First Solar Becomes Largest PV Module Manufacturer in the Western Hemisphere

Date : 10/24/2019 @ 1:00PM
Source : GlobeNewswire Inc.
Stock : First Solar Inc (FSLR)
Quote : 50.56  -0.99 (-1.92%) @ 10:44PM
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First Solar Becomes Largest PV Module Manufacturer in the Western Hemisphere

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First Solar, Inc. (Nasdaq:FSLR) today announced the start of production at its new photovoltaic (PV) module manufacturing facility in Lake Township, Ohio, its second factory in the United States. First Solar continues to operate its flagship factory in Perrysburg, Ohio, effectively scaling its total annualized production capacity in the U.S. to 1.9-gigawatts (GW)DC.

First Solar’s expanded manufacturing footprint in the United States, which represents over $1 billion in cumulative investment and directly created approximately 500 new jobs, makes it the largest solar manufacturer in America and the Western Hemisphere. The investment includes a new $265 million TCO (transparent conductive oxide) coated glass factory being built by the NSG Group in Troy Township, Ohio, its first new float glass line in the country since 1980.

“Eighteen months ago, we announced that we would expand our manufacturing footprint in the United States in response to demand. We have delivered,” said Mark Widmar, Chief Executive Officer, First Solar. “The fact that we were able to transform a greenfield site into a high tech manufacturing facility in that time, and on time, speaks volumes about not just the scalability of our technology, and our ability to deliver on our commitments, but also the relentless energy of our people, our towering strength.”

Both facilities produce First Solar’s Series 6 module technology. Designed and developed at the Company’s research and development centers in California and Ohio, the module is produced in just 3.5 hours using sophisticated, fully-integrated manufacturing processes. Each large-format Series 6 module leverages First Solar’s proprietary thin film technology, retaining the proven performance and reliability advantages of earlier generation modules. With a carbon footprint that is up to six times lower than crystalline silicon PV panels that are manufactured using conventional, energy-intensive production methods, Series 6 delivers a superior environmental profile and cleaner solar electricity.

“Our Lake Township facility is a marvel of modern manufacturing, a factory of the future, operational today. Its levels of automation, digitalization, machine learning, and artificial intelligence demonstrate that the ambitions of Industry 4.0 are not out of reach for the PV manufacturing industry,” said Tymen de Jong, Chief Operating Officer, First Solar. “We’re incredibly proud of what we have achieved, and we are proud to have achieved it in Northwestern Ohio, the technological home of American solar.”  

First Solar is also celebrating two decades since its founding in 1999, and 25GWDC of PV modules shipped, making it the only American solar module manufacturing company to achieve this milestone. First Solar also operates manufacturing facilities in Vietnam and Malaysia with a current global annualized manufacturing capacity of 6.7GWDC.

About First Solar, Inc.First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems, which use its advanced module and system technology. The company’s integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar’s renewable energy systems protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.

For First Solar InvestorsThis release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements concerning the commencement of manufacturing at First Solar’s new manufacturing facility in Lake Township, Ohio. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue” and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events and therefore speak only as of the date of this release. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments or otherwise. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the matters discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Conditions and Results of Operations” of our most recent Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q, as supplemented by our other filings with the Securities and Exchange Commission.     

Contacts

Reuven ProençaFirst Solar Mediareuven.proenca@firstsolar.com Steve KerekesKyte Consulting for First Solarsteve@jkyteconsulting.com  First Solar Investorsinvestors@firstsolar.com  

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/61675cc6-52b2-4a2d-b003-7cefc14eb67c

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/090f0d0c-24a9-48b3-94c6-92dc072a88f1

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