DuPont predicts solar sales will hit $1bn by 2013

Global conglomerate DuPont has predicted that sales from its solar photovoltaic division will more than treble over the next five years, rising from around $300m a year currently to over $1bn.

Speaking at an investors' conference last week, company chairman and chief executive Charles O. Holliday said that the company was expecting to enjoy booming demand for its solar energy technologies, as the increased use of hydrocarbon resources by emerging economies cranks up pressure on firms to find alternative energy sources to fossil fuels.

"We need to rethink the way we source and use energy and work to minimise the amount of carbon we put into the atmosphere," Holliday said, adding that as well as investing in expanding its solar module production capacity the firm was bolstering its interest in advanced biofuels.

He said that the firm's recently launched joint venture with Danisco dedicated to developing cellulosic ethanol made from non food crops would target a $75bn global market opportunity.

Holliday noted that with the UN predicting that the global population is set to rise from 6.5 billion to nine billion, the company would continue to see strong demand for its biotechnology and renewable energy products.