Corporate History
In 1984, inventor and entrepreneur Harold McMaster founded Glasstech Solar. McMaster foresaw the opportunity to manufacture low-cost, thin film cells on a large scale. After trying amorphous silicon, he shifted to CdTe at the urging of Jim Nolan and founded Solar Cells, Inc., (SCI) in 1990. In February 1999, McMaster sold the company to True North Partners, an investment arm of the Walton family, owners of Wal-Mart. John T. Walton joined the Board of the new company, and Mike Ahearn of True North became the CEO of the newly minted First Solar. In its early years, First Solar module efficiencies were modest, about 7 percent.
First Solar launched production of commercial products in 2002 and reached an annual production of 25 megawatts (MW) in 2005. At the end of 2009, First Solar had surpassed an annual production rate of one gigawatt (GW) and was the largest PV module manufacturer in the world.
The company is headquartered in Tempe, Arizona and has manufacturing facilities in Perrysburg, Ohio and Kulim, Malaysia. Additionally, First Solar partnered with natural gas provider Enbridge to build the largest PV solar energy farm in the world, located in Sarnia, Ontario, near the U.S.-Canadian border.
In July 2010, First Solar formed a utility systems business group to address the large-scale PV systems solutions market. While continuing to provide modules sales and turnkey solar projects, as well as engineering, procurement, construction, and operations and maintenance services to its various customer segments, the new unit would support utility customers with an integrated, portfolio-based business model. In December 2011, First Solar announced that beginning in 2012, its core business would focus on its utility systems.
On October 25, 2011 the company announced that Rob Gillette would no longer serve as chief executive officer and was replaced, effective immediately by the founder, Mike Ahearn.
On April 17, 2012, First Solar announced it would restructure operations worldwide, partly in response to changing market conditions in Europe. The company will phase out operations in Frankfurt (Oder), Germany by October 2012, and idle four production lines in Kulim, Malaysia, beginning on May 1, 2012. As a result, it announced that it would lay off 30% of its workforce. This came as a result of consistent market volatility as well as reduced demand, and may be linked to a U.S. Commerce Department investigation about whether or not China has illegally flooded the market with imports. Mark Widmar, the CFO of First Solar, said, "We need to resize our business to a level of demand that is highly reliable and predictable. We do not see a business case for continuing manufacturing operations in Germany." The restructuring is expected to reduce costs 30 to 60 million dollars the first year and 100 to 120 million annually thereafter.
On May 3, 2012 First Solar announced that James Hughes replaced Mike Ahearn as CEO. Hughes joined First Solar as Chief Commercial Officer. Ahearn remains Chairman of the Board.
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