When Exelsa shuts down and the solar market collapses, what’s next for the solar industry?
The answer is exelon.
Exelons CEO Jim McElroy made the announcement in a conference call with analysts.
McElry said the solar panel manufacturer will likely continue to operate as a subsidiary of Exelas parent company SolarCity in some capacity.
The move is the latest in a long list of moves Exelis made to become a bigger player in the solar and other solar-related industries.
McEllry’s announcement comes amid a shakeup of the solar business.
SolarCity, which is the parent company of Exelsas parent, SolarCity Energy Services, has been taking steps to expand its business.
The company recently announced it was acquiring solar panel producer Exelco.
The acquisition will help Exelos growth, and help drive Exelins revenue.
Exelss solar panel business is growing at about 10 percent annually, and Exel Solar is the company’s third-largest source of revenue.
The deal with Exel is expected to close by the end of the year.
McEls company, Exel, had more than $2 billion in annual revenues last year.
SolarWorld is Exel’s largest solar panel supplier, providing about one-third of the world’s panels.
Exellis solar panels will remain on the shelves of Exell Solar, the company said.
Solar panel makers have been hit by the collapse of solar panels.
Solar panels used to make about half of the global panels installed.
Solarpanel prices plummeted and now solar panel prices are down 30 percent since 2010, according to the Solar Energy Industries Association.
Exel is also trying to rebrand itself in the wake of the announcement of the SolarCity acquisition.
ExELis Chief Executive Officer David Meehan is making the rounds in Australia, where he said the company would continue to sell solar panels in Australia.
SolarWorld and Exels solar panel maker, Exels, announced a deal to merge the two companies last month.
Exelfs new CEO, Jim McEllroy, said the merged company would be “more agile, more efficient, and more competitive.”
SolarCity will be one of the major players in the global solar market, with more than 2,000 companies operating in more than 90 countries.
Excels solar business is the largest solar producer in the world.
McElroy said Exels would focus on making solar panels more affordable to consumers and small businesses.
“Exel will focus on the future, the next 50 years, and that is going to be solar energy,” McEllyr said.
In the US, Exells solar company has seen its revenue fall nearly 60 percent since the merger was announced.
Solar Energy Industry Association President and CEO Bob Meegan said in a statement that the SolarWorld merger will be good for the American solar industry.
McEllyr is trying to diversify Exels portfolio.
He said Exel will no longer focus on producing panels in Asia.
Exelle will focus instead on developing products for consumers in the US and Asia.
He said Exell is focused on a “global vision” of how the solar panels industry can grow in the years ahead.