Neo Solar sales reach record high, targets expansions

Neo Solar Power posted its 10th consecutive month of increased revenue, reaching a new record high of approximately US$84.1 million for January.

The figure represents a 5.74 per cent increase month-over-month, and 150.06% year-over-year. NSP has raised its capacity expansion target to 1.3GW in 2011, up from the 1.2GW previously guided. Capacity at the end of 2010 reached 820MW, up from a previously guided 800MW.

NSP noted that it continued to operate at full capacity as shipments and revenue reached new record levels. Funding plans for the next phase of its cell capacity ramp were being drawn up, which could include an equity offering, Global Depositary Receipts, or a private placement. However, the actual funding plan would be decided in accordance with market conditions, according to the company.

Cell efficiency improvements were also noted, as NSP said that it had entered production with double-printing techniques, which provided improved aspect-ratio of the electrodes, thereby increasing average cell conversion efficiencies by 0.2 per cent in absolute value. Two patents were said to have been developed during the adoption of the double-printing technique.