Another US Solar Panel Company Bites The Dust In Face Of Rampaging Chinese Predatory Competition
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Super low-cost capital and massive continued support from the government has made Chinese solar industry the unrivalled czar of the global solar industry. China controls almost 70% of the global solar panel industry with smaller Asian nations making up the rest. The USA which used to be a technology leader has a pitiable industry left. No major solar panel maker has set up a factory in the US despite a scorching 50% CAGR in domestic USA solar demand. The country imports most of its solar equipment needs despite being the second largest market for solar demand in the world.
Despite imposing anti-dumping duties, Chinese solar companies dominate the US market by selling panels at ultra-cheap prices. USA solar panel companies which were decimated by the Chinese competition during the supply glut in 2012, are now facing another life threatening import flood of cheap Chinese solar panels. With solar panel prices touching 35 cents/watt in the international markets, the remaining major solar panel makers such as First Solar and Sunpower have gone into hibernation. First Solar has fired hundreds of workers from its factory in Perrysburg as it looks to the next generation technology in order to compete with the Chinese. Sunpower remains in a dormant moribund state running only because of the massive dollops of cash injected by its parent Total. Otherwise, Sunpower is also running on fumes. SolarCity has also given up by begging Panasonic to buy its solar panel factory in New York state.
Beamreach Solar a small solar panel maker has gone kaput despite existing for 8 years in the volatile solar panel industry. The company which had recently pivoted to commercial solar system installation through lightweight solar panel modules was unable to bear the cost of its massive loans and had to be sold off. The company like Solyndra and Miasole had started with lofty ambitions and raised $250 million to commercialise its high-efficiency technology. But it got crushed under the Chinese competition backed by unlimited lines of credit and government support.