The World's #1 Renewable Energy Network for News, Information, and Companies.

First Solar to Lay Off 150 Employees in North America

Arizona-based First Solar Inc. said Monday the company is playing to lay off 150 North American workers over the next few weeks as it restructures its global operations, according to a report from The Arizona Republic.

The company has about 5,200 employees worldwide and about 1,700 employees in the U.S., a First Solar spokesperson told the Republic. Most of the employees released by the company will be in administration, saving the company about $30 million in operating expenses.

According to the Republic, First Solar has been struggling as the price of polysilicon decreases, allowing the company’s competitors to decrease the price of their solar panels. First Solar does not use the same polysilicon as its competitors, and has the least expensive solar panels on the market, according to the Republic. 

The report also states the company’s first-quarter earnings report shows a turnaround from a year ago. Profits for the first quarter of 2013 were $59 million, or 66 cents a share, compared with a loss of $449 million, or $5.20 a share, in the first quarter of 2012. The company was in the midst of restructuring in the first quarter of 2012 and incurred large expenses replacing faulty panels.

This article was originally published on Power Engineering and was republished with permission.

Lead image: Pink slips via Shutterstock

RELATED ARTICLES

Rooftop Solar Panels

Hypocrisy? While Buffett Champions Renewables, His Company Fights Rooftop Solar

Mark Chediak, Noah Buhayar and Margaret Newkirk, Bloomberg Warren Buffett highlights how his Berkshire Hathaway Inc. utilities make massive investments in renewable energy. Meanwhile, in Nevada, the company is fighting a plan that would encourage more residents to use green power.
Japan Microgrid

Born from Disaster: Japan Establishes First Microgrid Community

Junko Movellan, Correspondent Although Japan's Fukushima prefecture is most commonly associated with the 2011 disaster due to the nuclear power melt-down, Miyazaki prefecture, located north of Fukushima, suffered from the largest death toll, close to 10...
Renewable Energy Finance

Clean Energy ETFs Are on a Tear

Eric Balchunas, Bloomberg Green investing used to be synonymous with losing money. But while the S&P 500 Index is up 2 percent this year, and the MSCI All-Country World Index is up 5 percent, clean energy ETFs have double-digit re...

Wheels, Towers and Trees: Unconventional Renewable Energy Technologies in the Pipeline

Andrew Williams, International Correspondent A number of companies around the world are developing novel technologies in an effort to grab a slice of the global renewable energy market.  Although many of these technologies are simple incremental improvements to e...

CURRENT MAGAZINE ISSUE

03/01/2015
Volume 18, Issue 3
file

STAY CONNECTED

To register for our free
e-Newsletters, subscribe today:

SOCIAL ACTIVITY

Tweet the Editors! @megcichon @jennrunyon

FEATURED PARTNERS



EVENTS

EU PVSEC 2015 (European PV Solar Energy Conference and Exhibition)

The EU PVSEC is the largest international Conference for Photovoltaic re...

Sponsor/Exhibitor: MIREC Week 2015

Solectria, Pillar, and Variadores together are co-Silver Sponsors! Come ...

More Power, More Profit Tour - San Diego

Register for the SMA More Power, More Profit Tour for free, in-person sa...

COMPANY BLOGS

EU PVSEC 2014 extends its Scope

Added focus on application and policy topicsAbstracts for conference con...

EU PVSEC 2014: Call for Papers Receives Great Response

More than 1,500 contributions apply for presentation in AmsterdamScienti...

Boulder County Residents Generate Their Own Energy with Community S...

Despite a soggy afternoon, solar energy advocates gathered at ...

NEWSLETTERS

Renewable Energy: Subscribe Now

Solar Energy: Subscribe Now

Wind Energy: Subscribe Now

Geothermal Energy: Subscribe Now

Bioenergy: Subscribe Now  

 

FEATURED PARTNERS