BNET Industries

Market Cap:$10.3B
Last Fiscal Year Sales:$1.2B
  • Public
  • US
Dow Jones Description

We design and manufacture solar modules using a proprietary thin film semiconductor technology that has allowed us to reduce our average solar module manufacturing costs to among the lowest in the world. Our average manufacturing costs were $1.40 per Watt in 2006 and $1.29 per Watt in the first three months of 2007, which we believe were significantly less than those of traditional crystalline silicon solar module manufacturers. We are the first company to integrate non-silicon thin film technology into high volume low cost production. Our manufacturing process transforms an inexpensive 2ft x 4ft (60cm x 120cm) sheet of glass into a complete solar module in less than three hours, using approximately 1% of the semiconductor material used to produce traditional crystalline silicon solar modules. Our ability to attract customers with competitive pricing, in combination with our replicable low cost manufacturing process, afforded us a gross margin of 40% in 2006 and 45% in the first three months of 2007. By continuing to expand production and improve our technology and manufacturing process, we believe that we can further reduce our manufacturing costs per Watt and improve our cost advantage over traditional crystalline silicon solar module manufacturers. ...

Number of Employees 3,524
Contact Information

350 W Washington St Ste 600

Phoenix, Arizona 85281-1244

firstsolar.com

(602) 414-9300

NAICS Code Semiconductor and Related Device Manufacturing: 334413

Recent Events

  • Solar Panel Makers Seek Local Ties

    11/30/09 - Financial Announcement - View Story

  • Department of Energy Program to Boost Solar

    11/23/09 - Bond / Stock Rating - View Story

  • NRG Energy Acquires Largest Photovoltaic Solar Power Plant in

    11/23/09 - Joint Venture / Alliance - View Story

  • Analyst Upgrades for November 18th

    11/18/09 - Bond / Stock Rating - View Story

  • Solar Pricing Hits the Sweet Spot

    11/12/09 - Bond / Stock Rating - View Story

  • Are U.S. solar jobs here to stay? Senators fight for a yes.

    11/11/09 - Planned Site Openings - View Story

  • FBR Capital Cuts Price Target & Estimates on First Solar FSLR

    11/02/09 - Bond / Stock Rating - View Story

  • First Solar downgraded to "above average"

    10/29/09 - Bond / Stock Rating - View Story

  • BofA Merrill Downgrades First Solar FSLR to Neutral, Price Target Cut to $135

    10/29/09 - Bond / Stock Rating - View Story

  • Highlights From FSLR's Q3 Conference Call: Revenues Fall $45 Million From Last Quarter, Guides In-line...

    10/29/09 - New Investment - View Story

  • First Solar: Ups and Downs

    10/30/09 - Financial Announcement - View Story

  • First Solar Q3 Profit Tops Estimates, But Sales Miss View; Shares Dip - Update

    10/28/09 - Joint Venture / Alliance - View Story

  • Investors Hope First Solar FSLR Can Show Them the Light in Q3

    10/28/09 - Bond / Stock Rating - View Story

  • Solar Sector Had a Hot Third Quarter

    10/21/09 - Bond / Stock Rating - View Story

  • Macquarie Upgrades YGE to Outperform, SPWRA to Neutral; Downgrades FSLR to Neutral, STP to Underperform

    10/19/09 - Bond / Stock Rating - View Story

  • STOCKS NEWS US-Procter & Gamble options swell before earns

    10/28/09 - Financial Announcement - View Story

  • Pacific Crest Downgrades First Solar FSLR to Sector Perform

    10/12/09 - Bond / Stock Rating - View Story

  • Enbridge to acquire First Solar energy project

    10/02/09 - Merger / Acquisition - View Story

News & Analysis

first solar inc. and sunpower corp. - All News and Analysis

Decision Makers

Name (plus bio) Position
Michael J. Ahearn CEO
Rob Gillette Chief Executive Officer
George A. Hambro Chief Operating Officer
Jens Meyerhoff Chief Financial Officer
James R. Miller Executive Vice President, Product & Global Supply Chain Mgmt
John Carrington Executive Vice President, Global Marketing & Business Development
John T. Gaffney General Counsel & Executive Vice President
Carol Campbell Vice President, HR
I. Paul Kacir Secretary & Vice President
Larry Polizzotto Vice President, IR
Mary Beth Gustafsson General Counsel & Vice President
Mary Gustafsson Vice President, General Counsel
Paul Kacir Vice President, General Counsel
James F. Nolan Consultant
Richard Rocheleau
T Walton John
Bruce Sohn President

Board of Directors

Name (plus bio) Position
J. Thomas Presby Chairman
Michael T. Sweeney Board of Directors
R Craig Kennedy Board of Directors

Michael J. Ahearn has served as the CEO and Chairman of First Solar since August 2000. He served as President of First Solar from August 2000 to March 2007. Since 1996, he has been Partner and President of the equity investment firm, JWMA (formerly True North Partners, L.L.C.), the majority stockholder of First Solar. Prior to joining JWMA, Mr. Ahearn practiced law as a partner in the firm of Gallagher & Kennedy. He received both a B.A. in Finance and a J.D. from Arizona State University.

Organization Position Status
First Solar, Inc. CEO Current
Renewable Energy Finance Forum-Wall Street Chief Executive Officer, First Solar Current
Gunther Portfolio Chief Executive Officer, Chairman Current
First Solar, Inc. President Current
First Solar, Inc. Partner Current
First Solar, Inc. Chairman Current
Jwma Partner and President Former
First Solar, Inc. Board of Directors Former
Arizona State University J.D. Former
Arizona State University B.A. In Finance Former

Organization Position Status
First Solar, Inc. Chief Executive Officer Current
Honeywell Aerospace President & Chief Executive Officer Former
Honeywell Corporation President & CEO, Aerospace Business Former
Honeywell Turbotechnologies President Former
Honeywell International Inc. Vice President Strategic Growth Former
Honeywell International Inc. General Manager Strategic Growth Former
Honeywell Aerospace President Former
Indiana University Bachelor's Degree In Finance Former

George A. (Chip) Hambro joined First Solar in June 2001 as Vice President of Engineering, was named Vice President and General Manager in February 2003 and assumed the role of Chief Operating Officer in February 2005. Prior to joining First Solar, he held the positions of Vice President of Engineering & Business Development for Goodrich Aerospace from May 1999 to June 2001 and Vice President of Operations for ITT Industries from February 1997 to May 1999. Mr. Hambro graduated from the University of California at Berkeley with a B.A. in Physical Science (Applied Physics).

Organization Position Status
First Solar, Inc. Chief Operating Officer Current
First Solar, Inc. Vice President and General Manager Former
University of California, Berkeley B.A. In Physical Science (Applied Physics Former

Jens Meyerhoff joined First Solar in May 2006 as Chief Financial Officer. Prior to joining First Solar, Mr. Meyerhoff was the Chief Financial Officer of Virage Logic Corporation, a leader in embedded infrastructure intellectual property, from January 2006 to May 2006. Mr. Meyerhoff was employed by FormFactor, Inc., a manufacturer of advanced wafer probe cards, as Chief Operating Officer from April 2004 to July 2005, Senior Vice President of Operations from January 2003 to April 2004 and Chief Financial Officer from August 2000 to March 2005. Prior to joining FormFactor, Inc., Mr. Meyerhoff was the Chief Financial Officer and Senior Vice President of Materials at Siliconix Incorporated, a manufacturer of power and analog semiconductor devices, from March 1998 to August 2000. Mr. Meyerhoff holds a German Wirtschaftsinformatiker degree, which is the equivalent of a Finance and Information Technology degree, from Daimler Benz' Executive Training Program.

Organization Position Status
Gunther Portfolio Chief Financial Officer Current
First Solar, Inc. Chief Financial Officer Current
Virage Logic Corporation Chief Financial Officer Former
FormFactor, Inc. Chief Operating Officer Former
Siliconix Incorporated Chief Financial Officer Former
Siliconix Incorporated Senior Vice President of Materials Former
FormFactor, Inc. Senior Vice President of Operations Former

Organization Position Status
First Solar, Inc. Executive Vice President, Product & Global Supply Chain Mgmt Current

John Carrington joined First Solar in May 2008 as Executive Vice President, Global Marketing & Business Development. Mr. Carrington brings extensive global marketing experience from his leadership positions with General Electric spanning more than 15 years. Mr. Carrington previously served as general manager and chief marketing officer of General Electric Plastics (recently sold and re-named SABIC Innovative Plastics). While at GE, he also served as General Manager of automotive marketing in Tokyo, Japan; Pacific Marketing Director in Tokyo; and Commercial Director for GE's Noryl resin business in Selkirk, New York. John holds a BA in Economics & Marketing from the University of Colorado.

Organization Position Status
First Solar, Inc. Executive Vice President, Global Marketing & Business Development Current
University of Colorado BA In Economics & Marketing Former

John Gaffney joined First Solar in January 2008 as Executive Vice President and General Counsel. Mr. Gaffney leads First Solar's legal, corporate development, government affairs, and corporate communications activities. Mr. Gaffney was formerly a partner at Cravath, Swaine & Moore LLP where he advised numerous corporate and financial institution clients on merger, acquisition and capital markets transactions. Mr. Gaffney received a B.A. from George Washington University and a J.D. and an M.B.A. from New York University.

Organization Position Status
First Solar, Inc. General Counsel & Executive Vice President Current
New York University J.D. Former
New York University M.B.A. Former
The George Washington University B.A. Former

Carol Campbell joined First Solar in March 2006 as Director of Human Resources and was named Vice President of Human Resources in March 2007. Prior to joining First Solar, she was the Regional Director of Human Resources for North America at the Dana Corporation, where she was responsible for all Dana plants in the US, Canada, and Mexico. Ms. Campbell was with Dana for 20 years, progressing through levels of greater responsibility in the Legal and Human Resource Departments. She has her Professional Human Resources certification through the Society of Human Resources Management and has extensive experience successfully developing and running highly effective HR organizations in complex and rapidly changing environments. She graduated Magna Cum Laude from Heidelberg College with a B.S. degree in Business.

Organization Position Status
First Solar, Inc. Vice President, HR Current
First Solar, Inc. Director of Human Resources Current
Dana Holding Corporation Regional Director of Human Resources Former
Heidelberg College B.S. Degree In Business Former

Organization Position Status
First Solar, Inc. Secretary & Vice President Current

Organization Position Status
First Solar, Inc. Vice President, IR Current

Mary Beth Gustafsson joined First Solar in October 2008 as Vice President, General Counsel. Ms. Gustafsson was previously Senior Vice President, General Counsel and Secretary of Trane (formerly American Standard Companies, Inc.). Prior to that, she held roles as Chief Counsel of Trane's commercial and residential air conditioning systems business worldwide and Chief Corporate Counsel for corporate legal activities, including acquisitions, joint ventures and alliances, financing transactions, corporate governance and public company regulation. Mary Beth has a bachelor's degree in English Literature from Boston University, and a Juris Doctor degree from The University of Michigan Law School.

Organization Position Status
First Solar, Inc. General Counsel & Vice President Current

Organization Position Status
American Standard Companies, Inc. Senior Vice President Current
American Standard Inc. Senior Vice President, General Counsel & Secretary Current
First Solar, Inc. Vice President, General Counsel Current
American Standard Companies, Inc. Secretary Current
Honeywell Corporation Chief Counsel Former
Honeywell International Inc. chief counsel Former
American Standard Companies, Inc. Chief Counsel for Trane Former
American Standard Companies, Inc. General Counsel Former
Honeywell Corporation Counsel Former
First Solar, Inc. General Counsel Former
The University of Michigan Law School Juris Doctor degree Former
Boston University Bachelor's Degree In English Literature Former

Organization Position Status
University of New Brunswick J.D Former
University of British Columbia M.B.A. Former
The University of Western Ontario B.A. In Economics Former

Organization Position Status
First Solar, Inc. Consultant Current
Glasstech Inc. Current
Westinghouse Current
Photonics Systems, Inc. Current
Owens-Illinois, Inc. Current
Gunther Portfolio Director Current
First Solar, Inc. Director Current
Solar Cells Ltd. Vice President of Operations Former
First Solar, Inc. Vice President of Operations Former
First Solar, Inc. Elected A Director Former
University of Pittsburgh Doctorate In Physics Former
University of Scranton B.S. In Physics Former

Dr. Rocheleau is the director of the Hawaii Natural Energy Institute (HNEI) of the University of Hawaii designated as a US Department of Energy Center of Excellence. At HNEI Dr. Rocheleau has established the HNEI Thin Films Laboratory and developed a research program focused on thin film photovoltaics and renewable hydrogen production having near-term applications in both the commercial and military sectors. Dr. Rocheleau also serves as the PI of several programs including the Hawaii Energy and Environmental Technology Initiative; and the Hawaii Hydrogen Center for the Development and Deployment of Distributed Energy Systems. He is the author of over 30 publications in peer reviewed journals and over 20 conference proceedings in the areas of photovoltaics, photo electrochemical hydrogen production, and thin-film electronic materials. Dr. Rocheleau also holds six patents and three patent disclosures. Leveraging his extensive scientific and leadership capabilities he has led teams of scientists/engineers in multi-disciplinary programs providing contract research and development of PV and semiconductor manufacturing processes for a number of domestic and international firms including, Chronar Corporation, Solarex, First Solar, Trex Enterprises, and Global Solar Inc. Dr. Rocheleau received his BChE and PhD (1980) in Chemical Engineering from the University of Delaware and a M.S. in Ocean Engineering (1977) from the University of Hawaii.

Organization Position Status
Border and Port Security Member Current
Trex Enterprises Corporation Current
First Solar, Inc. Current
University of Hawaii Director Current
University of Delaware PhD (1980) In Chemical Engineering Former
University of Hawaii M.S. In Ocean Engineering (1977) Former
University of Hawaii Bche Former
University of Delaware Bche Former

Organization Position Status
First Solar, Inc. Current

Organization Position Status
Amvescap Group Services, Inc. Current
First Solar, Inc. Chairman Current
World Fuel Services Corporation Chairman Current
Tiffany & Co. Chairman Current
World Fuel Services Corporation Board of Directors Current
First Solar, Inc. Board of Directors Current
Gunther Portfolio Director Current
World Fuel Services Corporation Member Current
American Eagle Outfitters, Inc. Member Current
Deloitte Touche Tohmatsu chief operating officer Former
First Solar, Inc. Elected A Director Former
Deloitte Touche Tohmatsu deputy chairman Former
Tiffany & Co. Board of Directors Former
American Eagle Outfitters, Inc. Director Former
Carnegie Mellon University M.S. in industrial administration Former
Rutgers University B.S. in electrical engineering Former

Array

Organization Position Status
Gunther Portfolio President Current
First Solar, Inc. Board of Directors Current
Gunther Portfolio Board of Directors Current
Ieee Board of Directors Current
First Solar, Inc. Elected A Director Former

Mike was recruited by the company's founders in 2000. When Mike joined the firm, he brought with him a wealth of experience in both operating management and corporate finance roles, most recently as President of Starbucks Coffee Company (UK) Ltd. in London. Prior to his international corporate leadership experience, Mike spent several years as an entrepreneur developing and selling franchise companies for both Blockbuster Video and Papa John's Pizza. While he was at Blockbuster, he had the opportunity to work closely with Goldner Hawn when it became the business' lead investor. Mike's career in corporate finance also includes Merrill Lynch in New York and Phoenix and a boutique investment banking business he launched, built and sold. Mike currently serves on the board of Goldner Hawn portfolio companies Allen-Edmonds and Transport America. He also holds a board position at the Guthrie Theater, and formerly, at the Walker Art Center. Mike is also a director at First Solar Corporation.

Organization Position Status
Goldner Hawn Johnson & Morrison Inc. Managing Partner Current
Wilsons The Leather Experts Inc. Managing Partner of Goldner Hawn Current
Transport Corporation of America, Inc. Board of Directors Current
Wilsons The Leather Experts Inc. Board of Directors Current
Gunther Portfolio Director Current
Allen-Edmonds Shoe Corp. Board of Directors Current
Vitality Foodservice Inc. Board of Directors Current
First Solar, Inc. Board of Directors Current
First Solar, Inc. Committee Member Current
Starbucks Corporation President Former
Goldner Hawn Johnson & Morrison Inc. Managing Director Former
Merrill Lynch & Co., Inc. NA Former
First Solar, Inc. Independent Director Former
Swarthmore College graduate Former

Organization Position Status
First Solar, Inc. Board of Directors Current

Executive News

  • Solar taps potential with 2GW plant

    Shanghai Daily - 9/09/09 - View Story

  • Chinese Government Commits to World's Largest Solar Power Project

    DailyTech - 9/09/09 - View Story

  • First Solar Names CEO

    TradingMarkets - 9/09/09 - View Story

  • First Solar, China Near Deal To Build Huge Solar Field

    Investors Business Daily - 9/08/09 - View Story

  • U.S. Solar Firm Cracks Chinese Market

    New York Times - 9/08/09 - View Story

  • UPDATE: First Solar To Build 2-Gigawatt Plant In China

    Morningstar.com - 9/08/09 - View Story

  • First Solar Agrees To Build 2-Gigawatt Plant In China

    Morningstar.com - 9/08/09 - View Story

  • Arizona firm in deal to spread sun power to China

    Los Angeles Times - 9/08/09 - View Story

  • First Solar empfängt Delegation der chinesischen Führung auf ihrer Suche nach nachhaltigen Energielösungen

    Reuters - 9/08/09 - View Story

  • U.S. Company and China Plan Solar Project

    New York Times - 9/08/09 - View Story

  • China Signs Deal With First Solar

    New York Times - 9/08/09 - View Story

  • First Solar to build huge Chinese solar plant

    CNN Money - 9/08/09 - View Story

  • First Solar to Team With Ordos City on Major Solar Power Plant in China Desert

    Business Wire - 9/08/09 - View Story

  • First Solar gets initial approval for China project

    The Wall Street Journal Interactive Edition - 9/08/09 - View Story

  • First Solar to start largest solar power plant in Ordos, China

    The Business Journal of Phoenix - 9/08/09 - View Story

  • First Solar Hosts Chinese National Leadership Delegation Seeking Sustainable Energy Solutions

    Reuters - 9/07/09 - View Story

  • First Solar Hosts Chinese National Leadership Delegation Seeking Sustainable Energy Solutions

    Business Wire - 9/07/09 - View Story

  • First Solar gets visit from Chinese leaders

    The Business Journal of Phoenix - 9/07/09 - View Story

  • Spanish Cut Subsidies for Solar Power

    The Wall Street Journal Interactive Edition - 9/07/09 - View Story

  • First Solar Names New CEO

    FOXNews.com - 9/04/09 - View Story

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     FSLR $121.71 -0.31 (-0.25% )
Average Volume 3,231,600
Shares Outstanding 85.11M
Market Cap 10.4B
Year High 207.51
Year Low 100.9
Earnings Per Share 7.50
P/E Ratio 16.23
Dividend N/A
Yield N/A
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