LAKE TOWNSHIP, Ohio - First Solar, Inc. (NASDAQ:FSLR), a leading American solar technology company, has inaugurated the Jim Nolan Center for Solar Innovation in Lake Township, Ohio, marking a significant investment in the United States' research and development capabilities for thin film photovoltaics (PV).
The facility, named after the late James F. Nolan, a key figure in the company's development of cadmium telluride (CdTe) semiconductor technology, is the largest of its kind in the Western Hemisphere.
The newly commissioned center spans 1.3 million square feet and is equipped with a state-of-the-art pilot manufacturing line for producing full-sized prototypes of thin film and tandem PV modules. This investment is expected to expedite innovation cycles within the company by providing greater flexibility for development efforts, which were previously constrained at its Perrysburg facility.
First Solar's CEO, Mark Widmar, emphasized the importance of thin film technology in the solar industry and the strategic significance of maintaining the United States' leadership in this area. With China's efforts to advance in thin film PV technology, the Jim Nolan Center is poised to play a critical role in sustaining the nation's competitive edge.
The center is part of a broader investment by First Solar, totaling approximately half a billion dollars in R&D infrastructure. Additionally, the company plans to open a perovskite development line in Perrysburg in the second half of 2024. First Solar has already established a world record for CdTe cell efficiency at 23.1%, as certified by the National Renewable Energy Laboratory (NREL).
Celebrating its 25th year in operation, First Solar is the only US-headquartered firm among the world's largest solar manufacturers that specializes in thin film solar panels.
With a global nameplate manufacturing capacity of 16.6 gigawatts at the end of 2023, First Solar aims to surpass 25 gigawatts by 2026. Upcoming manufacturing facilities in Alabama and Louisiana are set to increase the company's US nameplate capacity to 14 gigawatts by 2026.
These investments are anticipated to generate around 300 new jobs by 2025, mainly at the Jim Nolan Center. First Solar's growth is also expected to support an estimated 30,060 direct, indirect, and induced jobs nationwide by 2026, contributing $2.8 billion in annual labor income, according to a study by the University of Louisiana at Lafayette.
This article is based on a press release statement from First Solar, Inc.
In other recent news, First Solar (FSLR) has been the focus of several significant developments. Roth/MKM, Susquehanna, Baird, and Deutsche Bank have all maintained their positive ratings on First Solar's stock, with various adjustments to their share price targets.
Roth/MKM and Susquehanna expect First Solar to benefit from strong average selling prices, while Baird has aligned its model with the company's average selling price and cost per watt guidance. Deutsche Bank increased the stock's price target based on estimated 2025 earnings per share.
In addition, the U.S. International Trade Commission initiated an investigation into solar panel imports from Southeast Asian countries, which could potentially impact the cost of solar panels in the U.S. market. First Solar's products have been registered under the EPEAT environmental rating system, aligning with the Biden administration's mandate to prioritize sustainable products.
Meanwhile, as the U.S. presidential elections approach, investors are closely monitoring various stocks that may be influenced by the election's outcome. Analysts from UBS and J.P.Morgan have provided their anticipations of the potential impacts of either candidate's policies on various industries, including banking, clean energy, and manufacturing.
InvestingPro Insights
First Solar, Inc. (NASDAQ:FSLR) has not only been at the forefront of solar technology innovation but also presents an interesting financial profile for investors exploring the renewable energy sector. According to InvestingPro, First Solar holds a strong liquidity position, with liquid assets that exceed its short-term obligations. This robust financial health is further highlighted by the fact that the company holds more cash than debt on its balance sheet, positioning it well to fund ongoing and future initiatives like the Jim Nolan Center for Solar Innovation.
InvestingPro data underscores the company's solid growth prospects, with a revenue growth rate of 27.28% over the last twelve months as of Q1 2024. This is complemented by a gross profit margin of 43.05%, which indicates the company's efficiency in managing its cost of goods sold and maintaining profitability. Moreover, analysts are optimistic about First Solar's performance, predicting sales growth in the current year and anticipating the company will be profitable this year.
Despite recent volatility in stock performance, with significant price drops over the last week and month, First Solar has experienced a strong return over the last three months, with a 19.44% price total return. This resilience in stock value aligns with the company's overall positive trajectory, which has seen a considerable price uptick over the last six months of 41.18%.
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