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MHT's Efrain Viscarolasaga: Solar installation booms in New England
Solar manufacturing equipment maker Spire Corp. has finalized a partnership with Hind High Vacuum Company Private Ltd. of Bangalore to provide India with a combined portfolio of solar manufacturing equipment and service capabilities.
The deal with HHV will focus initially on the joint development of module manufacturing equipment, but officials said both companies expect to explore additional areas in the future. Financial terms of the partnership were not disclosed. According to officials, the Indian market for photovoltaic power is one of the world’s largest, and demand is expected to “grow exponentially in the near future.”
Spire (Nasdaq: SPIR) is no stranger to India. In September, the company announced a deal with Virginia-based solar-energy company GreenBrilliance to provide an assembly line for that company’s plant in India, which will be capable of producing up to 12 megawatts of solar modules per year.
In the third quarter of 2008, Spire reported $17.5 million in revenue, bringing the company’s first nine months of the year to $48.7 million. The company also posted a $445,000 profit in the third quarter, its first net gain in four quarters.
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