A global provider to the aerospace, automotive, medical equipment, wireless telecom and especially solar industries, WEMU has a manufacturing facility in China allowing it to meet demands at half the price of similar products made in the US.
Securing 15 new solar customer contracts in 2Q (mostly in France, Germany, Italy and the UK), WEMU’s Solar Division now clocks in at roughly 60 customers, with an average of 1 MW per order from the new clientele (largest single client 17.5 MW) and a $100M backlog for the Company as a whole. The Company anticipates that the vast majority of pending orders will be ready and shipped by year’s end.
A 270% increase over last year shows delivery of some $38M+ orders in 2Q, with the solar division alone shipping $35M (370% increase).
With the meteoric rise of global demand for PV panels continuing unabated, even stronger demand is projected for the second half of 2010.
Solarbuzz, the widely known and respected solar research and consulting firm, doubled its 2010 projections for the size of the PV market (15.2 GW) compared to last year, and the industry as a whole saw revenue increase across the board by roughly 300% ($12B) in 1Q FY10 compared to 2009.
CEO of WEMU, Jimmy Wang, noted the healthy order backlog and recent tacking-on of additional clientele as strong indicators of the Company’s increasing reputation within the industry as a quality provider, and projected extremely strong financials and solid returns to WEMU shareholders for the second half of 2010.
WEMU’s small but vibrant engineering team fulfills orders as a contract manufacturer and engineering services company through wholly-owned subsidiary, Shanghai Intech Electro-Mechanical Products Co, Ltd., which provides its expertise as an engineering firm in a variety of functions for component manufacturers and purchasers seeking to do business in China.
With over 100 high-tech component customers in the US alone, WEMU has developed a sophisticated network of sub-contractors and relationships, establishing itself as a major industry conduit well-poised to execute its strategy of ramping up its footprint in the PV market.