From Green Right Now Reports
DuPont is accelerating its investments, driving innovation and commercializing products to capitalize on significant market opportunities in the alternative energy sector, DuPont Executive Vice President and Chief Innovation Officer Thomas M. Connelly told investors today at the Credit Suisse Future of Energy Conference.
“Generating and storing renewable sources of energy will be the fastest growing sector in the energy market for the next 20 years,” Connelly said in a statement. “DuPont has a strong renewable product portfolio and is applying the power of its science to address finding secure, environmentally sustainable and affordable energy sources. Today we have over $2 billion of sales from products that serve alternative energy markets such as photovoltaics, biomaterials, fuel cell components, lightweight composites for transportation and energy-efficient materials.”
DuPont said it expects its photovoltaic sales to grow over 50 percent in 2010, and to exceed $2 billion by 2014. The company’s continued growth is supported by new innovations that improve module efficiency and lifetime while enabling new photovoltaic technologies and applications, which ultimately accelerate the industry’s drive to bring costs in line with other forms of energy.
Connelly said DuPont is focused on traditional crystalline silicon and emerging thin film photovoltaic segments. “We also are investing in greater production capability to help keep pace with the fast rising global demand,” he said.
Connelly also provided an update on the company’s rapid commercialization strategy in its Applied BioSciences business for a diverse portfolio of high-performance, renewable products. The company has set goals for the Applied BioSciences business of $1 billion in revenue and $250 million in pre-tax earnings by 2015.