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Solar firms shrinking in credit crunch

America is poised for a shift to a new electrical infrastructure. Alternative energy sources like wind and solar power will plug into a new smart grid. We'll stop burning coal, cut our CO2 emissions, save the planet and call it a day! But it won't all happen before lunch. There are a few hurdles to get over, a few bumps in the road. Take, for example, the economic downturn. Odd as it may seem, the unemployment crisis has hit green-collar jobs pretty hard. Solar power companies that were growing fast a year ago are in a slump, cutting production and laying off workers.

Over the last month, solar power companies all over the world have been downsizing. OptiSolar let 300 workers go in California. SunEdison is reported to have laid off 50 workers. Ausra, the solar thermal company from Australia, has reportedly suffered lay-offs. SunTech, the Chinese giant has laid off 800 workers and tabled its plan to hire 2,000 more. Sigh.

Abu Dhabi, the little emirate that sits on top of 10% of the world's oil, is about the only place where cut-backs in sustainable energy solutions are not visible. The Masdar project is going full speed ahead regardless of the credit crunch that is forcing other companies to shrink. When completed, Masdar City will be the world's first zero carbon, zero waste city.

Solar is the wave of the future. There's already a huge investment in solar projects, here and abroad. I have my fingers crossed that the planned government "economic stimulus" finds its way to the solar power industry. I hope we're not left behind when the solar powered train leaves the station.

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Companies
Ausra, OptiSolar, Sun Edison, Sun Tech
Definitions
Solar power, Alternative energy, Green-collar jobs

Filed Under: Global » Categories: Energy, Work » Topics: Solar, Green tech, Oil

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Saturday, 08/21/2010

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