Amendment: Global Solar Energy seeks investors11. June 2012 | Markets & Trends, Global PV markets, Industry & Suppliers | By: Becky Beetz/Jonathan Gifford
Flexible CIGS manufacturer, Global Solar Energy has announced it is looking for new investors to come on board, in order for business to progress to the next phase.
Chief sales officer of Global Solar Energy, Jean-Noel Poirier has told pv magazine that investors are being sought to allow Global Solar Energy to develop its CIGS photovoltaic business in other directions.
In a separate statement released last week, Global Solar Energy said that an investment could, "lead to partial or total change in ownership and control of the company."* Poirier further clarified that an ownership change is not inevitable, but will rather depend on how much is raised and who comes on board.
As Global Solar Energy is a private company, Poirier would not reveal its revenue or annual turnover. He also would not divulge the level of investment the company is hoping to attract. That, he said is a private discussion between the company and potential investors.
New market segments
Having launched the product on the rooftop market, Poirier said the company has now realized there are other "more attractive" markets, which it intends to focus on. For example, he says there are a number of possibilities in the telecommunications and automotive industries. The military also represents a major market, as do water reserves and landfills.
The main advantage of the company’s CIGS cells and modules is their light weight and flexibility, he said, which makes them more suitable for applications where glass modules are too heavy or rigid. These market segments, he added, are relatively small when looked at individually. However, when added together, they are "very large and much more attractive" as there are not so many companies capable of producing such products.
Currently Global Solar Energy has the capacity to manufacture 75 megawatts of its CIGS modules in Germany and the U.S. Going forward, Poirier said that two directions could be taken with regards to business development: (i) capacity could be ramped up; or (ii) capacity could be scaled down, and focus placed on those applications where the product is unique. The decision will be made with both current and new shareholders, he said, adding, "We want to be seen as a best in class provider".
Global Solar Energy has engaged FTI Capital Advisors to pursue new investor participation. In the statement, CEO Jeffrey Britt emphasized that Global Solar’s product has a unique selling point – in that it can be used in membrane roofing installations and roofs with load limits. However, he was clear in that further funding is required. "The time has come to consider financial alternatives that will help enable the company to reach its strategic objectives."
* On Friday, June 8, pv magazine wrote that Global Solar Energy is seeking a buyer. It should have read "investor".
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