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Subject:  Re: power-one Date:  11/8/2010  9:58 PM
Author:  TMFGebinr Number:  28 of 1287

Who are the other guys in this market?

Hi Prof,

According to the company's last 10-K, the other players in the power inverter market, where they're growing so fast, are "SMA Solar Technology (Germany), Fronius International (Austria), and KACO New Energy, Inc. (Germany)."

According to the last annual report of SMA Solar Tech, they have a 40% market share (self estimates), which would make them then #1 market player, I believe. Still plenty of room. Looking at the growth in MW of inverter delivered by SMA (seen in -- 2009 annual report), it's grown almost 10-fold in just a few years (going from memory at the moment).

I have a longer write up on Power-One in which I discuss market opportunity, but it's at work, not here at home. From what I remember, the alternative energy market is expected to double in the next five years (??? -- don't trust my faulty memory) and the solar component of that is supposed to double in size, as a percentage. So solar growth alone is supposed to be something like 4-fold in the next several years.

I do remember hearing about some talk about changing the power grids from AC to DC (transmission is supposed to be more efficient, for one thing), but that's not a big worry at this point. This is a lllloooonnnngggg term shift, if it ever even gets off the ground.

And don't forget wind, either, though the inverters would probably work just as well there, too. There's that wind farm off the coast of Massachusetts. And I just heard on the local news that there's a private company starting a 2-year study to see if off the coast of Maryland there's enough wind to justify building a wind farm there, too. And China is going gung ho into wind electricity.

I'll post my notes some time tomorrow.

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