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Sales to Exceed $1 Billion in 2011 Based on Successful New Products and Strong Market Demand
DuPont expects its photovoltaic sales to grow over 50 percent this year as the solar industry experiences strong growth as a result of increased market demand for new installations in Europe, North America and parts of Asia. DuPont now expects its sales into photovoltaics to exceed $1 billion in 2011, which is a year ahead of plan, and has set a new goal to exceed $2 billion in sales by 2014.
"Our focus on delivering materials innovations that are essential to the photovoltaic industry's future growth is paying off for our customers and for DuPont," said David B. Miller, president, DuPont Electronics & Communications. "We not only have the materials that provide superior performance and reliability to photovoltaic modules, but also the ability to match those products to the specific, individual needs of our customers and we are aggressively expanding to supply those materials in the volumes required by this high growth industry."
In 2009, DuPont sales to the photovoltaic market exceeded $550 million - an increase of over 25 percent from the previous year - and outperformed the broader industry, which experienced significantly lower growth, estimated to be 10 percent or less. DuPont's growth is supported by new innovations that improve module efficiency and lifetime, and enable new photovoltaic technologies and applications, which ultimately accelerate the industry's drive to bring costs down in line with other forms of energy.
"We have seen strong demand that has led us to continue our trend of growing faster than the market due to several successful new product introductions and share gains based on a strong portfolio of materials-based offerings to global leading photovoltaic cell and module manufacturers," said Miller. "We expect our growth momentum to continue because materials innovations are essential to delivering improved efficiency, longer lifetimes, and lower overall system costs to consumers."
DuPont Photovoltaic Solutions represents the broadest portfolio in the solar energy industry, with more than 10 products critical to photovoltaic production. DuPont materials and technology solutions are designed to help increase the efficiency and lifetime of crystalline silicon and thin film photovoltaic solar modules, while reducing total systems cost and enabling the photovoltaic industry to reach grid parity faster. For more information on DuPont Photovoltaic Solutions, please visit photovoltaics.dupont.com.
Forward-Looking Statements: This news release contains forward-looking statements based on management's current expectations, estimates and projections. The company does not undertake to update any forward-looking statements as a result of future developments or new information. All statements that address expectations or projections about the future, including statements about the company's strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like "expects," "anticipates," "plans," "intends," "projects," "indicates," and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in DuPont's filings with the Securities and Exchange Commission, particularly its latest annual report on Form 10-K, as well as others, could cause results to differ materially from those stated. These factors include, but are not limited to changes in the laws, regulations, policies and economic conditions of countries in which the company does business; competitive pressures; successful integration of structural changes, including acquisitions, divestitures and alliances; research and development of new products, including regulatory approval and market acceptance, and seasonality of sales of agricultural products.
DuPont is a science-based products and services company. Founded in 1802, DuPont puts science to work by creating sustainable solutions essential to a better, safer, healthier life for people everywhere. Operating in more than 70 countries, DuPont offers a wide range of innovative products and services for markets including agriculture and food; building and construction; communications; and transportation.
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