Falling under the umbrella of alternative energies is photovoltaics (PV), or solar power. Photovoltaic production has been doubling every two years, increasing by an average of 48 percent each year since 2002, making it the world’s fastest-growing energy technology.
A major player who has emerged is AmeriSolar, the solar division of Worldwide Energy and Manufacturing USA, Inc. (OTC BB: WEMU). In November 2008, Worldwide Energy and Manufacturing announced that it has leased a 128,000-square-foot facility in Ningbo, China, to house the company’s research center and part of its photovoltaic manufacturing operations. WEMU currently has customers for its solar module products in Germany, Italy, Switzerland, Portugal, France, Spain, and South Korea.
To date, AmeriSolar has signed approximately $90 million in new solar contracts. In 2008, WEMU generated revenue of $31 million under the “AmeriSolar” brand name. According to Jimmy Wang, CEO of Worldwide, the brand has gained wide acceptance in the marketplace for several reasons:
“Our mono and poly crystalline modules feature a two-bus bar cell design which maximizes the cell’s light absorbing surface area giving the modules more consistent performance.
Every module is tested, utilizing a calibrated solar simulator to ensure that power, voltage and current ratings are maximized.
Also, our solar modules have a weather-resistant frame constructed of aluminum alloy for endurance in rugged weather conditions and are given a double oxidation coating for additional protection against the elements, providing for longer lasting, more durable modules.”
WEMU’s highly experienced engineering team and its research partners at Shanghai Jiao Tung University and Beijing Solar Energy Research Institute, have allowed the company to achieve a technology breakthrough that increased the overall performance and durability of its solar modules, giving them an important competitive advantage.
In addition to the product performance advantages (WEMU’s solar panels can withstand hurricane-level winds without affecting their performance), Worldwide also offers competitive pricing and delivers high-quality components at manufacturing costs that are at least 50 percent less than what Worldwide’s customers pay for similar products in the United States.
To protect these breakthroughs, WEMU has filed eight Chinese patents for its solar module technology.
Management’s shrewd business sense, the company’s engineering expertise, and years of research and development have paid off. WEMU’s number speak for themselves.
Revenues, up 278% for Year End 2008
Earnings, up $154% for Year End 2008
Backlog in solar orders: $52 million (as of March 18, 2009)
Cash: $5.1 million
With such substantial gains, and considering over $60 billion of the recent American Recovery and Reinvestment Act of 2009 will be going to energy research (including alternative energies and attempts to make existing infrastructure more ”green”), WEMU is one to watch, and possibly set to soar.
To view an interview with CEO Jimmy Wang (conducted at the March 24th RedChip Investor Conference in San Francisco), visit: http://www.redchip.com/visibility/investor.asp?symbol=WEMU