It’s been a tough few weeks for the solar industry as Congress reviews what went wrong at Solyndra, the California company that filed for bankruptcy after taking a $535 million loan from a Department of Energy program.
But the sun is shining much brighter here in Connecticut for STR Holdings Inc. The Enfield-based manufacturer of an encapsulant used to protect solar cells for solar modules was honored Sept. 27 by the Connecticut Tech Council as the fastest growing environmental or energy company in the state over the past four years.
For the first six months of 2008, sales for STR’s solar business amounted to $86 million. This year, sales for the first six months were $140 million, a 63 percent growth rate. In making the presentation, the Tech Council cited a growth rate of 114 percent over four years.
“We were kind of the pioneers of this technology from the beginning so we’ve really watched the market grow,” said Richard White, STR Holdings chief operating officer.
White told those attending the Marcum Tech Top 40 awards event at the Oakdale Theater that STR Holdings recently opened a plant in Malaysia and has a footprint in China, so the company now has facilities on three continents. It has a manufacturing operation in Spain.
The company is near completion of a 275,000 square manufacturing plant and research and development lab in East Windsor. That facility is expected to be operational in the first quarter of next year. STR also has manufacturing site in Somers and another in St. Augustine, Fla.
“We’ve made improvements with (research and development) with our product to provide both protection and efficiency of the solar module,” White said. “These modules typically have a 30-year life, so companies that manufacture them warranty them for 25 to 30 years. What we make is a film that goes over the top of the solar module that provides protection from the elements, and it’s clear so you get the maximum amount of sunlight.”
White said the market for solar energy has grown dramatically over the past couple of years, particularly in Europe.
Dennis L. Jilot, the company’s chairman, president and chief executive officer, sees even better days ahead. “Providing high quality and innovative new products to the photovoltaic module industry continues to drive our success at STR, and we look forward to maintaining the high level of performance and service to which our customers have become accustomed,” he said.
For Matthew Nemerson, president and CEO of the Tech Council, that’s exactly what the state needs. “Connecticut is proud of its innovation heritage. Each year this list of diverse companies reinforces that the state’s tech sector continues to grow and prosper,” he said. “Connecticut has become an incubator for developing technology talent and is a great place to do business for technology companies.”