OPEL Solar International has finalized its financial statements for 2010 declaring increased revenues for both the fourth quarter 2010 and full 2010 year. Revenue for Q4 2010 was finalized at US$375,747, which contributed to its 2010 revenue total of US$1,647,638. Both the Q4 and full year results show an increase in revenue over figures for the same period in 2009.
OPEL attributed its fourth quarter revenue to two particular milestones for the company. The first was a 446kW solar power plant order by Toray Plastics, while the second was the joint venture the company entered into with Ecotech Environmental Technology of Hong Kong. The JV led to the formation of OPEL Solar Asia, which had a recent initial purchase order increase from 2MW to 5MW.
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“With our recent bookings OPEL will be well positioned for growth in 2011,” said Michael McCoy, OPEL's Chief Financial Officer. “I am also pleased by the recent endorsement for our POET technology by third parties and the possibilities that the enhanced POET intellectual property portfolio has provided the company.”
OPEL acknowledges that it considered the hard hit economy, without forfeiting future revenue growth, by cutting expenses for the year by over US$540,000. Since December 31, 2010, OPEL reports it had US$6,934,107 of cash, short-term investments and no debt.