WASHINGTON, June 2 /PRNewswire-FirstCall/ -- DuPont (NYSE: DD) is accelerating its investments, driving innovation and commercializing market-leading products all to capitalize on significant market opportunities in the alternative energy sector, DuPont Executive Vice President and Chief Innovation Officer Thomas M. Connelly told investors at the Credit Suisse Future of Energy Conference.
"Generating and storing renewable sources of energy will be the fastest growing sector in the energy market for the next 20 years," said Connelly. "DuPont has a strong renewable product portfolio and is applying the power of its science to address finding secure, environmentally sustainable and affordable energy sources. Today we have over $2 billion of sales from products that serve alternative energy markets such as photovoltaics, biomaterials, fuel cell components, lightweight composites for transportation and energy-efficient materials."
DuPont has been at the forefront of innovation in photovoltaics since the industry's inception more than 25 years ago. Many DuPont products have set standards in the photovoltaics industry and continue to lead with their consistent high quality and proven performance. DuPont expects its photovoltaic sales to grow over 50 percent in 2010, and to exceed $2 billion by 2014. The company's continued growth is supported by new innovations that improve module efficiency and lifetime while enabling new photovoltaic technologies and applications, which ultimately accelerate the industry's drive to bring costs in line with other forms of energy.
"Through investments in materials, technology development and manufacturing, DuPont is accelerating its ability to deliver innovations that will improve the lifetime and efficiency of photovoltaic modules," said Connelly. "DuPont is uniquely positioned to bring new, advanced technologies for future growth in traditional crystalline silicon and emerging thin film photovoltaic segments. We also are investing in greater production capability to help keep pace with the fast rising global demand."
Connelly also provided an update on the company's rapid commercialization strategy in its Applied BioSciences business for a diverse portfolio of high-performance, renewable products.
"We are delivering solutions for renewable energy, renewably sourced materials and other bio-based technologies that are in high demand by the markets we serve," Connelly said. "Today, DuPont is in a strong leadership position with a robust pipeline of products, capacity expansions and partnerships to create global reach. We have ambitious targets and our pace is accelerating to deliver these products to the marketplace."
The company has set goals for the Applied BioSciences business of $1 billion in revenue and $250 million in pre-tax earnings by 2015. The business will do this by achieving strong growth in its BioMaterials and BioFuels units which range from renewably sourced apparel and carpeting to vegetarian omega-3 nutritional supplements, as well as new technologies to deliver low-cost cellulosic ethanol and biobutanol biofuels. The DuPont Tate & Lyle Bio Products facility in Loudon, Tenn., produces 100 million pounds annually of Bio-PDO® and recently announced a 35 percent capacity expansion to meet increased demand. The DuPont Danisco Cellulosic Ethanol demonstration facility in Vonore, Tenn., is preparing this second-generation biofuel technology for market, while DuPont's biobutanol joint venture, Butamax™ Advanced Biofuels LLC, is preparing for start-up of its demonstration facility in the United Kingdom later this year.
DuPont is a science-based products and services company. Founded in 1802, DuPont puts science to work by creating sustainable solutions essential to a better, safer, healthier life for people everywhere. Operating in approximately 80 countries, DuPont offers a wide range of innovative products and services for markets including agriculture and food; building and construction; communications; and transportation.
Forward-Looking Statements: This news release contains forward-looking statements based on management's current expectations, estimates and projections. The company does not undertake to update any forward-looking statements as a result of future developments or new information. All statements that address expectations or projections about the future, including statements about the company's strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like "expects," "anticipates," "plans," "intends," "projects," "indicates," and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in DuPont's filings with the Securities and Exchange Commission, particularly its latest annual report on Form 10-K, as well as others, could cause results to differ materially from those stated. These factors include, but are not limited to changes in the laws, regulations, policies and economic conditions of countries in which the company does business; competitive pressures; successful integration of structural changes, including acquisitions, divestitures and alliances; research and development of new products, including regulatory approval and market acceptance, and seasonality of sales of agricultural products.
The DuPont Oval Logo, DuPont™, The miracles of science™, and Bio-PDO® are registered trademarks or trademarks of DuPont or its affiliates.
Butamax™ is a trademark of Butamax™ Advanced Biofuels LLC, a BP-DuPont joint venture.