Lisa Springer, a Beacon Equity Research Analyst, has rated XsunX Inc. (XSNX) a speculative buy with a price target of $1.50.
Created in 2003, XsunX develops and commercializes advanced, thin-film photovoltaic (TFPV) solar cell technologies and manufacturing processes. The company has changed its focus over the past year to using its technologies to design a cutting-edge manufacturing system for producing and marketing thin-film amorphous solar modules.
Already, the company has initiated work on a multi-megawatt solar module production facility in the U.S. In the year 2008, XSNX is hoping to launch the company on-line by commissioning a baseline production system that will serve as the blueprint for a 25 megawatt (MW) production system that is expected to become operational by the end of 2008. The company plans to expand its annualized solar module manufacturing capacity to 100 MW by early 2010. For the building of the parts and sub-sytems for a solar module production system, XSNX has already come to an agreement with Fusion Capital Fund II, LLC, which has gone ahead and financed $21 million for the project.
XSNX currently has a strategy to market its solar cells and modules to large-scale solar energy device installers and operators, including solar farms, government agencies, power purchase associations, utility companies and large commercial installations. With a projection of commercial production, XSNX has commenced loading its sales channels and building its brand. As of today, XSNX has established pre-sales agreements with solar integrators reserving more than 100 MW of its future solar module production capacity.
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