Expecting the PV equipment market to continue to slow this year, GT Advanced Technologies advised that it would be broadening its product lines with a new furnace that makes silicon carbide crystals. The company is aiming to diversify its product line in the midst of what it calls a global downshift in demand for its systems that make polysilicon and PV wafers. As reported by Bloomberg, CEO of GT Advanced, Tom Gutierrez, is looking its R&D this year by 50% to over US$65 million with sales expected to grow 6% to between US$925 million and US$975 million.
Bloomberg notes that nearly 25% of GT Advanced’s sales came from the solar industry in fiscal 2012, almost a 100% drop from the year before. As the company shifts its reporting schedule from fiscal to calendar years, it expects to have its new product read by next year.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
“We do not believe that there will be a rebound in PV equipment demand” this year, he said. “Diversification beyond solar has been key to GT’s success. There are a handful of merchant silicon carbide suppliers in the market today,” Gutierrez said on the conference call with Bloomberg. “But much like the polysilicon and sapphire markets before we entered them, we believe there is an opportunity to drive lower prices through a viable, high-volume, low-cost crystal growth solution.”
