The major need of the day is to convert solar energy hitting the planet into usable energy in a cost-effective manner. ReneSola (SOL, Financial) has come up with concrete steps to convert the solar energy into usable form. Founded in 2005 and listed on New York Stock Exchange in 2008, it provides its customers the best green energy products. It is a manufacturer of solar wafers which are thin sheets of crystalline silicon material primarily used in the production of solar cells. The company’s customers are the leading brands in the world that manufacture solar cells and some of them are JA Solar Company Ltd (JASO, Financial), Motech Industries Inc, Solarfun Power Holdings Ltd. (SOLF, Financial). These companies are trending on the charts as the world is in need of more and more solar energy as coal deposits are fast depleting. ReneSola has even developed monocrystalline and multicrystalline wafers that offer more efficiency. The company is an international leading brand and technology provider of green energy products including solar panels, LED lights and Energy Storage Systems.Â
Gaining hold on projects in different countries
According to the recent statistics and the stock market, ReneSola is facing losses as the oil prices are dropping even further, but the company has a bright future as several countries are taking up the projects that would include the power generation through solar energy. For example, India is planning to set up a 100 MW of solar power capacity plant alongside canals in the future. As many countries are considering to get into energy generation using solar energy, and the demand for solar products is increasing, ReneSola is going to be back in action in the future. There is a reason for people showing their faith in ReneSola as this company is purely dedicated to solar energy products and has not diverted its path to any other business line to grow its bottom line.Â
Building its future around solar power generation
The company has clearly stated its future plans of construction in other countries and is confident about its expansion hopes. The company is growing stronger and stronger in the field of power. It is predicted that ReneSola could offer tough competition to the leading players of the sector, which include Trina Solar (TSL, Financial) and Yingli (YGE, Financial). The best part about ReneSola is that the company is doing fairly good enough to generate its own revenues. The official website of ReneSola states, "We continue to explore new ways to improve our product technologies and production processes", which depicts that the company is purely dedicated to the research and development process and will release most of the efficient products into the market in the future.
Out of all the odds and obstacles that ReneSola is facing, it is still maintaining its growth pace with the market, and working on a lot of new projects.Â
Final word
Companies like ReneSola are surely going to proliferate and grow as non-renewable sources of energy are on a depletion phase. Also, the company has the acumen to grow in the solar energy sector and will see brighter days in the coming future.
