Phoenix lands manufacturing company Power-One
Power-One Inc., a solar and wind inverter manufacturer, is the latest renewable energy company to land in Phoenix.
The company was set to announce its move to the Valley at a press conference Thursday morning. The factory is expected to create about 350 jobs with production starting next month.
"With a strong workforce, access to intellectual resources through our relationship with Arizona State University, and support from Gov. Jan Brewer, the Arizona Commerce Authority, and the Greater Phoenix Economic Council, we are confident that Phoenix is the best place for Power-One to establish its first manufacturing base in the U.S.," said Richard Thompson, president and CEO of Power-One.
Power-One (Nasdaq: PWER), based in Camarillo, Calif., has operations in Carlsbad as well. Earlier this month, it opened a facility to manufacture inverters in Ontario, Canada.
The company plans to manufacture several different inverters in a 120,000-square-foot building in Phoenix. Production will begin in October and reach capacity by mid-2011.
Inverters are devices that enable the direct current electricity generated by photovoltaic panels or wind turbines to be converted into alternating current that is used by devices requiring electricity.
For Phoenix, it represents the sixth renewable energy company to land in the region since the state passed a tax incentive program in order to lure such companies.
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