Emirates Insolaire revenues to reach $7mn in 2016
Emirates Insolaire, a solar panel technology company partly owned by the Dubai government, expects to more than double revenue this year to $7mn, said a top executive at the company
Emirates Insolaire, a solar panel technology company partly owned by the Dubai government, expects to more than double revenue this year to $7mn, said a top executive at the company.
The revenue increase, up from $3mn in 2015, will be driven by demand in Europe and the United States and a multi-million dollar investment expanding production capacity and integrating the manufacturing process, managing partner Rafic Hanbali told Gulf News.
A joint venture between partially Dubai-owned Dubai Investments and Swiss firm SwissInso, Dubai-based Emirates Insolaire manufacturers coloured glass for solar panels. The idea is that the coloured panels are more aesthetically appealing to cover the facades of buildings, which maximises the energy captured by the sun.
In 2016, the company will increase production capacity to between 60,000 square metres to 80,000 square metres after producing 45,000 square metres in the previous year. Hanbali declined to say how much money the company made in 2015, however, said it was profitable.
In the second half of 2016 it will start manufacturing the entire solar panel in Dubai. The multi-million dollar investment is expected to deliver significant savings.