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Applied Materials (AMAT) Sees Solar Order Reduced 85%
Applied Materials just announced that one of its largest clients has reduced the amount of their order for its Sunfab thin-film solar product by 85%. In March of last year, Applied Materials announced that they had received a $1.9 billion order from a nameless company, but as the global crisis has deepened, that order has been reduced to $250 million.
In an article published by Reuters, Gary Hsueh, an analyst for Oppenheimer, commented on the announcement:
Oppenheimer analyst Gary Hsueh said on Monday the buyer was Best Solar based in China. China is considered one of the hottest potential markets for renewable energy technology from solar to wind power.
"This was kind of a key case in point on how much the market has changed. AMAT’s prior strategy in this market we believe was built on easy access to financing and credit and clearly that’s not there," Hsueh said.
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