in the near future. In June, it was announced that BAE Systems had independently validated a working transistor using POET. The technology platform is being showcased in two presentations at this week’s SPIE Optics + Photonics 2011 conference in San Diego, CA.

Tags: OPEL Solar

Visit: www.opelinc.com