PHOENIX, Jan. 31, 2011 (GLOBE NEWSWIRE) -- Today Power-One, Inc. (Nasdaq:PWER), the world's second-largest manufacturer of power inverters for the renewable energy industry, opened its first North American manufacturing facility in Phoenix that will eventually employ 350 people. Power-One's Phoenix facility will produce its industry-leading photovoltaic (PV) and wind inverters that convert renewable energy into a usable form of electricity for distribution on the utility grid.
The facility will reach a capacity of 1 gigawatt of product by the end of the year with available site capacity reaching 4 gigawatts, which would generate enough electricity to power up to two million homes. The inverters manufactured at this facility will be installed in residential, commercial and utility settings.
Governor Jan Brewer, Phoenix Mayor Phil Gordon, Arizona Commerce Authority President and CEO Don Cardon, Power-One President and CEO Richard Thompson, Greater Phoenix Economic Council President and CEO Barry Broome and other dignitaries signed the front panel of the first central inverter, a 100 kilowatt unit, assembled at the Phoenix facility.
"Power-One is excited to open its manufacturing and research and development center in Arizona, as we bring more jobs to the United States and establish our North American renewable energy footprint," Thompson said. "We view the opportunity to open new markets in the U.S. and abroad, as well as to introduce new technologies, as key drivers to our future success."
Power-One has shown significant growth in terms of revenue and market share in 2010, leaping to the number two global position for PV inverter sales in 2010. According to IMS Research, the global PV inverter market is expected to grow at compound annual rates of nearly 25 percent. IMS also adds that seven million inverters are expected to be sold in 2014 compared to less than one million in 2009.
"I have been consistently focused on ensuring Arizona is a magnet for business relocation, capital investment and a catalyst for the creation of new business and new jobs – and with the work of my Arizona Commerce Authority, we're seeing tremendous results in the solar space," said Gov. Brewer, who presided over the grand opening ceremony. "Arizona now ranks number one in the nation for solar industry and manufacturing and we are the best in the nation when it comes to competing globally for solar energy companies that are relocating and expanding. I welcome Power-One and look forward to its partnership in growing this industry in our state."
Power-One will advance Arizona's growing solar industry, Cardon said.
"Arizona is proud that Power-One will now support their global customers and our local market with their new manufacturing facility in Phoenix," Cardon said. "Power-One is among the world's largest providers of renewable energy and 'green' power solutions. As we look to the future, the Arizona Commerce Authority will continue to cultivate such investments in the renewable energy sector to ensure job retention, creation and training in this growing industry. We're committed to supporting this sector because we know Arizona can become the solar capitol of the world and lead the nation as solar demand continues to grow globally and intensify nationally."
Power-One's 122,000 square-foot Phoenix facility, located at 3201 E. Harbour Dr., began operating in October and already employs 40 people.
"We are proud to welcome Power-One to our great city, and continue welcoming partners who are committed to a greener, more prosperous Phoenix," said Mayor Gordon. "The grand opening of this facility is another example of how Phoenix's economic recovery is quickly gaining momentum to turn 2011 into the year for job creation."
Power-One is already expanding Greater Phoenix's renewable energy supply chain. FAIST, a multinational United Kingdom-based company and a Power-One supplier, announced in December it will establish its first U.S. presence in Phoenix with FAIST GreenTek LLC to manufacture steel and metal structures and employ 100 to 150 people. GPEC assisted FAIST GreenTek and Power-One's move to Phoenix.
"Power-One is a global leader providing high-quality jobs. We are very excited about this dynamic company coming into the market," Broome said. "Greater Phoenix's renewable energy industry is in a very strong position and we expect to see continued growth of the supply chain in the coming year."
Power-One decided to move to Phoenix because of the region's strong workforce, access to intellectual resources at Arizona State University, and strong support from Gov. Brewer, the Arizona Commerce Authority, the City of Phoenix and GPEC.
"The renewable energy industrial cluster in Arizona is substantially stronger and more diverse with the arrival of Power-One. We look forward to a long and fruitful relationship with the Power-One team built on collaborative research and innovation in the years ahead," said Todd Hardy, ASU's associate vice president for economic affairs.
In recognition of the recent tragedy that occurred in Tucson, Power-One made a monetary donation to the Safeway Foundation that has been set up for the Tucson victims. The donation was made on behalf of U.S. Representative Gabrielle Giffords, the victims and their families.
About Power-One
Power-One designs and manufactures energy-efficient power conversion and power management solutions, including inverters for alternative/renewable energy (solar and wind) and products for routers, data storage and servers, wireless communications, optical networking, semiconductor test equipment, industrial markets and custom applications. Power-One, with headquarters in Camarillo, California, has global sales offices, manufacturing, and R&D operations in Asia, Europe, and the Americas. Power-One is a public company listed on NASDAQ under the ticker symbol PWER. For more information about the Company, please visit www.Power-One.com.
The Power-One, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7338
About The Arizona Commerce Authority
The Arizona Commerce Authority is dedicated to creating quality jobs, encouraging the retention and expansion of business, and to advancing growth of the base industries critical to sustaining and progressing Arizona's economic future. The ACA plays a leading role in promoting promising industries that will advance Arizona's economy and global competitiveness in industries including solar, aerospace and defense, bioscience and technology. Learn more at www.azcommerce.com.
About the Greater Phoenix Economic Council (GPEC)
A true public/private partnership, GPEC is the regional economic development organization for Greater Phoenix. Working with its 19 member communities, Maricopa County and more than 140 private investors, GPEC attracts quality businesses to this dynamic region. By creating a high-performance economy through capital investments and jobs, Greater Phoenix companies enjoy a business climate where they can compete and thrive in today's global economy. Since 1989, GPEC has worked to achieve an economically sound and sustainable region. For more information, visit www.gpec.org.