Press Release
IREX ENTERS AMERICAN MARKET
IREX energy joint stock company – a member of SolarBK Holdings, attends SPI (Solar Power International) as the only Vietnamese company, with several world-class equipment and technology leading companies.
SPI- the world biggest renewable energy event
SPI (Solar Power International) is the biggest solar energy exhibition in North America, took place at Anaheim convention center, Anaheim city, Orange county, California, USA. It was the 15th organized by SPI, and the second time in a row having IREX as an attendee following the 2017 success. The exhibition lasted for three days, from 24th to 27th September 2018. With more than 20.000 experts in the energy industry and visitors from more than 80 countries participated, this is a valuable chance for IREX to gain experience in the global market by learning from competitors how to connect customers and expand the market.
IREX’s global strategy
2018 is also the year that IREX strongly performs “Internationalization” strategy with the goal: become the first company in Vietnam to achieve Tier 1(*). To make it through, IREX established many branches and offices in main areas such as Dominican, UK, USA, Myanmar, China, etc, they also continually participated in many renewable energy exhibitions around the world.
Along with those efforts, IREX is also striving to reach the goal of exporting 160 MW in 2018, at least 3 orders of the minimum of 1.5 MW, to be guaranteed by domestic banks in a light of achieving Tier 1 standard in 2020.
Opportunities and challenges in US market
Statistically, from April 2018, the US is one of the most potential markets for rooftop solar power solution, 67.2 million (57%) out of 116.9 million American households are falling in the middle-income range and suitable for solar installation.
Up to 08/2018, California has proposed (waiting for approval) the 100% renewable energy plan (especially solar and wind energy) until 2045 to gradually solve the state’s climate change issue. California is the second state, following Hawaii, making use of carbon-free electricity, Massachusetts and New Jersey are expected to be the next.
Additionally, the first half of 2018 statistics showed that solar energy production constituted more than 10% in 5 major US states (Massachusetts, California, Hawaii, Nevada, and Vermont). Meanwhile, solar energy accounts for 2.4% of the total power production in domestic (48 TWh)
Meanwhile, six months after President Trump decided to impose taxes from 20% to 30% on importing solar panel that left many US companies in the solar energy industry with a dilemma. However. US solar market is still developing. There are 2.5 GW of total capacity was installed in the first quarter of 2018, up 13% over last year.
Thus, in term of growth and market size, the US is still the most potential market for IREX to join, especially since they already had a branch here and understood the local market. About the challenge of tax policy, IREX assumed that the upcoming developments may be different because their domestic companies are also having a negative impact on policy. In spite of waiting for change, IREX decided to embark on the market and looking for opportunities, while other competitors, especially China when they are losing their position here.
In addition, SPI is the exhibition for not only America’s domestic companies but also for those from the whole North America region. This is an opportunity for IREX to get closer to their major partners in North America, including Canada and Mexico, which are developed nations of the solar power industry.
Besides looking for partners, attending a world-class event helps IREX in particular and Vietnam solar power industry in general gain more professional experience, keep pace with the world development. In the future, renewable energy will be the prior power source serving the daily lives of people around the world.
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(*)Tier, a well-known ranking scale for trustworthy solar panel manufacturers, is issued and rated by Bloomberg New Energy Finance (BNEF) with 3 levels: Tier 1,2,3. Tier 1 module manufacturers are those which have provided own-brand, own-manufactured products to six different projects, which have been financed non-recourse by six different (non development) banks, in the past two years. These 1.5 MW+ deals must be tracked by our database, ie the project location (sufficiently to identify the project uniquely), capacity, developer, bank and module maker must be in the public domain.
ABOUT IREX
Inheriting research result along with financial, technological, human resource supports from SolarBK, IREX energy joint stock company is officially founded in 2012 with a purpose to be the world’s top clean energy manufacturer. From the beginning, IREX focused on building up the manufacturing process and training employees based on international standard. Products by IREX accomplished international certifications, satisfied domestic as well as global market and be explored to America, Tunisia, Turkey, and European countries.
In anticipation of the second quarter of 2018, “High-tech renewable energy manufacturing complex” together with 100% automatic chain will be operated. The project includes 2 categories: Renewable energy factory and renewable energy R&D center. Up until August 2017, IREX had attended SPI, the biggest clean energy exhibition in North America (Solar Power International) as the only Vietnam clean energy company reached the global market. IREX also attended Intersolar in 2014, 2015 and 2016.
ABOUT SolarBK HOLDINGS
SolarBK, founded in 2006 with a support from over 40 research years of professors, researchers from University of Technology, Ho Chi Minh City, has become the leading R&D company offering products and solutions for renewable energy in Vietnam (solar energy and wind energy). Products supplied by SolarBK complete international standard and certifications, meet domestic as well as global demand, is exported to America, Tunisia, Turkey, and many European countries.
With perpetual effort and development, SolarBK has generated many subsidiaries in charge of each specific field of clean energy study. Meanwhile, IREX joint stock company is a clean energy manufacturer. Solar ESCO joint stock company offers business complete clean energy solution. Solar Gate company distributes clean energy equipment, apps, full solutions to household consumers.
SolarBK Holdings has demonstrated its potential through many national projects such as lighting system on Truong Sa islands ( won Global Energy 2012), seawater filter run by clean energy on Song Tu Tay island ( won Global Energy 2016), etc.
In 2017, SolarBK provided domestic market solar energy solutions up to 3 MWp, held 30% domestic market share. September 2017, IREX, a member of SolarBK, attended SPI (Solar Power International) – the biggest clean energy exhibition in North America and became the first and only Vietnamese enterprise conquered the intercontinental market. In October 2017, Da Nang Residents’ Committee officially approved SolarBK to build Solar Energy Farm (Solar Farm) with a capacity of 4.4 MWp in Da Nang.
