Spire projects $80 million in revenue for 2008 refocus on GaAs concentrator solar cell market

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Spire Corporation has provided guidance on 2008 revenue projections and business focus, which includes total revenues to be approximately $80 million, primarily generated from the sale of solar capital equipment and turnkey solar factories. Revenues for the nine months ended September 30, 2007 were $25.42 million compared to $15.06 million for the nine month period in 2006 and total revenues of $20.12 million in 2006.

Spire said that when it’s expanded Bedford, MA headquarters facility is completed and operating at full capacity, it could produce solar capital equipment valued at approximately $200 million in annual revenues or 500 MW of capacity. 

“We’re in the midst of a historic expansion of capacity in the solar field, with manufacturers around the globe scrambling to bring factories on line to take advantage of the coming availability of silicon solar feedstocks,” said Roger Little, Spire Corporation’s Chairman and CEO. “We’ve undertaken a dramatic increase in our facility to meet this demand, nearly doubling our manufacturing square footage and more than doubling our headcount in the past year. This expansion is progressing well and we’re on track to generate roughly $80 million in total revenues for 2008, largely on the strength of our unique ability to provide a one-stop-shop for manufacturers wanting to enter the global solar market.”

“Our newly refocused Spire Semiconductor facility also will participate in this expansion by servicing the fast-growing gallium arsenide (GaAs) concentrator solar cell market,” continued Little. “This facility alone has the capacity to produce the equivalent of approximately 50 megawatts (MW) of 500-sun concentration, high efficiency multiple-junction concentrator cells. With nearly 30 years of experience in GaAs concentrators, we expect robust growth from this operation going forward.”

 

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