Wednesday, October 29, 2008

First Solar enters US residential market, shrs jump (FSLR)

First Solar will report third quarter numbers after the close today. The stock was recently trading at $123.27 up $9.18 or 8%. From Reuters:
First Solar (FSLR: Quote), maker of thin-film solar modules, said on Wednesday it had made its first entry into the U.S. residential market with a deal to supply 100 megawatts of modules to installer SolarCity.

First Solar, which produces the lowest cost solar cells in the industry, will also make a $25 million equity investment in SolarCity and receive a minority stake in the privately held company that installs the clean power systems in California, Arizona and Oregon.

Tempe, Arizona-based First Solar has focused on larger solar installations rather than the residential markets where installation costs tend to be higher. Germany, with its generous subsidies, has been its largest market....MORE

From the San Francisco Business Times:

SolarCity raises $30 million

Solar installer SolarCity raised $30 million in new funding, $25 million coming from the world’s largest thin film solar panel manufacturer First Solar.

The Foster City business has raised $56 million in venture capital and equity financing and is the largest residential installer in California. The money will help the company expand into other states in addition to Oregon and Arizona.

The relationship with Phoenix-based First Solar marks SolarCity’s first foray into thin film solar panels. The company has to this point installed silicon-based panels like those produced by Evergreen Solar (NASDAQ: ESLR), BP (NYSE: BP) and Kyocera (NYSE: KYO) and will add First Solar’s to the mix.

“Our company is on a fantastic trajectory with seeing really aggressive adoption (of solar) and there’s not one technology solution that fits for all customers,” said Lyndon Rive, CEO of SolarCity.

As part of the investment, First Solar will supply 100 megawatts of thin film panels to SolarCity over the next five years....MORE