Exclusive: Dow Chemical delays launch of solar shingle
NEW YORK |
NEW YORK (Reuters) - Dow Chemical Co (DOW.N) has delayed the launch of its Powerhouse solar shingle until the fourth quarter.
Dow said last fall it expected the solar shingle to be available in some U.S. markets by the middle of 2011.
"Previously announced launch timing for the Powerhouse solar shingles represented early estimates which have continually been refined to reveal that fourth quarter is the best time for our market introduction," Dow said in a statement to Reuters.
It was not immediately clear what led to the new estimate, although anemic housing and employment markets have hampered the U.S. economy.
Dow said last fall that it expected the solar shingle, which installs on roofs like ordinary shingles but can generate electricity from sunlight, to net $1 billion in revenue by 2015 in a roughly $5 billion market.
Shares of Dow were down 1.9 percent at $35.07 in morning trading.
(Reporting by Ernest Scheyder; Editing by Lisa Von Ahn)
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