First Solar (FSLR) 7 Trillion in Sales · 18GW Expansion Surging... Ballard (VGAS) CEO Change · Sale Under Review

First Solar (FSLR), the leading American solar energy company, continues its growth trajectory through solid performance and aggressive capacity expansion strategies, while Verde Clean Fuels (VGAS) has initiated a structural restructuring that includes replacing the CEO and keeping sale options open. These contrasting moves clearly demonstrate the strategic gap between companies within the energy transition industry.

First Solar is projected to achieve annual sales of $5.2 billion (approximately 7.488 trillion KRW) in 2025, with an EPS of $14.21, confirming its stable profitability. In the fourth quarter, sales reached $1.7 billion (about 2.448 trillion KRW), with an EPS of $4.84. By the end of the year, net cash increased to $2.4 billion (around 3.456 trillion KRW), further strengthening its financial stability. The company expects 2026 sales to be between $4.9 billion and $5.2 billion (roughly 7.056 trillion to 7.488 trillion KRW), with adjusted EBITDA potentially reaching up to $2.8 billion (about 4.032 trillion KRW).

Capacity expansion is viewed as a core growth driver. First Solar plans to add 3.7 GW of capacity through a new factory in South Carolina and aims to establish an approximately 18 GW annual production system by 2027. Since 2019, the company has invested about $4.5 billion (roughly 6.48 trillion KRW) in manufacturing and R&D in the U.S., accelerating the localization of its supply chain. The Louisiana plant received an $1.1 billion (about 1.584 trillion KRW) investment and introduced AI-based quality control systems, expected to significantly boost production efficiency.

The company is also actively ensuring technological competitiveness. First Solar signed a patent licensing agreement with Oxford PV in the UK for perovskite solar cells, officially launching the development of next-generation thin-film technology. This field, distinct from traditional crystalline silicon technology, is seen as a strategic move to capture the high-efficiency solar market. Industry experts say, “First Solar is simultaneously expanding domestic capacity in the U.S. and advancing technological innovation to maximize policy benefits.”

The policy environment is also quite favorable. Domestic surveys in the U.S. show that even among Republican supporters, preferences for American-made solar products are as high as 70%. Based on this trend, First Solar is expected to create about 39,000 jobs by 2027 and contribute approximately $7.8 billion (about 11.232 trillion KRW) annually to GDP.

On the other hand, Verde Clean Fuels faces operational uncertainties. The company appointed former CFO George Bennett as CEO and selected ROSS Capital Partners as financial advisor to evaluate strategic alternatives, including mergers and acquisitions, asset sales, partnerships, and financing.

While management has stated that “no transactions or timelines have been determined,” the market perceives a strong restructuring signal. Especially with cost-cutting and organizational restructuring happening simultaneously, some analysts believe a sale of the company cannot be ruled out. This suggests that, amid the rapid growth of the energy transition market, companies that cannot secure capital strength and technological competitiveness are entering a stage where they must reassess their survival strategies.

Commentary: First Solar is strengthening its market dominance through a “triple play” of policy benefits, technological investment, and capacity expansion, while Verde Clean Fuels remains in a defensive phase, seeking strategic options. The structural gap between companies within the same industry is becoming increasingly evident.