China’s Suntech Bets on Obama’s Green Energy
China’s Suntech Power Holdings Co. (stock symbol: STP) had only one employee in the U.S. in 2006. He operated with a mobile phone and laptop in his basement. Suntech Power, the world’s largest producer of solar-power modules now has 50 workers at its a San Francisco U.S. headquarters. The China-based company is searching for a plant site that would bring manufacturing jobs to the U.S.
The company’s growth reflects the promise foreign-based alternative energy companies see in the U.S., as a result of financial incentives as well as Obama’s commitment to reduce reliance on overseas oil.
“Most of the renewable energy industry worldwide believes that the U.S. will within the next three years become the largest market in the world for solar,” Efird, president of Suntech America, said in an interview.
Less than 1 percent of our energy is generated from the sun, according to industry executives and the Solar Energy Industries Association in Washington.
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Chinas Suntech Power Holdings Co. stock symbol: STP had only one employee in the U.S. in 2006. He op [...]…