Photo credit: Borrego Solar

DuPont, the renowned chemical giant, has jumped on the solar bandwagon. Not just by going solar, but all the way into manufacturing solar cells as well. And DuPont has lofty predictions for its solar division. Last week they announced publicly a prediction that their solar sales would triple by 2012, reaching more than $1 billion.

DuPont actually has a long history in the solar industry, currently manufacturing more than 10 products that are essential to photovoltaic (PV) manufacturing. Not to remain old news, however, the company is vastly expanding its solar operations and moving directly into solar cell manufacturing.

DuPont, like most in the solar industry, fully expects oil prices to shoot up over $100 a barrel once more…and stay there. That would make renewable energy even more the talk of the town, and DuPont wants to be up on stage when that happens — this time.

What DuPont sees is an industry in its infancy and ready for an even bigger growth spurt. DuPont forecasts further that the solar industry as a whole — currently a $30 billion market — will balloon to $70 billion by 2013. DuPont is putting its weight behind thin-film solar cells, which they predict will grow at twice the rate as crystalline silicon cells, although they see increased demand in all levels of the solar industry.

Essentially, DuPont is placing their bets on the solar industry to help stem the downward tide that has plagued the company for the last six months. DuPont’s shares on Wall Street have fallen by 55% since the fall — which has something obvious to do with the new, sunnier direction. Regardless of motivation, DuPont represents some powerful corporate muscle entering the solar domain, and renewed confidence in the industry. DuPont’s shares rose by 32 cents per share after the announcement.

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Sources:

Forbes.com
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Posted on March 24th in Solar News by Dan.