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Veeco exits CIGS solar energy business

Veeco has announced it will end manufacture of copper indium gallium selenide (CIGS) solar systems as it posts Q2 2011 financial results.

By Isabella Kaminski

Veeco intends to transfer its R&D facility, pilot line, technology and key personnel in New York to the College of Nanoscale Science and Engineering (CNSE) in order to support its planned CNSE/SEMATECH Photovoltaic Manufacturing Consortium (PVMC).

John R. Peeler, CEO of Veeco, says: "Veeco has decided to exit the CIGS Solar Systems business for various reasons, including the improved performance of mainstream solar technologies and the lower than expected end market acceptance for CIGS technology to date. While CIGS remains an important thin-film solar technology, we have determined that the timeframe and cost to successful commercialisation are not acceptable to Veeco."

Veeco posted an LED & solar revenue of US$219 million (£135m) for Q2 2011 but says its results were negatively impacted by approximately $51m in asset impairment and restructuring charges related to CIGS Solar Systems. In addition, approximately $20m in CIGS deposition systems have been removed from Veeco's backlog.

From Q3 2011, Veeco will treat its CIGS Solar Systems business, which operated at a loss, as a discontinued operation. It will continue to sell CIGS deposition components.

Peeler says, "The closure of our CIGS Systems business is expected to have an immediate and positive impact to Veeco's profitability."

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Photovoltaics (PV)  •  Policy, investment and markets  •  Solar electricity

 

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spectrum5013 said

15 August 2011

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