Tech & Biz

Dr.SHI $2BN SUNTECH FOUNDER, solar up to 50bn next five years

by SOLARLIFE | July 5, 2008 at 03:51 am

551 views | 7 Recommendations | 3 comments

Shi, 44, is the chief executive of Suntech Power Holdings, one of the new breed of successful domestic China-based companies with global ambitions.

After spending a year at Sydney-based University of New South Wales' renewable energy center in 1988, Shi found himself at a company formed to commercialize the ideas of fellow researchers.

"I never thought this solar business could take off or become commercially viable.

The government of Wuxi, a city on Shanghai's western outskirts with ambitions as a high-tech center, put up US$6 million in 2001 to finance Suntech.

Shi bought out his backers and listed his $225 million (sales) company on the NYSE in 2005 where the company's market cap soared to $5.5 billion. Depending on the company's current share price, his worth hovers around US$2 billion.

Suntech, which started with 20 workers, remains headquartered in Wuxi, but now occupies four sites with a total workforce of 3,500.

The company's photovoltaic systems are used in a wide range of applications, including communications and broadcasting, transportation, housing and

Currently under construction in Wuxi is a giant energy wall, a curtain of solar cells integrated into the city's airport. It's a large-scale advertisement for the technology of Suntech, but currently the biggest market for it's products is Europe.

Comment:

Entrepreneur or family driven companies take off,

"Cerberus" driven companies without founder go to hell

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René

flagged this story as Good Stuff

at 07:32 on July 5th, 2008

SOLARLIFE, I like this story. It's good stuff.

Barry Artiste

flagged this story as Good Stuff

at 16:35 on July 5th, 2008

SOLARLIFE, I like this story. It's good stuff.

SOLARLIFE

at 00:02 on July 6th, 2008

Thanks for thinking "solar life" it will become finally a reality, still expensive but with all our attention new solutions low cost are in sight, for ex roll to roll solar like a carpet.