FUKUSHIMA, Japan--(BUSINESS WIRE)--Elon Musk, through his Musk Foundation, has donated $250,000 to build a solar power system in Soma City, in the Fukushima prefecture of Japan. Mr. Musk is visiting an area of Soma City today that was devastated by a tsunami earlier this year, for a ceremony at the site where the project will be built. SolarCity is donating time and resources to manage the project, which will provide renewable electricity to a city facility located on reclaimed industrial land not suitable for agriculture.
The solar arrays will consist of high-efficiency solar panels manufactured in Japan, and will be installed by local workers in Fukushima. The project will create local construction jobs and can act as a model for the reuse of disaster-stricken areas in other parts of Japan for clean energy generation.
Much of the eastern portion of Soma was flooded by a devastating tsunami following a massive earthquake on March 11, 2011. The city is about 43 kilometers north of the Fukushima Daiichi Nuclear Power Plant, the site of the nuclear accident caused by the tsunami. Soma City’s agriculture, dairy and fishing industries were devastated by the tsunami, and tourism has been hurt by concerns about any lasting effects of the nuclear disaster. Despite Soma City’s proximity to the Fukushima Daiichi Nuclear Plant, the winds and topography have protected the city and prevented the need for citizens to evacuate. Mr. Musk hopes that by visiting the region, he can demonstrate that it’s safe for others, both within and outside of Japan, to do so.
Hidekiyo Tachiya, the mayor of Soma City, has worked to open roads quickly and provide housing for displaced people following the disasters.
“We are grateful to Elon Musk and the Musk Foundation for this generous gift, and for coming such a long way to personally visit Soma City,” said Mayor Tachiya. “Recovery requires us to build new industries, and our next generation wants them to be supported by new kinds of energy. With this project as a beginning, Soma City hopes to become a model for Japan’s energy future.”
The Soma City project will be the Musk Foundation’s second donated solar project the last 12 months. The Musk Foundation donated the funds and SolarCity donated labor to build a solar power system for a hurricane response center in southern Alabama in December 2010, to provide renewable power with battery backup to an area that had been devastated by Hurricane Katrina and the massive oil spill in the Gulf of Mexico.
Friday, July 29, 2011
JinkoSolar Commences Three-Year Exclusive Solar Partnership With Bayer 04 Leverkusen Football Club
SHANGHAI, July 29, 2011 /PRNewswire-Asia/ -- JinkoSolar Holding Co., Ltd. (the "Company") (NYSE: JKS), a fast-growing, vertically-integrated solar power product manufacturer based in China, today announced that the company has become the exclusive solar partner of Bayer 04 Leverkusen, the current vice champion of the 1st German Bundesliga based in Leverkusen, North Rhine-Westphalia, Germany.
Having come second in Bundesliga 2011, Bayer 04 Leverkusen earned itself a place in the Union of European Football Associations (UEFA) Champions League. Under the terms of the three-year sponsorship agreement, JinkoSolar will receive prominent exposure in Bayer 04 Leverkusen's home stadium, BayArena, taking effect as of season 2011/12. Additionally, JinkoSolar holds the exclusive rights to install a solar energy system in the BayArena.
"The high-energy style of play which Bayer 04 Leverkusen brings to football is a fitting parallel to JinkoSolar's unyielding dedication to accelerating solar energy adoption," said Xiande Li, JinkoSolar Chairman. "Both organizations have worked tirelessly to build the skilled teams required to reach the top of our respective sectors. United, we will continue to achieve our goals while shining a spotlight on the immense benefits of solar energy to a global audience."
"We are very proud and satisfied to welcome JinkoSolar as a partner in our Premium Sponsor Club," stated Wolfgang Holzhauser, General Manager of Bayer 04 Leverkusen.
"We are looking forward to strengthening our partnership during the period of the upcoming three years. JinkoSolar and Bayer 04 Leverkusen are a fit because both companies are committed to environmental standards."
"It is Bayer 04 Leverkusen's outstanding reputation and high level of social commitment that have initially drawn us to this cooperation, which is a goal we continuously strive to achieve in our own operations," noted Jack Wang, General Manager of JinkoSolar GmbH. "We take great pride in aligning ourselves with such a respected sports organization and believe this partnership will serve to further enhance JinkoSolar's brand awareness throughout Europe," JinkoSolar Chief Marketing Officer Arturo Herrero concluded.
Having come second in Bundesliga 2011, Bayer 04 Leverkusen earned itself a place in the Union of European Football Associations (UEFA) Champions League. Under the terms of the three-year sponsorship agreement, JinkoSolar will receive prominent exposure in Bayer 04 Leverkusen's home stadium, BayArena, taking effect as of season 2011/12. Additionally, JinkoSolar holds the exclusive rights to install a solar energy system in the BayArena.
"The high-energy style of play which Bayer 04 Leverkusen brings to football is a fitting parallel to JinkoSolar's unyielding dedication to accelerating solar energy adoption," said Xiande Li, JinkoSolar Chairman. "Both organizations have worked tirelessly to build the skilled teams required to reach the top of our respective sectors. United, we will continue to achieve our goals while shining a spotlight on the immense benefits of solar energy to a global audience."
"We are very proud and satisfied to welcome JinkoSolar as a partner in our Premium Sponsor Club," stated Wolfgang Holzhauser, General Manager of Bayer 04 Leverkusen.
"We are looking forward to strengthening our partnership during the period of the upcoming three years. JinkoSolar and Bayer 04 Leverkusen are a fit because both companies are committed to environmental standards."
"It is Bayer 04 Leverkusen's outstanding reputation and high level of social commitment that have initially drawn us to this cooperation, which is a goal we continuously strive to achieve in our own operations," noted Jack Wang, General Manager of JinkoSolar GmbH. "We take great pride in aligning ourselves with such a respected sports organization and believe this partnership will serve to further enhance JinkoSolar's brand awareness throughout Europe," JinkoSolar Chief Marketing Officer Arturo Herrero concluded.
Chevrolet Harnesses Sun to Power Volts and Dealerships
DETROIT, July 29, 2011 /PRNewswire/ --Chevrolet is harnessing the power of the sun to install solar-powered electric charging stations for its Volts at dealerships in North America. The Green Zone initiative will generate electricity equivalent to 12 full vehicle charges per day and excess electricity created will help supplement the dealership's power needs.
"The Chevrolet Green Zone will provide our U.S. dealers with added flexibility when it comes to charging their vehicles, while also reinforcing GM's commitment to renewable energy projects," said Chris Perry, vice president, Global Chevrolet Marketing and Strategy.
American Chevrolet in Modesto, Calif., and Al Serra Auto Plaza in Grand Blanc, Mich., are the first U.S. dealerships to complete their solar charging capability by installing Green Zones on their property.
"The question isn't whether to install a solar canopy, it's where and how many," said Joe Serra, president of Serra Automotive. "It's a win for us because the electricity generated will help reduce operating costs, and it's a win for the environment since solar power helps reduce our carbon footprint."
Each canopy generates enough electricity for up to 4,500 charges per vehicle annually. The proof of concept for the Green Zone project is housed at the Detroit Hamtramck assembly plant, manufacturing home of the Volt.
"The beauty of this program is that there is no capital cost required from the dealership," said Dave Halvorson, president of American Chevrolet in Modesto. "Not only do we generate the solar energy to increase our reliance on renewable electricity, but the Green Zone is a billboard of our commitment to the environment."
The Chevy Green Zone Initiative is part of GM Ventures' recent announcement to invest $7.5 million in Sunlogics, a solar panel manufacturing and development company that will supply the panels and install the dealer charging stations. Both American Chevrolet and Al Serra Chevrolet partnered with Sunlogics for installation of their Green Zones.
"Just one of these canopies provides enough renewable energy to power two to three homes per year, or more than 25 percent of a dealership's energy consumption," said Perry. "Collectively, that will be a lot of power we are putting back into the grid."
As part of the GM Ventures investment announcement in Sunlogics, General Motors committed to double its solar output globally – from 30 megawatts to 60 megawatts by 2015. The company derives 1.4 percent of its U.S. energy consumption from renewable resources.
GM is the leading user of renewable energy in automotive manufacturing. It has three of the largest automotive rooftop solar power installations in the United States, and the world's largest rooftop solar installation at its car assembly plant in Zaragoza, Spain. Additionally, GM has started construction on a new solar field at its Detroit-Hamtramck facility and completed construction on a solar array on top of its Baltimore Operations facility.
"The Chevrolet Green Zone will provide our U.S. dealers with added flexibility when it comes to charging their vehicles, while also reinforcing GM's commitment to renewable energy projects," said Chris Perry, vice president, Global Chevrolet Marketing and Strategy.
American Chevrolet in Modesto, Calif., and Al Serra Auto Plaza in Grand Blanc, Mich., are the first U.S. dealerships to complete their solar charging capability by installing Green Zones on their property.
"The question isn't whether to install a solar canopy, it's where and how many," said Joe Serra, president of Serra Automotive. "It's a win for us because the electricity generated will help reduce operating costs, and it's a win for the environment since solar power helps reduce our carbon footprint."
Each canopy generates enough electricity for up to 4,500 charges per vehicle annually. The proof of concept for the Green Zone project is housed at the Detroit Hamtramck assembly plant, manufacturing home of the Volt.
"The beauty of this program is that there is no capital cost required from the dealership," said Dave Halvorson, president of American Chevrolet in Modesto. "Not only do we generate the solar energy to increase our reliance on renewable electricity, but the Green Zone is a billboard of our commitment to the environment."
The Chevy Green Zone Initiative is part of GM Ventures' recent announcement to invest $7.5 million in Sunlogics, a solar panel manufacturing and development company that will supply the panels and install the dealer charging stations. Both American Chevrolet and Al Serra Chevrolet partnered with Sunlogics for installation of their Green Zones.
"Just one of these canopies provides enough renewable energy to power two to three homes per year, or more than 25 percent of a dealership's energy consumption," said Perry. "Collectively, that will be a lot of power we are putting back into the grid."
As part of the GM Ventures investment announcement in Sunlogics, General Motors committed to double its solar output globally – from 30 megawatts to 60 megawatts by 2015. The company derives 1.4 percent of its U.S. energy consumption from renewable resources.
GM is the leading user of renewable energy in automotive manufacturing. It has three of the largest automotive rooftop solar power installations in the United States, and the world's largest rooftop solar installation at its car assembly plant in Zaragoza, Spain. Additionally, GM has started construction on a new solar field at its Detroit-Hamtramck facility and completed construction on a solar array on top of its Baltimore Operations facility.
CPV, GE & DGC, Joined by Business, State and Local Leaders, to Celebrate Job Creation and Cleaner Energy at Groundbreaking of 800-Megawatt CPV Sentinel Energy Project in Riverside County, Calif.
DESERT HOT SPRINGS, Calif., July 28, 2011 /PRNewswire/ -- Competitive Power Ventures, Inc. (CPV), GE Energy Financial Services and Diamond Generating Corporation (DGC) announced today that they have broken ground on their co-owned, gas-fired 800-megawatt (MW) CPV Sentinel Energy Center in Riverside County, California.
The $900 million CPV Sentinel power plant is located near Desert Hot Springs, five miles northwest of Palm Springs. It is expected to create 300 construction jobs with a $40 million payroll, along with nearly 400 indirect jobs with a $15 million payroll. The project will provide an estimated $30 million in sales tax during construction and an estimated $6.4 million in annual property taxes once operational in the summer of 2013.
Joining the three companies for the groundbreaking was a bipartisan group headlined by Assemblymember V. Manuel Perez, the author of a California state law that was critical in the project's development. Also in attendance was the co-author of the law, Assemblymember Brian Nestande, Riverside County Supervisor (and former State Senator) John Benoit, as well as long-time local supporters, including Riverside County Supervisor Marion Ashley and Desert Hot Springs Mayor Yvonne Parks along with City Councilmember's from Desert Hot Springs and Palm Springs.
"We are incredibly proud of the jobs our project is creating at this pivotal time in the recovery of the economy," said Doug Egan, CEO of Competitive Power Ventures. "So many people and organizations contributed to making this project a success; it was truly an amazing effort between the public and private sector."
Gemma Power Systems California, Inc. is the general contractor overseeing construction of the project. CPV Sentinel will supply power to the Coachella Valley and Los Angeles Basin under a long-term power purchase agreement with Southern California Edison, an Edison International (NYSE: EIX) company. CPV will manage the project, while DGC will serve as the plant's operator.
"Today's groundbreaking marks a great milestone made possible by CPV's vision and persistence, GE's energy project development partnership capabilities and technology, the cooperation of governments and our neighbors, and now the workers who will build this project that will facilitate the growth of intermittent energy sources like wind and solar in southern California," said Alex Urquhart, president and CEO of GE Energy Financial Services.
Using eight of GE's efficient, quick-starting LMS100 gas turbines, the CPV Sentinel power plant will help prevent blackouts during extremely hot weather by providing peak power on demand. Given CPV Sentinel's close proximity to 600 MW of wind farms, the project also will support California in meeting its goal of generating 33 percent of its power from renewable sources by 2020 by facilitating the integration of wind and solar power into the electric grid. When it becomes operational, the project will be able to power approximately 640,000 homes.
"With our headquarters in downtown Los Angeles, and our Indigo Energy Facility only a mile or so down the road from Sentinel, we have been a part of the local economy in Southern California for more than 2 decades," noted DGC Senior Vice President Bo Buchynsky. "We especially appreciate having another project in our backyard, where we can continue to support the local economy and be part of Southern California's energy future."
CPV, the managing member and developer, owns 25 percent of the project, while DGC and GE own 50 percent and 25 percent, respectively.
The $900 million CPV Sentinel power plant is located near Desert Hot Springs, five miles northwest of Palm Springs. It is expected to create 300 construction jobs with a $40 million payroll, along with nearly 400 indirect jobs with a $15 million payroll. The project will provide an estimated $30 million in sales tax during construction and an estimated $6.4 million in annual property taxes once operational in the summer of 2013.
Joining the three companies for the groundbreaking was a bipartisan group headlined by Assemblymember V. Manuel Perez, the author of a California state law that was critical in the project's development. Also in attendance was the co-author of the law, Assemblymember Brian Nestande, Riverside County Supervisor (and former State Senator) John Benoit, as well as long-time local supporters, including Riverside County Supervisor Marion Ashley and Desert Hot Springs Mayor Yvonne Parks along with City Councilmember's from Desert Hot Springs and Palm Springs.
"We are incredibly proud of the jobs our project is creating at this pivotal time in the recovery of the economy," said Doug Egan, CEO of Competitive Power Ventures. "So many people and organizations contributed to making this project a success; it was truly an amazing effort between the public and private sector."
Gemma Power Systems California, Inc. is the general contractor overseeing construction of the project. CPV Sentinel will supply power to the Coachella Valley and Los Angeles Basin under a long-term power purchase agreement with Southern California Edison, an Edison International (NYSE: EIX) company. CPV will manage the project, while DGC will serve as the plant's operator.
"Today's groundbreaking marks a great milestone made possible by CPV's vision and persistence, GE's energy project development partnership capabilities and technology, the cooperation of governments and our neighbors, and now the workers who will build this project that will facilitate the growth of intermittent energy sources like wind and solar in southern California," said Alex Urquhart, president and CEO of GE Energy Financial Services.
Using eight of GE's efficient, quick-starting LMS100 gas turbines, the CPV Sentinel power plant will help prevent blackouts during extremely hot weather by providing peak power on demand. Given CPV Sentinel's close proximity to 600 MW of wind farms, the project also will support California in meeting its goal of generating 33 percent of its power from renewable sources by 2020 by facilitating the integration of wind and solar power into the electric grid. When it becomes operational, the project will be able to power approximately 640,000 homes.
"With our headquarters in downtown Los Angeles, and our Indigo Energy Facility only a mile or so down the road from Sentinel, we have been a part of the local economy in Southern California for more than 2 decades," noted DGC Senior Vice President Bo Buchynsky. "We especially appreciate having another project in our backyard, where we can continue to support the local economy and be part of Southern California's energy future."
CPV, the managing member and developer, owns 25 percent of the project, while DGC and GE own 50 percent and 25 percent, respectively.
Town of Newmarket and SunEdison Announce Solar Panel Sustainability Program
NEWMARKET, ON, July 28, 2011 /PRNewswire/ - Today, the Town of Newmarket and SunEdison, a leading worldwide solar energy services provider and subsidiary of MEMC Electronic Materials, Inc. (NYSE: WFR), announced an agreement to deployfour municipal rooftop solar photovoltaic (PV) projects. Four municipal facility rooftops will be leased to SunEdison to install solar panels that will produce clean, renewable energy.
Once completed, the systems are expected to generate more than 23 million kilowatt-hours of clean energy over 20 years. This is enough to power 2,199 average Canadian homes for one year, and has the potential to offset an estimated 4.8 million kilograms of carbon dioxide in the atmosphere, which equates to removing 1,036 cars from the road for one year.
"This is a significant step forward for our sustainable story in the Town of Newmarket," said Mayor Tony Van Bynen. "By partnering with SunEdison, we have achieved another major sustainability goal with a 'triple bottom line' impact. Through this program, we are generating green jobs, delivering on clean green energy, and contributing to the financial sustainability of the community. It is truly a triple-win project."
The project will be financed, deployed, monitored and maintained by SunEdison and is expected to total 1.17 megawatts (MW) of solar capacity. Once installed, the Town of Newmarket will earn revenue from the leased rooftops, and the energy produced by the rooftop panels will be purchased by the Ontario Power Authority (OPA) under the terms of Ontario's Feed-in Tariff Program (FIT).
"Not only are we helping to providea cleaner environment for our families by reducing Ontario's reliance on traditional energy sources," said Jason Gray, Vice President and Country Manager for SunEdison Canada. "We are also helping to create jobs here in Newmarket through the local manufacturing of solar modules, and the deployment of these solar power plants. SunEdison commends the efforts of Newmarket's leadership, and looks forward to serving their renewable energy needs."
SunEdison's affiliate MEMC Singapore partnered with Flextronics, a multi-billion dollar electronic manufacturing services provider to manufacture solar photovoltaic panels to meet domestic content requirements. Through this partnership, the solar PV panels used for the Newmarket project along with other SunEdison deployments in Ontario are expected to generate approximately 400 green jobs for the community.
Once completed, the systems are expected to generate more than 23 million kilowatt-hours of clean energy over 20 years. This is enough to power 2,199 average Canadian homes for one year, and has the potential to offset an estimated 4.8 million kilograms of carbon dioxide in the atmosphere, which equates to removing 1,036 cars from the road for one year.
"This is a significant step forward for our sustainable story in the Town of Newmarket," said Mayor Tony Van Bynen. "By partnering with SunEdison, we have achieved another major sustainability goal with a 'triple bottom line' impact. Through this program, we are generating green jobs, delivering on clean green energy, and contributing to the financial sustainability of the community. It is truly a triple-win project."
The project will be financed, deployed, monitored and maintained by SunEdison and is expected to total 1.17 megawatts (MW) of solar capacity. Once installed, the Town of Newmarket will earn revenue from the leased rooftops, and the energy produced by the rooftop panels will be purchased by the Ontario Power Authority (OPA) under the terms of Ontario's Feed-in Tariff Program (FIT).
"Not only are we helping to providea cleaner environment for our families by reducing Ontario's reliance on traditional energy sources," said Jason Gray, Vice President and Country Manager for SunEdison Canada. "We are also helping to create jobs here in Newmarket through the local manufacturing of solar modules, and the deployment of these solar power plants. SunEdison commends the efforts of Newmarket's leadership, and looks forward to serving their renewable energy needs."
SunEdison's affiliate MEMC Singapore partnered with Flextronics, a multi-billion dollar electronic manufacturing services provider to manufacture solar photovoltaic panels to meet domestic content requirements. Through this partnership, the solar PV panels used for the Newmarket project along with other SunEdison deployments in Ontario are expected to generate approximately 400 green jobs for the community.
Veeco Reports Second Quarter 2011 Financial Results: Solid Revenue, Profits and Record Orders
PLAINVIEW, N.Y.--(BUSINESS WIRE)--Veeco Instruments Inc. (Nasdaq: VECO) announced its financial results for the second quarter ended June 30, 2011. Veeco reports its results on a U.S. generally accepted accounting principles (“GAAP”) basis, and also provides results excluding certain items. Please refer to the attached table for details of the reconciliation between GAAP operating results and Non-GAAP operating results. All results presented herein are for Veeco’s “Continuing Operations” which excludes the Metrology business sold to Bruker Corporation on October 7, 2010.
Strong Second Quarter Results and MaxBright Adoption
John R. Peeler, Veeco’s Chief Executive Officer, commented, “Veeco reported a solid second quarter, with revenues of $265 million, non-GAAP net income and earnings per share of $58 million and $1.34, respectively. Revenues were up 4% sequentially, and up 20% from the prior year second quarter. LED & Solar revenues were $219 million, including $206 million in MOCVD, and Data Storage revenues were $46 million, the highest quarterly level in five years. Veeco met our quarterly guidance, yet timing of revenue continues to be impacted by the longer order-to-revenue cycle times associated with the high percentage of MOCVD business currently coming from China, primarily due to customer facility readiness and credit tightening.”
“Veeco’s second quarter bookings were a record $311 million,” continued Mr. Peeler, “up 35% sequentially. LED & Solar orders were a record $273 million, with MOCVD orders up 34% sequentially to $250 million. While China was again the main region for new systems purchases, Korea showed signs of improvement, including a multi-system MaxBright™ MOCVD order from an important LED industry leader. Veeco also reported a strong MBE bookings quarter of $24 million. Data Storage orders were $38 million, up 15% sequentially. The Company’s Q2 2011 book-to-bill ratio was 1.17 to 1, and quarter-end backlog was $558.2 million.”
Mr. Peeler added, “We have seen spectacular customer reaction to our new MaxBright MOCVD system – in the second quarter we booked over $100 million of MaxBright systems – 40% of our total MOCVD bookings. We believe customers are clearly recognizing that MaxBright is simply the best tool on the market to drive down LED manufacturing costs.”
CIGS Solar Systems Business Update
Mr. Peeler commented, “Veeco has decided to exit the CIGS Solar Systems business for various reasons, including the improved performance of mainstream solar technologies and the lower than expected end market acceptance for CIGS technology to date. While CIGS remains an important thin film solar technology, we have determined that the timeframe and cost to successful commercialization are not acceptable to Veeco.”
Mr. Peeler added, “Veeco intends to transfer our R&D facility, pilot line, technology and key personnel in Clifton Park, New York to the College of Nanoscale Science and Engineering (CNSE) in order to support their planned CNSE/SEMATECH Photovoltaic Manufacturing Consortium (PVMC). We believe the PVMC is much-needed to drive CIGS industry roadmaps, collaboration, market acceptance and commercialization.”
Veeco’s second quarter GAAP results were negatively impacted by approximately $51 million in asset impairment and restructuring charges related to this business (refer to attached table). In addition, approximately $20 million in CIGS deposition systems has been removed from Veeco’s backlog. Effective third quarter 2011, Veeco will treat its CIGS Solar Systems business, which operated at a loss, as a discontinued operation. Mr. Peeler added, “The closure of our CIGS Systems business is expected to have an immediate and positive impact to Veeco’s profitability.” Veeco will continue to sell CIGS deposition components and remains the top supplier of MOCVD and MBE tools to the concentrator photovoltaic (CPV) market.
Veeco Repurchases Shares, Eliminates Convertible Debt and Invests in Technology
During the second quarter, under its Board authorized share buy-back program, Veeco purchased $7.8 million in stock at an average price of $46.91 per share. Veeco also completed the redemption of its outstanding Convertible Subordinated Notes for $98.1 million aggregate principal amount and completed the purchase of a privately-held company which supplies certain critical components to our MOCVD business for $28.3 million. Mr. Peeler commented, “In addition to paying off our convertible debt and making a small technology purchase, Veeco recently utilized cash to buy-back our shares, reflecting our continued confidence in the long-term outlook for the Company.”
Veeco purchased an additional $71.9 million of stock, at an average price of $42.21 per share, so far during the month of July (as of 7/26/11). Since the $200 million buy-back program was authorized last August, Veeco has repurchased a total of 3 million shares for $117.8 million.
Third Quarter 2011 Guidance & Outlook
Regarding Veeco’s business outlook, Mr. Peeler commented, “Quoting activity in MOCVD remains robust and we are experiencing extremely positive customer reaction to MaxBright. MOCVD order patterns will continue to fluctuate from quarter to quarter depending upon the timing of customer deposits. In the short term, orders will likely be impacted by several headwinds that have been widely reported including weak near-term LED industry end market demand and global macro-economic concerns. We therefore currently forecast that Veeco’s third quarter 2011 bookings will be lower than our record second quarter.”
Veeco’s third quarter 2011 revenue is currently forecasted to be between $235 and $285 million. Earnings per share are currently forecasted to be $0.92 to $1.32 on a GAAP basis and $1.00 to $1.40 on a non-GAAP basis. Please refer to the attached financial table for more details. Mr. Peeler added, “We expect to have a great 2011 and are on track to deliver on our guidance of over $1 billion in revenue and over $5.25 in non-GAAP earnings per share. We are confident that the Company can perform well during any short-term fluctuations in business thanks to our variable cost model and strong cash position.”
LED Growth Opportunity
“While short-term business conditions are uncertain, there is a fantastic growth opportunity ahead of us as LED lighting market adoption is expected to increase in 2012 and 2013,” commented Mr. Peeler. “We believe lighting market penetration will accelerate due to a variety of factors including ban the bulb legislation in Europe and the U.S., Japan’s move to stimulate LED adoption, significant investment by Korean and Taiwanese leaders who have already introduced lighting products in the sub-$15 range, China’s emergence as a major LED industry player, and rapidly declining LED prices. In fact, we estimate that over 50% of our first half 2011 MOCVD shipments were for lighting, up from 28% in 2010. While accurately predicting industry investment cycles is difficult, our forecast of an MOCVD market opportunity of 5,000 reactors from 2011 to 2105 appears conservative given the industry’s growth potential.”
Conference Call Information
A conference call reviewing these results has been scheduled for 5:00pm ET today at 1-888-389-5979 (toll free) or 1-719-457-2689 using passcode 4992731. The call will also be webcast live on the Veeco website at www.veeco.com. A replay of the call will be available beginning at 8:00pm ET today through midnight on August 11, 2011 at 888-203-1112 or 719-457-0820, using passcode 4992731, or on the Veeco website. Please follow along with our slide presentation also posted on the website.
Strong Second Quarter Results and MaxBright Adoption
John R. Peeler, Veeco’s Chief Executive Officer, commented, “Veeco reported a solid second quarter, with revenues of $265 million, non-GAAP net income and earnings per share of $58 million and $1.34, respectively. Revenues were up 4% sequentially, and up 20% from the prior year second quarter. LED & Solar revenues were $219 million, including $206 million in MOCVD, and Data Storage revenues were $46 million, the highest quarterly level in five years. Veeco met our quarterly guidance, yet timing of revenue continues to be impacted by the longer order-to-revenue cycle times associated with the high percentage of MOCVD business currently coming from China, primarily due to customer facility readiness and credit tightening.”
“Veeco’s second quarter bookings were a record $311 million,” continued Mr. Peeler, “up 35% sequentially. LED & Solar orders were a record $273 million, with MOCVD orders up 34% sequentially to $250 million. While China was again the main region for new systems purchases, Korea showed signs of improvement, including a multi-system MaxBright™ MOCVD order from an important LED industry leader. Veeco also reported a strong MBE bookings quarter of $24 million. Data Storage orders were $38 million, up 15% sequentially. The Company’s Q2 2011 book-to-bill ratio was 1.17 to 1, and quarter-end backlog was $558.2 million.”
Mr. Peeler added, “We have seen spectacular customer reaction to our new MaxBright MOCVD system – in the second quarter we booked over $100 million of MaxBright systems – 40% of our total MOCVD bookings. We believe customers are clearly recognizing that MaxBright is simply the best tool on the market to drive down LED manufacturing costs.”
CIGS Solar Systems Business Update
Mr. Peeler commented, “Veeco has decided to exit the CIGS Solar Systems business for various reasons, including the improved performance of mainstream solar technologies and the lower than expected end market acceptance for CIGS technology to date. While CIGS remains an important thin film solar technology, we have determined that the timeframe and cost to successful commercialization are not acceptable to Veeco.”
Mr. Peeler added, “Veeco intends to transfer our R&D facility, pilot line, technology and key personnel in Clifton Park, New York to the College of Nanoscale Science and Engineering (CNSE) in order to support their planned CNSE/SEMATECH Photovoltaic Manufacturing Consortium (PVMC). We believe the PVMC is much-needed to drive CIGS industry roadmaps, collaboration, market acceptance and commercialization.”
Veeco’s second quarter GAAP results were negatively impacted by approximately $51 million in asset impairment and restructuring charges related to this business (refer to attached table). In addition, approximately $20 million in CIGS deposition systems has been removed from Veeco’s backlog. Effective third quarter 2011, Veeco will treat its CIGS Solar Systems business, which operated at a loss, as a discontinued operation. Mr. Peeler added, “The closure of our CIGS Systems business is expected to have an immediate and positive impact to Veeco’s profitability.” Veeco will continue to sell CIGS deposition components and remains the top supplier of MOCVD and MBE tools to the concentrator photovoltaic (CPV) market.
Veeco Repurchases Shares, Eliminates Convertible Debt and Invests in Technology
During the second quarter, under its Board authorized share buy-back program, Veeco purchased $7.8 million in stock at an average price of $46.91 per share. Veeco also completed the redemption of its outstanding Convertible Subordinated Notes for $98.1 million aggregate principal amount and completed the purchase of a privately-held company which supplies certain critical components to our MOCVD business for $28.3 million. Mr. Peeler commented, “In addition to paying off our convertible debt and making a small technology purchase, Veeco recently utilized cash to buy-back our shares, reflecting our continued confidence in the long-term outlook for the Company.”
Veeco purchased an additional $71.9 million of stock, at an average price of $42.21 per share, so far during the month of July (as of 7/26/11). Since the $200 million buy-back program was authorized last August, Veeco has repurchased a total of 3 million shares for $117.8 million.
Third Quarter 2011 Guidance & Outlook
Regarding Veeco’s business outlook, Mr. Peeler commented, “Quoting activity in MOCVD remains robust and we are experiencing extremely positive customer reaction to MaxBright. MOCVD order patterns will continue to fluctuate from quarter to quarter depending upon the timing of customer deposits. In the short term, orders will likely be impacted by several headwinds that have been widely reported including weak near-term LED industry end market demand and global macro-economic concerns. We therefore currently forecast that Veeco’s third quarter 2011 bookings will be lower than our record second quarter.”
Veeco’s third quarter 2011 revenue is currently forecasted to be between $235 and $285 million. Earnings per share are currently forecasted to be $0.92 to $1.32 on a GAAP basis and $1.00 to $1.40 on a non-GAAP basis. Please refer to the attached financial table for more details. Mr. Peeler added, “We expect to have a great 2011 and are on track to deliver on our guidance of over $1 billion in revenue and over $5.25 in non-GAAP earnings per share. We are confident that the Company can perform well during any short-term fluctuations in business thanks to our variable cost model and strong cash position.”
LED Growth Opportunity
“While short-term business conditions are uncertain, there is a fantastic growth opportunity ahead of us as LED lighting market adoption is expected to increase in 2012 and 2013,” commented Mr. Peeler. “We believe lighting market penetration will accelerate due to a variety of factors including ban the bulb legislation in Europe and the U.S., Japan’s move to stimulate LED adoption, significant investment by Korean and Taiwanese leaders who have already introduced lighting products in the sub-$15 range, China’s emergence as a major LED industry player, and rapidly declining LED prices. In fact, we estimate that over 50% of our first half 2011 MOCVD shipments were for lighting, up from 28% in 2010. While accurately predicting industry investment cycles is difficult, our forecast of an MOCVD market opportunity of 5,000 reactors from 2011 to 2105 appears conservative given the industry’s growth potential.”
Conference Call Information
A conference call reviewing these results has been scheduled for 5:00pm ET today at 1-888-389-5979 (toll free) or 1-719-457-2689 using passcode 4992731. The call will also be webcast live on the Veeco website at www.veeco.com. A replay of the call will be available beginning at 8:00pm ET today through midnight on August 11, 2011 at 888-203-1112 or 719-457-0820, using passcode 4992731, or on the Veeco website. Please follow along with our slide presentation also posted on the website.
Spire Expands its Solar PV Advanced Technology Center
BEDFORD, Mass.--(BUSINESS WIRE)--Spire Corporation (Nasdaq: SPIR), a global solar company providing turn-key production lines to manufacture photovoltaic (PV) modules, today announced that it has begun the expansion of its Advanced Technology Center (ATC) Lab at its corporate headquarters.
Spire’s ATC Lab houses solar module manufacturing equipment that is at the forefront of technology, including a fully functioning PV module production line. This facility is used by customers for the development and qualification of new and advanced crystalline silicon and thin film modules. Also, the facility provides support for the development and qualification of new materials for module encapsulation, glass types, cell structures, and associated electronics.
The ATC Lab is being expanded with new Spire equipment for customer evaluation and factory training. The new equipment includes a larger laminator, for laminations up to 1.8 meters by 3.4 meters, Spire’s next generation assembler, the Spi-Assembler™ 8000, Spire’s Electroluminescence crack detection system, the Spi-EL Tester™ and Spire’s next generation simulator, the Spi-Sun Simulator™ 4600A.
“We are very pleased to expand our ATC Lab as a means of introducing our new equipment as well as support our customers and new entrants into the PV industry,” said Roger G. Little, Chairman and CEO of Spire Corporation. “We will also continue to provide engineering evaluation of prototype modules and module certification for systems integrators.”
Spire’s ATC Lab houses solar module manufacturing equipment that is at the forefront of technology, including a fully functioning PV module production line. This facility is used by customers for the development and qualification of new and advanced crystalline silicon and thin film modules. Also, the facility provides support for the development and qualification of new materials for module encapsulation, glass types, cell structures, and associated electronics.
The ATC Lab is being expanded with new Spire equipment for customer evaluation and factory training. The new equipment includes a larger laminator, for laminations up to 1.8 meters by 3.4 meters, Spire’s next generation assembler, the Spi-Assembler™ 8000, Spire’s Electroluminescence crack detection system, the Spi-EL Tester™ and Spire’s next generation simulator, the Spi-Sun Simulator™ 4600A.
“We are very pleased to expand our ATC Lab as a means of introducing our new equipment as well as support our customers and new entrants into the PV industry,” said Roger G. Little, Chairman and CEO of Spire Corporation. “We will also continue to provide engineering evaluation of prototype modules and module certification for systems integrators.”
Solar Trust of America Names Alice Harron to Lead Project Development
OAKLAND, Calif.--(BUSINESS WIRE)--Solar Trust of America, LLC, an integrated solar energy solutions company and developer of the Blythe Solar Power Project, today appointed Alice Harron as President of STA Development, LLC the company’s wholly-owned development subsidiary.
“Alice’s extraordinary contributions to Solar Trust of America have led to securing permits for over 1500 MW of sites, including the Blythe Solar Power Project,” said Uwe T. Schmidt, Chairman and CEO of Solar Trust of America. “Under Alice’s leadership, we will expand our project pipeline and continue to be a leader in the development of large-scale solar projects."
Alice Harron has directed Solar Trust of America’s solar project development and compliance efforts in California for over two years. Her accomplishments include obtaining the Record of Decision, Right of Way and California Energy Commission (CEC) License for the Blythe Solar Power Project, as well as the Final Environmental Impact Statement and CEC License for the Palen Solar Power Project.
Previously, Ms. Harron worked at Pacific Gas and Electric Company (PG&E) where she led the acquisition of power plants in different stages of development and construction, negotiated power purchase agreements, and developed numerous utility-scale renewable energy generation projects. She also worked at Calpine in its finance department and at PG&E’s non-regulated company National Energy Group in its market assessment and finance departments. Ms. Harron has a BA in Economics and an MBA from the University of Maryland.
“Alice’s extraordinary contributions to Solar Trust of America have led to securing permits for over 1500 MW of sites, including the Blythe Solar Power Project,” said Uwe T. Schmidt, Chairman and CEO of Solar Trust of America. “Under Alice’s leadership, we will expand our project pipeline and continue to be a leader in the development of large-scale solar projects."
Alice Harron has directed Solar Trust of America’s solar project development and compliance efforts in California for over two years. Her accomplishments include obtaining the Record of Decision, Right of Way and California Energy Commission (CEC) License for the Blythe Solar Power Project, as well as the Final Environmental Impact Statement and CEC License for the Palen Solar Power Project.
Previously, Ms. Harron worked at Pacific Gas and Electric Company (PG&E) where she led the acquisition of power plants in different stages of development and construction, negotiated power purchase agreements, and developed numerous utility-scale renewable energy generation projects. She also worked at Calpine in its finance department and at PG&E’s non-regulated company National Energy Group in its market assessment and finance departments. Ms. Harron has a BA in Economics and an MBA from the University of Maryland.
Thursday, July 28, 2011
PSE&G and Matrix Development Dedicate New Solar System
SOUTH BRUNSWICK, N.J., July 28, 2011 /PRNewswire/ -- Public Service Electric and Gas Company (PSE&G) and Matrix Development Group today cut the ribbon on a new rooftop solar installation at a Matrix-owned building in South Brunswick, NJ. The 3.0-megawatt (MW) project is part of PSE&G's Solar 4 All™ program, the utility's flagship solar effort to help New Jersey reach its solar energy goals while creating jobs and fostering economic development.
Solar 4 All is a nationally recognized program that will over three years develop 80 solar megawatts – enough power to serve about 13,000 average-sized New Jersey homes. The program is structured so the financial benefits – the value of the solar credits (SRECs), federal tax credits and the sale of the solar energy and capacity– are returned to customers by offsetting the overall cost of the program.
In addition to the South Brunswick site, Matrix also hosts a 2.8-megawatt solar system in Perth Amboy that has been in service since January 2011. Both Matrix projects are part of the "centralized" half of Solar 4 All – PSE&G owns and maintains the grid-connected solar systems and leases the roof space from Matrix.
"We have put more than 43 megawatts of solar capacity into service over the last 18 month, and along the way created good jobs, developed the New Jersey solar market in a cost effective way and helped the environment," said Al Matos, PSE&G's Vice President – Renewables and Energy Solutions. "All of this solar power flows into the grid, to provide clean solar energy to all of our electric customers."
The Partner in Charge, Richard F.X. Johnson, runs Matrix Renewable Energy Services, a division of Matrix Development Group of Cranbury, NJ.
"We are extremely proud of the partnership we've established with PSE&G in New Jersey, where Matrix is committed to energy-efficiency best practices at the more than 10 million square feet of commercial space that we own and manage throughout the state, as well as the buildings owned by clients of our Renewable Energy Services division," stated Johnson. "This solar venture gives us the ability to play a significant role in expanding access to clean energy— an important step toward achieving the state's goal of becoming a recognized leader in the renewable energy arena."
The Matrix building is located at 45 Stults Road in South Brunswick, NJ. The solar system is comprised of 12,684 crystalline solar panels. The panels cover more than 318,000 square feet of roof space in total and are connected directly to the electric grid for the benefit of all PSE&G electric customers. They will produce enough solar electricity to power about 500 average-size homes.
"A key Solar 4 All objective is to develop New Jersey's solar assets while also preserving open space," Matos said. "We're accomplishing this by installing solar capacity on utility poles and also by utilizing large warehouse roofs like this Matrix building. By building these rooftop systems we are conserving open space and providing a revenue stream to building owners while providing clean solar power for all of our electric customers to use."
PSE&G is using leading solar energy companies to help deploy solar systems across the state. Pro-Tech Energy Solutions of Branchburg, NJ developed the Stults Road project.
"We are thrilled to have been selected from among the many solar companies in New Jersey for this project," said John Drexinger, principal of Pro-Tech Energy Solutions. "PSE&G and Matrix have shown incredible initiative in helping New Jersey reach its solar energy goals with this installation, leading the way for other companies that are interested in going solar."
In addition to the two Matrix sites, PSE&G has built solar systems at five Newark schools totaling 2.7 MW and a 1.7 MW solar system on a CenterPoint Properties warehouse in Bayonne. PSE&G has also installed solar systems at it own facilities – a 0.9 MW system at its Central Division Headquarters in Somerset, NJ and a 0.7 MW system at its Edison Training and Development Center, which includes roof, ground, carport and pole-attached installations.
The utility also has four large ground-mounted solar farms in service on PSE&G-owned properties. These solar farms are located in Yardville (4.4 MW) Linden (3.2 MW), Edison (2.0 MW) and Trenton (1.3 MW). Each are among the largest solar farms developed in New Jersey and three (Edison, Trenton and Linden) were built on remediated brownfields.
State regulators approved PSE&G's Solar 4 All program in July 2009. The approved program required the utility to make investments to install 80 megawatts of solar power, enhancing the economic growth of New Jersey, creating 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 highly distributed pole-attached smart solar units in neighborhoods on utility poles in PSE&G's electric 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 providing solar generated power to all customers.
The second segment of the Solar 4 All program focuses on 40 megawatts of centralized solar facilities, such as the Matrix system and other solar sites on PSE&G owned or leased properties connected directly to the grid thus benefiting all customers.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG), a diversified energy company (www.pseg.com).
Matrix Development Group is a privately held, full-service real estate investment and development company with offices in New Jersey and Pennsylvania. The Company is active in the commercial, industrial, urban, residential, golf and hospitality markets throughout the Northeast and mid-Atlantic regions. Since its founding in 1979, the Company has developed real estate valued in excess of $1 billion and has been recognized for its leadership by numerous charitable, community and real estate organizations.
For more information on Matrix Development Group, please contact the Company's Cranbury, New Jersey, office at 732-521-2900 or visit http://www.matrixcompanies.com.
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases and weekly environmental commentaries sent right to your inbox.
Solar 4 All is a nationally recognized program that will over three years develop 80 solar megawatts – enough power to serve about 13,000 average-sized New Jersey homes. The program is structured so the financial benefits – the value of the solar credits (SRECs), federal tax credits and the sale of the solar energy and capacity– are returned to customers by offsetting the overall cost of the program.
In addition to the South Brunswick site, Matrix also hosts a 2.8-megawatt solar system in Perth Amboy that has been in service since January 2011. Both Matrix projects are part of the "centralized" half of Solar 4 All – PSE&G owns and maintains the grid-connected solar systems and leases the roof space from Matrix.
"We have put more than 43 megawatts of solar capacity into service over the last 18 month, and along the way created good jobs, developed the New Jersey solar market in a cost effective way and helped the environment," said Al Matos, PSE&G's Vice President – Renewables and Energy Solutions. "All of this solar power flows into the grid, to provide clean solar energy to all of our electric customers."
The Partner in Charge, Richard F.X. Johnson, runs Matrix Renewable Energy Services, a division of Matrix Development Group of Cranbury, NJ.
"We are extremely proud of the partnership we've established with PSE&G in New Jersey, where Matrix is committed to energy-efficiency best practices at the more than 10 million square feet of commercial space that we own and manage throughout the state, as well as the buildings owned by clients of our Renewable Energy Services division," stated Johnson. "This solar venture gives us the ability to play a significant role in expanding access to clean energy— an important step toward achieving the state's goal of becoming a recognized leader in the renewable energy arena."
The Matrix building is located at 45 Stults Road in South Brunswick, NJ. The solar system is comprised of 12,684 crystalline solar panels. The panels cover more than 318,000 square feet of roof space in total and are connected directly to the electric grid for the benefit of all PSE&G electric customers. They will produce enough solar electricity to power about 500 average-size homes.
"A key Solar 4 All objective is to develop New Jersey's solar assets while also preserving open space," Matos said. "We're accomplishing this by installing solar capacity on utility poles and also by utilizing large warehouse roofs like this Matrix building. By building these rooftop systems we are conserving open space and providing a revenue stream to building owners while providing clean solar power for all of our electric customers to use."
PSE&G is using leading solar energy companies to help deploy solar systems across the state. Pro-Tech Energy Solutions of Branchburg, NJ developed the Stults Road project.
"We are thrilled to have been selected from among the many solar companies in New Jersey for this project," said John Drexinger, principal of Pro-Tech Energy Solutions. "PSE&G and Matrix have shown incredible initiative in helping New Jersey reach its solar energy goals with this installation, leading the way for other companies that are interested in going solar."
In addition to the two Matrix sites, PSE&G has built solar systems at five Newark schools totaling 2.7 MW and a 1.7 MW solar system on a CenterPoint Properties warehouse in Bayonne. PSE&G has also installed solar systems at it own facilities – a 0.9 MW system at its Central Division Headquarters in Somerset, NJ and a 0.7 MW system at its Edison Training and Development Center, which includes roof, ground, carport and pole-attached installations.
The utility also has four large ground-mounted solar farms in service on PSE&G-owned properties. These solar farms are located in Yardville (4.4 MW) Linden (3.2 MW), Edison (2.0 MW) and Trenton (1.3 MW). Each are among the largest solar farms developed in New Jersey and three (Edison, Trenton and Linden) were built on remediated brownfields.
State regulators approved PSE&G's Solar 4 All program in July 2009. The approved program required the utility to make investments to install 80 megawatts of solar power, enhancing the economic growth of New Jersey, creating 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 highly distributed pole-attached smart solar units in neighborhoods on utility poles in PSE&G's electric 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 providing solar generated power to all customers.
The second segment of the Solar 4 All program focuses on 40 megawatts of centralized solar facilities, such as the Matrix system and other solar sites on PSE&G owned or leased properties connected directly to the grid thus benefiting all customers.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE: PEG), a diversified energy company (www.pseg.com).
Matrix Development Group is a privately held, full-service real estate investment and development company with offices in New Jersey and Pennsylvania. The Company is active in the commercial, industrial, urban, residential, golf and hospitality markets throughout the Northeast and mid-Atlantic regions. Since its founding in 1979, the Company has developed real estate valued in excess of $1 billion and has been recognized for its leadership by numerous charitable, community and real estate organizations.
For more information on Matrix Development Group, please contact the Company's Cranbury, New Jersey, office at 732-521-2900 or visit http://www.matrixcompanies.com.
Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases and weekly environmental commentaries sent right to your inbox.
GM Ventures Invests in Solar Power Developer Sunlogics
DETROIT, July 28, 2011 /PRNewswire/ -- General Motors Ventures LLC announced today an equity investment of $7.5 million in Sunlogics PLC, a vertically integrated global solar energy systems provider specializing in solar project development and installation. The investment will create 310 jobs.
GM also signed commercial agreements with Sunlogics for the installation of solar charging canopies at Chevrolet dealerships and GM facilities, as well as a power purchase agreement to install large-scale solar arrays at GM facilities and purchase the energy they produce.
Sunlogics will use some of the funding to establish its corporate headquarters and open a manufacturing facility in suburban Detroit, and to set up a manufacturing facility in Ontario. The facility in Southeast Michigan will create 200 jobs and the Canadian facility will support 110 jobs.
"Global solar energy use is predicted to more than double by 2016, so we believe that investing in renewable energy is a smart and strategic business decision," said Jon Lauckner, president of GM Ventures. "And the Chevrolet solar charging canopy project complements our electrification strategy that started with the Chevrolet Volt by helping our cars live up to their fullest green potential."
Sunlogics' management has experience developing and operating solar commercial installations in Canada, the United States, and Europe. Sunlogics PLC has a strategic relationship with Sunlogics Power Fund Management Inc. and with other entities to own and operate solar projects developed by Sunlogics PLC.
"The investment in Sunlogics allows GM to strategically partner with a leading solar developer and operator that can help GM drive the use of solar, specifically large-scale solar installations at our facilities," Lauckner said. "Sunlogics was the ideal choice because it is a vertically integrated company that has a global footprint."
Said Michael Matvieshen, CEO Sunlogics: "GM's solar expansion and financial commitment provides a firm foundation for the growth of Sunlogics' business worldwide and will bring more sustainable green energy to GM operations."
"The partnership provides a new level of opportunity to the larger scale industrial solar projects Sunlogics designs, manufactures and constructs," Matvieshen said. "We are looking forward to further assisting our customers in reducing their carbon footprint with sustainable renewable energy."
As part of today's announcement, General Motors committed to double its solar energy output globally by the end of 2015.
"Our GM facilities currently house 30 megawatts of solar power, and we are committing today to double that capacity to 60 megawatts over the next few years, which is equivalent to powering 10,000 homes annually," said Mike Robinson, GM vice president of Energy, Environment & Safety Policy. "Not only does renewable energy make good business sense, it helps us continue to reduce the impact our facilities have on the environment."
GM is the auto industry's leading user of renewable energy. It has three of the largest automotive rooftop solar power installations in the United States and the world's largest rooftop solar installation at its car assembly plant in Zaragoza, Spain. Additionally, GM has started construction on a new solar field at its Detroit-Hamtramck facility and completed construction on a solar array on top of its Baltimore Operations facility.
GM also signed commercial agreements with Sunlogics for the installation of solar charging canopies at Chevrolet dealerships and GM facilities, as well as a power purchase agreement to install large-scale solar arrays at GM facilities and purchase the energy they produce.
Sunlogics will use some of the funding to establish its corporate headquarters and open a manufacturing facility in suburban Detroit, and to set up a manufacturing facility in Ontario. The facility in Southeast Michigan will create 200 jobs and the Canadian facility will support 110 jobs.
"Global solar energy use is predicted to more than double by 2016, so we believe that investing in renewable energy is a smart and strategic business decision," said Jon Lauckner, president of GM Ventures. "And the Chevrolet solar charging canopy project complements our electrification strategy that started with the Chevrolet Volt by helping our cars live up to their fullest green potential."
Sunlogics' management has experience developing and operating solar commercial installations in Canada, the United States, and Europe. Sunlogics PLC has a strategic relationship with Sunlogics Power Fund Management Inc. and with other entities to own and operate solar projects developed by Sunlogics PLC.
"The investment in Sunlogics allows GM to strategically partner with a leading solar developer and operator that can help GM drive the use of solar, specifically large-scale solar installations at our facilities," Lauckner said. "Sunlogics was the ideal choice because it is a vertically integrated company that has a global footprint."
Said Michael Matvieshen, CEO Sunlogics: "GM's solar expansion and financial commitment provides a firm foundation for the growth of Sunlogics' business worldwide and will bring more sustainable green energy to GM operations."
"The partnership provides a new level of opportunity to the larger scale industrial solar projects Sunlogics designs, manufactures and constructs," Matvieshen said. "We are looking forward to further assisting our customers in reducing their carbon footprint with sustainable renewable energy."
As part of today's announcement, General Motors committed to double its solar energy output globally by the end of 2015.
"Our GM facilities currently house 30 megawatts of solar power, and we are committing today to double that capacity to 60 megawatts over the next few years, which is equivalent to powering 10,000 homes annually," said Mike Robinson, GM vice president of Energy, Environment & Safety Policy. "Not only does renewable energy make good business sense, it helps us continue to reduce the impact our facilities have on the environment."
GM is the auto industry's leading user of renewable energy. It has three of the largest automotive rooftop solar power installations in the United States and the world's largest rooftop solar installation at its car assembly plant in Zaragoza, Spain. Additionally, GM has started construction on a new solar field at its Detroit-Hamtramck facility and completed construction on a solar array on top of its Baltimore Operations facility.
Stellar Solar Activates 1.15 Megawatt U.S. Foodservice Installation
SAN DIEGO, July 28, 2011 /PRNewswire/ -- Stellar Solar, one of California's leading commercial and residential solar integrators since 1998, continues on its pace to install an impressive 6 megawatts of combined commercial and residential solar in 2011. The U.S. Foodservice distribution center in La Mirada, which supports restaurants in the greater Los Angeles area, is now powered by about 5,000 DelSolar modules, enough to provide 16 percent of the facility's power needs annually or power 150 average U.S. homes for a year.
Stellar Solar designed and installed the system for DelSolar, a global provider of turn-key solar energy solutions. Kent Harle, founder and CEO of Stellar Solar, said, "This was a very exciting project to be a part of. Working with two global leaders in DelSolar and U.S. Foodservice was a great experience. Both of those companies are walking the talk when it comes to business practices that are sustainable and have a positive effect on the bottom line. 2011 is shaping up to be our best year ever at Stellar Solar and this project played a significant part in making that happen."
Besides U.S. Foodservice La Mirada, 2011 will see Stellar Solar complete solar installations for Salk Institute in La Jolla, Vandenberg Air Force Base, Cedars Sinai Hospital, San Diego Cardiac Center, and the City of Tustin -- in addition to a strong residential showing.
Stellar Solar offers no-cost commercial and residential San Diego solar site evaluations. Call 866.787.6527 to schedule.
Stellar Solar designed and installed the system for DelSolar, a global provider of turn-key solar energy solutions. Kent Harle, founder and CEO of Stellar Solar, said, "This was a very exciting project to be a part of. Working with two global leaders in DelSolar and U.S. Foodservice was a great experience. Both of those companies are walking the talk when it comes to business practices that are sustainable and have a positive effect on the bottom line. 2011 is shaping up to be our best year ever at Stellar Solar and this project played a significant part in making that happen."
Besides U.S. Foodservice La Mirada, 2011 will see Stellar Solar complete solar installations for Salk Institute in La Jolla, Vandenberg Air Force Base, Cedars Sinai Hospital, San Diego Cardiac Center, and the City of Tustin -- in addition to a strong residential showing.
Stellar Solar offers no-cost commercial and residential San Diego solar site evaluations. Call 866.787.6527 to schedule.
SunPower and Citi Team to Finance $105 Million in Residential Solar Lease Projects
SAN JOSE, Calif. and NEW YORK, July 28, 2011 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWRA, SPWRB) and Citi (NYSE: C) today announced a new fund for approximately $105 million in residential solar lease projects. SunPower will use the fund to extend its SunPower® Lease to customers in eight states, expanding the financing options available to homeowners interested in high-efficiency SunPower solar power systems, the most efficient solar technology available today. Citi is contributing $80 million to the fund.
"Citi's global financial leadership combined with SunPower's leading technology and quarter century of experience offer customers an unprecedented level of assurance that is vitally important when a homeowner enters into a 20-year lease agreement," said SunPower CFO Dennis Arriola. "We are proud to partner with Citi, and applaud its commitment to promoting the use of solar power."
"SunPower is the leading manufacturer of rooftop solar power systems in the U.S. because our customers know they can rely on high-efficiency SunPower technology to maximize the power generated on their roof – and their monthly savings," said Jim Pape, president of SunPower's residential and commercial business group. "Homeowners have many financing options when they choose a SunPower system, from cash purchase to loans to leases, and SunPower dealers work with customers to ensure they choose the financing option that is right for them. We are very pleased to extend the lease option to more of our U.S. customers."
The SunPower Lease is now available in Arizona, California, Colorado, Hawaii, Massachusetts, New Jersey, New York and Pennsylvania. In addition to low monthly payments with zero down, benefits of the program include a direct-from-manufacturer performance guarantee and an early buy-out option that allows homeowners to capitalize on solar home resale values.
Homeowners can also obtain SunPower systems through cash purchase or SunPower's loan program, which offers a variety of low-interest loans.
"Citi remains at the forefront of developing financial solutions that support the adoption of renewable energy and enable consumers to maximize energy efficiency. We are pleased to partner with SunPower, an undisputed leader in solar energy," said Jason Cavaliere, director in the Alternative Energy Finance Group at Citi.
Citi was named "America's Greenest Bank" in 2010 by Bank Technology News and "Most Innovative Investment Bank in Climate Change and Sustainability" by the Financial Times' Banker Magazine in 2009 and 2010 for its ongoing commitment to environmental sustainability. The global financial services leader is in the midst of a 10-year, $50 billion initiative to support the commercialization and growth of alternative energy and clean technology in markets around the world. To date, Citi has directed over $30 billion as part of this initiative.
"This important initiative builds upon Citi's robust track record in environmental sustainability and affirms our commitment to renewable energy finance by helping our clients provide economically attractive options for homeowners to save money and generate clean energy," said Marshal Salant, head of Citi's Alternative Energy Finance Group.
"Citi's global financial leadership combined with SunPower's leading technology and quarter century of experience offer customers an unprecedented level of assurance that is vitally important when a homeowner enters into a 20-year lease agreement," said SunPower CFO Dennis Arriola. "We are proud to partner with Citi, and applaud its commitment to promoting the use of solar power."
"SunPower is the leading manufacturer of rooftop solar power systems in the U.S. because our customers know they can rely on high-efficiency SunPower technology to maximize the power generated on their roof – and their monthly savings," said Jim Pape, president of SunPower's residential and commercial business group. "Homeowners have many financing options when they choose a SunPower system, from cash purchase to loans to leases, and SunPower dealers work with customers to ensure they choose the financing option that is right for them. We are very pleased to extend the lease option to more of our U.S. customers."
The SunPower Lease is now available in Arizona, California, Colorado, Hawaii, Massachusetts, New Jersey, New York and Pennsylvania. In addition to low monthly payments with zero down, benefits of the program include a direct-from-manufacturer performance guarantee and an early buy-out option that allows homeowners to capitalize on solar home resale values.
Homeowners can also obtain SunPower systems through cash purchase or SunPower's loan program, which offers a variety of low-interest loans.
"Citi remains at the forefront of developing financial solutions that support the adoption of renewable energy and enable consumers to maximize energy efficiency. We are pleased to partner with SunPower, an undisputed leader in solar energy," said Jason Cavaliere, director in the Alternative Energy Finance Group at Citi.
Citi was named "America's Greenest Bank" in 2010 by Bank Technology News and "Most Innovative Investment Bank in Climate Change and Sustainability" by the Financial Times' Banker Magazine in 2009 and 2010 for its ongoing commitment to environmental sustainability. The global financial services leader is in the midst of a 10-year, $50 billion initiative to support the commercialization and growth of alternative energy and clean technology in markets around the world. To date, Citi has directed over $30 billion as part of this initiative.
"This important initiative builds upon Citi's robust track record in environmental sustainability and affirms our commitment to renewable energy finance by helping our clients provide economically attractive options for homeowners to save money and generate clean energy," said Marshal Salant, head of Citi's Alternative Energy Finance Group.
China Nuvo Solar Target Acquisition SurgLine Announces Third-Party Distribution Agreement With OptiMedical, Corp.
WEST PALM BEACH, Fla., July 28, 2011 /PRNewswire/ -- China Nuvo Solar Energy, Inc. (OTCQB: CNUV) today announced that SurgLine, Inc. has executed a stocking distribution agreement with OptiMedical Corp. ("OptiMedical") of Simi Valley, California. OptiMedical is a distributor of orthopedic, spine and ENT products selling into hospitals and surgery centers.
Mr. Michael Todd, CEO of OptiMedical stated, "We are excited and look forward to a long term relationship to represent SurgLine as a stocking distributor. We have recently placed our third order for orthopedic related products and have been extremely satisfied with their customer service in the order and delivery process. The product quality has met or exceeded our customer's expectations, and the pricing has been very competitive. OptiMedical is currently at a seven figure annual run rate with SurgLine and we expect the relationship to grow substantially as we continue to convert more of our customers."
Mr. Tom Toland, CEO of SurgLine was quoted as saying "We are pleased to have executed a stocking distributor agreement with OptiMedical. Michael Todd and his team bring an invaluable distribution partner to SurgLine and its offering of FDA approved products. OptiMedical has more than 30 years of combined sales success selling to hospitals and surgery centers and to others on the West Coast."
"We believe this gives tremendous credibility to SurgLine's business model. To have the quality of a distributor such as OptiMedical to believe in SurgLine and the confidence to potentially convert his large customer base to SurgLine is a testament to their quality product, service and pricing. We believe SurgLine's ability to source and distribute medical and surgical products without the historical brand premium markup can be an industry changer", stated Henry Fong, CEO of China Nuvo Solar Energy, Inc.
Mr. Michael Todd, CEO of OptiMedical stated, "We are excited and look forward to a long term relationship to represent SurgLine as a stocking distributor. We have recently placed our third order for orthopedic related products and have been extremely satisfied with their customer service in the order and delivery process. The product quality has met or exceeded our customer's expectations, and the pricing has been very competitive. OptiMedical is currently at a seven figure annual run rate with SurgLine and we expect the relationship to grow substantially as we continue to convert more of our customers."
Mr. Tom Toland, CEO of SurgLine was quoted as saying "We are pleased to have executed a stocking distributor agreement with OptiMedical. Michael Todd and his team bring an invaluable distribution partner to SurgLine and its offering of FDA approved products. OptiMedical has more than 30 years of combined sales success selling to hospitals and surgery centers and to others on the West Coast."
"We believe this gives tremendous credibility to SurgLine's business model. To have the quality of a distributor such as OptiMedical to believe in SurgLine and the confidence to potentially convert his large customer base to SurgLine is a testament to their quality product, service and pricing. We believe SurgLine's ability to source and distribute medical and surgical products without the historical brand premium markup can be an industry changer", stated Henry Fong, CEO of China Nuvo Solar Energy, Inc.
Yingli Green Energy PV Modules Installed in the Largest Solar Plant in Greece
BAODING, China, July 28, 2011 /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 (PV) manufacturers, which markets its products under the brand "Yingli Solar," today announced that its PV modules have been installed in the largest solar plant in Greece. The 10 MW utility-scale solar project is located in Larissa, Greece and is expected to produce enough energy to power approximately 3,700 homes in the area. Yingli Green Energy is the exclusive PV module supplier for the project.
The project was developed by Selected Textiles S.A. (ATHEX:EPIL) ("STIAFILCO"), a Greece-based textiles group, through its wholly owned subsidiary, Selected Energy S.A., which specializes in the development and operation of renewable energy sources projects and has many years of experience in the PV and biomass sectors.
The project was constructed by Biosar Energy S.A. ("Biosar"), a Greece-based solar system specialist offering integrated solutions in the areas of design, supply, construction and maintenance of medium and large-scale PV systems.
The project was financed on a long term, non-recourse basis from the Project Finance team of Piraeus Bank. Piraeus Bank Group is the leading bank in Greece in green business financings, with a strategic commitment to continuously supporting the renewable energy sector.
"We are pleased to cooperate with STIAFILCO and Biosar to complete the largest solar plant in Greece," said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "Because of the country's favorable natural solar irradiance and the Greek government's strong commitment to renewable energy, Greece is considered an important market for PV. We continue to see increasing demand for our premium-quality solar products, which further confirms our leadership position in this market."
The project was developed by Selected Textiles S.A. (ATHEX:EPIL) ("STIAFILCO"), a Greece-based textiles group, through its wholly owned subsidiary, Selected Energy S.A., which specializes in the development and operation of renewable energy sources projects and has many years of experience in the PV and biomass sectors.
The project was constructed by Biosar Energy S.A. ("Biosar"), a Greece-based solar system specialist offering integrated solutions in the areas of design, supply, construction and maintenance of medium and large-scale PV systems.
The project was financed on a long term, non-recourse basis from the Project Finance team of Piraeus Bank. Piraeus Bank Group is the leading bank in Greece in green business financings, with a strategic commitment to continuously supporting the renewable energy sector.
"We are pleased to cooperate with STIAFILCO and Biosar to complete the largest solar plant in Greece," said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "Because of the country's favorable natural solar irradiance and the Greek government's strong commitment to renewable energy, Greece is considered an important market for PV. We continue to see increasing demand for our premium-quality solar products, which further confirms our leadership position in this market."
ReneSola to Report Second Quarter 2011 Results on August 9, 2011
JIASHAN, China, July 28, 2011 /PRNewswire-Asia-FirstCall/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar wafers and provider of solar modules, today announced that it will report its unaudited financial results for the second quarter ended June 30, 2011 before the U.S. markets open on Tuesday, August 9, 2011.
(Logo: http://photos.prnewswire.com/prnh/20080506/CNTU030 )
ReneSola's management will host an earnings conference call on Tuesday, August 9, 2011 at 8 am U.S. Eastern Time (8 pm Beijing/Hong Kong time).
Dial-in details for the earnings conference call are as follows:
U.S. / International:
+1-617-614-3453
Hong Kong:
+852-3002-1672
Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode is "ReneSola Call".
A replay of the conference call may be accessed by phone at the following number until August 16, 2011:
International:
+1-617-801-6888
Passcode:
83559070
Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of ReneSola's website at http://www.renesola.com.
(Logo: http://photos.prnewswire.com/prnh/20080506/CNTU030 )
ReneSola's management will host an earnings conference call on Tuesday, August 9, 2011 at 8 am U.S. Eastern Time (8 pm Beijing/Hong Kong time).
Dial-in details for the earnings conference call are as follows:
U.S. / International:
+1-617-614-3453
Hong Kong:
+852-3002-1672
Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode is "ReneSola Call".
A replay of the conference call may be accessed by phone at the following number until August 16, 2011:
International:
+1-617-801-6888
Passcode:
83559070
Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of ReneSola's website at http://www.renesola.com.
Lockheed Martin Tests Solar Airship
AKRON, Ohio, July 27, 2011 /PRNewswire/ -- The U.S. Army and Lockheed Martin (NYSE: LMT) launched the first-of-its kind High Altitude Long Endurance-Demonstrator this morning, demonstrating a number of key technologies critical to development of unmanned airships.
The aircraft successfully launched at 5:47 a.m. out of the Air Dock in Akron, Ohio. The airship reached an altitude of approximately 32,000 feet, however, a technical anomaly prevented the airship from attaining its target altitude of 60,000 feet and the HALE-D team decided to terminate the flight.
The aircraft descended without incident at 8:26 a.m. in southwestern Pennsylvania to a predetermined landing location. Lockheed Martin is coordinating with state and local authorities to recover the airship. We have confirmed that no injuries or damage were experienced during this landing in a heavily wooded area.
"While we didn't reach the target altitude, first flights of new technologies like HALE-D also afford us the ability to learn and test with a mind toward future developments," said Dan Schultz, vice president ship and aviation systems for Lockheed Martin's Mission Systems & Sensors business. "We demonstrated a variety of advanced technologies, including launch and control of the airship, communications links, unique propulsion system, solar array electricity generation, remote piloting communications and control capability, in-flight operations, and controlled vehicle recovery to a remote un-populated area."
The HALE-D is an unmanned solar-powered lighter-than-air vehicle designed to hover 12 miles above the earth's surface for extended periods of time. The airship is designed to demonstrate advanced new technologies and capabilities for keeping American soldiers safer through improved communications.
Lockheed Martin is in the process of recovering the airship and will conduct a full evaluation.
The U.S. Army Space and Missile Defense Command/Army Forces Strategic Command (SMDC/ARSTRAT) contracted with Lockheed Martin to develop the High Altitude Airship program to improve the military's ability to communicate in remote areas such as those in Afghanistan, where mountainous terrain frequently interferes with communications signals. The airship will serve as a stationery long-term overhead platform for a telecommunications relay system that will expand the range and reliability of battlefield communications.
The SMDC/ARSTRAT provides trained and ready missile defense forces and capabilities to the component commands and in support of the warfighter. It also focuses on researching, testing and integrating space, missile defense, high altitude, directed energy and other related technologies.
Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 126,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation's 2010 sales from continuing operations were $45.8 billion.
The aircraft successfully launched at 5:47 a.m. out of the Air Dock in Akron, Ohio. The airship reached an altitude of approximately 32,000 feet, however, a technical anomaly prevented the airship from attaining its target altitude of 60,000 feet and the HALE-D team decided to terminate the flight.
The aircraft descended without incident at 8:26 a.m. in southwestern Pennsylvania to a predetermined landing location. Lockheed Martin is coordinating with state and local authorities to recover the airship. We have confirmed that no injuries or damage were experienced during this landing in a heavily wooded area.
"While we didn't reach the target altitude, first flights of new technologies like HALE-D also afford us the ability to learn and test with a mind toward future developments," said Dan Schultz, vice president ship and aviation systems for Lockheed Martin's Mission Systems & Sensors business. "We demonstrated a variety of advanced technologies, including launch and control of the airship, communications links, unique propulsion system, solar array electricity generation, remote piloting communications and control capability, in-flight operations, and controlled vehicle recovery to a remote un-populated area."
The HALE-D is an unmanned solar-powered lighter-than-air vehicle designed to hover 12 miles above the earth's surface for extended periods of time. The airship is designed to demonstrate advanced new technologies and capabilities for keeping American soldiers safer through improved communications.
Lockheed Martin is in the process of recovering the airship and will conduct a full evaluation.
The U.S. Army Space and Missile Defense Command/Army Forces Strategic Command (SMDC/ARSTRAT) contracted with Lockheed Martin to develop the High Altitude Airship program to improve the military's ability to communicate in remote areas such as those in Afghanistan, where mountainous terrain frequently interferes with communications signals. The airship will serve as a stationery long-term overhead platform for a telecommunications relay system that will expand the range and reliability of battlefield communications.
The SMDC/ARSTRAT provides trained and ready missile defense forces and capabilities to the component commands and in support of the warfighter. It also focuses on researching, testing and integrating space, missile defense, high altitude, directed energy and other related technologies.
Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 126,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation's 2010 sales from continuing operations were $45.8 billion.
Uterne Solar Power Plant Now Providing Clean Energy in Alice Springs
SAN JOSE, Calif., July 27, 2011 /PRNewswire-FirstCall/ -- SunPower Corp. (NASDAQ: SPWRA, SPWRB) today announced the completion of Australia's largest tracking solar power plant, the 1-megawatt (MW) Uterne solar power plant in Alice Springs.
The Uterne project features more than 3,000 high-efficiency SunPower solar photovoltaic panels generating up to 50 percent more electricity than conventional solar panels. Installed on SunPower's proprietary single-axis T20 Tracker system, the solar panels are positioned to follow the sun during the day, increasing daily energy production by up to an additional 30 percent over conventional fixed-tilt installations.
Under the first utility-backed solar power purchase agreement in Australia, electricity generated will be sold to Power and Water Corp at a guaranteed price for the next 20 years.
"SunPower is delighted to have constructed Australia's largest producer of solar energy," said Bob Blakiston, SunPower managing director. "Uterne demonstrates that - just like any other fuel production plant - solar generation can be supported by a long-term power purchase agreement, setting a positive precedent for the development of similar projects in this country."
"We are proud to be among the first in Australia to use this technology on this scale, and to make the benefits of solar power available to all residents in Alice Springs," said Andrew Macrides, managing director, Power and Water Corporation Northern Territory. The Corporation is committed to increasing its environmental sustainability in line with community expectations and global scientific concern. Uterne is an example of this goal and the Corporation intends to continue its efforts with the advancement of more solar power stations in remote communities as well as renewable technologies including tidal, bio-fuels, wind and solar thermal.
As part of the Alice Solar City program, the Australian Government contributed AUD 3.3 million to the AUD 6.6 million Uterne project. Alice Solar City is one of seven cities participating in the government's AUD 94 million Solar Cities initiative. Each city is trialing a combination of technologies including solar hot water and photovoltaic technology, energy efficiency, load management, smart meters and cost-reflective pricing in large scale grid connected urban sites. Data collected from each of the trials will demonstrate how different projects can reduce energy consumption and will inform future policies.
The plant is named Uterne after an indigenous word meaning "bright, sunny day". According to the government's Bureau of Meteorology, Alice Springs averages 9.6 hours of sunshine per day. In the last 56 years, the area has averaged only 63 cloudy days per year.
The Uterne project features more than 3,000 high-efficiency SunPower solar photovoltaic panels generating up to 50 percent more electricity than conventional solar panels. Installed on SunPower's proprietary single-axis T20 Tracker system, the solar panels are positioned to follow the sun during the day, increasing daily energy production by up to an additional 30 percent over conventional fixed-tilt installations.
Under the first utility-backed solar power purchase agreement in Australia, electricity generated will be sold to Power and Water Corp at a guaranteed price for the next 20 years.
"SunPower is delighted to have constructed Australia's largest producer of solar energy," said Bob Blakiston, SunPower managing director. "Uterne demonstrates that - just like any other fuel production plant - solar generation can be supported by a long-term power purchase agreement, setting a positive precedent for the development of similar projects in this country."
"We are proud to be among the first in Australia to use this technology on this scale, and to make the benefits of solar power available to all residents in Alice Springs," said Andrew Macrides, managing director, Power and Water Corporation Northern Territory. The Corporation is committed to increasing its environmental sustainability in line with community expectations and global scientific concern. Uterne is an example of this goal and the Corporation intends to continue its efforts with the advancement of more solar power stations in remote communities as well as renewable technologies including tidal, bio-fuels, wind and solar thermal.
As part of the Alice Solar City program, the Australian Government contributed AUD 3.3 million to the AUD 6.6 million Uterne project. Alice Solar City is one of seven cities participating in the government's AUD 94 million Solar Cities initiative. Each city is trialing a combination of technologies including solar hot water and photovoltaic technology, energy efficiency, load management, smart meters and cost-reflective pricing in large scale grid connected urban sites. Data collected from each of the trials will demonstrate how different projects can reduce energy consumption and will inform future policies.
The plant is named Uterne after an indigenous word meaning "bright, sunny day". According to the government's Bureau of Meteorology, Alice Springs averages 9.6 hours of sunshine per day. In the last 56 years, the area has averaged only 63 cloudy days per year.
iPhone Marks Commissioning of Largest Solar Array in Vermont, Largest Solar Tracker Farm of its Kind in North America
SOUTH BURLINGTON, Vt., July 27, 2011 /PRNewswire/ -- The touch of an iPhone -- which brought the last of 382 solar trackers into position perpendicular with the sun -- marked the commissioning of the largest solar installation in Vermont and the largest installation of its kind in all of North America.
Manufactured just four miles from the site of the solar farm, 382 AllSun Trackers produced by Williston-based AllEarth Renewables make up the 2.2 MW farm. The pole-mounted trackers use innovative GPS and wireless technology to actively follow the sun throughout the day, producing more than 40 percent more energy than fixed solar.
With inverters on each tracker to boost energy performance, the project is the largest solar installation to use such a configuration in North America.
Attending the commissioning were more than 75 local contractors, engineers, suppliers, developers, parts fabricators, manufacturers, and other workers that had a direct hand in building the project.
"This project not only produces renewable energy from the sun, it creates a lot of local clean energy jobs," said David Blittersdorf, CEO and founder of AllEarth Renewables. "We've innovated and refined our AllSun Tracker so it can be affordably used to power homes or businesses, and at the same time make up a utility-sized farm like this project in South Burlington."
Part of the state's Standard Offer program, the farm will sell an estimated 2.91 million annual kWh of power generated by the installation to Vermont's Sustainably Priced Energy Development (SPEED) Program. The Standard Offer was established as part of the Vermont Energy Act of 2009.
Vermont Governor Peter Shumlin, Lt. Governor Phil Scott, and Speaker of the House Shap Smith also spoke at the event.
In June, AllEarth Renewables' CEO was named by Business Week as one of 25 of "America's Most Promising Social Entrepreneurs." The company, which employs 26, earlier this month announced a partnership with four installers to provide distribution of affordable solar solution throughout Vermont.
Manufactured just four miles from the site of the solar farm, 382 AllSun Trackers produced by Williston-based AllEarth Renewables make up the 2.2 MW farm. The pole-mounted trackers use innovative GPS and wireless technology to actively follow the sun throughout the day, producing more than 40 percent more energy than fixed solar.
With inverters on each tracker to boost energy performance, the project is the largest solar installation to use such a configuration in North America.
Attending the commissioning were more than 75 local contractors, engineers, suppliers, developers, parts fabricators, manufacturers, and other workers that had a direct hand in building the project.
"This project not only produces renewable energy from the sun, it creates a lot of local clean energy jobs," said David Blittersdorf, CEO and founder of AllEarth Renewables. "We've innovated and refined our AllSun Tracker so it can be affordably used to power homes or businesses, and at the same time make up a utility-sized farm like this project in South Burlington."
Part of the state's Standard Offer program, the farm will sell an estimated 2.91 million annual kWh of power generated by the installation to Vermont's Sustainably Priced Energy Development (SPEED) Program. The Standard Offer was established as part of the Vermont Energy Act of 2009.
Vermont Governor Peter Shumlin, Lt. Governor Phil Scott, and Speaker of the House Shap Smith also spoke at the event.
In June, AllEarth Renewables' CEO was named by Business Week as one of 25 of "America's Most Promising Social Entrepreneurs." The company, which employs 26, earlier this month announced a partnership with four installers to provide distribution of affordable solar solution throughout Vermont.
Suntech Solar Panels Now Available for Ontario Solar FIT Program
SAN FRANCISCO, July 27, 2011 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd (NYSE: STP), the world's largest producer of solar panels, is now offering solar panels that satisfy local content requirements for solar projects in Ontario, Canada. Using 100% Ontario-refined silicon, Suntech's qualifying 225Wp and 275Wp solar panels will help local partners receive approval under Ontario's microFIT and FIT Programs.
As of January 1, 2011, the Ontario microFIT and FIT Programs require solar projects to utilize 60% domestic content. Suntech's high-quality solar panels can now contribute 10% and 11% compliance to the microFIT and FIT Programs respectively, thus enabling solar project developers to achieve the required 60% threshold. Solar project developers can now apply to receive approval for their domestic content plans using Suntech solar panels.
"With Suntech 225Wp and 275Wp solar panels, we have a world-class option for delivering solar projects in Ontario," said Eric Kalmbach, Chief Operating Officer of NorthGrid Solar Inc. "Ontario FIT compliance enables us to continue providing the high level of excellence we demand from our suppliers. Competition is healthy for the solar industry in Ontario and globally. It leads to better quality and, most importantly, helps to drive down the cost of solar electricity, which ultimately encourages even further investment."
Suntech's qualifying solar panels utilize 100% Ontario-refined silicon produced by Calisolar Inc., a privately held, vertically integrated manufacturer of solar silicon, wafers and cells.
"Readily available, high-quality solar silicon is critical to the solar value chain and growth of the solar industry," commented Calisolar CEO Sandra Beach Lin. "Suntech has been working with us for three years and continues to invest resources and effort to make our operations in Ontario world class. This is a great opportunity for our two companies to help meet Ontario's renewable energy goals while creating 75 high-quality jobs in Ontario."
As of January 1, 2011, the Ontario microFIT and FIT Programs require solar projects to utilize 60% domestic content. Suntech's high-quality solar panels can now contribute 10% and 11% compliance to the microFIT and FIT Programs respectively, thus enabling solar project developers to achieve the required 60% threshold. Solar project developers can now apply to receive approval for their domestic content plans using Suntech solar panels.
"With Suntech 225Wp and 275Wp solar panels, we have a world-class option for delivering solar projects in Ontario," said Eric Kalmbach, Chief Operating Officer of NorthGrid Solar Inc. "Ontario FIT compliance enables us to continue providing the high level of excellence we demand from our suppliers. Competition is healthy for the solar industry in Ontario and globally. It leads to better quality and, most importantly, helps to drive down the cost of solar electricity, which ultimately encourages even further investment."
Suntech's qualifying solar panels utilize 100% Ontario-refined silicon produced by Calisolar Inc., a privately held, vertically integrated manufacturer of solar silicon, wafers and cells.
"Readily available, high-quality solar silicon is critical to the solar value chain and growth of the solar industry," commented Calisolar CEO Sandra Beach Lin. "Suntech has been working with us for three years and continues to invest resources and effort to make our operations in Ontario world class. This is a great opportunity for our two companies to help meet Ontario's renewable energy goals while creating 75 high-quality jobs in Ontario."
Solar Nation® Installs Solar-Electric System for Atlantic Realty in Secaucus, New Jersey
WOODBRIDGE, N.J.--(BUSINESS WIRE)--Solar Nation has announced the installation and commissioning of a 947 kilowatt solar-electric system for Atlantic Realty Development Corporation in Secaucus, New Jersey. Atlantic Realty installed the solar-electric system to reduce and stabilize energy costs and to follow through on its long-standing commitment to environmental stewardship and energy conservation.
The 105,000 square foot solar-electric system was designed, engineered, and installed by Solar Nation. The ground mounted array is comprised of 4,030 SolarWorld® 235 watt solar panels, manufactured in the U.S. In addition to the panels, the system incorporates SMA America inverters and a Draker Laboratories web-based monitoring system. Clean, renewable energy generated by the system would be enough to power up to 97 homes and will meet 63 percent of Atlantic Reality’s net metered electricity needs for the currently completed buildings, providing immediate savings for the company.
The installation of the solar-electric system is part of Atlantic Realty’s continuing dedication to environmental impact reduction. It is estimated that the development corporation’s solar-electric system will cut greenhouse gas emissions by 779 metric tons annually—the equivalent CO2 offset of planting approximately 19,979 trees.
“We realize the win-win opportunity we had as a company by installing this solar-electric system. We are working to protect the environment for our children, and we are strengthening our company for long term growth at the same time,” explained William K. Hayes II, Executive Construction Manager of Atlantic Realty Development Corporation. “Renewable energy is not just a smart environmental policy; it’s smart business.”
“Atlantic Realty has shown its commitment to sustainability at its facilities. We are proud that they chose Solar Nation to further that commitment to energy conservation. By installing an advanced solar-electric system, Atlantic Realty will realize immediate and long-term savings that will make them an even stronger business in New Jersey, all while reducing emissions and helping the environment,” said Paul Hodge, Chief Executive Officer of Solar Nation.
The 105,000 square foot solar-electric system was designed, engineered, and installed by Solar Nation. The ground mounted array is comprised of 4,030 SolarWorld® 235 watt solar panels, manufactured in the U.S. In addition to the panels, the system incorporates SMA America inverters and a Draker Laboratories web-based monitoring system. Clean, renewable energy generated by the system would be enough to power up to 97 homes and will meet 63 percent of Atlantic Reality’s net metered electricity needs for the currently completed buildings, providing immediate savings for the company.
The installation of the solar-electric system is part of Atlantic Realty’s continuing dedication to environmental impact reduction. It is estimated that the development corporation’s solar-electric system will cut greenhouse gas emissions by 779 metric tons annually—the equivalent CO2 offset of planting approximately 19,979 trees.
“We realize the win-win opportunity we had as a company by installing this solar-electric system. We are working to protect the environment for our children, and we are strengthening our company for long term growth at the same time,” explained William K. Hayes II, Executive Construction Manager of Atlantic Realty Development Corporation. “Renewable energy is not just a smart environmental policy; it’s smart business.”
“Atlantic Realty has shown its commitment to sustainability at its facilities. We are proud that they chose Solar Nation to further that commitment to energy conservation. By installing an advanced solar-electric system, Atlantic Realty will realize immediate and long-term savings that will make them an even stronger business in New Jersey, all while reducing emissions and helping the environment,” said Paul Hodge, Chief Executive Officer of Solar Nation.
First Solar to Announce Second Quarter 2011 Financial Results on Thursday, August 4, 2011
TEMPE, Ariz.--(BUSINESS WIRE)--First Solar, Inc. (NASDAQ: FSLR) will report financial results for the second quarter ended June 30, 2011, after market close on Thursday, August 4, 2011. The Company will hold its quarterly conference call to discuss these results and outlook for 2011 at 4:30 p.m. EDT. Investors may access a live webcast of this conference call by visiting http://investor.firstsolar.com/events.cfm.
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 August 9, 2011 at 7:30 p.m. EDT 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 6647385. A replay of the webcast will be available on the Investor section of the Company’s web site approximately two hours after the conclusion of the call and remain available for approximately 90 calendar days.
About First Solar, Inc.
First Solar manufactures solar modules with an advanced semiconductor technology, and is a premier provider of comprehensive photovoltaic (PV) system solutions. The company is delivering an economically viable alternative to fossil-fuel generation today. From raw material sourcing through end-of-life collection and recycling, First Solar is focused on creating value-driven renewable energy solutions that protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.
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 August 9, 2011 at 7:30 p.m. EDT 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 6647385. A replay of the webcast will be available on the Investor section of the Company’s web site approximately two hours after the conclusion of the call and remain available for approximately 90 calendar days.
About First Solar, Inc.
First Solar manufactures solar modules with an advanced semiconductor technology, and is a premier provider of comprehensive photovoltaic (PV) system solutions. The company is delivering an economically viable alternative to fossil-fuel generation today. From raw material sourcing through end-of-life collection and recycling, First Solar is focused on creating value-driven renewable energy solutions that protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.
STR Holdings to Report Second Quarter 2011 Financial Results on August 3
ENFIELD, Conn.--(BUSINESS WIRE)--STR Holdings, Inc. (NYSE: STRI) announced today that it will release financial results for the second quarter of 2011 after the market closes on Wednesday, August 3, 2011. An investor conference call will follow at 4:30 p.m. ET. Dennis L. Jilot, Chairman, President, and Chief Executive Officer, Robert S. Yorgensen, President of STR Solar, and Barry A. Morris, Executive Vice President and Chief Financial Officer, will host the call.
Investors in the U.S. interested in participating in the live call should dial 866-277-1182 and enter passcode: 22126513. Those calling from outside the U.S. should dial 617-597-5359 and use the same passcode. A telephone replay will be available approximately two hours after the call concludes through Wednesday, August 10, 2011 by dialing 888-286-8010 from the U.S., or 617-801-6888 from international locations, and entering passcode: 43139243.
There will also be a simultaneous live webcast and presentation used during this call that will be available on the Investor Relations section of the Company's website at www.strholdings.com. The webcast and presentation will be archived on the website for one year.
Investors in the U.S. interested in participating in the live call should dial 866-277-1182 and enter passcode: 22126513. Those calling from outside the U.S. should dial 617-597-5359 and use the same passcode. A telephone replay will be available approximately two hours after the call concludes through Wednesday, August 10, 2011 by dialing 888-286-8010 from the U.S., or 617-801-6888 from international locations, and entering passcode: 43139243.
There will also be a simultaneous live webcast and presentation used during this call that will be available on the Investor Relations section of the Company's website at www.strholdings.com. The webcast and presentation will be archived on the website for one year.
BioSolar Proceeding with Reverse Stock Split
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, reported that the company is proceeding with a 1 for 30 reverse stock split as an important first step to uplist its shares to trade on a senior US stock exchange.
“The main purpose of our reverse stock split is to satisfy the minimum share price requirement to trade on a senior U.S. securities exchange,” said Dr. David Lee, BioSolar’s Chief Executive Officer. “A typical minimum market price required for initial listing is as high as $5. Another important benefit is that a higher share price is likely to attract a larger pool of quality institutional investors as the company moves into commercial production.”
In the case of BioSolar’s reverse stock split, the number of outstanding shares and authorized shares will be reduced by a factor of 30, resulting in a higher price per share. However, each existing shareholder’s percentage of ownership of the company will remain exactly the same as before the reverse stock split.
The reverse split is scheduled to take effect around August 2, 2011, and a letter “D” will be added to BioSolar’s stock symbol and trade as BSRCD. After 30 days, the symbol will revert back to BSRC.
In recent months, a number of low priced stocks have undertaken successful reverse stocks splits. One example in the clean tech field is Carbon Sciences, which recently went through the same process. The stock trend for Carbon Sciences, with the split marked, can be viewed here.
“BioSolar is steadily moving forward on both business and financial fronts as it prepares for the sale of its BioBacksheet, its first commercial product,” said Lee.
The company previously reported that it is working closely with PV panel manufacturers to help prepare their upcoming panel recertification with BioBacksheet upon the release of provisional RTI by Underwriter’s Laboratories. After panel level certification, PV panels containing BioBacksheet will be available for sale in the general marketplace.
“The main purpose of our reverse stock split is to satisfy the minimum share price requirement to trade on a senior U.S. securities exchange,” said Dr. David Lee, BioSolar’s Chief Executive Officer. “A typical minimum market price required for initial listing is as high as $5. Another important benefit is that a higher share price is likely to attract a larger pool of quality institutional investors as the company moves into commercial production.”
In the case of BioSolar’s reverse stock split, the number of outstanding shares and authorized shares will be reduced by a factor of 30, resulting in a higher price per share. However, each existing shareholder’s percentage of ownership of the company will remain exactly the same as before the reverse stock split.
The reverse split is scheduled to take effect around August 2, 2011, and a letter “D” will be added to BioSolar’s stock symbol and trade as BSRCD. After 30 days, the symbol will revert back to BSRC.
In recent months, a number of low priced stocks have undertaken successful reverse stocks splits. One example in the clean tech field is Carbon Sciences, which recently went through the same process. The stock trend for Carbon Sciences, with the split marked, can be viewed here.
“BioSolar is steadily moving forward on both business and financial fronts as it prepares for the sale of its BioBacksheet, its first commercial product,” said Lee.
The company previously reported that it is working closely with PV panel manufacturers to help prepare their upcoming panel recertification with BioBacksheet upon the release of provisional RTI by Underwriter’s Laboratories. After panel level certification, PV panels containing BioBacksheet will be available for sale in the general marketplace.
VA Funds Solar Energy Projects at 5 Hospitals
WASHINGTON--(BUSINESS WIRE)--The Department of Veterans Affairs (VA) has awarded $56.7 million in contracts to build solar photovoltaic (PV) systems in support of ongoing energy efficiency and renewable energy initiatives.
“With these investments in clean energy and other renewable energy projects, we are marching forward with the President’s initiative to expand innovation in the federal government and create new jobs,” said VA Secretary Eric K. Shinseki. “The benefits of using solar power are profound, from reducing greenhouse gas emissions to improving the quality of the air we breathe. This initiative is good for Veterans and good for our environment.”
By summer 2012, VA will install the solar PV systems at five VA medical centers in sunny locations, from Texas to California. VA selected the sites based on feasibility studies that determined the most ideal locations to invest in on-site renewable energy projects.
Solar PV installations are slated for Oklahoma City; Temple, Texas; Amarillo, Texas; Loma Linda, Calif. and West Los Angeles.
VA’s goal is to increase renewable energy consumption to 15 percent of annual electricity usage by 2013. The installation of these five solar PV systems will help VA meet that goal. Renewable energy projects such as, solar PV and wind turbines, provide free energy to power VA facilities and provide a variety of benefits.
VA has also awarded 35 additional solar PV systems at medical centers and national cemeteries across the nation. VA has invested over $300 million in renewable energy projects since 2009.
“With these investments in clean energy and other renewable energy projects, we are marching forward with the President’s initiative to expand innovation in the federal government and create new jobs,” said VA Secretary Eric K. Shinseki. “The benefits of using solar power are profound, from reducing greenhouse gas emissions to improving the quality of the air we breathe. This initiative is good for Veterans and good for our environment.”
By summer 2012, VA will install the solar PV systems at five VA medical centers in sunny locations, from Texas to California. VA selected the sites based on feasibility studies that determined the most ideal locations to invest in on-site renewable energy projects.
Solar PV installations are slated for Oklahoma City; Temple, Texas; Amarillo, Texas; Loma Linda, Calif. and West Los Angeles.
VA’s goal is to increase renewable energy consumption to 15 percent of annual electricity usage by 2013. The installation of these five solar PV systems will help VA meet that goal. Renewable energy projects such as, solar PV and wind turbines, provide free energy to power VA facilities and provide a variety of benefits.
VA has also awarded 35 additional solar PV systems at medical centers and national cemeteries across the nation. VA has invested over $300 million in renewable energy projects since 2009.
Wednesday, July 27, 2011
JinkoSolar to Report Second Quarter 2011 Results on August 16, 2011
SHANGHAI, July 27, 2011 /PRNewswire-Asia/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a fast-growing vertically integrated solar product manufacturer with low-cost operations based in China, today announced that it plans to release its unaudited financial results for the second quarter ended June 30, 2011 before the U.S. markets open on Tuesday, August 16, 2011.
JinkoSolar's management will host an earnings conference call on Tuesday, August 16, 2011 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong time).
Dial-in details for the earnings conference call are as follows:
Hong Kong / International: +852-2475-0994
U.S. Toll Free: +1-866-519-4004
Passcode: JinkoSolar
Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call.
A telephone replay of the call will be available after the conclusion of the conference call through 11:00 a.m. U.S. Eastern Time, August 23, 2011. The dial-in details for the replay are as follows:
International: +61-2-8235-5000
Passcode: 84834901
Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar's website at http://www.jinkosolar.com.
JinkoSolar's management will host an earnings conference call on Tuesday, August 16, 2011 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong time).
Dial-in details for the earnings conference call are as follows:
Hong Kong / International: +852-2475-0994
U.S. Toll Free: +1-866-519-4004
Passcode: JinkoSolar
Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call.
A telephone replay of the call will be available after the conclusion of the conference call through 11:00 a.m. U.S. Eastern Time, August 23, 2011. The dial-in details for the replay are as follows:
International: +61-2-8235-5000
Passcode: 84834901
Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar's website at http://www.jinkosolar.com.
Cogenra Solar Appoints Kate Sherwood as Vice President of U.S. Sales
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Cogenra Solar™, a provider of distributed solar cogeneration systems and renewable energy service solutions, announced today that Kate Sherwood has joined the company as vice president of U.S. sales. Ms. Sherwood brings a proven sales and business development track record in the solar photovoltaic (PV) industry, including leadership positions at SunPower, SunLink and Recurrent Energy. She joins Cogenra to meet the company’s growing demand for its hybrid solar solution, applying her rich solar background to the rapidly developing market.
“Kate Sherwood has consistently demonstrated the talent and drive to grow revenues and evolve sales teams in the solar space,” said Cogenra CEO Dr. Gilad Almogy. “We welcome her passion and belief in commercial distributed generation, and Cogenra’s cogeneration solution specifically, as the key to driving solar hot water and electricity adoption in industrial and commercial facilities.”
Throughout the course of her career, Ms. Sherwood has developed more than $150 million in distributed solar projects for high-profile clients in industries such as healthcare, retail and technology. She previously gained marketing, finance and project experience at Accenture, Sun Microsystems and the U.S. Department of Justice. She holds a Master of Business Administration from The Wharton School, University of Pennsylvania and a Bachelor of Science from George Mason University.
“I’m delighted to join Cogenra and apply my skills to the expanding solar cogeneration market,” said Ms. Sherwood, vice-president of U.S. sales at Cogenra. “Until now, there hasn’t been a commercial solar thermal solution on the market that was both economically and technologically viable. I believe that Cogenra’s elegant combination of thermal and electric solar production is ready to address the tremendous market opportunity today.”
Ms. Sherwood is responsible for generating sales directly, as well as building robust channels, in the many sectors that are embracing solar cogeneration including hospitality and resorts, multi-tenant buildings, college and university dorms, food and beverage processors, corporate cafeterias and even prisons.
Cogenra’s solar cogeneration solution encompasses both photovoltaic and solar thermal technologies to deliver low-cost electricity and hot water for a range of industrial, commercial and institutional applications. The combination enables Cogenra to achieve the highest solar utilization and deliver the industry’s fastest financial payback.
“Kate Sherwood has consistently demonstrated the talent and drive to grow revenues and evolve sales teams in the solar space,” said Cogenra CEO Dr. Gilad Almogy. “We welcome her passion and belief in commercial distributed generation, and Cogenra’s cogeneration solution specifically, as the key to driving solar hot water and electricity adoption in industrial and commercial facilities.”
Throughout the course of her career, Ms. Sherwood has developed more than $150 million in distributed solar projects for high-profile clients in industries such as healthcare, retail and technology. She previously gained marketing, finance and project experience at Accenture, Sun Microsystems and the U.S. Department of Justice. She holds a Master of Business Administration from The Wharton School, University of Pennsylvania and a Bachelor of Science from George Mason University.
“I’m delighted to join Cogenra and apply my skills to the expanding solar cogeneration market,” said Ms. Sherwood, vice-president of U.S. sales at Cogenra. “Until now, there hasn’t been a commercial solar thermal solution on the market that was both economically and technologically viable. I believe that Cogenra’s elegant combination of thermal and electric solar production is ready to address the tremendous market opportunity today.”
Ms. Sherwood is responsible for generating sales directly, as well as building robust channels, in the many sectors that are embracing solar cogeneration including hospitality and resorts, multi-tenant buildings, college and university dorms, food and beverage processors, corporate cafeterias and even prisons.
Cogenra’s solar cogeneration solution encompasses both photovoltaic and solar thermal technologies to deliver low-cost electricity and hot water for a range of industrial, commercial and institutional applications. The combination enables Cogenra to achieve the highest solar utilization and deliver the industry’s fastest financial payback.
SolarCity to Make Solar-Powered Electric Vehicle Charging Available Across its Service Territory
SAN MATEO, Calif. & AUBURN, Calif.--(BUSINESS WIRE)--Now more Americans than ever will be able to “drive on sunshine”, by charging their electric cars with solar power, and save up to 77 percent on fuel costs. SolarCity has partnered with industry pioneer ClipperCreek to provide electric vehicle (EV) chargers compatible with all new EVs. SolarCity will initially install ClipperCreek EV chargers through its 24 operations centers nationwide, making it the largest single provider of EV, solar and energy efficiency services in the U.S.
“SolarCity’s mission has always been to help homeowners and businesses adopt clean power while saving on energy costs,” said Lyndon Rive, CEO of SolarCity. “Electric cars are already among the cleanest-running vehicles on the road—charging them on solar makes them that much better. Tens of thousands of electric cars will be delivered over the next year alone, with hundreds of thousands expected over the next five years. We’re making it easier to power them with carbon-free electricity for zero emissions, and to dramatically reduce the cost of driving.”
Pricing for home or business installation of a ClipperCreek 240-volt Level II EV charger, including the charger, starts at $1,500. Charging at Level II is roughly five times faster than using a 120-volt wall outlet. For its solar and energy-efficiency customers, as well as those who wish to install EV chargers only, SolarCity can prepare a home or business to be EV ready even before delivery of an electric car.
Powering an EV with electricity generated from a home solar system can be 77 percent less expensive than powering a car with gas. An average San Francisco Bay Area resident paying the national average of $3.65 per gallon gas spends about $230 per month to fuel her gas-powered car. She’d pay $107 to power an equivalent-size EV with grid electricity, and, by leasing a solar system from SolarCity, only $54 to power the car with solar electricity for the same miles driven.
ClipperCreek pioneered EV charger safety features in the mid-1990s that have become the industry standard. Its UL-listed chargers are designed for use with the Chevy Volt, Ford Transit Connect, Nissan Leaf, Tesla Roadster and all SAE-compatible plug-In vehicles that are soon to be released from major and most new car companies.
“We are pleased to partner with SolarCity to help increase the number of homes and businesses that can run electric cars on renewable energy,” said Dave Packard, President of ClipperCreek, Inc. “Roughly 40 percent of residential EV owners have solar and we expect these environmental and economic benefits to expand with the coming proliferation of electric cars and increasing use of solar power.”
SolarCity installed the world’s first solar-powered enhanced electric car charging corridor, between Los Angeles and San Francisco, in 2009. The EV chargers, located at Rabobank branches along highway 101, support the new industry-standard J1772 protocol common to newer EVs.
SolarCity is also the North American distributor of EV chargers for Toyota Tsusho, which represents a public EV infrastructure of thousands of chargers.
“SolarCity’s mission has always been to help homeowners and businesses adopt clean power while saving on energy costs,” said Lyndon Rive, CEO of SolarCity. “Electric cars are already among the cleanest-running vehicles on the road—charging them on solar makes them that much better. Tens of thousands of electric cars will be delivered over the next year alone, with hundreds of thousands expected over the next five years. We’re making it easier to power them with carbon-free electricity for zero emissions, and to dramatically reduce the cost of driving.”
Pricing for home or business installation of a ClipperCreek 240-volt Level II EV charger, including the charger, starts at $1,500. Charging at Level II is roughly five times faster than using a 120-volt wall outlet. For its solar and energy-efficiency customers, as well as those who wish to install EV chargers only, SolarCity can prepare a home or business to be EV ready even before delivery of an electric car.
Powering an EV with electricity generated from a home solar system can be 77 percent less expensive than powering a car with gas. An average San Francisco Bay Area resident paying the national average of $3.65 per gallon gas spends about $230 per month to fuel her gas-powered car. She’d pay $107 to power an equivalent-size EV with grid electricity, and, by leasing a solar system from SolarCity, only $54 to power the car with solar electricity for the same miles driven.
ClipperCreek pioneered EV charger safety features in the mid-1990s that have become the industry standard. Its UL-listed chargers are designed for use with the Chevy Volt, Ford Transit Connect, Nissan Leaf, Tesla Roadster and all SAE-compatible plug-In vehicles that are soon to be released from major and most new car companies.
“We are pleased to partner with SolarCity to help increase the number of homes and businesses that can run electric cars on renewable energy,” said Dave Packard, President of ClipperCreek, Inc. “Roughly 40 percent of residential EV owners have solar and we expect these environmental and economic benefits to expand with the coming proliferation of electric cars and increasing use of solar power.”
SolarCity installed the world’s first solar-powered enhanced electric car charging corridor, between Los Angeles and San Francisco, in 2009. The EV chargers, located at Rabobank branches along highway 101, support the new industry-standard J1772 protocol common to newer EVs.
SolarCity is also the North American distributor of EV chargers for Toyota Tsusho, which represents a public EV infrastructure of thousands of chargers.
Somerset Tire Service Puts its Trust in Mitsubishi Electric Solar Photovoltaic System
CYPRESS, Calif.--(BUSINESS WIRE)--Somerset Tire Service, Inc. (STS), the largest independent tire and automotive service company in the Northeast US, has installed a one megawatt DC solar electric (photovoltaic) system on the roof its distribution center in Bridgewater, NJ. The solar array includes 5,488 185-watt solar modules manufactured by Mitsubishi Electric and installed by Advanced Solar Products (ASP).
The system, which uses solar modules with 100-percent lead-free solder, is estimated to produce 1,197 MWh of electricity per year, nearly eliminating the company’s power bill and output of greenhouse gases. Since going live in early April the system has surpassed its expected production of electricity.
The project is financed in part by the federal renewable energy treasury grant, and the sale of New Jersey solar renewable energy credits (SRECs), which will be generated by the system over 15 years.
The distribution center sits on a property formerly operated by an industrial manufacturing company. STS, the former occupant, and the NJ Department of Environmental Protection, worked together with environmental engineers to remediate soils and redevelop the site.
“We have built the trust of our customers through honest and ethical business practices for over 50 years,” said STS President Bill Caulin. “Redeveloping this site and installing solar was not only the right thing to do for our community and environment, but also made sense financially.”
“STS made an admirable commitment to the township to develop an environmentally sustainable facility,” said ASP President and CEO Lyle Rawlings. “Installing a solar array was an important part of achieving that goal, so they built their roof to maximize the benefit from their system. We were delighted to participate in this integrated green design project.”
“We are honored that STS, a 100 percent employee-owned company with a long history of serving its customers and community, has installed our modules in their environmental redevelopment project,” said Gina Heng, vice president and general manager of Mitsubishi Electric’s photovoltaic division. “They will reap the benefit of their investment for many years to come.”
Through the nomination by Bridgewater Mayor, Patricia Flannery, the New Jersey Business & Industry Association (NJBIA) awarded STS with a 2011 New Good Neighbor Award for the sustainable features of their facility. In addition to the solar array, the distribution center maximizes use of natural daylight and has a white roof membrane to reflect heat.
The system, which uses solar modules with 100-percent lead-free solder, is estimated to produce 1,197 MWh of electricity per year, nearly eliminating the company’s power bill and output of greenhouse gases. Since going live in early April the system has surpassed its expected production of electricity.
The project is financed in part by the federal renewable energy treasury grant, and the sale of New Jersey solar renewable energy credits (SRECs), which will be generated by the system over 15 years.
The distribution center sits on a property formerly operated by an industrial manufacturing company. STS, the former occupant, and the NJ Department of Environmental Protection, worked together with environmental engineers to remediate soils and redevelop the site.
“We have built the trust of our customers through honest and ethical business practices for over 50 years,” said STS President Bill Caulin. “Redeveloping this site and installing solar was not only the right thing to do for our community and environment, but also made sense financially.”
“STS made an admirable commitment to the township to develop an environmentally sustainable facility,” said ASP President and CEO Lyle Rawlings. “Installing a solar array was an important part of achieving that goal, so they built their roof to maximize the benefit from their system. We were delighted to participate in this integrated green design project.”
“We are honored that STS, a 100 percent employee-owned company with a long history of serving its customers and community, has installed our modules in their environmental redevelopment project,” said Gina Heng, vice president and general manager of Mitsubishi Electric’s photovoltaic division. “They will reap the benefit of their investment for many years to come.”
Through the nomination by Bridgewater Mayor, Patricia Flannery, the New Jersey Business & Industry Association (NJBIA) awarded STS with a 2011 New Good Neighbor Award for the sustainable features of their facility. In addition to the solar array, the distribution center maximizes use of natural daylight and has a white roof membrane to reflect heat.
AES Solar Closes on €68 Million Project Financing for 18 MW Photovoltaic Portfolio in Italy
ARLINGTON, Va.--(BUSINESS WIRE)--AES Solar, a joint venture between the AES Corporation (NYSE: AES) and Riverstone Holdings LLC, announced today that one of its subsidiaries closed earlier this month on long-term non-recourse financing facilities of €68 million, named “Azimuth”, to finance the construction of a portfolio of solar photovoltaic (PV) projects totaling 18 MW, located in the Lazio, Puglia and Sicily regions of Italy.
Four mandated lead arrangers (“MLAs”) participated in this financing: Dexia Crediop (Facility Agent) and Société Générale, as Coordinating Banks, together with DnB NOR and ING. The facilities cover up to 81 percent of estimated project costs with a final maturity date of 18 years post construction. The financial model base case prepared for this financing was set targeting a minimum and average debt service coverage ratio (“DSCR”) of 1.30x.
The four plants financed by these facilities either have or are expected to reach commercial operation between now and the end of Q3 2011, which will qualify them for a 20-year regulated feed-in tariff under the “Conto Energia” renewable energy tariff structure.
AES Solar currently has a global operating portfolio of 127 MW in Italy, Spain, Greece, Bulgaria and France, and with the addition of its assets under construction, has a total portfolio of 159 MW of projects.
Four mandated lead arrangers (“MLAs”) participated in this financing: Dexia Crediop (Facility Agent) and Société Générale, as Coordinating Banks, together with DnB NOR and ING. The facilities cover up to 81 percent of estimated project costs with a final maturity date of 18 years post construction. The financial model base case prepared for this financing was set targeting a minimum and average debt service coverage ratio (“DSCR”) of 1.30x.
The four plants financed by these facilities either have or are expected to reach commercial operation between now and the end of Q3 2011, which will qualify them for a 20-year regulated feed-in tariff under the “Conto Energia” renewable energy tariff structure.
AES Solar currently has a global operating portfolio of 127 MW in Italy, Spain, Greece, Bulgaria and France, and with the addition of its assets under construction, has a total portfolio of 159 MW of projects.
First Solar PV Modules Receive New IEC Certification for Effectiveness in Coastal Environments
TEMPE, Ariz.--(BUSINESS WIRE)--First Solar, Inc. (Nasdaq: FSLR) today announced that its advanced thin-film solar modules have received a new international certification confirming that the company’s technology can be used in a variety of operating conditions, including coastal environments.
First Solar’s photovoltaic (PV) modules have passed the International Electrotechnical Commission’s (IEC) 61701 salt mist corrosion test, which studies module performance in coastal environments characterized by corrosive salt mist.
“This certification further demonstrates the robustness and versatility of First Solar’s PV technology,” said John Kufner, First Solar director of global module product management. “The data shows that our modules can be expected to produce clean electricity in coastal marine environments without any performance concerns.”
The IEC 61701 accreditation applies to First Solar’s Series 3 modules.
All First Solar modules are backed by a 25-year performance warranty and covered by an industry-leading, prefunded collection and recycling program
First Solar’s photovoltaic (PV) modules have passed the International Electrotechnical Commission’s (IEC) 61701 salt mist corrosion test, which studies module performance in coastal environments characterized by corrosive salt mist.
“This certification further demonstrates the robustness and versatility of First Solar’s PV technology,” said John Kufner, First Solar director of global module product management. “The data shows that our modules can be expected to produce clean electricity in coastal marine environments without any performance concerns.”
The IEC 61701 accreditation applies to First Solar’s Series 3 modules.
All First Solar modules are backed by a 25-year performance warranty and covered by an industry-leading, prefunded collection and recycling program
IKEA Opens Store in Centennial, CO With Largest Rooftop Solar in the State
CENTENNIAL, Colo.--(BUSINESS WIRE)--IKEA, the world’s leading home furnishings retailer, opened the doors of its Denver-area store in Centennial, CO to customers at 9 a.m. MDT today. The 415,000-square-foot IKEA Centennial is located on 13.5 acres along the western side of Interstate 25, north of the Park Meadows area, accessible via the County Line Road exit. It is the Swedish company’s 1st store and restaurant destination in Colorado, 38th in the United States, and 324th worldwide. The store employs more than 400 coworkers and features 10,000 exclusively-designed items, a 550-seat IKEA Restaurant, 47 inspirational room settings, three model home interiors, a supervised children’s play area and approximately 1,500 parking spaces. IKEA included the largest commercial rooftop solar installation in Colorado and the first U.S. geothermal system for the company – the largest commercial one in the state – as part of IKEA Centennial’s construction. The closest IKEA stores to Colorado are in Draper, UT and Tempe, AZ.
“We are excited to bring the unique IKEA family-friendly shopping experience to Colorado and beyond,” said Kelly Frieze, IKEA Centennial store manager. “The enthusiasm IKEA Centennial coworkers feel about this big day, our sustainable commitment and the warm reception from the community is translating into excitement and a great shopping experience for our customers.”
Before the doors opened, Frieze welcomed the community with a traditional Swedish log-sawing ceremony, bringing good luck to the new home and its guests. (Colorado’s own beetle-killed pine was used for this custom.) In addition to brief remarks by Colorado Governor John Hickenlooper, Centennial Mayor Cathy Noon, and IKEA U.S. president Mike Ward, Frieze was joined by Colorado State Rep. David Balmer who raised the U.S. flag, Honorary Swedish Consul Donald Peterson who raised the Swedish flag, and Colorado State Rep. Spencer Swalm who raised the state flag of Colorado. Local resident Claire Walker served as sign language interpreter of the opening ceremony.
Beginning with today’s opening and lasting through Sunday, July 31, IKEA Centennial will recognize loyal, enthusiastic customers by giving away thousands of dollars in gift cards and merchandise.
“We are excited to bring the unique IKEA family-friendly shopping experience to Colorado and beyond,” said Kelly Frieze, IKEA Centennial store manager. “The enthusiasm IKEA Centennial coworkers feel about this big day, our sustainable commitment and the warm reception from the community is translating into excitement and a great shopping experience for our customers.”
Before the doors opened, Frieze welcomed the community with a traditional Swedish log-sawing ceremony, bringing good luck to the new home and its guests. (Colorado’s own beetle-killed pine was used for this custom.) In addition to brief remarks by Colorado Governor John Hickenlooper, Centennial Mayor Cathy Noon, and IKEA U.S. president Mike Ward, Frieze was joined by Colorado State Rep. David Balmer who raised the U.S. flag, Honorary Swedish Consul Donald Peterson who raised the Swedish flag, and Colorado State Rep. Spencer Swalm who raised the state flag of Colorado. Local resident Claire Walker served as sign language interpreter of the opening ceremony.
Beginning with today’s opening and lasting through Sunday, July 31, IKEA Centennial will recognize loyal, enthusiastic customers by giving away thousands of dollars in gift cards and merchandise.
Tuesday, July 26, 2011
Sungevity Announces Energy Independence and Savings to Five Northeast States
OAKLAND, Calif., July 26, 2011 /PRNewswire/ -- Sungevity, the nation's most innovative, customer-centric, residential solar company, builds on its rapid growth and momentum by announcing energy independence and savings to Northeast homeowners by launching Sungevity's residential solar leasing solution in five new states: New York, New Jersey, Maryland, Massachusetts and Delaware. Sungevity also is bringing to Northeast consumers the "Rooftop Revolution," a new campaign that hits all five states from July 26 - September 4, 2011. The campaign – anchored in a bio-diesel, solar-powered ice pop truck – brings Sungevity's unique brand of online sunshine to life by directly engaging consumers at music festivals, farmers markets, minor league baseball games and other fun, summer events with free, all natural ice pops that symbolize solar energy as the refreshing alternative to fossil fuel. Quarters on Sungevity-branded seeded paper also will be distributed to symbolize the cost savings homeowners' typically experience through the company's $0 down solar lease. To round out the "cool down for zero down brand experience" Sungevity's solar-powered ice-pop truck features specially installed iPads that will introduce consumers to the company's innovative iQuote process, the solar industry's easiest and most efficient process for going solar. The "Rooftop Revolution" campaign includes a strong mix of supporting media in a concerted effort to raise awareness about the benefits of solar energy and to generate buzz around the Sungevity brand. Sungevity also is partnering with The Solar Foundation, a nonprofit group working to demonstrate the global benefits of solar energy through research and education. Sungevity will donate $1 to The Solar Foundation for every "like" posted to the "Rooftop Revolution" Facebook page (facebook.com/Sungevity) for the duration of the campaign.
"Sungevity's 'Rooftop Revolution' is a true first in the solar industry and drives directly to what we believe – that going solar is a lifestyle choice that makes dollars and sense," said Patrick Crane, Chief Marketing Officer, Sungevity. "We introduced the most innovative and efficient process to go solar with our online iQuote process, shattered the price barrier of adoption with our solar lease, and recently forged a major partnership with Lowe's, the world's second largest home improvement retailer. Now, with our 'Rooftop Revolution' campaign, we are taking the leadership position in breaking through the last major barrier to adoption – raising awareness around the ease, accessibility and most of all, the affordability of solar energy."
New findings in a telephone survey of 1,012 U.S. adults conducted by Harris Interactive, commissioned by Sungevity, show that the time for solar is now. According to the findings, just over seven out of ten U.S. adults (71 percent) are overwhelmed by rising energy costs and that number is higher in the Northeast(1) (78 percent). In fact, Northeasterners are more likely than Westerners(2) in the U.S. to say they feel overwhelmed by rising energy costs (78 percent vs. 66 percent, respectively). Furthermore, about three in four U.S. adults (74 percent) agree solar power should be the residential energy source of the future, but findings also show a lack of awareness in solar power availability. Only about one in four U.S. adults (27 percent) are aware that homeowners can lease residential solar power systems instead of buying solar panels and nearly half of U.S. adults (45 percent) believe residential solar is only practical in primarily sunny areas, a common misconception. Despite this, nearly half of U.S. adults (48 percent) believe incorporating solar power systems is a practical option for most residential homeowners, and 33 percent of U.S. adults are at least somewhat likely to consider installing solar power for their home within the next five years. In fact, the findings show that nearly 9.4 million Americans (4 percent of U.S. adults) say they will definitely consider installing solar power for their home within the next five years.(3)
Sungevity introduced its proprietary iQuote process in 2008 as an easy, efficient means to residential solar adoption. The company experienced rapid growth after launching its $0 down solar lease option in 2010 – Sungevity's solar installations grew ten fold from 2010 to 2011. In the first quarter of 2011, Sungevity hired three key C-level executives – Mac Irvin, Chief Financial Officer, Paul Stroube, Chief Information Officer and social media expert and former head of marketing at LinkedIn, Patrick Crane as Chief marketing Officer. In May of 2011, Sungevity and Lowe's forged a significant partnership that set the stage for the mass adoption of residential solar. Sungevity is now in a hyper-growth phase and will hire approximately 200 new employees by the end of 2011, doubling its current headcount. The "Rooftop Revolution" is the first major campaign for the company and marks a significant step for the industry as a whole in heightening awareness around solar energy.
"The Solar Foundation is very excited about partnering with Sungevity on their 'Rooftop Revolution' campaign," said Andrea Luecke, Executive Director, The Solar Foundation. "The time has come to heighten awareness around the benefits of solar energy, not only for the sake of the environment, but also for its direct impact on the economy through the creation of new, well-paying jobs."
The first phase of the "Rooftop Revolution" commenced on July 1 with a brand takeover of Amtrak's Acela high-speed rail that runs through each of the Sungevity five new Northeast markets. As part of the brand takeover, Sungevity purchased all advertising elements on the entire Acela fleet, including the train's popular wi-fi Internet service. Sungevity's brand takeover of the Acela will run through July 31, 2011.
To follow the Sungevity ice pop truck, go to http://www.facebook.com/sungevity.
"Sungevity's 'Rooftop Revolution' is a true first in the solar industry and drives directly to what we believe – that going solar is a lifestyle choice that makes dollars and sense," said Patrick Crane, Chief Marketing Officer, Sungevity. "We introduced the most innovative and efficient process to go solar with our online iQuote process, shattered the price barrier of adoption with our solar lease, and recently forged a major partnership with Lowe's, the world's second largest home improvement retailer. Now, with our 'Rooftop Revolution' campaign, we are taking the leadership position in breaking through the last major barrier to adoption – raising awareness around the ease, accessibility and most of all, the affordability of solar energy."
New findings in a telephone survey of 1,012 U.S. adults conducted by Harris Interactive, commissioned by Sungevity, show that the time for solar is now. According to the findings, just over seven out of ten U.S. adults (71 percent) are overwhelmed by rising energy costs and that number is higher in the Northeast(1) (78 percent). In fact, Northeasterners are more likely than Westerners(2) in the U.S. to say they feel overwhelmed by rising energy costs (78 percent vs. 66 percent, respectively). Furthermore, about three in four U.S. adults (74 percent) agree solar power should be the residential energy source of the future, but findings also show a lack of awareness in solar power availability. Only about one in four U.S. adults (27 percent) are aware that homeowners can lease residential solar power systems instead of buying solar panels and nearly half of U.S. adults (45 percent) believe residential solar is only practical in primarily sunny areas, a common misconception. Despite this, nearly half of U.S. adults (48 percent) believe incorporating solar power systems is a practical option for most residential homeowners, and 33 percent of U.S. adults are at least somewhat likely to consider installing solar power for their home within the next five years. In fact, the findings show that nearly 9.4 million Americans (4 percent of U.S. adults) say they will definitely consider installing solar power for their home within the next five years.(3)
Sungevity introduced its proprietary iQuote process in 2008 as an easy, efficient means to residential solar adoption. The company experienced rapid growth after launching its $0 down solar lease option in 2010 – Sungevity's solar installations grew ten fold from 2010 to 2011. In the first quarter of 2011, Sungevity hired three key C-level executives – Mac Irvin, Chief Financial Officer, Paul Stroube, Chief Information Officer and social media expert and former head of marketing at LinkedIn, Patrick Crane as Chief marketing Officer. In May of 2011, Sungevity and Lowe's forged a significant partnership that set the stage for the mass adoption of residential solar. Sungevity is now in a hyper-growth phase and will hire approximately 200 new employees by the end of 2011, doubling its current headcount. The "Rooftop Revolution" is the first major campaign for the company and marks a significant step for the industry as a whole in heightening awareness around solar energy.
"The Solar Foundation is very excited about partnering with Sungevity on their 'Rooftop Revolution' campaign," said Andrea Luecke, Executive Director, The Solar Foundation. "The time has come to heighten awareness around the benefits of solar energy, not only for the sake of the environment, but also for its direct impact on the economy through the creation of new, well-paying jobs."
The first phase of the "Rooftop Revolution" commenced on July 1 with a brand takeover of Amtrak's Acela high-speed rail that runs through each of the Sungevity five new Northeast markets. As part of the brand takeover, Sungevity purchased all advertising elements on the entire Acela fleet, including the train's popular wi-fi Internet service. Sungevity's brand takeover of the Acela will run through July 31, 2011.
To follow the Sungevity ice pop truck, go to http://www.facebook.com/sungevity.
Sunvalley Solar Starts Solar Power System Installation for Aqua Farming
WALNUT, Calif., July 26, 2011 /PRNewswire/ -- Sunvalley Solar, Inc. (OTC Bulletin Board: SSOL), a leading provider of solar power technology and solar system integration systems, announced the start of its 221.16 Kilowatt solar power system installation for Aqua Farming Tech Inc. in Thermal, California.
The system size is 221.16 kilowatts and is comprised of 2,328 solar panels from Tianwei Solarfilms and one 260kW solar inverter from PV Powered. This solar system is expected to generate 381,267 Kilowatt hours of electricity annually.
"In June of this year we completed a 285K roof-mounted solar power system for Prime Time in the Palm Desert area. Following on that success we have begun the installation of a 221.16 Kilowatt system for Aqua Farming Tech, which is comprised of over 2000 pieces of thin film panels mounted in the ground. We expect to complete installation of this high quality efficient system by the end of September," said James Zhang, CEO of Sunvalley Solar.
"The start of installation represents just one of many positive experiences we have had with Sunvalley Solar – they are extremely knowledgeable, cost conscious, reliable and above all professional. They offered us the best possible solar solution and we cannot wait to start powering our farm with clean, green energy. We will look toward Sunvalley for future solar solutions," said Rocky French, owner of Aqua Farming Tech.
The system size is 221.16 kilowatts and is comprised of 2,328 solar panels from Tianwei Solarfilms and one 260kW solar inverter from PV Powered. This solar system is expected to generate 381,267 Kilowatt hours of electricity annually.
"In June of this year we completed a 285K roof-mounted solar power system for Prime Time in the Palm Desert area. Following on that success we have begun the installation of a 221.16 Kilowatt system for Aqua Farming Tech, which is comprised of over 2000 pieces of thin film panels mounted in the ground. We expect to complete installation of this high quality efficient system by the end of September," said James Zhang, CEO of Sunvalley Solar.
"The start of installation represents just one of many positive experiences we have had with Sunvalley Solar – they are extremely knowledgeable, cost conscious, reliable and above all professional. They offered us the best possible solar solution and we cannot wait to start powering our farm with clean, green energy. We will look toward Sunvalley for future solar solutions," said Rocky French, owner of Aqua Farming Tech.
CSBA and SunPower Partnering to Establish Solar Schools Program
WEST SACRAMENTO, Calif. and SAN JOSE, Calif., July 26, 2011 /PRNewswire-FirstCall/ -- In partnership with SunPower Corp. (NASDAQ: SPWRA, SPWRB), the California School Boards Association, a non-profit organization representing nearly 1,000 school districts and county offices of education throughout California, has launched its newest district services program, Solar Schools, to support school districts in developing efficient solar projects at their schools.
Solar Schools helps schools save money on energy, hedge against rising utility rates and effectively utilize federal and state incentives to garner the greatest return on investment. With the California Solar Initiative (CSI), the State of California's solar rebate program, California's public sector, including schools, is forecasted to save $2.5 billion from solar installations over the thirty year life of the systems. Of the total savings for the public sector, K-12 schools and higher education institutions are expected to save approximately $1.5 billion.
"SunPower is dedicated to delivering reliable, high efficiency solar systems for school districts," said SunPower managing director Bill Kelly. "With well-established financing mechanisms, we have proven that schools can add solar now and reduce their operating expenses this year, when cost reduction is highly prized."
"At a time when our school board members need to make every dollar count, we are pleased to partner with SunPower in offering school districts throughout the state solar power solutions that yield immediate and ongoing savings," said Martin Gonzalez, deputy executive director of CSBA. "Our decision to collaborate with SunPower is based on the company's extensive work with school districts throughout California, as well as the feedback we have received from our members on the comprehensive services SunPower provides to districts."
Within the next year, SunPower plans to install solar at more than 90 K-12 schools and higher education facilities across California, including five schools in the San Ramon Valley Unified School District. The solar power generated by the systems at San Ramon Valley School District is expected to offset an average of 80 percent of the electricity costs at each school, achieving an estimated savings of more than $2 million for the district in the first year.
"The district was motivated by the significant cost savings that SunPower's solar systems offer," said San Ramon Valley Unified School District Superintendent Steven W. Enoch. "We found SunPower to be extremely innovative in helping us to maximize our immediate cost savings. Slated for completion by this fall, our solar installations will supply substantial savings to our district's general fund, while preserving precious financial resources."
Prompted by the news of the Solar Schools launch, San Ramon Valley Unified School District is bringing renewable energy education into the classroom. SunPower is working with the district's engineering academy to prepare students for career opportunities in the growing clean technology sector. Plans are underway to launch similar curricula at school districts participating in Solar Schools.
For more information on the Solar Schools program, visit: http://www.csba.org/Services/Services/DistrictServices/SolarSchoolsProgram.aspx
Solar Schools helps schools save money on energy, hedge against rising utility rates and effectively utilize federal and state incentives to garner the greatest return on investment. With the California Solar Initiative (CSI), the State of California's solar rebate program, California's public sector, including schools, is forecasted to save $2.5 billion from solar installations over the thirty year life of the systems. Of the total savings for the public sector, K-12 schools and higher education institutions are expected to save approximately $1.5 billion.
"SunPower is dedicated to delivering reliable, high efficiency solar systems for school districts," said SunPower managing director Bill Kelly. "With well-established financing mechanisms, we have proven that schools can add solar now and reduce their operating expenses this year, when cost reduction is highly prized."
"At a time when our school board members need to make every dollar count, we are pleased to partner with SunPower in offering school districts throughout the state solar power solutions that yield immediate and ongoing savings," said Martin Gonzalez, deputy executive director of CSBA. "Our decision to collaborate with SunPower is based on the company's extensive work with school districts throughout California, as well as the feedback we have received from our members on the comprehensive services SunPower provides to districts."
Within the next year, SunPower plans to install solar at more than 90 K-12 schools and higher education facilities across California, including five schools in the San Ramon Valley Unified School District. The solar power generated by the systems at San Ramon Valley School District is expected to offset an average of 80 percent of the electricity costs at each school, achieving an estimated savings of more than $2 million for the district in the first year.
"The district was motivated by the significant cost savings that SunPower's solar systems offer," said San Ramon Valley Unified School District Superintendent Steven W. Enoch. "We found SunPower to be extremely innovative in helping us to maximize our immediate cost savings. Slated for completion by this fall, our solar installations will supply substantial savings to our district's general fund, while preserving precious financial resources."
Prompted by the news of the Solar Schools launch, San Ramon Valley Unified School District is bringing renewable energy education into the classroom. SunPower is working with the district's engineering academy to prepare students for career opportunities in the growing clean technology sector. Plans are underway to launch similar curricula at school districts participating in Solar Schools.
For more information on the Solar Schools program, visit: http://www.csba.org/Services/Services/DistrictServices/SolarSchoolsProgram.aspx
China Solar & Clean Energy Solutions, Inc. Signs a Joint Construction Agreement With a Guizhou Company on Eco-Buildings Projects
BEIJING, July 26, 2011 /PRNewswire-Asia/ -- China Solar & Clean Energy Solutions, Inc. (OTC Bulletin Board: CSOL) ('CSOL' or the 'Company'), a premier manufacturer and distributor of solar water heaters, space heating devices, and integrated low carbon solutions providers in the People's Republic of China, today announced that one of its subsidiaries has signed a joint construction agreement with a Guizhou company on Eco-Buildings Projects.
On July 25th, 2011, Deli Solar Holding Ltd., a wholly-owned subsidiary of CSOL, signed a joint construction agreement with Guizhou Fuxiang Eco-Industrial City Investment & Development Co., Ltd. (short as the "Guizhou Company") on green eco-buildings construction projects located in Guizhou, P.R.C. These buildings will be planned and applied with low carbon & eco-technologies for the purpose of energy-saving, low carbon ecology, and integrated solar energy solutions.
The agreement amounts on eco-building engineering costs are more than RMB 4 billion (approx. US 630 million) with net profit rate of approx. 16-18% and will be executed accordingly and continuously under three phases.
In the first phase, the total covered area is approximately 1.5 square kilometers, or 0.58 square miles, and the total estimated costs are from RMB 750 million to RMB 900 million (approximately $116.4 million to $14 million). The construction period will be commencing from August 2011 to December 2012.
In the second phase, the total covered area is approximately 4.0 square kilometers, or 1.54 square miles, and the total estimated costs are from RMB 2 billion to 2.4 billion (approximately $0.31 billion to $0.37 billion). The construction period is expected from August 2012 to October 2014.
In the third phase, the total covered area is approximately 2.5 square kilometers, or 0.97 square miles, and the total estimated costs are from RMB 4 billion to 4.8 billion (approximately $0.62 billion to $0.74 billion). The construction period is expected from August 2013 to December 2015. The periods of the above three phases of construction will be duplicated and cover each other.
The detailed payment arrangements from Guizhou Company to the Company, including but not limited to the payment times, amounts of each installments and inspection arrangements upon completion of each phase of the Projects, shall be subject to the parties' separate agreements.
On July 25th, 2011, Deli Solar Holding Ltd., a wholly-owned subsidiary of CSOL, signed a joint construction agreement with Guizhou Fuxiang Eco-Industrial City Investment & Development Co., Ltd. (short as the "Guizhou Company") on green eco-buildings construction projects located in Guizhou, P.R.C. These buildings will be planned and applied with low carbon & eco-technologies for the purpose of energy-saving, low carbon ecology, and integrated solar energy solutions.
The agreement amounts on eco-building engineering costs are more than RMB 4 billion (approx. US 630 million) with net profit rate of approx. 16-18% and will be executed accordingly and continuously under three phases.
In the first phase, the total covered area is approximately 1.5 square kilometers, or 0.58 square miles, and the total estimated costs are from RMB 750 million to RMB 900 million (approximately $116.4 million to $14 million). The construction period will be commencing from August 2011 to December 2012.
In the second phase, the total covered area is approximately 4.0 square kilometers, or 1.54 square miles, and the total estimated costs are from RMB 2 billion to 2.4 billion (approximately $0.31 billion to $0.37 billion). The construction period is expected from August 2012 to October 2014.
In the third phase, the total covered area is approximately 2.5 square kilometers, or 0.97 square miles, and the total estimated costs are from RMB 4 billion to 4.8 billion (approximately $0.62 billion to $0.74 billion). The construction period is expected from August 2013 to December 2015. The periods of the above three phases of construction will be duplicated and cover each other.
The detailed payment arrangements from Guizhou Company to the Company, including but not limited to the payment times, amounts of each installments and inspection arrangements upon completion of each phase of the Projects, shall be subject to the parties' separate agreements.
SunPower Provides Preliminary Second-Quarter 2011 Results
SAN JOSE, Calif., July 25, 2011 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWRA, SPWRB) today announced preliminary results for its fiscal second-quarter ended July 3, 2011.
For the 2011 second-quarter, SunPower expects revenue to be in the range of approximately $590 million to $595 million, in line with its previous outlook of $550 million to $600 million.
The company now expects its second-quarter non-GAAP gross margin to be in the range of approximately 12 percent to 13 percent, compared to its previously announced outlook of 15 percent to 17 percent. The company also expects its non-GAAP earnings per share for the quarter to be a loss of approximately ($0.19) to ($0.20) from its previous outlook of ($0.05) to $0.10 per share. Preliminary second quarter results reflect a shift in product mix related to market conditions in Germany and recent policy changes in Italy. On a GAAP basis, the company expects gross margin to be in the range of approximately 3 percent to 4 percent and a GAAP loss per share of approximately ($1.50) to ($1.55). Preliminary GAAP financial results include one-time pre-tax charges totaling approximately $75 million, including $29.3 million related to the company's panel reallocation strategy, $13.1 million in expenses related to the Total tender offer, and $32.5 million related to the write-down of third-party inventory and costs associated with the termination of third-party cell supply contracts.
"While we met our revenue goals for the second quarter, our gross margin and bottom line performance was impacted by market conditions in Germany and Italy," said Tom Werner, SunPower president and CEO. "Despite these challenges, we successfully reduced inventory quarter over quarter and have begun the process of cancelling above-market third-party cell contracts. In addition, we continue to execute on our accelerated cost reduction roadmap and are ahead of our original plan. With the closure of the Total transaction, we commenced negotiations with banks to effectively utilize our $1 billion credit support agreement and expect to enter into new and more flexible credit facilities shortly. With continued strong demand for our high-efficiency systems and our partnership with Total, we are poised to gain share profitably."
SunPower will discuss its second quarter performance and update its 2011 outlook on a conference call on Tuesday, August 9, 2011 at 1:30 p.m. PDT. The call-in number is 517-623-4618, passcode SunPower. The call will be webcast and can be accessed from SunPower's website at http://investors.SunPowercorp.com/events.cfm.
For the 2011 second-quarter, SunPower expects revenue to be in the range of approximately $590 million to $595 million, in line with its previous outlook of $550 million to $600 million.
The company now expects its second-quarter non-GAAP gross margin to be in the range of approximately 12 percent to 13 percent, compared to its previously announced outlook of 15 percent to 17 percent. The company also expects its non-GAAP earnings per share for the quarter to be a loss of approximately ($0.19) to ($0.20) from its previous outlook of ($0.05) to $0.10 per share. Preliminary second quarter results reflect a shift in product mix related to market conditions in Germany and recent policy changes in Italy. On a GAAP basis, the company expects gross margin to be in the range of approximately 3 percent to 4 percent and a GAAP loss per share of approximately ($1.50) to ($1.55). Preliminary GAAP financial results include one-time pre-tax charges totaling approximately $75 million, including $29.3 million related to the company's panel reallocation strategy, $13.1 million in expenses related to the Total tender offer, and $32.5 million related to the write-down of third-party inventory and costs associated with the termination of third-party cell supply contracts.
"While we met our revenue goals for the second quarter, our gross margin and bottom line performance was impacted by market conditions in Germany and Italy," said Tom Werner, SunPower president and CEO. "Despite these challenges, we successfully reduced inventory quarter over quarter and have begun the process of cancelling above-market third-party cell contracts. In addition, we continue to execute on our accelerated cost reduction roadmap and are ahead of our original plan. With the closure of the Total transaction, we commenced negotiations with banks to effectively utilize our $1 billion credit support agreement and expect to enter into new and more flexible credit facilities shortly. With continued strong demand for our high-efficiency systems and our partnership with Total, we are poised to gain share profitably."
SunPower will discuss its second quarter performance and update its 2011 outlook on a conference call on Tuesday, August 9, 2011 at 1:30 p.m. PDT. The call-in number is 517-623-4618, passcode SunPower. The call will be webcast and can be accessed from SunPower's website at http://investors.SunPowercorp.com/events.cfm.
Real Goods Solar Launches 2011 FREE Home Solar Sweepstakes. No Purchase Necessary.
BOULDER, Colo., July 26, 2011 /PRNewswire/ -- Real Goods Solar announced today its FREE HOME SOLAR SWEEPSTAKES for a chance to win a 4kW home solar electric system valued up to $25,000. Qualifying homeowners can enter to win at http://www.RealGoodsSolar.com/Sweepstakes or call 1-888-56-SOLAR. NO PURCHASE NECESSARY. The Sweepstakes expires at 6:00 pm PDT on September 30, 2011.
With the recent announcement of Real Goods Solar's merger with northeast renewable energy leader Alteris Renewables, for the first time homeowners from many northeastern states are now eligible to participate in the Sweepstakes.
2010 sweepstakes winners Juan and Virginia Vasquez of Rialto, CA installed a 4.1kW solar electric system expected to generate 5804 kilowatt hours of electricity annually, and offset approximately 75% of the family's electricity bill.
Based on average electricity usage, homeowners are likely to spend $100,000 on electricity bills over a 25 year period. The Sweepstakes brings attention to rising utility costs and renewable energy solutions to mitigate these increases. One lucky homeowner will have the ability to save thousands of dollars on electricity over the lifetime of their system.
John Schaeffer, Real Goods' President of Residential and Founder, commented: "During these hot summer days, our customers often complain about high electric bills due to summer air conditioning loads. What better way to lower utility bills than with solar? Our customers frequently see a return on investment of over 20% for a purchased solar system, or a low money down and lower monthly bills on a power plan purchase. We're happy to offer this sweepstakes to highlight the importance of converting to a solar economy!"
With the recent announcement of Real Goods Solar's merger with northeast renewable energy leader Alteris Renewables, for the first time homeowners from many northeastern states are now eligible to participate in the Sweepstakes.
2010 sweepstakes winners Juan and Virginia Vasquez of Rialto, CA installed a 4.1kW solar electric system expected to generate 5804 kilowatt hours of electricity annually, and offset approximately 75% of the family's electricity bill.
Based on average electricity usage, homeowners are likely to spend $100,000 on electricity bills over a 25 year period. The Sweepstakes brings attention to rising utility costs and renewable energy solutions to mitigate these increases. One lucky homeowner will have the ability to save thousands of dollars on electricity over the lifetime of their system.
John Schaeffer, Real Goods' President of Residential and Founder, commented: "During these hot summer days, our customers often complain about high electric bills due to summer air conditioning loads. What better way to lower utility bills than with solar? Our customers frequently see a return on investment of over 20% for a purchased solar system, or a low money down and lower monthly bills on a power plan purchase. We're happy to offer this sweepstakes to highlight the importance of converting to a solar economy!"
Faruqi & Faruqi, LLP Announces Investigation of SatCon Technology Corp.
NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and enforcement of federal antitrust laws, is investigating potential wrongdoing at SatCon Technology Corp. (“SatCon” or the “Company”) (NASDAQ: SATC). Faruqi & Faruqi, LLP seeks to determine whether SatCon violated federal securities laws in connection with statements made to the Company’s shareholders.
Request more information now by clicking here: www.faruqilaw.com/SATC
The investigation focuses on whether certain individuals violated federal securities laws by, among other things, failing to disclose: (1) that the Company was experiencing decreased sales of its inverter systems; (2) that the Company’s European market was performing below internal expectations due to changes in government incentives for solar energy; (3) that the Company failed to properly account for its inventory; and (4) as a result of the forgoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
Take Action
If you purchased SatCon securities between March 4, 2010 and July 5, 2011, and you would like to discuss your legal rights, visit www.faruqilaw.com/SATC. You can also contact us by calling Anthony Vozzolo toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to avozzolo@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding SatCon’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Request more information now by clicking here: www.faruqilaw.com/SATC
The investigation focuses on whether certain individuals violated federal securities laws by, among other things, failing to disclose: (1) that the Company was experiencing decreased sales of its inverter systems; (2) that the Company’s European market was performing below internal expectations due to changes in government incentives for solar energy; (3) that the Company failed to properly account for its inventory; and (4) as a result of the forgoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
Take Action
If you purchased SatCon securities between March 4, 2010 and July 5, 2011, and you would like to discuss your legal rights, visit www.faruqilaw.com/SATC. You can also contact us by calling Anthony Vozzolo toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to avozzolo@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding SatCon’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
eIQ Energy Appoints Industry Veteran Jerry Cutini as CEO
SAN JOSE, Calif.--(BUSINESS WIRE)--eIQ Energy, developer of DC-to-DC Parallel Solar technology for a range of solar installations, announced today that eIQ Energy board member Jerry Cutini has joined the company as president and chief executive officer to lead the organization into a new stage of growth.
A veteran technology company executive and longtime board member for public and private companies, Cutini has led numerous global organizations through rapid growth periods. He brings strong expertise in sales, marketing, company operations and M&A, and has raised more than $250 million from public and private investors, while playing a key role in two successful initial public offerings.
“I'm very excited to be able to lead eIQ Energy’s management team into this exciting new growth phase,” said Cutini. “The team has done an excellent job of getting the product through development and ready for megawatt-scale deployment. I look forward to becoming part of the team and helping to drive the company through the upcoming growth stages we are entering as a result of their early efforts.”
From 2003 to 2009 Cutini served as chairman, CEO and president of Aviza Technology, Inc., leading the Scotts Valley, Calif.-based semiconductor equipment company through a divestiture from its parent company ASML Holding NV and growing it to nearly $250 million in annual revenues. Previously, as executive vice president and co-founder of San Jose-based OnTrak Systems, Inc., he was instrumental in growing that company’s annual sales from $1 million to $125 million, while also raising $85 million from private investors and public offerings.
Former eIQ Energy CEO Oliver Janssen will remain with the company as chief business development officer, where he will work closely with Cutini to further develop the company’s market, customers and strategic partners.
Janssen commented, “It has been truly gratifying to be able to be part of this company’s evolution since 2008, when it was still in stealth mode, to the point during the past year when we began to secure major customer and partner commitments. I’m looking forward to working with Jerry to continue building upon the company’s recent momentum.”
“Jerry’s expertise and experience will serve eIQ Energy well as it begins to capitalize on the significant groundwork that has already been laid,” said eIQ Energy board member Peter Grubstein, founder and managing member of NGEN Partners.
“As a private investor who has backed numerous emerging firms across multiple industries, Jerry brings a unique investor’s perspective to his new role,” said Luis Llovera, an eIQ Energy board member and managing director of Robert Bosch LLC.
A veteran technology company executive and longtime board member for public and private companies, Cutini has led numerous global organizations through rapid growth periods. He brings strong expertise in sales, marketing, company operations and M&A, and has raised more than $250 million from public and private investors, while playing a key role in two successful initial public offerings.
“I'm very excited to be able to lead eIQ Energy’s management team into this exciting new growth phase,” said Cutini. “The team has done an excellent job of getting the product through development and ready for megawatt-scale deployment. I look forward to becoming part of the team and helping to drive the company through the upcoming growth stages we are entering as a result of their early efforts.”
From 2003 to 2009 Cutini served as chairman, CEO and president of Aviza Technology, Inc., leading the Scotts Valley, Calif.-based semiconductor equipment company through a divestiture from its parent company ASML Holding NV and growing it to nearly $250 million in annual revenues. Previously, as executive vice president and co-founder of San Jose-based OnTrak Systems, Inc., he was instrumental in growing that company’s annual sales from $1 million to $125 million, while also raising $85 million from private investors and public offerings.
Former eIQ Energy CEO Oliver Janssen will remain with the company as chief business development officer, where he will work closely with Cutini to further develop the company’s market, customers and strategic partners.
Janssen commented, “It has been truly gratifying to be able to be part of this company’s evolution since 2008, when it was still in stealth mode, to the point during the past year when we began to secure major customer and partner commitments. I’m looking forward to working with Jerry to continue building upon the company’s recent momentum.”
“Jerry’s expertise and experience will serve eIQ Energy well as it begins to capitalize on the significant groundwork that has already been laid,” said eIQ Energy board member Peter Grubstein, founder and managing member of NGEN Partners.
“As a private investor who has backed numerous emerging firms across multiple industries, Jerry brings a unique investor’s perspective to his new role,” said Luis Llovera, an eIQ Energy board member and managing director of Robert Bosch LLC.
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