Day4 Energy Reports Third Quarter 2011 Results
BURNABY, BC, Nov. 14, 2011 /PRNewswire/ - Day4 Energy Inc. (TSX: DFE), a leading global provider of solar photovoltaic (PV) products and solutions, today reported operating results for the third quarter 2011.
"Today, the PV industry is in the midst of a deep crisis. The European sovereign debt issue, an uncertain US economic recovery and severe PV module overcapacity due to a dramatic manufacturing expansion over the prior year have all contributed to a "perfect storm" in our industry. Hardware prices have dropped sharply since the start of the year, and continue to decline. Concurrently, growing inventory levels have forced production shut-downs in many locations across the industry" said Dr. John MacDonald, Chairman of Day4 Energy. Dr. MacDonald, who has been the Chief Executive Officer of Day4 Energy since its inception, has asked to be relieved of his responsibilities as CEO and that those responsibilities be passed to a younger person. The board of directors has appointed George Rubin to the role of President and Chief Executive Officer. Dr. MacDonald will continue in his role as Day4 Energy's Chairman of the Board.
"John's vision is key to Day4's innovative culture and the agility that helped us to reach many milestones as well as weather a number of storms. Under his leadership we went through the thick and thin of building the company from a start-up without as much as a desk to one of the leading technology companies in our industry" said George Rubin, President & CEO Day4 Energy Inc. "I have been privileged to have an opportunity to work along-side John since Day4's story began. Over these years, John's mentorship was instrumental to my own personal growth not only as a business leader but as an individual. I am thankful to him for the battles that I have won but also for the scars that I did not get because of his advice. I am looking forward to continuing working together as we battle through yet another storm on the way to building our industry into one of the key components of the global electrical power generation market of the future."
"We are now witness to several companies that were unable to successfully navigate in these difficult times. However, the storm brings more than ship-wrecks as ever declining costs of PV hardware are opening new markets and opportunities. The price of electricity from solar PV is now at its lowest level in history, and at retail grid parity with traditional sources of electricity in a number markets around the world. Industry consolidation, combined with continued declines in raw material prices, creates the opportunity for the gradual re-alignment of manufacturing costs and product prices. We believe the key to success during these challenging times is being able to capitalize on the growth in emerging markets while combining the strength of our technology, brand and distribution with the lower cost structure and capital resources of our manufacturing partners" concluded Mr. Rubin.
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