Suntech recognized for its Technical Expertise with Low Cost, High Quality Products
Palo Alto, Ca, April 15, 2008
Souce: Suntech Power Holdings, press release
http://phx.corporate-ir.net/phoenix.zhtml?c=192654&p=irol-newsArticle&ID=1131924
Based on its recent analysis of the solar energy development market, Frost & Sullivan recognizes Suntech Power with the 2008 Global Frost & Sullivan Company of the Year Award. This Award lauds Suntech for delivering low-cost, high-quality, innovative, and energy-efficient photovoltaic (PV) cells and modules and system integration solutions in the solar energy sphere to a growing customer base across the globe.
“The company’s pioneering success in developing energy-efficient, cost-effective and customizable building integrated photovoltaic (BIPV) systems and crystalline PV cells, and modules for solar energy conversion into electricity are highly commendable,” says Frost & Sullivan Research Analyst Mary John. “It has gone beyond just meeting global energy needs to anticipating them as well and highly satisfied customers testify that the BIPV systems and other energy-efficient products are customized precisely to their needs.”
Suntech has maintained strong profitability and exhibited an exceptional doubling of revenue and output annually from 2005 to 2007. It is the third largest PV cell manufacturer and largest solar module manufacturer in the world, with a high production growth rate and market capitalization of $6.3 billion in 2007. The company is export focused and ranks among the top three suppliers in the three largest solar markets – Germany, Spain, and the United States. It has exhibited impressive strides toward recognition in China, South Korea, Japan, France, Greece, Portugal, and Italy as well.
One of Suntech’s key success factors – its low-cost manufacturing model – is to a large extent attributed to the R&D and development of next generation solar cell technologies such as the ‘Pluto’ technology. Pluto technology facilitates usage of low-cost raw materials and is targeted to achieve conversion efficiency in the range of 18 to 20 percent.
In terms of process supply, Suntech has a low cost advantage as it is based in China and it has very low capital expenditure for production lines due to the utilization of a combination of the leading internationally produced production equipment and relatively low-priced Chinese equipment. Low cost has also facilitated its critical ability to secure silicon wafers at a time of tight supply. “Suntech also leverages its ability to form constructive relationships with upstream and downstream participants and maintains a strong distribution and supply network globally, with expected expansions in the United States, Australia, and Europe,” notes John.