Solar Integrated wins $8mln in Italian orders
LONDON, July 10 (Reuters) - AIM-listed Solar Integrated Technologies Inc. SIT.L SITq.L (SIT) has won $8 million in orders for its new metal roofing solar panels, the U.S.-based renewable energy firm said in a statement on Thursday.
About $2.4 million of the orders are from Fiorini Impianti, a major player in the Italian utilities industry, SIT said.
SIT's new solar roofing product opens up an estimated 16 million square meters of potential customer roofing in the Spanish and Italian markets alone, said Tom McColm, an analyst with house brokers KBC Peel Hunt.
Made of flexible thin film photovoltaic laminates, SIT's new solar panels adhere to metal surfaces, making them easily installed on metal roofs and carports.
Nomura Securities forecasts a net profit of 6.7 million pounds ($13.26 million) for SIT in 2008, from a loss of 24.7 million pounds a year ago. Revenues are expected to almost double to 146 million pounds.
SIT shares are unchanged at 106.5 pence, valuing the firm at around 106 million pounds ($209.9 million).
"Building-integrated photovoltaics is a relatively new and growing sub-sector which provides the potential for significant outperformance," Nomura said in a note last month.
"In the future, we expect building regulations, such as those for thermal efficiency, to play an increasingly important role in driving mass adoption." (Reporting by Hsu Chuang Khoo; Editing by David Cowell)
