NEW YORK, NY--(Marketwire - November 30, 2010) - SunSi Energies Inc. (the "Company") (OTCBB: SSIE) today announced that it had executed a definitive agreement to purchase a trichlorosilane ("TCS") facility, Wendeng He Xie Silicon Co. Ltd. ("Wendeng "), located in Weihai City, China. TCS is a chemical compound used in 90% of all solar cells and modules worldwide. The state-of-the-art Wendeng facility which was built in 2008, currently has a capacity of 20,000 metric tons ("MT") of TCS.
Under the terms of this agreement, SunSi will acquire a 60% equity interest in Wendeng; and subsequent to consummation of the acquisition, expects to increase Wendeng's capacity to a total of 60,000MT by 2011. The existing shareholders of Wendeng will contribute to this planned expansion on a pro-rata basis to maintain its equity interest of 40%. Additionally, the current executive management team of Wendeng will provide its technical expertise for the construction, training and operation of the facility and its expansion. All of the management and employees will stay in place.
Wendeng is recognized in China for the quality of its TCS, and its efficiency. Wendeng's current customer base includes the largest polysilicon producers in China. Legal and financial due diligence, which has been underway since mid-September when SunSi entered into a Letter of Intent to acquire Wendeng facility, is progressing well.
Richard St-Julien, President of SunSi Energies Hong Kong Limited, said, "We are excited about the prospects of acquiring Wendeng and expanding its capacity. All the key factors are in place. Wendeng has an excellent management team, strong TCS product demand, a scalable facility, is strategically located and produces high quality TCS. We believe we have the opportunity to make SunSi the largest single site TCS producer in China that will generate significant profitability that will flow through the US public company."
About SunSi Energies Inc. ("SunSi")
SunSi's goal is to acquire and develop a portfolio of high quality trichlorosilane producing facilities that are strategically located, and possess a potential for future growth and expansion. Through its wholly owned subsidiary, SunSi Energies Hong Kong Ltd., SunSi has executed a definitive Distribution Agreement with Baokai that entitles SunSi to distribute and sell both within and outside China all of the TCS produced at the Zibo Baoyun Chemical Plant.
Relatively unknown, but essential to the solar industry TCS is a chemical primarily used in the production of polysilicon, which is an essential raw material in the production of solar cells for photovoltaic (PV) panels that convert sunlight to electricity for homes, businesses and farms. TCS is considered to be the first product in the solar PV value chain before polysilicon, and is also the principal source of ultrapure silicon in the semiconductor industry. It is believed that SunSi will become the first and only "pure play" public company in the world focusing exclusively on the production and sales of TCS.
SunSi Energies Inc. is traded on the NASDAQ OTC Bulletin Board under the ticker SSIE. For additional information, please visit the Company's website: www.sunsienergies.com.
Tuesday, November 30, 2010
Chromasun and Australian Research Partners Win $3.2 Million Grant From Australian Solar Institute to Develop Next Generation Solar Hybrid System
SAN JOSE, CA--(Marketwire - November 30, 2010) - Industrial rooftop solar solutions company Chromasun today announced that it has partnered with a number of leading Australian research institutions to win a $3.2 million applied research grant from the Australian Solar Institute (ASI). This research grant will be used to develop a Chromasun MCT (Micro-Concentrator) module that can deliver both high temperature solar thermal heat and solar electricity.
The ASI awarded a $3,235,710 grant to support applied research by Chromasun, The Australian National University (ANU), The University of New South Wales (UNSW), and the Commonwealth Scientific Research Organisation (CSIRO). The total project involves $9.4 million in research work. The result will be a new hybrid Chromasun MCT module that will simultaneously deliver both 150°C heat and solar electricity.
Currently, solar hybrid devices can only deliver low-grade heat and relatively poor photovoltaic efficiency because the cells are working well beyond their most efficient operating temperature. This temperature is necessary because heat at 150°C offers more cost-effective solar-cooling and industrial process heat. This receiver will use spectral splitting to thermally decouple the photovoltaic cells from the 150°C circulating fluid, enabling the receiver to capture high value heat while at the same time keeping the photovoltaic cells cool and efficient.
"We are proud that the Australian Solar Institute has selected Chromasun and our leading Australian research partners for a project that will strengthen our position as the emerging leader in advanced rooftop solar solutions," said Peter Le Lievre, CEO of Chromasun. "This new research and resulting module will be disruptive because it will deliver high grade heat yet allow the photovoltaic cells to operate at a cooler and more efficient temperature."
The Chromasun MCT is a lightweight, low-profile solar collector that concentrates sunlight by 25 times using highly reflective aluminum mirrors. The mirrors track in unison to follow the sun but are enclosed within a sealed canopy to protect against the elements. The Chromasun MCT therefore has no external moving parts and is mounted on the same racking systems as conventional flat panel solar thermal collectors.
Chromasun is presently beta testing a thermal version of its MCT collector in a number of project sites globally. The Chromasun MCT is designed to compete favorably with retail natural gas and electricity prices in many markets.
To learn more about Chromasun and the MCT system, please visit http://www.chromasun.com.
The ASI awarded a $3,235,710 grant to support applied research by Chromasun, The Australian National University (ANU), The University of New South Wales (UNSW), and the Commonwealth Scientific Research Organisation (CSIRO). The total project involves $9.4 million in research work. The result will be a new hybrid Chromasun MCT module that will simultaneously deliver both 150°C heat and solar electricity.
Currently, solar hybrid devices can only deliver low-grade heat and relatively poor photovoltaic efficiency because the cells are working well beyond their most efficient operating temperature. This temperature is necessary because heat at 150°C offers more cost-effective solar-cooling and industrial process heat. This receiver will use spectral splitting to thermally decouple the photovoltaic cells from the 150°C circulating fluid, enabling the receiver to capture high value heat while at the same time keeping the photovoltaic cells cool and efficient.
"We are proud that the Australian Solar Institute has selected Chromasun and our leading Australian research partners for a project that will strengthen our position as the emerging leader in advanced rooftop solar solutions," said Peter Le Lievre, CEO of Chromasun. "This new research and resulting module will be disruptive because it will deliver high grade heat yet allow the photovoltaic cells to operate at a cooler and more efficient temperature."
The Chromasun MCT is a lightweight, low-profile solar collector that concentrates sunlight by 25 times using highly reflective aluminum mirrors. The mirrors track in unison to follow the sun but are enclosed within a sealed canopy to protect against the elements. The Chromasun MCT therefore has no external moving parts and is mounted on the same racking systems as conventional flat panel solar thermal collectors.
Chromasun is presently beta testing a thermal version of its MCT collector in a number of project sites globally. The Chromasun MCT is designed to compete favorably with retail natural gas and electricity prices in many markets.
To learn more about Chromasun and the MCT system, please visit http://www.chromasun.com.
Europe's Largest Solar Farm Lights Up, an Industrial Info News Alert
GALWAY, IRELAND--(Marketwire - November 30, 2010) - Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland) -- Europe's largest solar photovoltaic plant is up and running, following the completion of the 70-megawatt (MW) Rovigo solar farm in northeast Italy. Solar developer SunEdison LLC (Beltsville, Maryland), a division of MEMC Electronic Materials Incorporated (NYSE:WFR) (St. Peters, Missouri), took just nine months to complete the plant and connect it to the national electricity grid.
For details, view the entire article by subscribing to Industrial Info's Premium Industry News at http://www.industrialinfo.eu/showNews.jsp?newsitemID=169852, or browse other breaking industrial news stories at www.industrialinfo.eu.
Industrial Info Resources (IIR) is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. IIR's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. For more information send inquiries to powergroup@industrialinfo.com or visit us online at www.industrialinfo.com.
For details, view the entire article by subscribing to Industrial Info's Premium Industry News at http://www.industrialinfo.eu/showNews.jsp?newsitemID=169852, or browse other breaking industrial news stories at www.industrialinfo.eu.
Industrial Info Resources (IIR) is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. IIR's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. For more information send inquiries to powergroup@industrialinfo.com or visit us online at www.industrialinfo.com.
Geostellar Creates First Solar Energy Computation Platform
WASHINGTON, Nov. 30, 2010 /PRNewswire/ -- Geostellar, which provides micro-local resource, capacity and market intelligence for sustainable energy producers around the world, today unveiled the first complete solar energy simulation platform for residential-, commercial- and utility-scale power generation.
The platform, which will be used by energy companies to determine solar power generation potential at any location, employs highly refined algorithms to model every meter of entire cities, counties, states, countries, and continents for rooftop and ground-based energy production opportunities.
"We believe this platform can support the rapid expansion of the solar power industry by automating site selection, engineering, design, financing and marketing functions across diverse urban and rural environments," said Matt Cheney, CEO of Clean Path Ventures (www.cleanpathventures.com), which provides technical and financial resources to large-scale renewable energy projects. "Geostellar can help energy producers, government officials, and others make effective decisions to increase profitability, strengthen their local economies and protect the environment."
Geostellar is currently piloting the platform with select solar power developers, public administrators, property owners, and utilities in the Midwest, Mid Atlantic and Southwest United States, with additional resources, regions, and applications to be launched in rapid succession.
The high-resolution energy data is delivered through standard Web services and interfaces, Google Earth, mobile devices and a full-featured Geographic Information System (GIS), making the right data and features available for a variety of applications in engineering, project development and finance.
"We believe 'Earth intelligence' is the human genome project of the new millennium," said David Levine, Geostellar's CEO. "As bioinformatics enabled biotech, big-data geomatics will support innovation in clean tech. Our integrated platform for production modeling, site search, project development, production, operations and trading will support a diverse base of industry stakeholders in identifying the fastest, most profitable and least-risky means of increasing our clean, green, and renewable energy supply."
The platform derives and processes data including incidental solar radiation, digital surface maps, tax parcel boundaries and assessed values, transmission lines and substations, critical habitat, flood plains, zoning, temperature and precipitation -- all of the structural and financial assets needed to understand resource availability, access to markets, local marginal pricing, and regulatory factors that influence the success of energy production efforts. Geostellar applies advanced 3D animation techniques such as ray-tracing satellite-derived solar potential values over digital surface maps to precisely determine power output based on the slope of rooftops and terrain, and shadows from trees, structures and geological formations for a complete map of entire continents at a resolution below one square meter per pixel.
Geostellar has opened a research and development lab at Ben Franklin TechVentures®, an incubator/post-incubator facility operated by BFTP/NEP on Lehigh University's campus. The TechVentures lab will allow the company to apply its geomatic computation capabilities to simulate the availability of water and infrastructure in shale gas plays, provide high-resolution wind energy models and develop biofuel production strategies based on the availability of feedstocks and access to markets.
Development of the Geostellar platform was funded by clean tech industry investors and the Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP/NEP) Alternative Energy Development Program.
The platform, which will be used by energy companies to determine solar power generation potential at any location, employs highly refined algorithms to model every meter of entire cities, counties, states, countries, and continents for rooftop and ground-based energy production opportunities.
"We believe this platform can support the rapid expansion of the solar power industry by automating site selection, engineering, design, financing and marketing functions across diverse urban and rural environments," said Matt Cheney, CEO of Clean Path Ventures (www.cleanpathventures.com), which provides technical and financial resources to large-scale renewable energy projects. "Geostellar can help energy producers, government officials, and others make effective decisions to increase profitability, strengthen their local economies and protect the environment."
Geostellar is currently piloting the platform with select solar power developers, public administrators, property owners, and utilities in the Midwest, Mid Atlantic and Southwest United States, with additional resources, regions, and applications to be launched in rapid succession.
The high-resolution energy data is delivered through standard Web services and interfaces, Google Earth, mobile devices and a full-featured Geographic Information System (GIS), making the right data and features available for a variety of applications in engineering, project development and finance.
"We believe 'Earth intelligence' is the human genome project of the new millennium," said David Levine, Geostellar's CEO. "As bioinformatics enabled biotech, big-data geomatics will support innovation in clean tech. Our integrated platform for production modeling, site search, project development, production, operations and trading will support a diverse base of industry stakeholders in identifying the fastest, most profitable and least-risky means of increasing our clean, green, and renewable energy supply."
The platform derives and processes data including incidental solar radiation, digital surface maps, tax parcel boundaries and assessed values, transmission lines and substations, critical habitat, flood plains, zoning, temperature and precipitation -- all of the structural and financial assets needed to understand resource availability, access to markets, local marginal pricing, and regulatory factors that influence the success of energy production efforts. Geostellar applies advanced 3D animation techniques such as ray-tracing satellite-derived solar potential values over digital surface maps to precisely determine power output based on the slope of rooftops and terrain, and shadows from trees, structures and geological formations for a complete map of entire continents at a resolution below one square meter per pixel.
Geostellar has opened a research and development lab at Ben Franklin TechVentures®, an incubator/post-incubator facility operated by BFTP/NEP on Lehigh University's campus. The TechVentures lab will allow the company to apply its geomatic computation capabilities to simulate the availability of water and infrastructure in shale gas plays, provide high-resolution wind energy models and develop biofuel production strategies based on the availability of feedstocks and access to markets.
Development of the Geostellar platform was funded by clean tech industry investors and the Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP/NEP) Alternative Energy Development Program.
China Sunergy Announces Change in Senior Management
NANJING, China, Nov. 30, 2010 /PRNewswire-Asia/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or the "Company") a leading solar cell and module manufacturer based in Nanjing, China, today announced that Mr. Richard Yumin Gu has resigned from his position as Vice President and General Manager of Sales and Marketing Division due to personal reasons.
Richard's resignation from China Sunergy is effective from November 30, 2010.
About China Sunergy Co., Ltd.:
China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy") is a specialized manufacturer of solar cell and module products in China. China Sunergy manufactures solar cells from silicon wafers, which utilize crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect, and assembles solar cells into solar modules. China Sunergy sells these solar products to Chinese and overseas module manufacturers, system integrators, and solar power systems for use in various markets.
For more information please visit http://www.chinasunergy.com.
For further information contact:
FD
Helen Jing Zhu: Helen.JingZhu@fd.com
Phone: + (86) 10-8591-1958
Richard's resignation from China Sunergy is effective from November 30, 2010.
About China Sunergy Co., Ltd.:
China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy") is a specialized manufacturer of solar cell and module products in China. China Sunergy manufactures solar cells from silicon wafers, which utilize crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect, and assembles solar cells into solar modules. China Sunergy sells these solar products to Chinese and overseas module manufacturers, system integrators, and solar power systems for use in various markets.
For more information please visit http://www.chinasunergy.com.
For further information contact:
FD
Helen Jing Zhu: Helen.JingZhu@fd.com
Phone: + (86) 10-8591-1958
Trina Solar Announces Third Quarter 2010 Results
CHANGZHOU, China, Nov. 30, 2010 /PRNewswire-Asia-FirstCall/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, announced today its financial results for the third quarter ended September 30, 2010.
Third Quarter 2010 Financial and Operating Highlights
* Solar module shipments were approximately 291 MW, exceeding the Company's previous guidance of 250 MW to 260 MW, representing an increase of 30.4% sequentially and 137.0% year-over-year
* Net revenues were $508.3 million, an increase of 37.1% sequentially and 103.5% year-over-year
* Overall gross margin was 31.4%, above the Company's previous guidance of approximately 30%, compared to 32.1% in the second quarter of 2010 and 28.5% in the third quarter of 2009
* Gross margin was 37.6%, above the Company's previous guidance of mid 30s in percentage terms, relating to its in-house wafer production to module production
* Operating income and operating margin were $113.0 million and 22.2%, respectively, compared to $83.3 million and 22.5%, respectively, in the second quarter of 2010
* Net income was $82.9 million, which included a net foreign currency exchange loss of $8.3 million, compared to net income of $38.7 million in the second quarter of 2010
* Earnings per fully diluted ADS were $1.08, which included the impact of a net foreign currency exchange loss of $0.11 per fully diluted ADS, compared to $0.52 in the second quarter of 2010
"We are very pleased to deliver another strong quarter which saw a record 30% jump in shipment volume and a sequential ASP increase, resulting in revenues surpassing a milestone of $500 million," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "We exceeded our previous shipment guidance and margin guidance due to ongoing strong demand and continued efficient execution."
"We have furthered our goal to build a globally recognized and trusted brand through raising the performance and reliability of our products to an expanding client base. As a result, we are increasingly becoming the supplier of choice in both established and emerging PV markets worldwide."
"We continue to see strong demand momentum into the fourth quarter and the outlook for 2011 is increasingly positive; we expect that demand for our products will outpace our planned capacity expansion in 2011. Our expansion will allow us to increase sales in high growth PV markets such as the United States and Japan, while expand our presence and sales in Australia and other emerging solar markets. In parallel, our continued investments in localizing customer service and increasing service levels allow us to target higher value end-segments and high profile projects and to further differentiate our product offerings from other brands. We expect continuous gain in market share linked to our sales strategy and our emphasis on quality in our existing and new PV products and solutions."
Recent Business Highlights
During the third quarter of 2010, the Company
-- Announced an agreement to supply solar modules to SunEdison, a subsidiary of MEMC Electronic Materials, Inc. ("MEMC"). Under the terms of the agreement signed with MEMC, the Company is expected to supply SunEdison with approximately 35 MW of PV modules over the remainder of 2010
-- Announced the signing of a Letter of Agreement with the Massachusetts Institute of Technology ("MIT") to become a member of its Industrial Liaison Program, a program devoted to promoting university-industry collaboration, innovation and technology sharing
-- Announced that Mr. Gary Yu, who served as Trina Solar's Vice President of Manufacturing since May of 2007 has been promoted to the position of Senior Vice President, Operations effective July 2010. Mr. Yu's role will remain focused on key internal operations areas such as manufacturing and operations management and cost reduction, and will now include capacity expansion and supply chain management
-- Announced that Ms. Stephanie Yang Shao has joined as Trina Solar's Chief Human Resources Officer in September 2010. Ms. Shao will oversee Trina Solar's HR management system and compensation and benefits for its employees globally
Subsequent Events
Subsequent to the third quarter of 2010, the Company
-- Announced it has accepted the resignation of Mr. Sean Tzou as its Chief Strategy Officer and from the Company's board effective October 2010. Mr. Tzou resigned in order to pursue his personal interests
-- Announced that its American Depositary Receipts ("ADRs") have started trading on the Singapore Exchange ("SGX") GlobalQuote Board under the symbol "K3KD". GlobalQuote is SGX's quotation board for international securities such as ADRs, depository receipts and depository shares of companies already listed on other exchanges
Third Quarter 2010 Results
Net Revenues
Trina Solar's net revenues in the third quarter of 2010 were $508.3 million, an increase of 37.1% sequentially and an increase of 103.5% year-over-year. Total shipments were 290.5 MW in the third quarter of 2010, compared to the Company's previous guidance of 250 MW to 260 MW, versus 222.8 MW in the second quarter of 2010 and 122.6 MW in the third quarter of 2009. The sequential increase in total shipments was primarily due to increased brand recognition of the Company's products in established and new PV markets, including the United States and Australia.
Gross Profit and Margin
Gross profit in the third quarter of 2010 was $159.4 million, compared to $118.9 million in the second quarter of 2010 and $71.1 million in the third quarter of 2009. Overall gross margin was 31.4% in the third quarter of 2010, compared to the Company's previous guidance of approximately 30%. Gross margin was 32.1% in the second quarter of 2010 and 28.5% in the third quarter of 2009. The year-over-year increase in gross margin was primarily due to favorable reductions of its silicon purchase price and non-silicon manufacturing costs relative to module ASP decline. The Company continued to focus its efforts on reducing its manufacturing cost per watt through ongoing efficiency gains linked to its lean manufacturing initiatives and improved supply chain management.
Gross margin relating to the Company's in-house wafer production to module production was 37.6% in the third quarter of 2010, compared to its previous guidance of mid 30s in percentage terms.
Operating Expense, Income and Margin
Operating expenses in the third quarter of 2010 were $46.4 million, an increase of 30.1% sequentially and 81.3% year-over-year. The sequential and yearly increases were primarily due to increased shipments, the hiring of professional personnel for the Company's European and North American regional headquarters, and the expansion in the Company's global sales and marketing efforts. The Company's operating expenses represented 9.1% of its third quarter net revenues, a decrease from 9.6% in the second quarter of 2010 and a decrease from 10.3% in the third quarter of 2009. Operating expenses in the third quarter of 2010 also included $1.4 million in share-based compensation expenses, compared to $1.7 million of share-based compensation expenses in the second quarter of 2010 and $1.2 million in the third quarter of 2009.
As a result of the foregoing, operating income in the third quarter of 2010 was $113.0 million, compared to $83.3 million in the second quarter of 2010 and $45.5 million in the third quarter of 2009. Operating margin was 22.2% in the third quarter of 2010, compared to 22.5% in the second quarter of 2010 and 18.2% in the third quarter of 2009.
Net Interest Expense
Net interest expense in the third quarter of 2010 was $7.5 million, compared to $8.2 million in the second quarter of 2010 and $6.3 million in the third quarter of 2009. The sequential decrease was primarily due to the increase in the Company's interest income combined with a reduction in average short-term borrowings, while the year-over-year increase was due to additional bank borrowings to support the Company's announced capacity expansion.
Foreign Currency Exchange
The Company had a net loss in foreign currency exchange of $8.3 million in the third quarter of 2010. This compared to a net loss of $29.2 million in the second quarter of 2010 and a net gain of $7.9 million in the third quarter of 2009. This net loss was primarily due to the loss from foreign currency forward contracts used by the Company to hedge its foreign currency risk exposure, which was substantially offset by the gain as a result of the appreciation of the Euro against U.S. dollar.
The Company continued foreign currency hedging during the third quarter of 2010 using foreign currency forward contracts between Euro and U.S. dollar, with the goal of mitigating some of the effects of exchange rate volatility.
Net Income, Margin and EPS
Net income was $82.9 million in the third quarter of 2010, compared to net income of $38.7 million in the second quarter of 2010 and $39.8 million in the third quarter of 2009. The net foreign currency exchange loss included in net income was $8.3 million, compared to a net foreign currency exchange loss of $29.2 million and a net foreign currency exchange gain of $7.9 million in the second quarter of 2010 and the third quarter of 2009, respectively.
Net margin was 16.3% in the third quarter of 2010, compared to 10.4% in the second quarter of 2010 and 15.9% in the third quarter of 2009.
Earnings per fully diluted ADS were $1.08. The negative impact of net foreign currency exchange loss was approximately $0.11 per fully diluted ADS.
Financial Condition
As of September 30, 2010, the Company had $828.3 million in cash and cash equivalents and restricted cash. The Company's working capital balance was $869.6 million. Total bank borrowings stood at $534.1 million, of which $340.9 million were long-term borrowings.
Shareholders' equity was $1.03 billion, an increase from $938.1 million at the end of the second quarter of 2010.
Fourth Quarter and Full Year 2010 Guidance
For the fourth quarter of 2010, the Company expects to ship approximately 300 MW of PV modules.
The Company expects its gross margin relating to its in-house wafer production to module production to be in the mid 30s in percentage terms during the fourth quarter of 2010. The Company believes its overall gross margin, taking into account wafer and cell requirements outsourced to third party suppliers to meet demand in excess of its internal capacity, for the fourth quarter will be approximately 30%. Such guidance is based on the average exchange rate between the Euro and U.S. dollar from October 1, 2010 to November 30, 2010.
For the full year of 2010, the Company raises its guidance for total PV module shipments to be approximately 1 GW, compared to its earlier guidance of between 900 MW to 930 MW, representing an increase of approximately 151% from the annual PV module shipments in 2009.
Operations and Business Outlook
Non-Silicon Cost Reduction
In the third quarter of 2010, the Company's non-silicon manufacturing cost applicable to its in-house wafer production to module production was approximately $0.73 per watt, compared to $0.74 per watt in the previous quarter. The Company expects to further reduce its costs in 2011 through the continuation of technology and manufacturing process improvements, including supply chain and logistics management initiatives currently under testing and development.
Silicon Procurement
Through the Company's diversified range of short, medium and long-term supply contracts, which include contracts entered into in the first quarter of 2007, the Company will continue to maintain competitive silicon costs relative to the current market price.
Sales Outlook
As a result of strong demand for its module products in both European and non-European markets, including the United States, the Company expects to increase its shipment volume in the fourth quarter of 2010 compared to the third quarter of 2010.
The Company expects its Euro denominated average selling price ("ASP") during the fourth quarter of 2010 to increase from that in the third quarter of 2010.
2010 and 2011 Capacity Expansion
As of August 31, 2010, the Company reached its targeted 2010 annualized in-house production capacities of approximately 950 MW of PV cell and module capacity.
Through yield increases achieved from improved cell conversion efficiency rates, improved production efficiencies and manufacturing line enhancements, the Company expects that the actual manufacturing yield of its PV cell and module production may reach up to 1.1 GW of annualized capacity during the fourth quarter of 2010.
In the second half of 2011, the Company expects to raise its annualized in-house production capacity of ingot and wafer as well as PV cell and module production capacity to reach approximately 1.2 GW and 1.7 GW, respectively, based on actual manufacturing yield.
Conference Call
The Company will host a conference call at 8:00 a.m. ET on November 30, 2010, to discuss the results for the quarter ended September 30, 2010. Joining Jifan Gao, Chairman and CEO of Trina Solar, will be Terry Wang, Chief Financial Officer, Gary Yu, Senior Vice President, Operations, Ben Hill, Vice President, Sales and Marketing and Thomas Young, Senior Director, Investor Relations. Supplemental information will be made available on the Investors Section of the Trina Solar's website at http://www.trinasolar.com. To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: 1 (800) 884-2382. International callers should dial +1 (660) 422-4933. The conference ID for the call is 2380-9157.
If you are unable to participate in the call at this time, a replay will be available on November 30 at 10:00 a.m. ET, through December 14 at 11:59 p.m. ET. To access the replay, dial 1 (800) 642-1687, international callers should dial +1 (706) 645-9291, and enter the conference 2380-9157.
This conference call will be broadcast live over the Internet and can be accessed by all interested parties on Trina Solar's website at http://www.trinasolar.com. To listen to the live webcast, please go to Trina Solar's website at least fifteen minutes prior to the start of the call to register, download and install any necessary audio software. For those unable to participate during the live broadcast, a replay will be available shortly after the call on Trina Solar's website for 90 days.
Third Quarter 2010 Financial and Operating Highlights
* Solar module shipments were approximately 291 MW, exceeding the Company's previous guidance of 250 MW to 260 MW, representing an increase of 30.4% sequentially and 137.0% year-over-year
* Net revenues were $508.3 million, an increase of 37.1% sequentially and 103.5% year-over-year
* Overall gross margin was 31.4%, above the Company's previous guidance of approximately 30%, compared to 32.1% in the second quarter of 2010 and 28.5% in the third quarter of 2009
* Gross margin was 37.6%, above the Company's previous guidance of mid 30s in percentage terms, relating to its in-house wafer production to module production
* Operating income and operating margin were $113.0 million and 22.2%, respectively, compared to $83.3 million and 22.5%, respectively, in the second quarter of 2010
* Net income was $82.9 million, which included a net foreign currency exchange loss of $8.3 million, compared to net income of $38.7 million in the second quarter of 2010
* Earnings per fully diluted ADS were $1.08, which included the impact of a net foreign currency exchange loss of $0.11 per fully diluted ADS, compared to $0.52 in the second quarter of 2010
"We are very pleased to deliver another strong quarter which saw a record 30% jump in shipment volume and a sequential ASP increase, resulting in revenues surpassing a milestone of $500 million," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "We exceeded our previous shipment guidance and margin guidance due to ongoing strong demand and continued efficient execution."
"We have furthered our goal to build a globally recognized and trusted brand through raising the performance and reliability of our products to an expanding client base. As a result, we are increasingly becoming the supplier of choice in both established and emerging PV markets worldwide."
"We continue to see strong demand momentum into the fourth quarter and the outlook for 2011 is increasingly positive; we expect that demand for our products will outpace our planned capacity expansion in 2011. Our expansion will allow us to increase sales in high growth PV markets such as the United States and Japan, while expand our presence and sales in Australia and other emerging solar markets. In parallel, our continued investments in localizing customer service and increasing service levels allow us to target higher value end-segments and high profile projects and to further differentiate our product offerings from other brands. We expect continuous gain in market share linked to our sales strategy and our emphasis on quality in our existing and new PV products and solutions."
Recent Business Highlights
During the third quarter of 2010, the Company
-- Announced an agreement to supply solar modules to SunEdison, a subsidiary of MEMC Electronic Materials, Inc. ("MEMC"). Under the terms of the agreement signed with MEMC, the Company is expected to supply SunEdison with approximately 35 MW of PV modules over the remainder of 2010
-- Announced the signing of a Letter of Agreement with the Massachusetts Institute of Technology ("MIT") to become a member of its Industrial Liaison Program, a program devoted to promoting university-industry collaboration, innovation and technology sharing
-- Announced that Mr. Gary Yu, who served as Trina Solar's Vice President of Manufacturing since May of 2007 has been promoted to the position of Senior Vice President, Operations effective July 2010. Mr. Yu's role will remain focused on key internal operations areas such as manufacturing and operations management and cost reduction, and will now include capacity expansion and supply chain management
-- Announced that Ms. Stephanie Yang Shao has joined as Trina Solar's Chief Human Resources Officer in September 2010. Ms. Shao will oversee Trina Solar's HR management system and compensation and benefits for its employees globally
Subsequent Events
Subsequent to the third quarter of 2010, the Company
-- Announced it has accepted the resignation of Mr. Sean Tzou as its Chief Strategy Officer and from the Company's board effective October 2010. Mr. Tzou resigned in order to pursue his personal interests
-- Announced that its American Depositary Receipts ("ADRs") have started trading on the Singapore Exchange ("SGX") GlobalQuote Board under the symbol "K3KD". GlobalQuote is SGX's quotation board for international securities such as ADRs, depository receipts and depository shares of companies already listed on other exchanges
Third Quarter 2010 Results
Net Revenues
Trina Solar's net revenues in the third quarter of 2010 were $508.3 million, an increase of 37.1% sequentially and an increase of 103.5% year-over-year. Total shipments were 290.5 MW in the third quarter of 2010, compared to the Company's previous guidance of 250 MW to 260 MW, versus 222.8 MW in the second quarter of 2010 and 122.6 MW in the third quarter of 2009. The sequential increase in total shipments was primarily due to increased brand recognition of the Company's products in established and new PV markets, including the United States and Australia.
Gross Profit and Margin
Gross profit in the third quarter of 2010 was $159.4 million, compared to $118.9 million in the second quarter of 2010 and $71.1 million in the third quarter of 2009. Overall gross margin was 31.4% in the third quarter of 2010, compared to the Company's previous guidance of approximately 30%. Gross margin was 32.1% in the second quarter of 2010 and 28.5% in the third quarter of 2009. The year-over-year increase in gross margin was primarily due to favorable reductions of its silicon purchase price and non-silicon manufacturing costs relative to module ASP decline. The Company continued to focus its efforts on reducing its manufacturing cost per watt through ongoing efficiency gains linked to its lean manufacturing initiatives and improved supply chain management.
Gross margin relating to the Company's in-house wafer production to module production was 37.6% in the third quarter of 2010, compared to its previous guidance of mid 30s in percentage terms.
Operating Expense, Income and Margin
Operating expenses in the third quarter of 2010 were $46.4 million, an increase of 30.1% sequentially and 81.3% year-over-year. The sequential and yearly increases were primarily due to increased shipments, the hiring of professional personnel for the Company's European and North American regional headquarters, and the expansion in the Company's global sales and marketing efforts. The Company's operating expenses represented 9.1% of its third quarter net revenues, a decrease from 9.6% in the second quarter of 2010 and a decrease from 10.3% in the third quarter of 2009. Operating expenses in the third quarter of 2010 also included $1.4 million in share-based compensation expenses, compared to $1.7 million of share-based compensation expenses in the second quarter of 2010 and $1.2 million in the third quarter of 2009.
As a result of the foregoing, operating income in the third quarter of 2010 was $113.0 million, compared to $83.3 million in the second quarter of 2010 and $45.5 million in the third quarter of 2009. Operating margin was 22.2% in the third quarter of 2010, compared to 22.5% in the second quarter of 2010 and 18.2% in the third quarter of 2009.
Net Interest Expense
Net interest expense in the third quarter of 2010 was $7.5 million, compared to $8.2 million in the second quarter of 2010 and $6.3 million in the third quarter of 2009. The sequential decrease was primarily due to the increase in the Company's interest income combined with a reduction in average short-term borrowings, while the year-over-year increase was due to additional bank borrowings to support the Company's announced capacity expansion.
Foreign Currency Exchange
The Company had a net loss in foreign currency exchange of $8.3 million in the third quarter of 2010. This compared to a net loss of $29.2 million in the second quarter of 2010 and a net gain of $7.9 million in the third quarter of 2009. This net loss was primarily due to the loss from foreign currency forward contracts used by the Company to hedge its foreign currency risk exposure, which was substantially offset by the gain as a result of the appreciation of the Euro against U.S. dollar.
The Company continued foreign currency hedging during the third quarter of 2010 using foreign currency forward contracts between Euro and U.S. dollar, with the goal of mitigating some of the effects of exchange rate volatility.
Net Income, Margin and EPS
Net income was $82.9 million in the third quarter of 2010, compared to net income of $38.7 million in the second quarter of 2010 and $39.8 million in the third quarter of 2009. The net foreign currency exchange loss included in net income was $8.3 million, compared to a net foreign currency exchange loss of $29.2 million and a net foreign currency exchange gain of $7.9 million in the second quarter of 2010 and the third quarter of 2009, respectively.
Net margin was 16.3% in the third quarter of 2010, compared to 10.4% in the second quarter of 2010 and 15.9% in the third quarter of 2009.
Earnings per fully diluted ADS were $1.08. The negative impact of net foreign currency exchange loss was approximately $0.11 per fully diluted ADS.
Financial Condition
As of September 30, 2010, the Company had $828.3 million in cash and cash equivalents and restricted cash. The Company's working capital balance was $869.6 million. Total bank borrowings stood at $534.1 million, of which $340.9 million were long-term borrowings.
Shareholders' equity was $1.03 billion, an increase from $938.1 million at the end of the second quarter of 2010.
Fourth Quarter and Full Year 2010 Guidance
For the fourth quarter of 2010, the Company expects to ship approximately 300 MW of PV modules.
The Company expects its gross margin relating to its in-house wafer production to module production to be in the mid 30s in percentage terms during the fourth quarter of 2010. The Company believes its overall gross margin, taking into account wafer and cell requirements outsourced to third party suppliers to meet demand in excess of its internal capacity, for the fourth quarter will be approximately 30%. Such guidance is based on the average exchange rate between the Euro and U.S. dollar from October 1, 2010 to November 30, 2010.
For the full year of 2010, the Company raises its guidance for total PV module shipments to be approximately 1 GW, compared to its earlier guidance of between 900 MW to 930 MW, representing an increase of approximately 151% from the annual PV module shipments in 2009.
Operations and Business Outlook
Non-Silicon Cost Reduction
In the third quarter of 2010, the Company's non-silicon manufacturing cost applicable to its in-house wafer production to module production was approximately $0.73 per watt, compared to $0.74 per watt in the previous quarter. The Company expects to further reduce its costs in 2011 through the continuation of technology and manufacturing process improvements, including supply chain and logistics management initiatives currently under testing and development.
Silicon Procurement
Through the Company's diversified range of short, medium and long-term supply contracts, which include contracts entered into in the first quarter of 2007, the Company will continue to maintain competitive silicon costs relative to the current market price.
Sales Outlook
As a result of strong demand for its module products in both European and non-European markets, including the United States, the Company expects to increase its shipment volume in the fourth quarter of 2010 compared to the third quarter of 2010.
The Company expects its Euro denominated average selling price ("ASP") during the fourth quarter of 2010 to increase from that in the third quarter of 2010.
2010 and 2011 Capacity Expansion
As of August 31, 2010, the Company reached its targeted 2010 annualized in-house production capacities of approximately 950 MW of PV cell and module capacity.
Through yield increases achieved from improved cell conversion efficiency rates, improved production efficiencies and manufacturing line enhancements, the Company expects that the actual manufacturing yield of its PV cell and module production may reach up to 1.1 GW of annualized capacity during the fourth quarter of 2010.
In the second half of 2011, the Company expects to raise its annualized in-house production capacity of ingot and wafer as well as PV cell and module production capacity to reach approximately 1.2 GW and 1.7 GW, respectively, based on actual manufacturing yield.
Conference Call
The Company will host a conference call at 8:00 a.m. ET on November 30, 2010, to discuss the results for the quarter ended September 30, 2010. Joining Jifan Gao, Chairman and CEO of Trina Solar, will be Terry Wang, Chief Financial Officer, Gary Yu, Senior Vice President, Operations, Ben Hill, Vice President, Sales and Marketing and Thomas Young, Senior Director, Investor Relations. Supplemental information will be made available on the Investors Section of the Trina Solar's website at http://www.trinasolar.com. To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: 1 (800) 884-2382. International callers should dial +1 (660) 422-4933. The conference ID for the call is 2380-9157.
If you are unable to participate in the call at this time, a replay will be available on November 30 at 10:00 a.m. ET, through December 14 at 11:59 p.m. ET. To access the replay, dial 1 (800) 642-1687, international callers should dial +1 (706) 645-9291, and enter the conference 2380-9157.
This conference call will be broadcast live over the Internet and can be accessed by all interested parties on Trina Solar's website at http://www.trinasolar.com. To listen to the live webcast, please go to Trina Solar's website at least fifteen minutes prior to the start of the call to register, download and install any necessary audio software. For those unable to participate during the live broadcast, a replay will be available shortly after the call on Trina Solar's website for 90 days.
Canadian Solar PV Modules on Bancroft School's Roof-Top
SAN RAMON, Calif., Nov. 30, 2010 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company", "we" or "Canadian Solar") (Nasdaq: CSIQ), one of the world's largest solar companies, today announced a newly activated 106 kW roof-mount photovoltaic (PV) solar electric system on the McDonough Center at the Bancroft School in Worcester, Mass. This installation, completed and activated prior to start of the 2010 school year, is currently the largest private solar electric system in Worcester.
The installation incorporates 462 Canadian Solar CS6P-230P polycrystalline modules that will produce approximately 117,000 kilowatt-hours annually, reducing carbon emissions by 88 tons per year, or the equivalent that 438 trees would offset annually. The school, which enrolls 541 students and employs 124 faculty and staff, expects the PV system to offset its electrical needs by producing enough power to meet approximately 25 percent of the McDonough Center's annual energy demands.
"This installation not only teaches our students about the importance of renewable energy but also demonstrates Bancroft School's commitment to environmental awareness and positive energy choices for our community," said Scott R. Reisinger, head of Bancroft School. "We're looking forward to financial savings in energy costs while contributing to environmental sustainability for years to come."
"We're happy to see our best-of-breed panels being used in settings where they can impact future generations' understanding of the power of renewable energy," said Alan King, vice president of U.S. Sales for Canadian Solar, USA. "The Bancroft School installation represents significant investment in a state with commendably aggressive solar policies."
The solar installation was designed and financed by Future Solar Systems and installed by Professional Electric. The Canadian Solar CS6P-230P polycrystalline modules used are among the top-ranked solar modules in PV USA (PTC) ratings--ratings that are quickly becoming universally accepted standards for measuring real-world module energy production and performance.
The installation incorporates 462 Canadian Solar CS6P-230P polycrystalline modules that will produce approximately 117,000 kilowatt-hours annually, reducing carbon emissions by 88 tons per year, or the equivalent that 438 trees would offset annually. The school, which enrolls 541 students and employs 124 faculty and staff, expects the PV system to offset its electrical needs by producing enough power to meet approximately 25 percent of the McDonough Center's annual energy demands.
"This installation not only teaches our students about the importance of renewable energy but also demonstrates Bancroft School's commitment to environmental awareness and positive energy choices for our community," said Scott R. Reisinger, head of Bancroft School. "We're looking forward to financial savings in energy costs while contributing to environmental sustainability for years to come."
"We're happy to see our best-of-breed panels being used in settings where they can impact future generations' understanding of the power of renewable energy," said Alan King, vice president of U.S. Sales for Canadian Solar, USA. "The Bancroft School installation represents significant investment in a state with commendably aggressive solar policies."
The solar installation was designed and financed by Future Solar Systems and installed by Professional Electric. The Canadian Solar CS6P-230P polycrystalline modules used are among the top-ranked solar modules in PV USA (PTC) ratings--ratings that are quickly becoming universally accepted standards for measuring real-world module energy production and performance.
Yingli Green Energy Secures Aggregately Over 1,000 Megawatts of Solar Module Sales Contracts for 2011 Delivery
BAODING, China, Nov. 30, 2010 /PRNewswire-Asia-FirstCall/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), a leading solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers, which markets its products under the brand "Yingli Solar," today announced that it has entered into aggregately over 1,000 megawatts (MW) of PV module contracts for 2011 delivery, exceeding its sales target one month ahead of previously announced schedule. Customers under majority of those contracts were required to make prepayments to the Company in order to ensure committed delivery in 2011.
"We are pleased to announce this business milestone, which we expect will provide more visibility into our 2011 growth and customer demand," said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "We believe our ability to maintain a leading position in this increasingly competitive industry is supported by broader recognition of our premium brand, our loyal and diversified customer-base, as well as our increasing manufacturing capacity. We are answering increasing demand in new and emerging markets, including Italy, France, England, the U.S., and China."
"We are pleased to announce this business milestone, which we expect will provide more visibility into our 2011 growth and customer demand," said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "We believe our ability to maintain a leading position in this increasingly competitive industry is supported by broader recognition of our premium brand, our loyal and diversified customer-base, as well as our increasing manufacturing capacity. We are answering increasing demand in new and emerging markets, including Italy, France, England, the U.S., and China."
NRG Solar and SunPower Agree to Build 250-Megawatt California Valley Solar Ranch
PRINCETON, N.J. and SAN JOSE, Calif., Nov. 30, 2010 /PRNewswire/ -- NRG Solar, a subsidiary of NRG Energy, Inc. (NYSE: NRG) and SunPower Corp. (Nasdaq: SPWRA, SPWRB) today announced groundbreaking agreements to begin construction next year of the 250-megawatt (MW) California Valley Solar Ranch in San Luis Obispo County. The solar power plant is expected to create approximately 350 jobs during construction, will power about 100,000 homes and will be one of the largest photovoltaic solar power plants in the world, when complete. NRG Solar plans to invest up to $450 million of equity in the project over the next four years, subject to final total project cost and negotiation of the financing terms and conditions.
Under the agreement announced today, NRG will, subject to certain conditions, assume all ownership and financing responsibilities for the California Valley Solar Ranch. SunPower will continue to develop the project, and will design, build, operate and maintain the solar power plant. Construction is expected to start in the second half of 2011, with a portion of the project expected to begin operating by the end of 2011 and the balance coming on line in 2012 and 2013. When fully operational, the solar power plant will help California achieve its 33% renewable portfolio standard.
The project is currently seeking a loan guarantee from the U.S. Department of Energy's (DOE) Loan Guarantee Program Office, which supports accelerated commercial use of innovative energy technologies to help sustain economic growth, yield environmental benefits, and produce a more stable and secure energy supply. The DOE Loan Guarantee Program Office has provided a draft term sheet for the California Valley Solar Ranch project, which is a significant milestone in the process leading to a conditional loan guarantee commitment.
"California Valley Solar Ranch will be an important component of our multi-technology portfolio of clean, zero-emission solar power facilities," said Tom Doyle, president of NRG Solar. "We are pursuing large-scale photovoltaic projects across the Southwest and working with like-minded companies that can ensure our projects will be exceptionally successful. SunPower has the proven technology and experience building solar power plants around the world to deliver a well-designed solar project that will be a major contributor to helping California meet its ambitious renewable portfolio standard by the end of the decade."
"This partnership with NRG Solar and the DOE represents a major milestone in delivering 250 megawatts of clean, renewable solar power to California's electricity customers," said Howard Wenger, president of the utility and power plants business group at SunPower. "For two years, SunPower has been working to develop this project responsibly, with respect for the environment and the community. We are delighted to have found in NRG a partner that shares our vision to build a solar power plant in San Luis Obispo County that enhances the local economy, protects local habitat and generates emission-free solar power for California. The DOE is playing a critical leadership role in supporting renewable energy that provides economic and environmental benefits, as well as a secure, stable energy supply in the U.S."
California Valley Solar Ranch has executed 25-year power purchase agreements with Pacific Gas & Electric for delivery of 250 megawatts. The power purchase agreements have been approved by the California Public Utilities Commission. The closing of the NRG and SunPower agreements announced today is subject to the satisfaction of customary closing conditions and the completion of development, including obtaining required permitting and regulatory approvals.
By the end of 2010, SunPower will have installed more than 1,500 megawatts of solar power systems worldwide, including 400 megawatts of ground-mounted power plants.
Under the agreement announced today, NRG will, subject to certain conditions, assume all ownership and financing responsibilities for the California Valley Solar Ranch. SunPower will continue to develop the project, and will design, build, operate and maintain the solar power plant. Construction is expected to start in the second half of 2011, with a portion of the project expected to begin operating by the end of 2011 and the balance coming on line in 2012 and 2013. When fully operational, the solar power plant will help California achieve its 33% renewable portfolio standard.
The project is currently seeking a loan guarantee from the U.S. Department of Energy's (DOE) Loan Guarantee Program Office, which supports accelerated commercial use of innovative energy technologies to help sustain economic growth, yield environmental benefits, and produce a more stable and secure energy supply. The DOE Loan Guarantee Program Office has provided a draft term sheet for the California Valley Solar Ranch project, which is a significant milestone in the process leading to a conditional loan guarantee commitment.
"California Valley Solar Ranch will be an important component of our multi-technology portfolio of clean, zero-emission solar power facilities," said Tom Doyle, president of NRG Solar. "We are pursuing large-scale photovoltaic projects across the Southwest and working with like-minded companies that can ensure our projects will be exceptionally successful. SunPower has the proven technology and experience building solar power plants around the world to deliver a well-designed solar project that will be a major contributor to helping California meet its ambitious renewable portfolio standard by the end of the decade."
"This partnership with NRG Solar and the DOE represents a major milestone in delivering 250 megawatts of clean, renewable solar power to California's electricity customers," said Howard Wenger, president of the utility and power plants business group at SunPower. "For two years, SunPower has been working to develop this project responsibly, with respect for the environment and the community. We are delighted to have found in NRG a partner that shares our vision to build a solar power plant in San Luis Obispo County that enhances the local economy, protects local habitat and generates emission-free solar power for California. The DOE is playing a critical leadership role in supporting renewable energy that provides economic and environmental benefits, as well as a secure, stable energy supply in the U.S."
California Valley Solar Ranch has executed 25-year power purchase agreements with Pacific Gas & Electric for delivery of 250 megawatts. The power purchase agreements have been approved by the California Public Utilities Commission. The closing of the NRG and SunPower agreements announced today is subject to the satisfaction of customary closing conditions and the completion of development, including obtaining required permitting and regulatory approvals.
By the end of 2010, SunPower will have installed more than 1,500 megawatts of solar power systems worldwide, including 400 megawatts of ground-mounted power plants.
ReneSola Announces Cancellation of Admission to Trading on AIM
JIASHAN, China, Nov. 30, 2010 /PRNewswire-Asia-FirstCall/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar wafers and provider of solar module original equipment manufacturer ("OEM") services, announces that its admission to trading on the Alternative Investment Market ("AIM") of the London Stock Exchange has today been cancelled.
ReneSola's shares (AIM: SOLA) ceased trading on AIM at the close of business in the United Kingdom on 29 November 2010 and its cancellation of admission to trading on AIM took effect at 7.00 GMT on 30 November 2010.
Shareholders who choose not to convert their shares into American Depositary Shares ("ADSs") will continue to be shareholders of the Company, holding shares without a liquid market. Shareholders who have not made arrangements for their shares to be converted into ADSs by the close of business in the United Kingdom on 30 November 2010 will automatically be sent a share certificate. The Company will continue to maintain its ordinary share register and non market transfers can still be processed, but shareholders wishing to trade their shares through the New York Stock Exchange ("NYSE") will first be required to convert those shares into ADSs. Shareholders choosing to convert their shares into ADSs at a later time must follow the conversion procedure and pay a conversion fee to the Bank of New York Mellon, the depositary bank (the "Depositary").
Shareholders choosing to convert their shares into ADSs within the six-month period following the cancellation will be required to complete a Deposit Certification, a copy of which is available from the AGM Summary page in the Investor Relations section of the Company's website at http://www.renesola.com and will be available from the website of the Depositary starting 1 December 2010. Thereafter, the Depositary may require shareholders to obtain a US legal opinion in place of a Deposit Certification to support the eligibility of their conversion.
As one ADS represents two shares, shareholders who choose to convert their shares into ADSs will receive one ADS for every two shares currently held by them either in the form of depositary interests or in certificated form. Consequently, shareholders holding an odd number of shares should be aware that they will be unable to convert their single remaining share into an ADS. Shareholders who wish to donate their remaining share, as well as any additional shares, are suggested to do so by direct donation to ShareGift, a share donation charity that has raised over GBP13 million for more than 1,700 charities. Donating a share will negate the need for shareholders to return a share certificate, provided the ShareGift Transfer Form, which can be found on the AGM Summary page in the Investor Relations section of ReneSola's website at http://www.renesola.com, is completed and returned to Capita Registrars Limited. Further information on ShareGift can be found on its website at http://www.sharegift.org.
Further information and instructions for the conversion process are included in ReneSola's Delisting & AGM Circular which can be found on the AGM Summary page in the Investor Relations section of the Company's website at http://www.renesola.com.
ReneSola's shares (AIM: SOLA) ceased trading on AIM at the close of business in the United Kingdom on 29 November 2010 and its cancellation of admission to trading on AIM took effect at 7.00 GMT on 30 November 2010.
Shareholders who choose not to convert their shares into American Depositary Shares ("ADSs") will continue to be shareholders of the Company, holding shares without a liquid market. Shareholders who have not made arrangements for their shares to be converted into ADSs by the close of business in the United Kingdom on 30 November 2010 will automatically be sent a share certificate. The Company will continue to maintain its ordinary share register and non market transfers can still be processed, but shareholders wishing to trade their shares through the New York Stock Exchange ("NYSE") will first be required to convert those shares into ADSs. Shareholders choosing to convert their shares into ADSs at a later time must follow the conversion procedure and pay a conversion fee to the Bank of New York Mellon, the depositary bank (the "Depositary").
Shareholders choosing to convert their shares into ADSs within the six-month period following the cancellation will be required to complete a Deposit Certification, a copy of which is available from the AGM Summary page in the Investor Relations section of the Company's website at http://www.renesola.com and will be available from the website of the Depositary starting 1 December 2010. Thereafter, the Depositary may require shareholders to obtain a US legal opinion in place of a Deposit Certification to support the eligibility of their conversion.
As one ADS represents two shares, shareholders who choose to convert their shares into ADSs will receive one ADS for every two shares currently held by them either in the form of depositary interests or in certificated form. Consequently, shareholders holding an odd number of shares should be aware that they will be unable to convert their single remaining share into an ADS. Shareholders who wish to donate their remaining share, as well as any additional shares, are suggested to do so by direct donation to ShareGift, a share donation charity that has raised over GBP13 million for more than 1,700 charities. Donating a share will negate the need for shareholders to return a share certificate, provided the ShareGift Transfer Form, which can be found on the AGM Summary page in the Investor Relations section of ReneSola's website at http://www.renesola.com, is completed and returned to Capita Registrars Limited. Further information on ShareGift can be found on its website at http://www.sharegift.org.
Further information and instructions for the conversion process are included in ReneSola's Delisting & AGM Circular which can be found on the AGM Summary page in the Investor Relations section of the Company's website at http://www.renesola.com.
Mountain View/Los Altos High School District to Decrease Energy Costs with Solar
SAN JOSE, Calif.--(BUSINESS WIRE)--Cupertino Electric, Inc.’s (CEI) Energy Alternatives Division and the Mountain View/Los Altos High School District today announced that CEI will design and build a 1.26 Megawatt (MW) photovoltaic (PV) system spanning multiple campuses for the District. The solar system is part of a larger modernization program funded by a $41.3 million bond and will be installed on canopies at the District’s Mountain View and Los Altos High School campuses. The system is expected to meet 45 percent of the District’s current electrical needs.
“While we are proud of the recognition we receive for our students’ academic performance, we also feel it is important to educate students on sustainability and their role in the larger community,” said Joe White, Associate Superintendent for Business Services for the District. “The Cupertino Electric-engineered solar system gives us the unique opportunity to explain the science behind renewable energy projects and gives students an opportunity to experience first-hand the rewards of such an investment.”
Construction of the Solar System
The District’s 1.26 MW solar PV system is comprised of two distinct systems installed on ground-mounted canopies: a 755 kilowatt (kW) system on the Mountain View High School campus and a 515 kW system on the Los Alto High School campus. The canopies located in the parking lots of the campuses will span approximately 95,000 square feet. Construction of the system is expected to begin November 29, 2010 and is being managed by Rick Kramer of Kramer Project Development Company, Inc. The project is being constructed in phases to minimize the impact on available student parking spaces at the Mountain View and Los Altos high school campuses.
Environmental Impact of Solar Project
Over its 25-year lifetime, the District’s solar system is expected to produce 39,302,704 kilowatt hours (kWh) of electricity, an amount equal to the annual carbon dioxide emissions from the electricity use of 100 homes. The estimated kilowatt-hours generated during the lifetime of the system are valued at approximately $11.1 million dollars. In addition to energy savings, the District will receive PG&E rebates worth approximately $1.6 million.
“While we are proud of the recognition we receive for our students’ academic performance, we also feel it is important to educate students on sustainability and their role in the larger community,” said Joe White, Associate Superintendent for Business Services for the District. “The Cupertino Electric-engineered solar system gives us the unique opportunity to explain the science behind renewable energy projects and gives students an opportunity to experience first-hand the rewards of such an investment.”
Construction of the Solar System
The District’s 1.26 MW solar PV system is comprised of two distinct systems installed on ground-mounted canopies: a 755 kilowatt (kW) system on the Mountain View High School campus and a 515 kW system on the Los Alto High School campus. The canopies located in the parking lots of the campuses will span approximately 95,000 square feet. Construction of the system is expected to begin November 29, 2010 and is being managed by Rick Kramer of Kramer Project Development Company, Inc. The project is being constructed in phases to minimize the impact on available student parking spaces at the Mountain View and Los Altos high school campuses.
Environmental Impact of Solar Project
Over its 25-year lifetime, the District’s solar system is expected to produce 39,302,704 kilowatt hours (kWh) of electricity, an amount equal to the annual carbon dioxide emissions from the electricity use of 100 homes. The estimated kilowatt-hours generated during the lifetime of the system are valued at approximately $11.1 million dollars. In addition to energy savings, the District will receive PG&E rebates worth approximately $1.6 million.
Intevac to Acquire Solar Implant Technologies
SANTA CLARA, Calif.--(BUSINESS WIRE)--Intevac, Inc. (Nasdaq:IVAC) announced today it has acquired Solar Implant Technologies (SIT).
SIT has developed a novel concept for a compact ion implant module to provide improved doping of silicon photovoltaic cells. Ion implant, a proven technology in semiconductor manufacturing, has recently been adapted for use in the manufacturing of photovoltaic cells to improve the conversion efficiency of silicon cells. However, the equipment currently available in the market generally does not meet the productivity or capital cost of ownership needs of the solar industry. We believe the combination of Intevac’s high productivity platform, Lean Solar™, with SIT’s ion implant module, once productized, will allow the solar industry to reduce the cost per watt of solar modules by enabling the high rate production of higher conversion efficiency cells.
“This technology acquisition is a key element of our equipment strategy to provide a suite of process technology solutions on our high productivity Lean Solar platform to enable lower manufacturing costs for solar cell manufacturers," said Kevin Fairbairn, Intevac president and chief executive officer. “SIT’s innovative ion implant module is a breakthrough design that specifically demonstrates the benefit of designing a solution for a market need,” Mr. Fairbairn concluded.
About Intevac
Intevac was founded in 1991 and has two businesses: Equipment and Intevac Photonics.
Equipment Business: We are a leader in the design, development and marketing of high productivity lean manufacturing systems and have been producing Lean Thinking platforms since 1994. We provide process manufacturing equipment solutions to the hard disk drive industry, high-productivity process manufacturing equipment and inspection solutions to the solar photovoltaic industry and wafer handling platforms to the semiconductor industry.
Intevac Photonics: We are a leader in the development and manufacture of leading edge, high-sensitivity imaging products and vision systems, as well as table-top and handheld Raman instruments. Markets addressed include military, industrial, medical and scientific.
For more information call 408-986-9888, or visit the company's website at www.intevac.com.
SIT has developed a novel concept for a compact ion implant module to provide improved doping of silicon photovoltaic cells. Ion implant, a proven technology in semiconductor manufacturing, has recently been adapted for use in the manufacturing of photovoltaic cells to improve the conversion efficiency of silicon cells. However, the equipment currently available in the market generally does not meet the productivity or capital cost of ownership needs of the solar industry. We believe the combination of Intevac’s high productivity platform, Lean Solar™, with SIT’s ion implant module, once productized, will allow the solar industry to reduce the cost per watt of solar modules by enabling the high rate production of higher conversion efficiency cells.
“This technology acquisition is a key element of our equipment strategy to provide a suite of process technology solutions on our high productivity Lean Solar platform to enable lower manufacturing costs for solar cell manufacturers," said Kevin Fairbairn, Intevac president and chief executive officer. “SIT’s innovative ion implant module is a breakthrough design that specifically demonstrates the benefit of designing a solution for a market need,” Mr. Fairbairn concluded.
About Intevac
Intevac was founded in 1991 and has two businesses: Equipment and Intevac Photonics.
Equipment Business: We are a leader in the design, development and marketing of high productivity lean manufacturing systems and have been producing Lean Thinking platforms since 1994. We provide process manufacturing equipment solutions to the hard disk drive industry, high-productivity process manufacturing equipment and inspection solutions to the solar photovoltaic industry and wafer handling platforms to the semiconductor industry.
Intevac Photonics: We are a leader in the development and manufacture of leading edge, high-sensitivity imaging products and vision systems, as well as table-top and handheld Raman instruments. Markets addressed include military, industrial, medical and scientific.
For more information call 408-986-9888, or visit the company's website at www.intevac.com.
SunWize to Alleviate the Environmental Impact of Installer Training Events with Carbon Offsets
KINGSTON, N.Y.--(BUSINESS WIRE)--SunWize Technologies is proud to announce its contract to off-set the Company’s carbon emissions by contributing to renewable energy projects through the Bonneville Environmental Foundation (BEF).
SunWize has signed a one-year contract to counterbalance its use of more traditional energy sources by contributing to BEF, which will use these funds to support renewable energy projects. After calculating the energy consumed by venues hosting SunWize Installer Trainings, SunWize will purchase Renewable Energy Certificates and carbon offsets to counteract the carbon that these trainings produce. One Renewable Energy Certificate represents the non-power, environmental attributes of 1,000 kilowatt-hours of renewable energy.
“We understand the enormous greenhouse gas impact that stems from travel and energy use on the environment,” said Bruce Gould, sales and marketing director at SunWize Technologies. “We chose to partner with Bonneville Environmental Foundation to lessen our impact by offsetting the carbon emissions produced during our regional training summits. One of our goals for these events is to become ‘carbon neutral’ with a mixture of conservation and carbon offsets.”
The principle of 'offset' foundations are to counteract the impact of emissions created from everyday activities such as driving cars, heating homes and businesses, and airline travel. BEF, recently awarded the EPA/DOE Green Power Partner of the Year, is a charitable public benefit corporation dedicated to encouraging and funding projects that lead to greater reliance on clean, environmentally preferred renewable power.
According to a recent survey of the carbon offset market, in 2008 about $705 million of carbon offset contributions were traded from individuals and small organizations, representing about 123.4 million metric tons of greenhouse gas reductions through organizations such as BEF.
Since 1992, SunWize Technologies has been a leading global provider of cost-effective and dependable solar power solutions. The company’s experienced team of professionals offers the largest product inventory in North America, an extensive line of pre-engineered systems and the diverse capability of a design engineering staff. As a Mitsui & Co (USA), Inc, subsidiary, SunWize provides the technology, the expertise and the network to deliver reliable residential, commercial, government and industrial components and systems. The company operates manufacturing and distribution facilities on the East and West coasts and sales offices throughout the US and Canada. For more information, visit www.sunwize.com.
SunWize has signed a one-year contract to counterbalance its use of more traditional energy sources by contributing to BEF, which will use these funds to support renewable energy projects. After calculating the energy consumed by venues hosting SunWize Installer Trainings, SunWize will purchase Renewable Energy Certificates and carbon offsets to counteract the carbon that these trainings produce. One Renewable Energy Certificate represents the non-power, environmental attributes of 1,000 kilowatt-hours of renewable energy.
“We understand the enormous greenhouse gas impact that stems from travel and energy use on the environment,” said Bruce Gould, sales and marketing director at SunWize Technologies. “We chose to partner with Bonneville Environmental Foundation to lessen our impact by offsetting the carbon emissions produced during our regional training summits. One of our goals for these events is to become ‘carbon neutral’ with a mixture of conservation and carbon offsets.”
The principle of 'offset' foundations are to counteract the impact of emissions created from everyday activities such as driving cars, heating homes and businesses, and airline travel. BEF, recently awarded the EPA/DOE Green Power Partner of the Year, is a charitable public benefit corporation dedicated to encouraging and funding projects that lead to greater reliance on clean, environmentally preferred renewable power.
According to a recent survey of the carbon offset market, in 2008 about $705 million of carbon offset contributions were traded from individuals and small organizations, representing about 123.4 million metric tons of greenhouse gas reductions through organizations such as BEF.
Since 1992, SunWize Technologies has been a leading global provider of cost-effective and dependable solar power solutions. The company’s experienced team of professionals offers the largest product inventory in North America, an extensive line of pre-engineered systems and the diverse capability of a design engineering staff. As a Mitsui & Co (USA), Inc, subsidiary, SunWize provides the technology, the expertise and the network to deliver reliable residential, commercial, government and industrial components and systems. The company operates manufacturing and distribution facilities on the East and West coasts and sales offices throughout the US and Canada. For more information, visit www.sunwize.com.
Ascent Solar to Present at the JP Morgan SMid Cap Conference
THORNTON, Colo.--(BUSINESS WIRE)--Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a developer of state-of-the-art, flexible thin-film photovoltaic modules, announced that the company will present to the investment community at the JP Morgan SMid Cap Conference on December 3, 2010 in New York, NY.
Investors interested in meeting with the company at the conference should contact the JP Morgan 1x1 desk at 212-272-0122.
About Ascent Solar Technologies:
Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic modules with substrate materials that can be more flexible and affordable than most traditional solar panels. Ascent Solar modules can be directly integrated into standard building materials, commercial transportation, automotive solutions, space applications, consumer electronics for portable power or configured as stand-alone modules for large scale terrestrial deployment. Ascent Solar is headquartered in Thornton, Colo. Additional information can be found at www.ascentsolar.com.
Investors interested in meeting with the company at the conference should contact the JP Morgan 1x1 desk at 212-272-0122.
About Ascent Solar Technologies:
Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic modules with substrate materials that can be more flexible and affordable than most traditional solar panels. Ascent Solar modules can be directly integrated into standard building materials, commercial transportation, automotive solutions, space applications, consumer electronics for portable power or configured as stand-alone modules for large scale terrestrial deployment. Ascent Solar is headquartered in Thornton, Colo. Additional information can be found at www.ascentsolar.com.
Monday, November 29, 2010
SCI Engineered Materials, Inc. Approved for $2.1 Million of Loans to Fund Growth in Solar Market
COLUMBUS, OH--(Marketwire - November 29, 2010) - SCI Engineered Materials, Inc. ("SCI") (OTCBB: SCIA) develops and commercializes technologies and manufactures ceramics and metals for advanced applications in the physical vapor deposition industry. The company announced today it has received final approval for two seven-year loans from agencies of the State of Ohio totalling approximately $2.1 million to further SCI's growth in the solar market.
The two loans are linked and include a $0.7 million 166 Direct Loan from the Ohio Department of Development ("ODOD") and a $1.4 million Ohio Air Quality Development Authority ("OAQDA") 166 Direct Loan as part of the Advanced Energy Job Stimulus. Each of the Company's loan applications was independently reviewed as part of the approval process. The interest rate for each loan is 3%.
SCI will also contribute approximately $0.9 million in equity during the 20-month project to achieve its $3.0 million of forecasted capital requirements for the manufacturing expansion of transparent conductive oxide products. For the nine months ended September 30, 2010, the company generated positive cash flow of approximately $0.5 million and had approximately $1.5 million in cash on that same date.
These funds will be used to acquire additional manufacturing equipment to scale SCI's operations to meet anticipated sales growth to solar customers. As a result, the Company expects to expand its manufacturing facilities and nearly triple its current workforce of 26 employees over the next three years.
Dan Rooney, Chairman, President and Chief Executive Officer, commented, "We want to thank the ODOD and OAQDA for their support concerning the approval of these loans, which included an extensive due diligence process. The loans represent an integral part of our capital plan for 2011-2012 and provide us with increased financial flexibility to meet anticipated demand for our innovative transparent conductive oxide products. We are actively involved in product trials with several solar customers and look forward to accelerating implementation of our growth strategy as we invest these funds in our business and convert additional product trials into orders."
SCI Engineered Materials, Inc. manufactures ceramics and metals for advanced applications such as photonics, thin film solar, thin film batteries, and semiconductors. SCI Engineered Materials is a global materials supplier with clients in more than 40 countries. Additional information is available at http://www.sciengineeredmaterials.com.
The two loans are linked and include a $0.7 million 166 Direct Loan from the Ohio Department of Development ("ODOD") and a $1.4 million Ohio Air Quality Development Authority ("OAQDA") 166 Direct Loan as part of the Advanced Energy Job Stimulus. Each of the Company's loan applications was independently reviewed as part of the approval process. The interest rate for each loan is 3%.
SCI will also contribute approximately $0.9 million in equity during the 20-month project to achieve its $3.0 million of forecasted capital requirements for the manufacturing expansion of transparent conductive oxide products. For the nine months ended September 30, 2010, the company generated positive cash flow of approximately $0.5 million and had approximately $1.5 million in cash on that same date.
These funds will be used to acquire additional manufacturing equipment to scale SCI's operations to meet anticipated sales growth to solar customers. As a result, the Company expects to expand its manufacturing facilities and nearly triple its current workforce of 26 employees over the next three years.
Dan Rooney, Chairman, President and Chief Executive Officer, commented, "We want to thank the ODOD and OAQDA for their support concerning the approval of these loans, which included an extensive due diligence process. The loans represent an integral part of our capital plan for 2011-2012 and provide us with increased financial flexibility to meet anticipated demand for our innovative transparent conductive oxide products. We are actively involved in product trials with several solar customers and look forward to accelerating implementation of our growth strategy as we invest these funds in our business and convert additional product trials into orders."
SCI Engineered Materials, Inc. manufactures ceramics and metals for advanced applications such as photonics, thin film solar, thin film batteries, and semiconductors. SCI Engineered Materials is a global materials supplier with clients in more than 40 countries. Additional information is available at http://www.sciengineeredmaterials.com.
SunPower to Speak at Key Investor Events in December 2010
SAN JOSE, Calif., Nov. 29, 2010 /PRNewswire/ -- SunPower Corp. (Nasdaq: SPWRA, SPWRB), a Silicon Valley-based manufacturer of high-efficiency solar cells, solar panels and solar systems, today announced speakers at three key investor events in December.
On December 1, Bob Okunski, senior director of investor relations, will deliver a presentation at the Robert W. Baird 2010 Clean Technology Conference at the Four Seasons Hotel in San Francisco. His talk will begin at noon PST.
SunPower CFO, Dennis Arriola, will speak on Wednesday, December 8 at 8:45 a.m. EST at the Macquarie Alternative Energy Conference 2010. The event is being held at the Sofitel Hotel in New York City.
Tom Werner, SunPower CEO, will speak at the Barclay's Capital Global Technology Conference on December 9 at 10:30 a.m. PST at the Palace Hotel in San Francisco.
All three events will be broadcast live at http://investors.sunpowercorp.com/events.cfm and will be archived on the SunPower website.
On December 1, Bob Okunski, senior director of investor relations, will deliver a presentation at the Robert W. Baird 2010 Clean Technology Conference at the Four Seasons Hotel in San Francisco. His talk will begin at noon PST.
SunPower CFO, Dennis Arriola, will speak on Wednesday, December 8 at 8:45 a.m. EST at the Macquarie Alternative Energy Conference 2010. The event is being held at the Sofitel Hotel in New York City.
Tom Werner, SunPower CEO, will speak at the Barclay's Capital Global Technology Conference on December 9 at 10:30 a.m. PST at the Palace Hotel in San Francisco.
All three events will be broadcast live at http://investors.sunpowercorp.com/events.cfm and will be archived on the SunPower website.
SCHOTT Solar PV, Inc. and BPVS Bring Solar to New YWCA
SPRINGFIELD, Mass., Nov. 29, 2010 /PRNewswire/ -- SCHOTT Solar PV, Inc. ("SCHOTT Solar") and Berkshire Photovoltaic Services (BPVS) announced today the completion of a 28.6 kilowatt photovoltaic (PV) system for the YWCA of Western Massachusetts Campus of Hope housing complex in Springfield.
The YWCA of Western Massachusetts created the Phase II Supportive Housing Complex to offer secure homes, daycare and educational resources for abused women and their families. In addition to making the facility safe and comfortable for its residents, the YWCA also committed to using solar power as an energy source.
"SCHOTT Solar is privileged to help bring solar to the Campus of Hope," said Tom Hecht, President and chief sales officer of SCHOTT Solar PV, Inc. "By working with organizations like the YWCA and our partner BPVS, our commitment to a strong U.S. solar industry expands beyond creating American jobs to creating a meaningful impact for facilities that help improve lives."
BPVS designed and installed the PV system on the nearly completed Campus of Hope housing complex. It features 130 SCHOTT POLY® 220 modules that will annually save the facility more than $5,000 in electricity costs and defer more than 19 tons of carbon emissions.
"BPVS is proud to provide our community with a clean energy system that will help the YWCA ease concerns over electric bills while offering safe housing to women and families in need," said Chris Kilfoyle, president of BPVS of Adams, Mass.
"Having a green facility with solar panels helps send the message of optimism for a clean energy future to our residents and visitors to our campus," said Mary Reardon Johnson, executive director of the YWCA of Western Massachusetts.
The PV system and installation were funded through a grant by the Massachusetts Renewable Energy Trust's Green Affordable Housing Development Program and the Commonwealth Solar Rebate Program.
The YWCA of Western Massachusetts created the Phase II Supportive Housing Complex to offer secure homes, daycare and educational resources for abused women and their families. In addition to making the facility safe and comfortable for its residents, the YWCA also committed to using solar power as an energy source.
"SCHOTT Solar is privileged to help bring solar to the Campus of Hope," said Tom Hecht, President and chief sales officer of SCHOTT Solar PV, Inc. "By working with organizations like the YWCA and our partner BPVS, our commitment to a strong U.S. solar industry expands beyond creating American jobs to creating a meaningful impact for facilities that help improve lives."
BPVS designed and installed the PV system on the nearly completed Campus of Hope housing complex. It features 130 SCHOTT POLY® 220 modules that will annually save the facility more than $5,000 in electricity costs and defer more than 19 tons of carbon emissions.
"BPVS is proud to provide our community with a clean energy system that will help the YWCA ease concerns over electric bills while offering safe housing to women and families in need," said Chris Kilfoyle, president of BPVS of Adams, Mass.
"Having a green facility with solar panels helps send the message of optimism for a clean energy future to our residents and visitors to our campus," said Mary Reardon Johnson, executive director of the YWCA of Western Massachusetts.
The PV system and installation were funded through a grant by the Massachusetts Renewable Energy Trust's Green Affordable Housing Development Program and the Commonwealth Solar Rebate Program.
Nanometrics Announces $10 Million Share Repurchase Program
MILPITAS, Calif.--(BUSINESS WIRE)--Nanometrics Incorporated (Nasdaq: NANO), a leading provider of advanced process control metrology systems used primarily in the fabrication of semiconductors, high-brightness LEDs, data storage devices and solar photovoltaics, today announced that its Board of Directors has authorized the repurchase of up to $10 million of the company’s common stock from the public market or in private purchases.
The repurchase program is effective immediately, may be suspended or discontinued at any time, and will be funded using the company’s available cash. As of October 2, 2010, Nanometrics had $64.0 million in cash and cash equivalents and approximately 22.2 million shares outstanding.
“In the third quarter of 2010, Nanometrics completed the remainder of our prior stock repurchase program. We have achieved five consecutive quarters of positive cash flow from operations and have confidence in the continued strong financial performance and cash generation of the company,” stated Tim Stultz, president and chief executive officer. “The Board’s primary goal in this new repurchase program is to offset shareholder dilution resulting from periodic grants of incentive options and restricted stock units.”
The repurchase program is effective immediately, may be suspended or discontinued at any time, and will be funded using the company’s available cash. As of October 2, 2010, Nanometrics had $64.0 million in cash and cash equivalents and approximately 22.2 million shares outstanding.
“In the third quarter of 2010, Nanometrics completed the remainder of our prior stock repurchase program. We have achieved five consecutive quarters of positive cash flow from operations and have confidence in the continued strong financial performance and cash generation of the company,” stated Tim Stultz, president and chief executive officer. “The Board’s primary goal in this new repurchase program is to offset shareholder dilution resulting from periodic grants of incentive options and restricted stock units.”
Solar Thin Films, Inc. Enters Into Letter of Intent for Joint Venture
NEW YORK, NY--(Marketwire - November 29, 2010) - Solar Thin Films, Inc. (OTCBB: SLTZ) today announced that it has entered into a Letter of Intent with One Globe Renewables, LLC of Colorado, USA for the purpose of forming a joint venture and strategic relationships for the development and syndication of solar farms on both a proprietary and turnkey basis. Preliminary talks are underway in Israel, Canada, Europe and elsewhere to form joint ventures similar to the one being negotiated with One Globe Renewables. The Company describes these negotiations as the first stage of its recently announced shift in focus from the sale of turnkey factories for the production of thin film solar modules through its Hungarian subsidiary and affiliates to concentrate on establishing, financing, managing and syndicating solar farms as power projects both domestically and internationally.
One Globe Renewables, LLC (OGR) is a limited liability company founded in 2010 and based in Colorado. One Globe focuses on the development, financing and power project management of rooftop, carport and ground-mount commercial solar photovoltaic (PV) energy producing assets in all domestic and selected international markets.
Solar Thin Films, Inc. (OTCBB: SLTZ) has manufactured solar module production equipment and turn-key amorphous silicon module factories. The Company is now working to establish itself as an international developer and syndicator of solar power projects.
One Globe Renewables, LLC (OGR) is a limited liability company founded in 2010 and based in Colorado. One Globe focuses on the development, financing and power project management of rooftop, carport and ground-mount commercial solar photovoltaic (PV) energy producing assets in all domestic and selected international markets.
Solar Thin Films, Inc. (OTCBB: SLTZ) has manufactured solar module production equipment and turn-key amorphous silicon module factories. The Company is now working to establish itself as an international developer and syndicator of solar power projects.
Solar Park Initiatives, Inc. Signs Joint Venture With Canadian Renewable Energy Company
PONTE VEDRA BEACH, FL--(Marketwire - November 29, 2010) - Solar Park Initiatives, Inc. (OTCBB: SOPV), a Florida-based solar energy company dedicated to utility and commercial solar park developments in North America, announced that it has signed a Joint Venture Agreement with a Canadian company that is focused on renewable energy project developments. The partner company is involved in a plethora of renewable energy technologies to produce clean energy including solar power, wind power, hydro energy generation, biofuels and other bio-mass based generation facilities, and is working on next generation recycling systems. Solar Park Initiatives will bring its established engineering, manufacturing, and financial resources to the partnership which will assist in the development of the partner company's planned solar farm and renewable energy projects. The name of the Joint Venture company will be announced upon the finalizing of the contracts.
Fidelis Signs Definitive Agreement to Build up to a 100 Mega Watt Solar Park in Spain
LOS ANGELES, CA--(Marketwire - November 29, 2010) - Fidelis Energy Inc. (PINKSHEETS: FDEI) today announced it has signed a definitive long-term agreement with ASD Lusiona Solar ("ALS") to develop approximately 1,500 acres of land for the design, construction and operation of up to a 100 MW solar park in Spain.
The agreement formalizes the Letter of Intent Fidelis announced with ALS on November 15, 2010 said Fildelis President James Poole. "This ALS agreement is another important milestone for Fidelis," James said. "The fact that ALS has agreed to move forward affirms the potential our proprietary technology holds for the renewable energy and solar industry."
It is anticipated that the project will generate up to $350 Million in revenue if fully completed. Fidelis will partner with a Spanish developer to complete the project. The transaction, which is subject to customary closing conditions and regulatory approvals, has been approved by both companies' board of directors and is expected to close in the first quarter ending March 31, 2011.
Shareholders and anyone interested in monitoring the progress of the company are encouraged to subscribe to the electronic mailing list at www.fidelisenergyinc.com.
About Fidelis Energy Inc.
Fidelis Energy Inc. ("FDEI") is an energy company focused on developing, constructing and operating solar energy projects exclusively or in partnership with other energy companies. Fidelis is also in the development stage of designing solar photovoltaic (PV) cell technology products and plans to manufacture and distribute these products in the future. Fidelis owns a unique patent pending solar cell technology based on photovoltaic cells with integral light-transmitting wave guides in a ceramic sleeve. The advantage of this technology is the efficiency of less exposed surface area being required to generate electricity. The light-transmitting particles act as wave guides and allow the sun-exposed conversion area of the solar cell to be shifted readily from horizontal to vertical to capture more sunlight. The ceramic sleeve eliminates the need for expensive vacuum chambers, thereby allowing less expensive materials to be used in solar cell production.
We are developing, with plans to eventually manufacture and market, innovative solar cells and solar power products for a wide range of applications based on our technology that increases light-trapping while enabling a variety of materials to be used. Our technology employs multiple stacked solar cells in a ceramic sleeve that uses nano-particles and crystal wave guides to carry light from the opening down to the last junction in the solar cell. Competitors' processes that use vacuum chambers (instead of a ceramic sleeve) generally don't allow for material substitution because of contamination issues. We believe our technology will also allow manufacturers to quickly and economically shift to new materials if a shortage of any one type of material occurs. In general, our technology will offer a flexible, cost-effective solution for increased light-trapping and will provide increased efficiency.
The agreement formalizes the Letter of Intent Fidelis announced with ALS on November 15, 2010 said Fildelis President James Poole. "This ALS agreement is another important milestone for Fidelis," James said. "The fact that ALS has agreed to move forward affirms the potential our proprietary technology holds for the renewable energy and solar industry."
It is anticipated that the project will generate up to $350 Million in revenue if fully completed. Fidelis will partner with a Spanish developer to complete the project. The transaction, which is subject to customary closing conditions and regulatory approvals, has been approved by both companies' board of directors and is expected to close in the first quarter ending March 31, 2011.
Shareholders and anyone interested in monitoring the progress of the company are encouraged to subscribe to the electronic mailing list at www.fidelisenergyinc.com.
About Fidelis Energy Inc.
Fidelis Energy Inc. ("FDEI") is an energy company focused on developing, constructing and operating solar energy projects exclusively or in partnership with other energy companies. Fidelis is also in the development stage of designing solar photovoltaic (PV) cell technology products and plans to manufacture and distribute these products in the future. Fidelis owns a unique patent pending solar cell technology based on photovoltaic cells with integral light-transmitting wave guides in a ceramic sleeve. The advantage of this technology is the efficiency of less exposed surface area being required to generate electricity. The light-transmitting particles act as wave guides and allow the sun-exposed conversion area of the solar cell to be shifted readily from horizontal to vertical to capture more sunlight. The ceramic sleeve eliminates the need for expensive vacuum chambers, thereby allowing less expensive materials to be used in solar cell production.
We are developing, with plans to eventually manufacture and market, innovative solar cells and solar power products for a wide range of applications based on our technology that increases light-trapping while enabling a variety of materials to be used. Our technology employs multiple stacked solar cells in a ceramic sleeve that uses nano-particles and crystal wave guides to carry light from the opening down to the last junction in the solar cell. Competitors' processes that use vacuum chambers (instead of a ceramic sleeve) generally don't allow for material substitution because of contamination issues. We believe our technology will also allow manufacturers to quickly and economically shift to new materials if a shortage of any one type of material occurs. In general, our technology will offer a flexible, cost-effective solution for increased light-trapping and will provide increased efficiency.
China Sunergy Provides Court Proceeding Updates on the Dispute With REC Wafer
NANJING, China, Nov. 29, 2010 /PRNewswire-Asia/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or the "Company") a leading solar cell and module manufacturer based in Nanjing, China, today announced that the Company had received updated court proceeding with regard to the dispute with REC Wafer Norway AS ("REC Wafer").
In a ruling made by the Supreme Court of the People's Republic of China on November 5, 2010, the Court denied the appeal filed by REC Wafer and made the final and binding decision that the Jiangsu Higher Court shall have Jurisdiction over the case.
The Court of Appeal in Norway has recently granted the injunction China Sunergy petitioned and ordered that Nordea Bank Norge ASA is prohibited from making payment and REC Wafer is prohibited from receiving payment in accordance with the USD 50 million bank guarantees issued by Nordea Bank Norge ASA to REC Sitech AS. The injunction will remain in force until the Court of Appeal makes a ruling on the main dispute.
In addition, the court in Norway has ordered that REC Wafer Norway AS pay China Sunergy approximately NOK501,761 to cover the costs relating to the Court of Appeal and the District Court.
The court proceeding in Norway regarding the main dispute is still ongoing. The Norwegian District Court ruled on July 5, 2010 in favor of REC Wafer. China Sunergy appealed the ruling at the Court of Appeal, claiming REC Wafer is not a party to the contract originally entered between China Sunergy and the dissolved REC Sitech AS. The Court of Appeal will hold a hearing in March 2011.
Previous Development
Regarding the ongoing dispute with REC Wafer, the Norwegian District Court ruled on July 5, 2010 in favor of REC Wafer, and China Sunergy filed an appeal against the ruling in August, 2010.
In parallel to the main dispute, the Supreme Court of Norway ruled on July 15, 2010 and overturned the Court of Appeal's order which denied China Sunergy's injunction petition with regard to a $50 million bank guarantee. The injunction petition was sent back to the Court of Appeal for a new ruling.
China Sunergy has also served a writ upon REC Wafer, claiming that REC Wafer is not a party to the contract between China Sunergy and the dissolved REC Sitech AS. The Salten District Court in Norway has, after an oral hearing, denied the claim from China Sunergy. Based on the ruling from the Supreme Court, China Sunergy has appealed the ruling from the district court. The hearing at the Court of Appeal will be held in March 2011.
China Sunergy has separately filed a lawsuit against REC Wafer with the People's High Court of Jiangsu Province, the People's Republic of China. The court in China has issued an injunction to the related banks to forbid these banks from making payments related to the bank guarantees. In April 2010, the People's High Court of Jiangsu Province rejected REC Wafer Norway AS's objection to jurisdiction after an oral hearing. REC Wafer has filed an appeal against the decision of jurisdiction to the Supreme Court of the People's Republic of China.
In a ruling made by the Supreme Court of the People's Republic of China on November 5, 2010, the Court denied the appeal filed by REC Wafer and made the final and binding decision that the Jiangsu Higher Court shall have Jurisdiction over the case.
The Court of Appeal in Norway has recently granted the injunction China Sunergy petitioned and ordered that Nordea Bank Norge ASA is prohibited from making payment and REC Wafer is prohibited from receiving payment in accordance with the USD 50 million bank guarantees issued by Nordea Bank Norge ASA to REC Sitech AS. The injunction will remain in force until the Court of Appeal makes a ruling on the main dispute.
In addition, the court in Norway has ordered that REC Wafer Norway AS pay China Sunergy approximately NOK501,761 to cover the costs relating to the Court of Appeal and the District Court.
The court proceeding in Norway regarding the main dispute is still ongoing. The Norwegian District Court ruled on July 5, 2010 in favor of REC Wafer. China Sunergy appealed the ruling at the Court of Appeal, claiming REC Wafer is not a party to the contract originally entered between China Sunergy and the dissolved REC Sitech AS. The Court of Appeal will hold a hearing in March 2011.
Previous Development
Regarding the ongoing dispute with REC Wafer, the Norwegian District Court ruled on July 5, 2010 in favor of REC Wafer, and China Sunergy filed an appeal against the ruling in August, 2010.
In parallel to the main dispute, the Supreme Court of Norway ruled on July 15, 2010 and overturned the Court of Appeal's order which denied China Sunergy's injunction petition with regard to a $50 million bank guarantee. The injunction petition was sent back to the Court of Appeal for a new ruling.
China Sunergy has also served a writ upon REC Wafer, claiming that REC Wafer is not a party to the contract between China Sunergy and the dissolved REC Sitech AS. The Salten District Court in Norway has, after an oral hearing, denied the claim from China Sunergy. Based on the ruling from the Supreme Court, China Sunergy has appealed the ruling from the district court. The hearing at the Court of Appeal will be held in March 2011.
China Sunergy has separately filed a lawsuit against REC Wafer with the People's High Court of Jiangsu Province, the People's Republic of China. The court in China has issued an injunction to the related banks to forbid these banks from making payments related to the bank guarantees. In April 2010, the People's High Court of Jiangsu Province rejected REC Wafer Norway AS's objection to jurisdiction after an oral hearing. REC Wafer has filed an appeal against the decision of jurisdiction to the Supreme Court of the People's Republic of China.
LDK Solar Reaches Capacity in Second 5,000 MT Train in its Polysilicon Plant
XINYU CITY, China and SUNNYVALE, Calif., Nov. 29, 2010 /PRNewswire/ -- LDK Solar Co., Ltd. ("LDK Solar") (NYSE: LDK), a leading manufacturer of multicrystalline solar wafers and PV products, today announced that the Company successfully reached the designed capacity of its second 5,000 MT polysilicon train in its Mahong polysilicon plant. A ceremony to celebrate this important achievement was held in Xinyu City and many leaders of local government were in attendance.
There are three 5,000 MT trains in the 15,000 MT Mahong polysilicon plant. Reaching capacity of the second train demonstrates that LDK Solar has ramped its polysilicon capacity to 10,000 MT. It also enhances LDK Solar's leadership in manufacturing costs, lowers the key material supply risk, and empowers LDK Solar to be a leading enterprise in the PV industry.
"Reaching capacity of the second train in the Mahong polysilicon plant is significant for LDK Solar as well as the PV industry," stated Xingxue Tong, COO of LDK Solar. "It will greatly expand LDK Solar's access to polysilicon and support our growing demand from our customers."
There are three 5,000 MT trains in the 15,000 MT Mahong polysilicon plant. Reaching capacity of the second train demonstrates that LDK Solar has ramped its polysilicon capacity to 10,000 MT. It also enhances LDK Solar's leadership in manufacturing costs, lowers the key material supply risk, and empowers LDK Solar to be a leading enterprise in the PV industry.
"Reaching capacity of the second train in the Mahong polysilicon plant is significant for LDK Solar as well as the PV industry," stated Xingxue Tong, COO of LDK Solar. "It will greatly expand LDK Solar's access to polysilicon and support our growing demand from our customers."
Census Shows Solar Jobs on the Rise
NEW ORLEANS--(BUSINESS WIRE)--Domestic solar energy companies such as GoSolarUSA (PinkSheets:GSLO) and its competitors could be adding thousands of jobs over the next year when many industries remain stagnant, according to a solar jobs census conducted by non-profit research organization the Solar Foundation.
The report, entitled "National Solar Jobs Census 2010: A Review of the U.S. Solar Workforce," examined employment along the solar value chain, including installation, wholesale trade, manufacturing, utilities and all other fields and includes growth rates and job numbers for 31 separate occupations. The analysis included data from more than 2,400 solar company survey respondents. According to the report, more than half the solar industry employers questioned said they plan to increase their workforce by an estimated 26 percent over the next year, representing nearly 24,000 net new jobs by August 2011.
“With the scarcity of fossil fuels continuing to rise, the growth of the solar energy industry is practically inevitable,” said GoSolarUSA President and CEO Tyson Rohde. “Employment numbers are a terrific indicator of our industry’s health, and the Solar Foundation’s report confirms what we already know: Demand for solar technology has not slowed.”
According to the Solar Census, there were more than 16,700 solar employment sites and 93,000 solar energy-related jobs in the U.S. as of August. Over the next 12 months, more than 50 percent of solar companies expect to add jobs, while only two percent expect to cut workers. The anticipated overall 12-month growth rate for the U.S. economy is only about two percent for the same period.
GoSolarUSA is doing its part to create new innovations in the solar energy sector by funding the development of technologies such as the PREEcharge, a protective skin that utilizes solar cells and wireless radio-frequency antennas to charge smartphones and tablet computers using renewable energy sources.
“Innovations such as the PREEcharge that make solar energy part of everyday power usage are what continue to drive the solar industry’s growth,” Rohde said.
GoSolarUSA is dedicated to aggressively acquiring, developing and marketing the most promising and potentially profitable technology available. Tech innovations such as the PREEcharge allow GoSolarUSA to successfully compete in a global marketplace, which includes Trina Solar (NYSE:TSL), JA Solar (NASDAQ:JASO) NVIDIA Corp. (NASDAQ:NVDA) and First Solar Inc. (NASDAQ:FSLR).
The report, entitled "National Solar Jobs Census 2010: A Review of the U.S. Solar Workforce," examined employment along the solar value chain, including installation, wholesale trade, manufacturing, utilities and all other fields and includes growth rates and job numbers for 31 separate occupations. The analysis included data from more than 2,400 solar company survey respondents. According to the report, more than half the solar industry employers questioned said they plan to increase their workforce by an estimated 26 percent over the next year, representing nearly 24,000 net new jobs by August 2011.
“With the scarcity of fossil fuels continuing to rise, the growth of the solar energy industry is practically inevitable,” said GoSolarUSA President and CEO Tyson Rohde. “Employment numbers are a terrific indicator of our industry’s health, and the Solar Foundation’s report confirms what we already know: Demand for solar technology has not slowed.”
According to the Solar Census, there were more than 16,700 solar employment sites and 93,000 solar energy-related jobs in the U.S. as of August. Over the next 12 months, more than 50 percent of solar companies expect to add jobs, while only two percent expect to cut workers. The anticipated overall 12-month growth rate for the U.S. economy is only about two percent for the same period.
GoSolarUSA is doing its part to create new innovations in the solar energy sector by funding the development of technologies such as the PREEcharge, a protective skin that utilizes solar cells and wireless radio-frequency antennas to charge smartphones and tablet computers using renewable energy sources.
“Innovations such as the PREEcharge that make solar energy part of everyday power usage are what continue to drive the solar industry’s growth,” Rohde said.
GoSolarUSA is dedicated to aggressively acquiring, developing and marketing the most promising and potentially profitable technology available. Tech innovations such as the PREEcharge allow GoSolarUSA to successfully compete in a global marketplace, which includes Trina Solar (NYSE:TSL), JA Solar (NASDAQ:JASO) NVIDIA Corp. (NASDAQ:NVDA) and First Solar Inc. (NASDAQ:FSLR).
Konarka’s Power Plastic Achieves World Record 8.3% Efficiency Certification from National Energy Renewable Laboratory (NREL)
LOWELL, Mass.--(BUSINESS WIRE)--Konarka Technologies, Inc., an innovator in development and commercialization of Konarka Power Plastic®, a material that converts light to energy, today announced that the National Energy Renewable Laboratory (NREL) has certified that Konarka’s organic based photovoltaic (OPV) solar cells have demonstrated a record breaking 8.3% efficiency. This is the highest performance recorded by NREL for an organic photovoltaic solar cell.
“The progress Konarka has achieved this year with regard to solar cell efficiency is unprecedented, representing a significant milestone for the industry,” commented Howard Berke, chairman, CEO and co-founder of Konarka. “This unsurpassed NREL certification opens new doors for the commercial production of cost-effective, efficient electricity for numerous large scale applications.”
Konarka Power Plastic is a patent-protected thin film solar material that converts light to energy. The unique material is lightweight and flexible, lending itself to a wide range of applications where traditional photovoltaics are not effective.
The latest certification results are for Konarka’s large area single-junction solar cell with a surface area of 1 square centimeter. This efficiency rating far exceeds previous single-junction organic photovoltaic cell measurement on that surface area and represents the world record for OPV efficiency.
“The progress Konarka has achieved this year with regard to solar cell efficiency is unprecedented, representing a significant milestone for the industry,” commented Howard Berke, chairman, CEO and co-founder of Konarka. “This unsurpassed NREL certification opens new doors for the commercial production of cost-effective, efficient electricity for numerous large scale applications.”
Konarka Power Plastic is a patent-protected thin film solar material that converts light to energy. The unique material is lightweight and flexible, lending itself to a wide range of applications where traditional photovoltaics are not effective.
The latest certification results are for Konarka’s large area single-junction solar cell with a surface area of 1 square centimeter. This efficiency rating far exceeds previous single-junction organic photovoltaic cell measurement on that surface area and represents the world record for OPV efficiency.
Polysun 5.5: Renewable Energy Simulation Software Upgrade Speeds Up Planning and Bidding Process
SAN FRANCISCO--(BUSINESS WIRE)--Vela Solaris, a leading provider of simulation software for the renewable energy sector, today announced the release of Polysun 5.5. The new Polysun 5.5 release is entirely focused on improved user friendliness. A fresh user wizard and a new range of automations enable planners to draw-up an initial offer including comprehensive information on solar fractions, the seasonal performance factor of heat pumps, etc, in less than 5 minutes. Both the graphics and the content of the Polysun design wizard have been completely overhauled. In addition, Polysun system diagrams are now offered also in an on-line version for companies.
The new version also gives the user the opportunity to simulate CPC collectors (Compound Parabolic Concentrator) and PVT hybrid collectors as well as including an improved design wizard for multiple inverter combinations.
As for heat pump systems, with or without a solar system, the new release enables the user to display dynamically-simulated seasonal performance factors. Actual seasonal performance factors depend, in fact, on a variety of factors including type of building, house-insulation, heat gain, type of heating system, hot water consumption, user behavior and weather. In Polysun, these factors are shown in a realistic, individual way and duly taken into account in the calculation of seasonal performance factors.
Cogenra Solar, a provider of distributed solar cogeneration systems and renewable energy service solutions, will be among the first to tap into the simulation capabilities of the new thermal and PV-thermal hybrid concentrating-collector models of the latest version of Polysun. Cogenra will use Polysun 5.5 in the on-going analysis and output optimization of the recently announced Sonoma Wine Company installation, while enabling quick HPPAs (heat and power purchase agreements), as well as the design of their planned solar cogen installations in California and beyond.
“We were pleased that an industry-standard solution like Polysun can now be used to design and predict the output of solar cogeneration systems, enabling HPPAs and other long term financing solutions," said Dr. Gilad Almogy, CEO of Cogenra. “The solution is easy to use and provides us with the accuracy, speed and flexibility we’ve been looking for in order to run sophisticated system simulations for solar cogen projects.”
For more information on Vela Solaris and the Polysun product range, please visit www.velasolaris.com.
The new version also gives the user the opportunity to simulate CPC collectors (Compound Parabolic Concentrator) and PVT hybrid collectors as well as including an improved design wizard for multiple inverter combinations.
As for heat pump systems, with or without a solar system, the new release enables the user to display dynamically-simulated seasonal performance factors. Actual seasonal performance factors depend, in fact, on a variety of factors including type of building, house-insulation, heat gain, type of heating system, hot water consumption, user behavior and weather. In Polysun, these factors are shown in a realistic, individual way and duly taken into account in the calculation of seasonal performance factors.
Cogenra Solar, a provider of distributed solar cogeneration systems and renewable energy service solutions, will be among the first to tap into the simulation capabilities of the new thermal and PV-thermal hybrid concentrating-collector models of the latest version of Polysun. Cogenra will use Polysun 5.5 in the on-going analysis and output optimization of the recently announced Sonoma Wine Company installation, while enabling quick HPPAs (heat and power purchase agreements), as well as the design of their planned solar cogen installations in California and beyond.
“We were pleased that an industry-standard solution like Polysun can now be used to design and predict the output of solar cogeneration systems, enabling HPPAs and other long term financing solutions," said Dr. Gilad Almogy, CEO of Cogenra. “The solution is easy to use and provides us with the accuracy, speed and flexibility we’ve been looking for in order to run sophisticated system simulations for solar cogen projects.”
For more information on Vela Solaris and the Polysun product range, please visit www.velasolaris.com.
Amtech Announces $68 Million in New Solar Orders in November
TEMPE, Ariz.--(BUSINESS WIRE)--Amtech Systems, Inc. (NASDAQ: ASYS), a global supplier of production and automation systems and related supplies for the manufacture of solar cells, semiconductors, and silicon wafers, today announced that its solar subsidiary, Tempress Systems, Inc., has received approximately $68 million in new solar orders for its diffusion processing systems from existing customers in China and one new customer in Taiwan. Amtech’s fiscal 2011 began October 1, 2010.
J.S. Whang, Chief Executive Officer of Amtech, commented, “These latest orders further demonstrate our ability to provide excellent product and service to the industry and the quality and depth of our expanding solar customer base. We believe the intense effort by our customers and the solar industry to increase cell efficiency will continue to drive demand for our superior diffusion technology. We continue to see excellent quotation activity and remain focused on continued successful execution of our solar growth strategy.”
About Amtech Systems, Inc.
Amtech Systems, Inc. manufactures capital equipment, including silicon wafer handling automation, thermal processing equipment and related consumables used in fabricating solar cells and semiconductor devices. Semiconductors, or semiconductor chips, are fabricated on silicon wafer substrates, sliced from ingots, and are part of the circuitry, or electronic components, of many products including solar cells, computers, telecommunications devices, automotive products, consumer goods, and industrial automation and control systems. The Company’s wafer handling, thermal processing and consumable products currently address the diffusion, oxidation, deposition, PECVD, and PSG removal steps used in the fabrication of solar cells, semiconductors, MEMS and the polishing of newly sliced silicon wafers.
J.S. Whang, Chief Executive Officer of Amtech, commented, “These latest orders further demonstrate our ability to provide excellent product and service to the industry and the quality and depth of our expanding solar customer base. We believe the intense effort by our customers and the solar industry to increase cell efficiency will continue to drive demand for our superior diffusion technology. We continue to see excellent quotation activity and remain focused on continued successful execution of our solar growth strategy.”
About Amtech Systems, Inc.
Amtech Systems, Inc. manufactures capital equipment, including silicon wafer handling automation, thermal processing equipment and related consumables used in fabricating solar cells and semiconductor devices. Semiconductors, or semiconductor chips, are fabricated on silicon wafer substrates, sliced from ingots, and are part of the circuitry, or electronic components, of many products including solar cells, computers, telecommunications devices, automotive products, consumer goods, and industrial automation and control systems. The Company’s wafer handling, thermal processing and consumable products currently address the diffusion, oxidation, deposition, PECVD, and PSG removal steps used in the fabrication of solar cells, semiconductors, MEMS and the polishing of newly sliced silicon wafers.
BioSolar Completes Successful Production Run of New White BioBacksheet
SANTA CLARITA, Calif.--(BUSINESS WIRE)--BioSolar, Inc. (OTCBB:BSRC), developer of a breakthrough technology to produce bio-based materials from renewable plant sources that reduce the cost of photovoltaic (PV) solar modules, announces a successful production run of its new white BioBacksheet.
To sell BioBacksheets in the North American and European Union markets, material properties of white BioBacksheet, which are made from brand new polymer materials, are now required to be registered with UL and IEC. Panel manufacturers will rely on this information to ensure that the individual components used in the panels as well as the fully assembled panels will meet the demands placed on them by harsh environmental conditions while ensuring safe and reliable operation.
After the BioBacksheet is certified as an acceptable material, the next step is for each PV module manufacturer to obtain UL and IEC certification that their fully assembled solar panel, with BioBacksheet, will also pass all industry standards. BioSolar is currently in the process of coordinating with PV module manufacturers who intend to recertify their existing certified PV panels with BioBacksheet.
When BioSolar developed a new white BioBacksheet formulation, it was necessary to validate that the new backsheet was as reliable as our existing translucent backsheet. To have high confidence that BioBacksheet can be certified without complications, BioSolar ran all tests that will be performed in the certification process in advance. BioSolar is pleased to announce that progress has been rapid.
BioSolar recently announced it had successfully modified its original translucent BioBacksheet to meet the PV industry’s demand for white BioBacksheet without compromising its industry-leading product characteristics. The new white BioBacksheet is expected to open up a wider pool of potential customers.
To sell BioBacksheets in the North American and European Union markets, material properties of white BioBacksheet, which are made from brand new polymer materials, are now required to be registered with UL and IEC. Panel manufacturers will rely on this information to ensure that the individual components used in the panels as well as the fully assembled panels will meet the demands placed on them by harsh environmental conditions while ensuring safe and reliable operation.
After the BioBacksheet is certified as an acceptable material, the next step is for each PV module manufacturer to obtain UL and IEC certification that their fully assembled solar panel, with BioBacksheet, will also pass all industry standards. BioSolar is currently in the process of coordinating with PV module manufacturers who intend to recertify their existing certified PV panels with BioBacksheet.
When BioSolar developed a new white BioBacksheet formulation, it was necessary to validate that the new backsheet was as reliable as our existing translucent backsheet. To have high confidence that BioBacksheet can be certified without complications, BioSolar ran all tests that will be performed in the certification process in advance. BioSolar is pleased to announce that progress has been rapid.
BioSolar recently announced it had successfully modified its original translucent BioBacksheet to meet the PV industry’s demand for white BioBacksheet without compromising its industry-leading product characteristics. The new white BioBacksheet is expected to open up a wider pool of potential customers.
Tuesday, November 23, 2010
SunPower's U.S. Growth Continues With New Expansion Office in Austin, Tex.
SAN JOSE, Calif., Nov. 23, 2010 /PRNewswire/ -- SunPower Corp. (Nasdaq: SPWRA, SPWRB), a Silicon Valley-based manufacturer of high-efficiency solar cells, solar panels and solar systems, today announced that the company has received a $2.5 million investment from the Texas Enterprise Fund (TEF) to expand operations with a major new office site in the Austin, Tex. metropolitan area. SunPower plans to create 450 jobs in the region over the next four years with this investment, which is conditioned upon the finalization of a local incentive agreement with the City of Austin.
"We applaud Gov. Perry, Mayor Leffingwell and state and city officials who are aggressively working to offer SunPower economic incentives to expand our operations to Austin and create hundreds of jobs," said SunPower CEO Tom Werner. "Texas has great potential to become a significant solar market. If policies creating a stable solar market across Texas are enacted, this commitment by SunPower could be the start of significantly more investment and job creation in the state by the rapidly growing solar industry."
State-level and Austin area officials successfully competed with other jurisdictions that SunPower considered for its North America expansion. In addition to the solar market potential in Texas and development incentives offered by the state and city, SunPower cited Austin's talented workforce, semiconductor industry expertise and a neighborhood of strong academic institutions as factors that influenced the selection.
A global company, SunPower employs approximately 5,500 people with more than 900 in the U.S. With this investment, Texas will become one of SunPower's top three office locations in the U.S. The Austin facility will house operations including marketing, legal and finance functions.
"We applaud Gov. Perry, Mayor Leffingwell and state and city officials who are aggressively working to offer SunPower economic incentives to expand our operations to Austin and create hundreds of jobs," said SunPower CEO Tom Werner. "Texas has great potential to become a significant solar market. If policies creating a stable solar market across Texas are enacted, this commitment by SunPower could be the start of significantly more investment and job creation in the state by the rapidly growing solar industry."
State-level and Austin area officials successfully competed with other jurisdictions that SunPower considered for its North America expansion. In addition to the solar market potential in Texas and development incentives offered by the state and city, SunPower cited Austin's talented workforce, semiconductor industry expertise and a neighborhood of strong academic institutions as factors that influenced the selection.
A global company, SunPower employs approximately 5,500 people with more than 900 in the U.S. With this investment, Texas will become one of SunPower's top three office locations in the U.S. The Austin facility will house operations including marketing, legal and finance functions.
SunEdison Interconnects Europe's Largest Single Operating PV Solar Power Plant
BELTSVILLE, Md., Nov. 23, 2010 /PRNewswire/ -- SunEdison, a leading worldwide solar energy services provider and a subsidiary of MEMC Electronic Materials (NYSE: WFR), has successfully interconnected a 70 megawatt (MW) photovoltaic (PV) power plant in Northeast Italy, near the town of Rovigo. The deployment, which is now the largest single-operating PV solar power plant in Europe, was completed and interconnected in a nine-month time period.
The Rovigo solar power plant was acquired by First Reserve through a previously announced joint venture between First Reserve Corporation and SunEdison. First Reserve recently announced the execution of a euro 260M project finance facility for the project with some of the leading European banks, including Banco Santander, Unicredit Corporate Banking, Dexia Crediop, Natixis, Societe Generale and Credit Agricole. SunEdison, a minority investor in the joint venture with First Reserve, will manage the ongoing operations and maintenance of the Rovigo plant.
"With construction completion in less than one year, we believe this deployment signifies a new milestone for the industry and will become the standard for future mega projects," said Carlos Domenech, President of SunEdison. "SunEdison has once again demonstrated its capabilities and expertise in developing large-scale solar projects while helping government agencies promote renewable energy initiatives."
"SunEdison has proved it is highly efficient and reliable as a leader in executing large scale solar projects like Rovigo," commented Mark Florian, Managing Director of First Reserve Energy Infrastructure. "We are proud to add this flagship project to our energy infrastructure portfolio and look forward to developing new opportunities for our joint venture with SunEdison in the future. The combination of a strong regulatory environment, a stable tariff regime and reliable solar exposure are attractive characteristics for the Italian solar market."
"The deployment of the Rovigo project within this timeframe was made possible thanks to the commitment of our project partners and local and regional authorities," said Pancho Perez, General Manager of SunEdison EMEA. "This project is a fine example of SunEdison's commitment to the continued development of the solar PV sector in Italy and the EMEA."
In a letter to Carlos Domenech, the Italian Minister for Economic Development, Paolo Romani, congratulated SunEdison's achievement. The Minister referred to the challenges of energy supply in Italy and the project's importance to economic growth and success.
The Rovigo solar plant will create significant environmental benefits over its expected lifetime. In its first year of operation alone, the system is expected to generate enough energy to power more than 16,500 homes and prevent the emission of more than 40,000 tons of CO(2), equivalent to the removal of 8,000 cars from the road.
The Rovigo solar power plant was acquired by First Reserve through a previously announced joint venture between First Reserve Corporation and SunEdison. First Reserve recently announced the execution of a euro 260M project finance facility for the project with some of the leading European banks, including Banco Santander, Unicredit Corporate Banking, Dexia Crediop, Natixis, Societe Generale and Credit Agricole. SunEdison, a minority investor in the joint venture with First Reserve, will manage the ongoing operations and maintenance of the Rovigo plant.
"With construction completion in less than one year, we believe this deployment signifies a new milestone for the industry and will become the standard for future mega projects," said Carlos Domenech, President of SunEdison. "SunEdison has once again demonstrated its capabilities and expertise in developing large-scale solar projects while helping government agencies promote renewable energy initiatives."
"SunEdison has proved it is highly efficient and reliable as a leader in executing large scale solar projects like Rovigo," commented Mark Florian, Managing Director of First Reserve Energy Infrastructure. "We are proud to add this flagship project to our energy infrastructure portfolio and look forward to developing new opportunities for our joint venture with SunEdison in the future. The combination of a strong regulatory environment, a stable tariff regime and reliable solar exposure are attractive characteristics for the Italian solar market."
"The deployment of the Rovigo project within this timeframe was made possible thanks to the commitment of our project partners and local and regional authorities," said Pancho Perez, General Manager of SunEdison EMEA. "This project is a fine example of SunEdison's commitment to the continued development of the solar PV sector in Italy and the EMEA."
In a letter to Carlos Domenech, the Italian Minister for Economic Development, Paolo Romani, congratulated SunEdison's achievement. The Minister referred to the challenges of energy supply in Italy and the project's importance to economic growth and success.
The Rovigo solar plant will create significant environmental benefits over its expected lifetime. In its first year of operation alone, the system is expected to generate enough energy to power more than 16,500 homes and prevent the emission of more than 40,000 tons of CO(2), equivalent to the removal of 8,000 cars from the road.
EnergyOne Technologies Announces New Management Team
LEXINGTON, Ky.--(BUSINESS WIRE)--EnergyOne Technologies Inc., a provider of renewable energy solutions and next generation technologies, announced today that the Company has appointed co-founder Michael Jones as its President and co-founder Michael Van Steenburg as its Chief Technology Officer.
Mr. Jones comes from the electric utility industry with over 30 years of experience and has an extensive background in renewable energy, risk management, regulatory administration, power contracts, utility finance, and engineering and construction. In 2008, Mr. Jones founded Pacific Bluegrass Solar and served as CEO until its merger with EnergyOne in 2010. In 2002, Mr. Jones founded Phoenix Motorcars, a manufacturer of full size, freeway speed Electric Vehicles and raised over $40 million in private equity investments. In 2007, Phoenix Motorcars was invited to the White House to meet with former President George Bush to discuss electric vehicle technologies, with the President test driving the all electric sport utility truck. Phoenix Motorcars was awarded the U.S. Department of Energy’s Energy Innovators Award for 2008. Mr. Jones holds a Degree in Business Management from Pepperdine University.
Mr. Van Steenburg is a veteran technology expert who has managed several technology companies and led teams of engineers on all types of advanced technology development programs over the past 20 years. He has created and developed a substantial amount of intellectual property in the green technology area, ranging from structurally insulated panel systems to advanced electric motor drive systems for electric vehicles. Mr. Van Steenburg’s previous companies have been suppliers to many Fortune 500 companies and currently have development contracts with large OEMs. He holds a Degree in Mechanical Engineering from the University of Texas at San Antonio and is in the process of completing his MBA.
Mr. Jones comes from the electric utility industry with over 30 years of experience and has an extensive background in renewable energy, risk management, regulatory administration, power contracts, utility finance, and engineering and construction. In 2008, Mr. Jones founded Pacific Bluegrass Solar and served as CEO until its merger with EnergyOne in 2010. In 2002, Mr. Jones founded Phoenix Motorcars, a manufacturer of full size, freeway speed Electric Vehicles and raised over $40 million in private equity investments. In 2007, Phoenix Motorcars was invited to the White House to meet with former President George Bush to discuss electric vehicle technologies, with the President test driving the all electric sport utility truck. Phoenix Motorcars was awarded the U.S. Department of Energy’s Energy Innovators Award for 2008. Mr. Jones holds a Degree in Business Management from Pepperdine University.
Mr. Van Steenburg is a veteran technology expert who has managed several technology companies and led teams of engineers on all types of advanced technology development programs over the past 20 years. He has created and developed a substantial amount of intellectual property in the green technology area, ranging from structurally insulated panel systems to advanced electric motor drive systems for electric vehicles. Mr. Van Steenburg’s previous companies have been suppliers to many Fortune 500 companies and currently have development contracts with large OEMs. He holds a Degree in Mechanical Engineering from the University of Texas at San Antonio and is in the process of completing his MBA.
Evergreen Solar Receives Certification Qualifying String Ribbon® Solar Panels for UK Solar Market
MARLBORO, Mass.--(BUSINESS WIRE)--Evergreen Solar, Inc. (NasdaqGM: ESLR), a manufacturer of String Ribbon® solar panels with its proprietary silicon wafer technology, today announced it has received the Microgeneration Certification Scheme (MCS) certificate from the United Kingdom's British Board of Agrément, qualifying the company's ES-A series panels for solar projects supported by the Renewables Cash-Back Scheme.
The ‘Renewables Cash-Back Scheme’ has been active in the UK since April 2010. Homeowners and communities who install low carbon electricity, including solar panels, are paid for the electricity they generate, even if they use it themselves. Solar projects are required to use MCS certified panels installed by MCS accredited installers to be eligible for funding.
In May 2010, Evergreen Solar announced that its ES-A series panels received IEC 61701 salt mist certification making the panels ideal for coastal installations. Given the fact that the UK has more than 31,000 kilometers (19,000 miles) of coastline, Evergreen Solar's ES-A panels are well-suited for UK-based projects.
"The MCS certification is a major step forward in expanding our business in the UK and a testament to the quality and workmanship of Evergreen’s solar panels which are known for delivering more electricity with less impact on the environment," said Peter Rusch, Evergreen Solar’s Vice President of Sales for Europe, Africa and the Middle East. "And given the fact that many UK solar projects will be installed on or near the coast, our IEC 61701 salt mist certification is likely to make the ES-A series the panel of choice for these projects."
The MCS is an internationally-recognized quality assurance scheme which demonstrates the quality and reliability of products by satisfying rigorous standards. Product certification involves testing of products and an assessment of the manufacturing processes, materials and staff training.
The ‘Renewables Cash-Back Scheme’ has been active in the UK since April 2010. Homeowners and communities who install low carbon electricity, including solar panels, are paid for the electricity they generate, even if they use it themselves. Solar projects are required to use MCS certified panels installed by MCS accredited installers to be eligible for funding.
In May 2010, Evergreen Solar announced that its ES-A series panels received IEC 61701 salt mist certification making the panels ideal for coastal installations. Given the fact that the UK has more than 31,000 kilometers (19,000 miles) of coastline, Evergreen Solar's ES-A panels are well-suited for UK-based projects.
"The MCS certification is a major step forward in expanding our business in the UK and a testament to the quality and workmanship of Evergreen’s solar panels which are known for delivering more electricity with less impact on the environment," said Peter Rusch, Evergreen Solar’s Vice President of Sales for Europe, Africa and the Middle East. "And given the fact that many UK solar projects will be installed on or near the coast, our IEC 61701 salt mist certification is likely to make the ES-A series the panel of choice for these projects."
The MCS is an internationally-recognized quality assurance scheme which demonstrates the quality and reliability of products by satisfying rigorous standards. Product certification involves testing of products and an assessment of the manufacturing processes, materials and staff training.
First Solar to Host Its 2011 Guidance Conference Call on Tuesday, December 14, 2010
TEMPE, Ariz.--(BUSINESS WIRE)--First Solar, Inc. (NASDAQ: FSLR) will host its 2011 Guidance Conference Call after the market close on Tuesday, December 14, 2010 at 4:30 p.m. EST. Rob Gillette, CEO, Jens Meyerhoff, CFO and President, Utility Systems Group, and Bruce Sohn, President, will review the Company’s 2011 Guidance followed by Q&A. Investors may access a live webcast of this event by visiting http://investor.firstsolar.com/phoenix.zhtml?c=201491&p=irol-calendar.
An audio replay of the conference call will also be available approximately two hours after the conclusion of the call. The audio replay will remain available until Sunday, December 19, 2010 at 7:30 p.m. EST and can be accessed by dialing 888-203-1112 if you are calling from within the United States or 719-457-0820 if you are calling from outside the United States and entering the replay pass code 7856437. A replay of the webcast will be available on the Investor section on the Company’s web site approximately two hours after the conclusion of the call and remain available for approximately 90 calendar days.
An audio replay of the conference call will also be available approximately two hours after the conclusion of the call. The audio replay will remain available until Sunday, December 19, 2010 at 7:30 p.m. EST and can be accessed by dialing 888-203-1112 if you are calling from within the United States or 719-457-0820 if you are calling from outside the United States and entering the replay pass code 7856437. A replay of the webcast will be available on the Investor section on the Company’s web site approximately two hours after the conclusion of the call and remain available for approximately 90 calendar days.
Monday, November 22, 2010
Construction of PSE&G's Yardville Solar Farm Under Way
HAMILTON TOWNSHIP, N.J., Nov. 22, 2010 /PRNewswire/ -- Public Service Electric and Gas Company (PSE&G) today marked the first phase of construction at its Yardville Solar Farm on South Broad St. in Hamilton Township, N.J. The 4.4-megawatt facility is one of four ground-mounted solar farms that the utility is developing as part of its $515 million Solar 4 All™ program. Through the program, PSE&G expects to develop more than 20 solar projects, which represents an investment of more than $140 million that will create almost 300 jobs and provide New Jersey with 30 megawatts of solar-generated power.
"The Yardville Solar Farm exemplifies PSE&G's environmental commitment and its leadership position in renewable energy," said Al Matos, PSE&G's vice president of renewables and energy solutions. "Projects like this will help move Hamilton Township, Mercer County and New Jersey toward a brighter future."
"This is one of many projects that PSE&G is developing as we invest more than $750 million to increase access to solar energy in New Jersey," Matos said. "Clean energy investments are key to a sustainable future. In addition to being good for the environment, these investments are creating jobs and helping New Jersey to build a new, green sector that will strengthen the skills of the workforce and our state's ability to compete globally."
The Yardville Solar Farm will be comprised of 15,750 solar panels covering 15.75 acres of PSE&G property and will be connected directly to the electric grid for the benefit of all PSE&G electric customers. The solar farm will produce enough electricity to power about 720 average-size homes.
PSE&G is developing the four ground-mounted solar farms on PSE&G-owned properties in Linden (3.2 megawatts), Edison (2 megawatts) and Trenton (1.3 megawatts). Each will be among the largest solar farms developed in New Jersey. All four sites will utilize crystalline solar panel technology and have monitoring and communications functionality. In addition, PSE&G is building a 1-megawatt solar system on the roof of its Central Electric headquarters in Somerset, N.J., and a 700-kilowatt solar system at its Edison Training and Development Center facility in Edison, N.J.. There also are four solar systems built on the grounds of five Newark Public Schools as part of the Solar 4 All program.
The 20 projects under development will produce enough energy to power about 4,900 homes and eliminate 23,000 metric tons of CO2 emissions – the equivalent of removing nearly 2,800 cars from the road for one year.
PSE&G is using leading solar energy companies to help deploy solar farms across the state to help drive New Jersey's economic growth in this sector. American Capital Energy, a premier developer of solar energy projects, is responsible for the deployment of the Hamilton Township project.
State regulators approved PSE&G's Solar 4 All program in July 2009. The program involves a $515 million investment in 80 megawatts of solar power, creating green jobs and vastly increasing the amount of renewable energy capacity in the state of New Jersey. The program's first segment consists of installing up to 40 megawatts of pole-attached smart solar units in neighborhoods on utility poles in PSE&G's service territory, which includes the state's six largest cities and roughly 300 rural and suburban communities. This is the largest pole-attached solar installation in the world, with the smart solar units connected directly into PSE&G's electric distribution system.
The second segment of the Solar 4 All program focuses on 40 megawatts of centralized solar facilities, such as the Yardville Solar Farm and other solar sites on PSE&G owned or leased properties.
The financial benefits that Solar 4 All produces – federal tax investment credits, sale of the energy and capacity, as well as monetizing the solar environmental credits (SRECs) – are returned to PSE&G electric ratepayers to reduce the overall cost of the program.
"The Yardville Solar Farm exemplifies PSE&G's environmental commitment and its leadership position in renewable energy," said Al Matos, PSE&G's vice president of renewables and energy solutions. "Projects like this will help move Hamilton Township, Mercer County and New Jersey toward a brighter future."
"This is one of many projects that PSE&G is developing as we invest more than $750 million to increase access to solar energy in New Jersey," Matos said. "Clean energy investments are key to a sustainable future. In addition to being good for the environment, these investments are creating jobs and helping New Jersey to build a new, green sector that will strengthen the skills of the workforce and our state's ability to compete globally."
The Yardville Solar Farm will be comprised of 15,750 solar panels covering 15.75 acres of PSE&G property and will be connected directly to the electric grid for the benefit of all PSE&G electric customers. The solar farm will produce enough electricity to power about 720 average-size homes.
PSE&G is developing the four ground-mounted solar farms on PSE&G-owned properties in Linden (3.2 megawatts), Edison (2 megawatts) and Trenton (1.3 megawatts). Each will be among the largest solar farms developed in New Jersey. All four sites will utilize crystalline solar panel technology and have monitoring and communications functionality. In addition, PSE&G is building a 1-megawatt solar system on the roof of its Central Electric headquarters in Somerset, N.J., and a 700-kilowatt solar system at its Edison Training and Development Center facility in Edison, N.J.. There also are four solar systems built on the grounds of five Newark Public Schools as part of the Solar 4 All program.
The 20 projects under development will produce enough energy to power about 4,900 homes and eliminate 23,000 metric tons of CO2 emissions – the equivalent of removing nearly 2,800 cars from the road for one year.
PSE&G is using leading solar energy companies to help deploy solar farms across the state to help drive New Jersey's economic growth in this sector. American Capital Energy, a premier developer of solar energy projects, is responsible for the deployment of the Hamilton Township project.
State regulators approved PSE&G's Solar 4 All program in July 2009. The program involves a $515 million investment in 80 megawatts of solar power, creating green jobs and vastly increasing the amount of renewable energy capacity in the state of New Jersey. The program's first segment consists of installing up to 40 megawatts of pole-attached smart solar units in neighborhoods on utility poles in PSE&G's service territory, which includes the state's six largest cities and roughly 300 rural and suburban communities. This is the largest pole-attached solar installation in the world, with the smart solar units connected directly into PSE&G's electric distribution system.
The second segment of the Solar 4 All program focuses on 40 megawatts of centralized solar facilities, such as the Yardville Solar Farm and other solar sites on PSE&G owned or leased properties.
The financial benefits that Solar 4 All produces – federal tax investment credits, sale of the energy and capacity, as well as monetizing the solar environmental credits (SRECs) – are returned to PSE&G electric ratepayers to reduce the overall cost of the program.
Trina Solar's ADRs Quoted on the Singapore Exchange GlobalQuote Board
CHANGZHOU, China, Nov. 22, 2010 /PRNewswire-Asia-FirstCall/ -- Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic (PV) products from the production of ingots, wafers and cells to the assembly of PV modules, announced today that its American Depositary Receipts ("ADRs") have started trading on the Singapore Exchange ("SGX") GlobalQuote Board under the symbol "K3KD".
The SGX-quoted ADRs are fully fungible with Trina Solar's US-listed ADRs and will give investors the option of trading round-the-clock for the first time. GlobalQuote is SGX's quotation board for international securities such as ADRs, depository receipts and depository shares of companies already listed on other exchanges.
"We are excited to have our ADRs quoted on SGX to more closely connect Trina Solar to our Asia-based investors," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "We believe Trina Solar's ADR quotation on the SGX GlobalQuote Board can add significant value by increasing access to our Asia-Pacific investors by facilitating trading during local working hours."
"The quotation and trading of Trina Solar ADRs on SGX's GlobalQuote will make available to the company the liquidity pool in Asia during the region's trading hours. This initiative therefore enhances the price discovery process and creates trading opportunities in the ADRs of these US-listed Asian companies," said Mr. Lawrence Wong, Executive Vice President and Head of Listings at SGX.
The SGX-quoted ADRs are fully fungible with Trina Solar's US-listed ADRs and will give investors the option of trading round-the-clock for the first time. GlobalQuote is SGX's quotation board for international securities such as ADRs, depository receipts and depository shares of companies already listed on other exchanges.
"We are excited to have our ADRs quoted on SGX to more closely connect Trina Solar to our Asia-based investors," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "We believe Trina Solar's ADR quotation on the SGX GlobalQuote Board can add significant value by increasing access to our Asia-Pacific investors by facilitating trading during local working hours."
"The quotation and trading of Trina Solar ADRs on SGX's GlobalQuote will make available to the company the liquidity pool in Asia during the region's trading hours. This initiative therefore enhances the price discovery process and creates trading opportunities in the ADRs of these US-listed Asian companies," said Mr. Lawrence Wong, Executive Vice President and Head of Listings at SGX.
TechPrecision Corporation Receives Initial Order to Produce Advanced Thin Film Panel Equipment
WESTMINSTER, Mass., Nov. 22, 2010 /PRNewswire/ -- TechPrecision Corporation (OTC Bulletin Board: TPCS) ("TechPrecision", or "the Company"), a leading manufacturer of large-scale, high-precision machined metal fabrications with customers in the alternative energy, medical, nuclear, defense, aerospace and other commercial industries, today announced that it has received an order to machine and fabricate production equipment used to produce advanced thin film panels from one of its customers. This first prototype is expected to ship by the end of calendar 2010, with production units anticipated during 2011.
"This order further diversifies TechPrecision's Poly-Si solar equipment products with Thin Film," said Mr. James Molinaro, Chief Executive Officer of TechPrecision Corporation. "Thin Film solar technology is the second largest volume technology in the solar market, after only Poly-Silicon, and this initial order gives us entry into another growing segment of the industry. We expect this line of business to be incremental to our growth. This order is a natural extension of the precision manufacturing process for which we are so well known and recognized. It demonstrates our customer's confidence in our ability to deliver a product to meet exacting requirements that integrates fabrication, machining, and assembly capabilities into the final product."
"This order further diversifies TechPrecision's Poly-Si solar equipment products with Thin Film," said Mr. James Molinaro, Chief Executive Officer of TechPrecision Corporation. "Thin Film solar technology is the second largest volume technology in the solar market, after only Poly-Silicon, and this initial order gives us entry into another growing segment of the industry. We expect this line of business to be incremental to our growth. This order is a natural extension of the precision manufacturing process for which we are so well known and recognized. It demonstrates our customer's confidence in our ability to deliver a product to meet exacting requirements that integrates fabrication, machining, and assembly capabilities into the final product."
JinkoSolar CEO Kangping Chen Named Ernst & Young Entrepreneur Of The Year® 2010 China Award Winner for Emerging Entrepreneur
SHANGHAI, Nov. 22, 2010 /PRNewswire-Asia-FirstCall/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a fast-growing solar product manufacturer with low-cost operations based in China, announced today that its chief executive officer Kangping Chen received the Ernst & Young Entrepreneur Of The Year® 2010 China Award in the Emerging Entrepreneur category at a gala event in Shanghai on November 19, 2010.
Mr. Chen, one of 13 winners across nine award categories, was selected by an independent panel of judges for his achievements as an emerging business leader, excelling in a number of assessment areas including entrepreneurial spirit, financial performance, strategic direction, national or global impact, innovation and personal integrity and influence.
Mr. Chen commented, "It's a tremendous honor to be recognized as one of the top entrepreneurs in China for 2010. I am especially honored that Ernst & Young has recognized the accomplishments of JinkoSolar in the past year, from our successful listing on the New York Stock Exchange to our rapidly growing business and global presence. We expanded our annual solar module production capacity to 450 MW as of September 30, 2010 from 150 MW as of December 31, 2009 and are on target to achieve annual silicon wafer, solar cell and solar module production capacities of 1 GW each by the end of 2011. We have substantially increased our net income from $10.8 million in the first quarter of 2010 to $38.8 million in the third quarter of 2010 as well as entered into several long-term contracts with today's leading global solar companies. I am proud to be part of such an inspiring company and dedicate this award to our employees and their entrepreneurial spirit."
Mr. Chen, one of 13 winners across nine award categories, was selected by an independent panel of judges for his achievements as an emerging business leader, excelling in a number of assessment areas including entrepreneurial spirit, financial performance, strategic direction, national or global impact, innovation and personal integrity and influence.
Mr. Chen commented, "It's a tremendous honor to be recognized as one of the top entrepreneurs in China for 2010. I am especially honored that Ernst & Young has recognized the accomplishments of JinkoSolar in the past year, from our successful listing on the New York Stock Exchange to our rapidly growing business and global presence. We expanded our annual solar module production capacity to 450 MW as of September 30, 2010 from 150 MW as of December 31, 2009 and are on target to achieve annual silicon wafer, solar cell and solar module production capacities of 1 GW each by the end of 2011. We have substantially increased our net income from $10.8 million in the first quarter of 2010 to $38.8 million in the third quarter of 2010 as well as entered into several long-term contracts with today's leading global solar companies. I am proud to be part of such an inspiring company and dedicate this award to our employees and their entrepreneurial spirit."
Yingli Green Energy Grants Applied Materials Award for Outstanding Technology and Service
SANTA CLARA, Calif.--(BUSINESS WIRE)--Applied Materials, Inc. today announced that Yingli Green Energy has granted Applied its "Special Contribution Award" for excellence in optimizing the efficiency and productivity of Yingli’s solar photovoltaic (PV) cell manufacturing operations in Baoding, Hebei province, China.
Applied Materials was one of only two equipment manufacturers among Yingli’s 200 suppliers to win this prestigious award. This was the highest honor given to Yingli’s business partners during its 1st Supplier Conference held recently in Baoding, China.
“We organized this 1st Suppliers Conference with the theme of Friendship, Cooperation and Win-Win to strengthen relationships with our PV business partners,” said Miao Liansheng, Yingli Chairman. “Applied Materials has demonstrated each of these core values, and we are very pleased to present this special award in recognition of its superior technology and extraordinary efforts to accelerate our rapid capacity expansion.”
“We are greatly honored to receive this award from Yingli Green Energy,” said Charlie Gay, President of Applied Materials Solar. “It is precisely this type of customer collaboration that we endeavor to achieve. Our global footprint and leading capability have enabled us to achieve this privileged position, and we look forward to continuing to deliver superior results for Yingli well into the future.”
As the leading equipment supplier to the global solar industry and with a history of more than 25 years of doing business in China, Applied Materials is committed to helping enable customer roadmaps with advanced technology solutions, service offerings and global infrastructure support for optimizing solar cell efficiency and factory operations. Since its entry into the solar market in 2006, Applied has delivered cell manufacturing equipment with an annualized output of greater than 20GW and wafer manufacturing equipment with an annualized output of more than 10GW to production factories worldwide.
Applied Materials was one of only two equipment manufacturers among Yingli’s 200 suppliers to win this prestigious award. This was the highest honor given to Yingli’s business partners during its 1st Supplier Conference held recently in Baoding, China.
“We organized this 1st Suppliers Conference with the theme of Friendship, Cooperation and Win-Win to strengthen relationships with our PV business partners,” said Miao Liansheng, Yingli Chairman. “Applied Materials has demonstrated each of these core values, and we are very pleased to present this special award in recognition of its superior technology and extraordinary efforts to accelerate our rapid capacity expansion.”
“We are greatly honored to receive this award from Yingli Green Energy,” said Charlie Gay, President of Applied Materials Solar. “It is precisely this type of customer collaboration that we endeavor to achieve. Our global footprint and leading capability have enabled us to achieve this privileged position, and we look forward to continuing to deliver superior results for Yingli well into the future.”
As the leading equipment supplier to the global solar industry and with a history of more than 25 years of doing business in China, Applied Materials is committed to helping enable customer roadmaps with advanced technology solutions, service offerings and global infrastructure support for optimizing solar cell efficiency and factory operations. Since its entry into the solar market in 2006, Applied has delivered cell manufacturing equipment with an annualized output of greater than 20GW and wafer manufacturing equipment with an annualized output of more than 10GW to production factories worldwide.
Standard Solar Partners with Sol Systems to Make Solar Energy Solutions More Affordable
ROCKVILLE, Md.--(BUSINESS WIRE)--Standard Solar, Inc., a leader in the full-service development, installation and financing of solar electric systems for commercial, government and residential customers, today announced a partnership with Sol Systems, the nation’s largest solar renewable energy credit (SREC) aggregator. The partnership will help make alternative energy solutions more affordable for Standard Solar customers.
“This partnership will go a long way for our current and future customers,” said Standard Solar President Scott Wiater. “Not only will it help businesses and homeowners significantly cut costs of their solar energy systems, but it will help those considering solar energy to realize that alternative energy is an affordable solution.”
Solar renewable energy credits are a critical component to making solar energy an affordable option for homeowners and businesses, and can compose up to 30 percent of a solar energy system’s payback. Through Standard Solar’s partnership with Sol Solutions, customers will have access to competitive SREC pricing and the resources to secure the maximum benefit from their SRECs.
Through one SREC program, Sol Upfront, customers can receive immediate financing for their systems. Sol Systems will purchase all estimated SREC production for a 10-year period, providing customers with a one-time, lump-sum payment that can be used to pay off installation costs. The Sol Annuity SREC option allows customers to lock in the current SREC rate and receive payments for each full SREC produced. This gives customers reliable, quarterly payments as solar energy is generated.
“We are excited to work with Standard Solar, an installer with one of the best reputations in the Mid-Atlantic region,” said Sol Systems CEO Yuri Horwitz. “The partnership will extend our solar financing services to hundreds of homeowners and businesses and give them easy, economical ways to invest in solar.”
Standard Solar is also participating in Sol Lease, which allows Washington DC homeowners, schools, churches, businesses and non-profits to secure solar energy with no up-front costs. By paying a fixed, monthly payment, these groups can enjoy the savings and benefits of solar energy produced from a solar energy system for a 10-year contract term.
“This partnership will go a long way for our current and future customers,” said Standard Solar President Scott Wiater. “Not only will it help businesses and homeowners significantly cut costs of their solar energy systems, but it will help those considering solar energy to realize that alternative energy is an affordable solution.”
Solar renewable energy credits are a critical component to making solar energy an affordable option for homeowners and businesses, and can compose up to 30 percent of a solar energy system’s payback. Through Standard Solar’s partnership with Sol Solutions, customers will have access to competitive SREC pricing and the resources to secure the maximum benefit from their SRECs.
Through one SREC program, Sol Upfront, customers can receive immediate financing for their systems. Sol Systems will purchase all estimated SREC production for a 10-year period, providing customers with a one-time, lump-sum payment that can be used to pay off installation costs. The Sol Annuity SREC option allows customers to lock in the current SREC rate and receive payments for each full SREC produced. This gives customers reliable, quarterly payments as solar energy is generated.
“We are excited to work with Standard Solar, an installer with one of the best reputations in the Mid-Atlantic region,” said Sol Systems CEO Yuri Horwitz. “The partnership will extend our solar financing services to hundreds of homeowners and businesses and give them easy, economical ways to invest in solar.”
Standard Solar is also participating in Sol Lease, which allows Washington DC homeowners, schools, churches, businesses and non-profits to secure solar energy with no up-front costs. By paying a fixed, monthly payment, these groups can enjoy the savings and benefits of solar energy produced from a solar energy system for a 10-year contract term.
Solar Capital Ltd. Announces Private Placement Offering of 1.9 Million Shares and Intent to Repay a Portion of Its Senior Unsecured Notes
NEW YORK--(BUSINESS WIRE)--Solar Capital Ltd. (NASDAQ: SLRC) announced today that it has entered into an agreement to sell 1,800,000 shares of common stock to a group of institutional investors in a private placement transaction. In addition, management has agreed to acquire an incremental 115,000 shares.
The investors in the private placement have agreed to a purchase price per share of $22.94, resulting in approximately $44 million of net proceeds.
Net proceeds of this offering and additional borrowings under the company’s credit facility are expected to be used for the repayment of a portion of the company’s outstanding 8.75% Senior Unsecured Notes.
“This offering, in conjunction with additional borrowings under our credit facility, allows us to reduce our cost of capital,” said Michael Gross, Solar Capital Ltd. Chairman and CEO. “The redemption of the Senior Unsecured Notes will have a positive impact on net investment income. There is no prepayment penalty associated with redeeming the notes, and the additional borrowings incurred in conjunction with the repayment are at rates approximately 5.00% lower than the coupon on the debt being retired.”
The transaction discussed above involves the sale of securities in private transactions that will not be registered under the Securities Act of 1933, as amended, and will be subject to the resale restrictions under that Act. The Company has agreed to prepare and file a registration statement with the Securities and Exchange Commission to provide for the resale of the common shares issued in the private placement. Such securities may not be offered or sold in the United States absent registration or an applicable exemption from registration. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The private placement is expected to be completed as promptly as possible, subject to a number of customary closing conditions.
ABOUT SOLAR CAPITAL LTD.
Solar Capital Ltd. is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company invests primarily in leveraged, middle market companies in the form of senior secured loans, mezzanine loans, and equity securities.
The investors in the private placement have agreed to a purchase price per share of $22.94, resulting in approximately $44 million of net proceeds.
Net proceeds of this offering and additional borrowings under the company’s credit facility are expected to be used for the repayment of a portion of the company’s outstanding 8.75% Senior Unsecured Notes.
“This offering, in conjunction with additional borrowings under our credit facility, allows us to reduce our cost of capital,” said Michael Gross, Solar Capital Ltd. Chairman and CEO. “The redemption of the Senior Unsecured Notes will have a positive impact on net investment income. There is no prepayment penalty associated with redeeming the notes, and the additional borrowings incurred in conjunction with the repayment are at rates approximately 5.00% lower than the coupon on the debt being retired.”
The transaction discussed above involves the sale of securities in private transactions that will not be registered under the Securities Act of 1933, as amended, and will be subject to the resale restrictions under that Act. The Company has agreed to prepare and file a registration statement with the Securities and Exchange Commission to provide for the resale of the common shares issued in the private placement. Such securities may not be offered or sold in the United States absent registration or an applicable exemption from registration. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The private placement is expected to be completed as promptly as possible, subject to a number of customary closing conditions.
ABOUT SOLAR CAPITAL LTD.
Solar Capital Ltd. is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company invests primarily in leveraged, middle market companies in the form of senior secured loans, mezzanine loans, and equity securities.
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