Evolution Solar (EVSO) is a producer of leading-edge alternative solar energy technologies and related photovoltaic (PV) technologies, equipment and next-generation appliances. As the search for alternative forms of energy has gained speed, solar power has become a major industry in just the past few years. In addition to providing solar consulting services, Evolution Solar assists in the development of alternative energy plans for large corporations and government organizations.
According to industry estimates, the solar PV market will grow from the current $7 billion value to $30 billion in 2010. With annual growth rates exceeding 30 percent, and expanding profit margins, solar PV is in transition to becoming one of the world’s fast-growth, profitable industries. It is also believed that 90 percent of America’s needs can be delivered by solar thermal power, putting Arizona-based Evolution Solar on the forefront of a dynamic, growing industry.
In fact, California is aiding in the solar boom by requiring the state’s electric utilities to generate 20 percent of their electricity renewably by 2010 and 33 percent by 2017. Companies such as Evolution Solar stand to benefit as oil prices continue to hover above $100 barrel, fueling demand for other forms of energy. Solar power is expected to play a larger role than wind in providing future electricity supply of the nation. The solar-power market is expected to grow 40 percent a year through 2011.
In July, the company announced it will acquire Synergy Design and Development Co. Ltd., a research and development firm based in Shanghai. The acquisition will allow Evolution Solar to enter the market for highly sought-after solar wafer chips, the company said. Evolution Solar shares closed today at $1.75 and have traded between $1.27 and $3 in the past 52 weeks.
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