Gov'ts, Telecom and Aerospace...
Well, I see your argument, and am glad you are still bullish. When I called today I was told that Mr. Lavoy was on vacation 'til Tuesday. Guess he's got the right idea.
The main difference I see is that INFS did create its own market, PCOM did not. PCOM is just the best in its industry. It has some 60% of its business geared towards telecom industry. This is key for future projects in developing markets. The home-based solar systems market, I believe, are not where solar power can really succeed yet (still a few years away), but the telecom angle is where solar can succeed. Besides, even the bigger solar cell manufacturers like Solarex (joint venture by Enron and Amoco) don't integrate everything into one system, they just make the panels.
True, PCOM is dependent on foreign govt's or municipalities, but when the AT&T and Motorola deals are done, and both are happy with PCOM's job, it will be AT&T and Motorola type telecom companies who will hire PCOM for foreign markets (or a foreign telecom co), not the foreign govt directly.
Also, don't forget the Aerospace industry, we tend to overlook that aspect of PCOM's business. They worked on a satellite with Arizona State Univ, on their "mini" satellite. Many satellites use solar power, and if this one works there may be more deals like the ASU satellite. The satellite is due to launch later this year. There's info on it at enws229.eas.asu.edu.
It looks like PCOM advised and supplied solar facilities and panels. Another thing to ask Tom Lavoy about when he returns :)
geoff |
