GVG will install the kits in residences in Arizona to receive green solar power. The exclusive supplier agreement will be in force for the next two years.
Some of the exclusive clauses in the agreement include
Appointment of Green Voltage Group as Grape Solar’s select supplier in the state of Arizona to sell top range panels ranging from 175 W to 300 W.Grape Solar will provide $2.79 per watt to GVG for selling its solar modules that include panels, inverters and mounting systems and avail the installation experience of GVG to support its clients in designing, project management and field support in addition to receiving of rebates and processing incentives to a maximum of $2.50 per watt.GVG will commit for volume sales of prefixed price structure with a planned purchase agreement and will receive priority supply of “Made in America,” solar panels manufactured by Grape Solar.
Ocean Yuan, CEO of Grape Solar, said the signed pact will enable Grape Solar to increase the distribution of its panels and solar kits in residential markets of Arizona, which will not be possible without such an agreement. He conceded that Arizona GVG is a known name in Arizona State to whom the company can provide its solar products for sales and also refer its clients for installation.
Tuesday, August 31, 2010
Sunday, August 29, 2010
School Uses Solar to Lower Bills
--School District Estimates $5.5 Million in Cost Savings by Partnering with REgeneration Finance
--Premier Power to Build One of the Largest Solar Electric Projects in the State of Colorado
Premier Power Renewable Energy, Inc. (PPRW 1.10, 0.00, 0.00%) , a global leader in the development, design, engineering, and construction of solar power systems for commercial, government, and utility markets in the United States and Europe, REgeneration Finance, LLC, an experienced solar developer and financier that works with school districts, universities, municipalities, and commercial businesses throughout the United States, and the Douglas County School District, Colorado's third largest school district serving over 56,000 students and whose vision is to "create responsible citizens who contribute to society," announced today the development of more than 3.0 megawatts (MW) of solar electric power generating projects at 31 different sites -- 30 schools and one athletic stadium -- in Douglas County, Colorado.
To facilitate project development, the school district has entered into a Power Purchase Agreement with REgeneration Finance who will own and finance the solar electric generating projects to be designed, constructed, operated, and maintained by Premier Power.
A Power Purchase Agreement, or PPA, is an agreement in which the school district pays for the power produced by the solar system at a pre-determined rate, a price well below what is charged by their utility, over the life of the agreement while a third-party owns, operates, and maintains the solar system. The school district receives a stable source of predictable, lower cost electricity while in return the third-party obtains financial benefits such as tax credits and income generated from the sale of electricity to the customer.
"We are extremely proud of our partnership with Premier Power and REgeneration Finance," said John Carson, president, Douglas County School District Board of Education. "This project will enable us to save thousands of dollars a year in electrical expenses, while also reducing our environmental impact at no capital and operational cost to the school district."
The Douglas County School District issued a Request for Proposal (RFP) on April 15, 2010, resulting in eleven (11) competitive proposals. Following the release of the RFP, pre-bid conferences were held in conjunction with site visits at all 31 locations that are to receive these photovoltaic (PV), or solar electric generating, systems. The District reviewed all proposals and narrowed selection to three companies based on their experience, ability to complete the project and certainty of financial terms presented.
These candidates were asked additional questions to clarify their proposals, and the top two were then invited to participate in a more extensive interview process with District personnel. Once interviews were complete it was clear the proposal submitted by Premier Power and REgeneration Finance offered the District the combination of unmatched expertise to engineer, build, and complete this project in a timely manner, coupled with the most competitive and creative financial terms available to the fiscally responsible school district.
"We thank the Douglas County School District and its Board of Education for selecting Premier Power to bring clean, environmentally safe and sustainable solar electricity to its schools, its students and the families it serves," said Dean R. Marks, chief executive officer of Premier Power Renewable Energy. "Well experienced from having built large-scale generating facilities in the U.S. and abroad, we are pleased to build one of the largest solar electric projects ever in Colorado which will also employ Douglas County workers, pumping dollars back into the local economy. We appreciate being entrusted to support two of Douglas County's most valuable assets, its children and their schools, and welcome the opportunity to continue working with REgeneration Finance on similar projects," he concluded.
"REgeneration Finance, along with Douglas County School District officials, worked hard to find a creative financial solution to develop these important solar projects," said Laurance Friedman, chief executive officer of REgeneration Finance. "We are very pleased to have the opportunity to work with the educational community to promote environmental responsibility while at the same time providing long-term energy cost savings. We look forward to continuing to work with Premier Power and the school district in developing this and other future projects."
Xcel Energy (XEL 22.57, +0.39, +1.76%) , the utility serving the District, believes this initiative is one of the five largest solar electric projects ever built in the State of Colorado. Each of the 30 schools will use roof mounted solar panels to produce between 40 kilowatts (kW) and 104 kW of electricity per site, while the athletic stadium will produce 90 kW of electricity from a carport shade structure, believed to be the first of its kind in Colorado.
The project will be built at a cost of $18.3 million at no capital, operational, maintenance, insurance, financing, or ownership expense to Douglas County School District taxpayers. It is estimated this project can save the District $5.5 million over a 25 year period. The amount of power to be produced by the 31 District sites will total more than 3.0 MW. Installation will take approximately nine months to complete.
REgeneration Finance is pleased to be working with Seminole Financial Services, LLC of Belleair Bluffs, FL, provider of construction financing on this transaction.
About Douglas County Public Schools
Douglas County School District maintains its position as a leader in public education in Colorado, with many innovative programs and educational approaches. Support and coordination can be found at the District level, but each school has the flexibility to build its own instructional programs. Parents can find many different choices through the District such as open enrollment, charter schools, instruction for gifted and talented students, magnet schools, an International Baccalaureate program, Advanced Placement courses and other special programs. Its vision is to "create responsible citizens who contribute to society." The District strives to maintain a well-researched, integrated and standards-based curriculum, a rich array of extracurricular offerings and strong community involvement.
About REgeneration Finance
REgeneration Finance is an experienced developer of solar energy systems, providing solar power to municipal, commercial and non-profit entities. Through a financial structure that fully utilizes various federal and state benefits, REgeneration Finance allows its clients to receive all the financial and social benefits of renewable energy, including lowering their cost of electricity and reducing their carbon footprint, with no initial capital investment. Its customers typically receive substantial savings over what they would have otherwise paid to their respective utilities. REgeneration Finance is a full service financing partner, capable of providing its projects with construction and term debt, tax equity and equipment procurement.
About Premier Power
Premier Power Renewable Energy, Inc. is a leading global provider of large and small-scale solar power systems, delivering unmatched experience to commercial, governmental and residential customers throughout North America and Europe. Premier Power designs, engineers and integrates the solar industry's leading products. Premier Power's technologies and services have enabled its customers to maximize clean energy output along with project savings. Today, Premier Power designs and deploys the most innovative solar electric systems through market-leading innovation and exceptional customer service. Premier Power is headquartered in El Dorado Hills, CA and has common stock quoted on the OTC Bulletin Board under the symbol PPRW.OB. Additional information is available at the Company's website at www.premierpower.com.
Forward-Looking Statements
This release contains certain "forward-looking statements" relating to the business of Premier Power Renewable Energy, Inc. ("Premier"), which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to reliance on a limited number of customers, market demand, cyclical nature of our markets, reliance on key personnel, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on Premier's current expectations and beliefs concerning future developments and their potential effects on the company. There can be no assurance that future developments affecting Premier will be those anticipated by Premier. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. Premier undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
SOURCE: Premier Power Renewable Energy, Inc.
--Premier Power to Build One of the Largest Solar Electric Projects in the State of Colorado
Premier Power Renewable Energy, Inc. (PPRW 1.10, 0.00, 0.00%) , a global leader in the development, design, engineering, and construction of solar power systems for commercial, government, and utility markets in the United States and Europe, REgeneration Finance, LLC, an experienced solar developer and financier that works with school districts, universities, municipalities, and commercial businesses throughout the United States, and the Douglas County School District, Colorado's third largest school district serving over 56,000 students and whose vision is to "create responsible citizens who contribute to society," announced today the development of more than 3.0 megawatts (MW) of solar electric power generating projects at 31 different sites -- 30 schools and one athletic stadium -- in Douglas County, Colorado.
To facilitate project development, the school district has entered into a Power Purchase Agreement with REgeneration Finance who will own and finance the solar electric generating projects to be designed, constructed, operated, and maintained by Premier Power.
A Power Purchase Agreement, or PPA, is an agreement in which the school district pays for the power produced by the solar system at a pre-determined rate, a price well below what is charged by their utility, over the life of the agreement while a third-party owns, operates, and maintains the solar system. The school district receives a stable source of predictable, lower cost electricity while in return the third-party obtains financial benefits such as tax credits and income generated from the sale of electricity to the customer.
"We are extremely proud of our partnership with Premier Power and REgeneration Finance," said John Carson, president, Douglas County School District Board of Education. "This project will enable us to save thousands of dollars a year in electrical expenses, while also reducing our environmental impact at no capital and operational cost to the school district."
The Douglas County School District issued a Request for Proposal (RFP) on April 15, 2010, resulting in eleven (11) competitive proposals. Following the release of the RFP, pre-bid conferences were held in conjunction with site visits at all 31 locations that are to receive these photovoltaic (PV), or solar electric generating, systems. The District reviewed all proposals and narrowed selection to three companies based on their experience, ability to complete the project and certainty of financial terms presented.
These candidates were asked additional questions to clarify their proposals, and the top two were then invited to participate in a more extensive interview process with District personnel. Once interviews were complete it was clear the proposal submitted by Premier Power and REgeneration Finance offered the District the combination of unmatched expertise to engineer, build, and complete this project in a timely manner, coupled with the most competitive and creative financial terms available to the fiscally responsible school district.
"We thank the Douglas County School District and its Board of Education for selecting Premier Power to bring clean, environmentally safe and sustainable solar electricity to its schools, its students and the families it serves," said Dean R. Marks, chief executive officer of Premier Power Renewable Energy. "Well experienced from having built large-scale generating facilities in the U.S. and abroad, we are pleased to build one of the largest solar electric projects ever in Colorado which will also employ Douglas County workers, pumping dollars back into the local economy. We appreciate being entrusted to support two of Douglas County's most valuable assets, its children and their schools, and welcome the opportunity to continue working with REgeneration Finance on similar projects," he concluded.
"REgeneration Finance, along with Douglas County School District officials, worked hard to find a creative financial solution to develop these important solar projects," said Laurance Friedman, chief executive officer of REgeneration Finance. "We are very pleased to have the opportunity to work with the educational community to promote environmental responsibility while at the same time providing long-term energy cost savings. We look forward to continuing to work with Premier Power and the school district in developing this and other future projects."
Xcel Energy (XEL 22.57, +0.39, +1.76%) , the utility serving the District, believes this initiative is one of the five largest solar electric projects ever built in the State of Colorado. Each of the 30 schools will use roof mounted solar panels to produce between 40 kilowatts (kW) and 104 kW of electricity per site, while the athletic stadium will produce 90 kW of electricity from a carport shade structure, believed to be the first of its kind in Colorado.
The project will be built at a cost of $18.3 million at no capital, operational, maintenance, insurance, financing, or ownership expense to Douglas County School District taxpayers. It is estimated this project can save the District $5.5 million over a 25 year period. The amount of power to be produced by the 31 District sites will total more than 3.0 MW. Installation will take approximately nine months to complete.
REgeneration Finance is pleased to be working with Seminole Financial Services, LLC of Belleair Bluffs, FL, provider of construction financing on this transaction.
About Douglas County Public Schools
Douglas County School District maintains its position as a leader in public education in Colorado, with many innovative programs and educational approaches. Support and coordination can be found at the District level, but each school has the flexibility to build its own instructional programs. Parents can find many different choices through the District such as open enrollment, charter schools, instruction for gifted and talented students, magnet schools, an International Baccalaureate program, Advanced Placement courses and other special programs. Its vision is to "create responsible citizens who contribute to society." The District strives to maintain a well-researched, integrated and standards-based curriculum, a rich array of extracurricular offerings and strong community involvement.
About REgeneration Finance
REgeneration Finance is an experienced developer of solar energy systems, providing solar power to municipal, commercial and non-profit entities. Through a financial structure that fully utilizes various federal and state benefits, REgeneration Finance allows its clients to receive all the financial and social benefits of renewable energy, including lowering their cost of electricity and reducing their carbon footprint, with no initial capital investment. Its customers typically receive substantial savings over what they would have otherwise paid to their respective utilities. REgeneration Finance is a full service financing partner, capable of providing its projects with construction and term debt, tax equity and equipment procurement.
About Premier Power
Premier Power Renewable Energy, Inc. is a leading global provider of large and small-scale solar power systems, delivering unmatched experience to commercial, governmental and residential customers throughout North America and Europe. Premier Power designs, engineers and integrates the solar industry's leading products. Premier Power's technologies and services have enabled its customers to maximize clean energy output along with project savings. Today, Premier Power designs and deploys the most innovative solar electric systems through market-leading innovation and exceptional customer service. Premier Power is headquartered in El Dorado Hills, CA and has common stock quoted on the OTC Bulletin Board under the symbol PPRW.OB. Additional information is available at the Company's website at www.premierpower.com.
Forward-Looking Statements
This release contains certain "forward-looking statements" relating to the business of Premier Power Renewable Energy, Inc. ("Premier"), which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to reliance on a limited number of customers, market demand, cyclical nature of our markets, reliance on key personnel, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on Premier's current expectations and beliefs concerning future developments and their potential effects on the company. There can be no assurance that future developments affecting Premier will be those anticipated by Premier. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. Premier undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
SOURCE: Premier Power Renewable Energy, Inc.
Saturday, August 28, 2010
Salamon Group Investing in Solar
Salamon Group, Inc. (SLMU 0.02, +0.00, +3.45%) ("Salamon Group" or the "Company") is pleased to announce that it has entered into negotiations to acquire a majority interest in an advanced solar technology engineering, sales and installation company based in Illinois, USA.
The targeted acquisition is a privately owned and operated company focused on development, sale, installation, and maintenance of advanced solar energy generation projects for both commercial and residential applications.
"The immediate addition of an operating solar business would be a significant step forward for our ongoing diversified alternative energy strategy," said John E. Salamon, President of Salamon Group. "We look forward to participating in all of the exciting solar sector developments and opportunities that lie ahead."
Further information detailing progress of the proposed acquisition will be released as it becomes available.
About Salamon Group, Inc.
Salamon Group, Inc. is a publicly traded company (SLMU 0.02, +0.00, +3.45%) focused on developments in conventional and alternative energy technologies, including opportunities in oil and gas, geothermal, wind, and solar. The Company is committed to creating value for its shareholders by advancing its current businesses to profitability, while developing new opportunities internally and through joint-venture, and by acquiring technology rights or ownership with potential to increase their value in the marketplace.
On behalf of the board of directors of Salamon Group, Inc.
John E. Salamon, President
Certain statements in this press release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Salamon Group, Inc. bases these forward-looking statements on current expectations and projections about future events, based on information currently available. The forward-looking statements contained in this press release may also include statements relating to Salamon Group, Inc.'s anticipated financial performance, business prospects, new developments, strategies and similar matters. Salamon Group, Inc. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
This news release was distributed by GlobeNewswire, www.globenewswire.com
The targeted acquisition is a privately owned and operated company focused on development, sale, installation, and maintenance of advanced solar energy generation projects for both commercial and residential applications.
"The immediate addition of an operating solar business would be a significant step forward for our ongoing diversified alternative energy strategy," said John E. Salamon, President of Salamon Group. "We look forward to participating in all of the exciting solar sector developments and opportunities that lie ahead."
Further information detailing progress of the proposed acquisition will be released as it becomes available.
About Salamon Group, Inc.
Salamon Group, Inc. is a publicly traded company (SLMU 0.02, +0.00, +3.45%) focused on developments in conventional and alternative energy technologies, including opportunities in oil and gas, geothermal, wind, and solar. The Company is committed to creating value for its shareholders by advancing its current businesses to profitability, while developing new opportunities internally and through joint-venture, and by acquiring technology rights or ownership with potential to increase their value in the marketplace.
On behalf of the board of directors of Salamon Group, Inc.
John E. Salamon, President
Certain statements in this press release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Salamon Group, Inc. bases these forward-looking statements on current expectations and projections about future events, based on information currently available. The forward-looking statements contained in this press release may also include statements relating to Salamon Group, Inc.'s anticipated financial performance, business prospects, new developments, strategies and similar matters. Salamon Group, Inc. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
This news release was distributed by GlobeNewswire, www.globenewswire.com
Friday, August 27, 2010
Solar Energy California
California's long-awaited boom in solar power plant construction took a major step forward Wednesday when state regulators approved the first in a string of projects that will soon blanket thousands of acres of desert with mirrors harnessing the energy of the sun.
The California Energy Commission unanimously approved the Beacon Solar Energy Project, which a Florida company plans to build on the Mojave Desert's western edge. The plant will use troughs of curved mirrors to concentrate sunlight, heat fluid-filled tubes, generate steam, turn a turbine and produce electricity.
California hasn't issued a license for this kind of big "solar thermal" power plant in about 20 years. But in the coming months, the energy commission will vote on eight other, large-scale solar projects that the state needs to meet its renewable energy goals.
"I hope this is the first of many more large-scale renewable projects that this commission will permit," said Commissioner Jeffrey Byron. "This is exactly the kind of project that we like to see."
California law requires the state's investor-owned utilities to get 20 percent of their electricity from renewable sources by the end of this year, a target the utilities will almost certainly miss. In full sunlight, Beacon Solar will be able to generate as much as 250 megawatts of electricity. A megawatt is a snapshot figure, roughly equal to the amount of electricity used at any given moment by 750 homes.
Many of these large solar projects have been seeking state approval for years, slowly wending their way through the tortuous process of winning government permits. Beacon's developer, a subsidiary of NextEra Energy Resources, first applied in 2008.
But now the developers and the commissioners are racing to meet a deadline set by President Obama's economic stimulus package. Renewable power projects that secure all their permits and start construction by the end of this year can receive a federal grant worth 30 percent of the project's cost, in lieu of taking a tax credit of equal value.
Most of the projects sit on federal land, forcing their developers to win permits from both the state and the U.S. Bureau of Land Management. So federal and state officials tried to synchronize and speed up their approval processes.
"They all said to themselves, 'This is a major national challenge, and in order to deal with jobs and energy security and clean air, we're going to have to do things as efficiently as we can,' " said Michael Picker, senior adviser to Gov. Arnold Schwarzenegger for renewable energy facilities. "And the environmental statutes didn't change, so they couldn't cut corners."
Unlike most of the upcoming projects, Beacon Solar sits on private land, meaning it doesn't need federal approval.
But NextEra can't start construction just yet. No one has agreed to buy the plant's power. Financiers typically demand to see a signed power purchase agreement before funding a project. Although NextEra declines to give a cost estimate, an energy commission fact sheet for Beacon Solar lists the project's cost at approximately $1 billion.
"We are still talking to potential customers," said NextEra spokesman Steve Stengel. "Our expectation is to apply for and ultimately qualify for stimulus funds."
Beacon solar will occupy 2,012 acres formerly used for alfalfa farming in eastern Kern County, about 4 miles from California City. The site sits just to the east of a highway and close to an electrical switching station owned by the Los Angeles Department of Water and Power.
That location, on previously used land next to existing infrastructure, appealed to environmentalists who don't want solar projects to ruin pristine desert habitat. So did the company's decision to use recycled municipal water, instead of groundwater, for cooling the equipment.
"We think this is an example of a good project," said Jim Lyons, senior director for renewable energy with the environmental group Defenders of Wildlife. "It'll provide renewable energy with minimal environmental impacts."
The California Energy Commission unanimously approved the Beacon Solar Energy Project, which a Florida company plans to build on the Mojave Desert's western edge. The plant will use troughs of curved mirrors to concentrate sunlight, heat fluid-filled tubes, generate steam, turn a turbine and produce electricity.
California hasn't issued a license for this kind of big "solar thermal" power plant in about 20 years. But in the coming months, the energy commission will vote on eight other, large-scale solar projects that the state needs to meet its renewable energy goals.
"I hope this is the first of many more large-scale renewable projects that this commission will permit," said Commissioner Jeffrey Byron. "This is exactly the kind of project that we like to see."
California law requires the state's investor-owned utilities to get 20 percent of their electricity from renewable sources by the end of this year, a target the utilities will almost certainly miss. In full sunlight, Beacon Solar will be able to generate as much as 250 megawatts of electricity. A megawatt is a snapshot figure, roughly equal to the amount of electricity used at any given moment by 750 homes.
Many of these large solar projects have been seeking state approval for years, slowly wending their way through the tortuous process of winning government permits. Beacon's developer, a subsidiary of NextEra Energy Resources, first applied in 2008.
But now the developers and the commissioners are racing to meet a deadline set by President Obama's economic stimulus package. Renewable power projects that secure all their permits and start construction by the end of this year can receive a federal grant worth 30 percent of the project's cost, in lieu of taking a tax credit of equal value.
Most of the projects sit on federal land, forcing their developers to win permits from both the state and the U.S. Bureau of Land Management. So federal and state officials tried to synchronize and speed up their approval processes.
"They all said to themselves, 'This is a major national challenge, and in order to deal with jobs and energy security and clean air, we're going to have to do things as efficiently as we can,' " said Michael Picker, senior adviser to Gov. Arnold Schwarzenegger for renewable energy facilities. "And the environmental statutes didn't change, so they couldn't cut corners."
Unlike most of the upcoming projects, Beacon Solar sits on private land, meaning it doesn't need federal approval.
But NextEra can't start construction just yet. No one has agreed to buy the plant's power. Financiers typically demand to see a signed power purchase agreement before funding a project. Although NextEra declines to give a cost estimate, an energy commission fact sheet for Beacon Solar lists the project's cost at approximately $1 billion.
"We are still talking to potential customers," said NextEra spokesman Steve Stengel. "Our expectation is to apply for and ultimately qualify for stimulus funds."
Beacon solar will occupy 2,012 acres formerly used for alfalfa farming in eastern Kern County, about 4 miles from California City. The site sits just to the east of a highway and close to an electrical switching station owned by the Los Angeles Department of Water and Power.
That location, on previously used land next to existing infrastructure, appealed to environmentalists who don't want solar projects to ruin pristine desert habitat. So did the company's decision to use recycled municipal water, instead of groundwater, for cooling the equipment.
"We think this is an example of a good project," said Jim Lyons, senior director for renewable energy with the environmental group Defenders of Wildlife. "It'll provide renewable energy with minimal environmental impacts."
Thursday, August 26, 2010
EMCore to File Paper Work with NASDAQ
ALBUQUERQUE, NM, Aug 24, 2010 (MARKETWIRE via COMTEX) -- EMCORE Corporation (EMKR 0.83, -0.01, -1.43%) , a leading provider of compound semiconductor-based components, subsystems and systems for the fiber optics and solar power markets, today announced that on August 18, 2010, it received a letter from the NASDAQ Stock Market indicating that the Company was not in compliance with the continued listing requirements under NASDAQ Listing Rule 5250(c)(1). The NASDAQ letter, which the Company expected, was issued in accordance with standard NASDAQ procedures because the Company did not timely file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 with the Securities and Exchange Commission.
As previously reported by the Company on August 16, 2010, the filing of the Quarterly Report has been delayed because the Company requires additional time to complete its review of the accounting for certain inventory write-downs and the allowance against a specific account receivable that the Company has determined should be recorded. The Company intends to file its Quarterly Report as soon as practicable upon completion of its review.
The Company is required to submit a plan to regain compliance with NASDAQ's requirements for continued listing and the plan must be submitted by October 18, 2010.
About EMCORE: EMCORE Corporation is a leading provider of compound semiconductor-based components, subsystems and systems for the fiber optics and solar power markets. EMCORE's Photonic Systems segment is the leading developer and manufacturer of fiber-optic systems and components for a wide range of commercial and military applications including microwave fiber-optic signal transmission and processing, satellite earth-stations, fiber-optic gyroscopes, and terahertz sensing. EMCORE's Fiber Optics segment offers optical components, subsystems and systems that enable the transmission of video, voice and data over high-capacity fiber optic cables for high-speed data and telecommunications, cable television (CATV) and fiber-to-the-premises (FTTP) networks. EMCORE's Solar Power segment provides solar products for satellite and terrestrial applications. For satellite applications, EMCORE offers high-efficiency compound semiconductor-based gallium arsenide (GaAs) solar cells, covered interconnect cells and fully integrated solar panels. For terrestrial applications, EMCORE offers concentrating photovoltaic (CPV) systems for utility scale solar applications as well as offering its high-efficiency GaAs solar cells and CPV components for use in solar power concentrator systems. For specific information about our company, our products or the markets we serve, please visit our website at http://www.emcore.com.
Cautionary Statement Regarding Forward-Looking Statements: This press release contains forward-looking statements based on certain assumptions and contingencies that involve risks and uncertainties. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and relate to EMCORE's ability to complete the necessary work to file its Quarterly Report on Form 10-Q for the period ended June 30, 2010 and subsequent periodic reports under the Securities Exchange Act and comply with the continued listing requirements under the NASDAQ Listing Rule 5350(c)(1). The forward-looking statements in this press release involve risks and uncertainties, which could cause actual results, performance or trends to differ materially from those expressed in the forward-looking statements herein or in previous disclosures. EMCORE believes that all forward-looking statements made by it have a reasonable basis, but there can be no assurance that management's expectations, beliefs or projections as expressed in the forward-looking statements will actually occur or prove to be correct. In addition to general industry and economic conditions, factors that could cause actual results to differ materially from those discussed in the forward-looking statements in this press release include, but are not limited to factors that could affect EMCORE's business, financial conditions and results of operations included in EMCORE's Annual Report on Form 10-K under the caption "Risk Factors," as updated by EMCORE's subsequent filings with the SEC, all of which are available at the SEC's website at http://www.sec.gov. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. EMCORE does not intend, and disclaims any obligation, to update any forward-looking information contained in this press release or with respect to the announcements described herein.
As previously reported by the Company on August 16, 2010, the filing of the Quarterly Report has been delayed because the Company requires additional time to complete its review of the accounting for certain inventory write-downs and the allowance against a specific account receivable that the Company has determined should be recorded. The Company intends to file its Quarterly Report as soon as practicable upon completion of its review.
The Company is required to submit a plan to regain compliance with NASDAQ's requirements for continued listing and the plan must be submitted by October 18, 2010.
About EMCORE: EMCORE Corporation is a leading provider of compound semiconductor-based components, subsystems and systems for the fiber optics and solar power markets. EMCORE's Photonic Systems segment is the leading developer and manufacturer of fiber-optic systems and components for a wide range of commercial and military applications including microwave fiber-optic signal transmission and processing, satellite earth-stations, fiber-optic gyroscopes, and terahertz sensing. EMCORE's Fiber Optics segment offers optical components, subsystems and systems that enable the transmission of video, voice and data over high-capacity fiber optic cables for high-speed data and telecommunications, cable television (CATV) and fiber-to-the-premises (FTTP) networks. EMCORE's Solar Power segment provides solar products for satellite and terrestrial applications. For satellite applications, EMCORE offers high-efficiency compound semiconductor-based gallium arsenide (GaAs) solar cells, covered interconnect cells and fully integrated solar panels. For terrestrial applications, EMCORE offers concentrating photovoltaic (CPV) systems for utility scale solar applications as well as offering its high-efficiency GaAs solar cells and CPV components for use in solar power concentrator systems. For specific information about our company, our products or the markets we serve, please visit our website at http://www.emcore.com.
Cautionary Statement Regarding Forward-Looking Statements: This press release contains forward-looking statements based on certain assumptions and contingencies that involve risks and uncertainties. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and relate to EMCORE's ability to complete the necessary work to file its Quarterly Report on Form 10-Q for the period ended June 30, 2010 and subsequent periodic reports under the Securities Exchange Act and comply with the continued listing requirements under the NASDAQ Listing Rule 5350(c)(1). The forward-looking statements in this press release involve risks and uncertainties, which could cause actual results, performance or trends to differ materially from those expressed in the forward-looking statements herein or in previous disclosures. EMCORE believes that all forward-looking statements made by it have a reasonable basis, but there can be no assurance that management's expectations, beliefs or projections as expressed in the forward-looking statements will actually occur or prove to be correct. In addition to general industry and economic conditions, factors that could cause actual results to differ materially from those discussed in the forward-looking statements in this press release include, but are not limited to factors that could affect EMCORE's business, financial conditions and results of operations included in EMCORE's Annual Report on Form 10-K under the caption "Risk Factors," as updated by EMCORE's subsequent filings with the SEC, all of which are available at the SEC's website at http://www.sec.gov. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. EMCORE does not intend, and disclaims any obligation, to update any forward-looking information contained in this press release or with respect to the announcements described herein.
Wednesday, August 25, 2010
U.S. Committed to Solar Energy
U.S. government stimulus spending has put the country on track to double renewable energy production capacity by 2012 and halve solar power costs by 2015, Vice President Joseph Biden said on Tuesday.
President Barack Obama's stimulus spending poured $814 billion into the U.S. economy, including more than $100 billion for science, technology and innovation projects.
With Energy Secretary Steven Chu by his side, Biden unveiled a new White House report estimating the impact of the Recovery Act funding on American innovation in transportation, renewable energy, broadband, smart electrical grids and medical research.
Biden said the stimulus funding would lead to breakthroughs in many of those areas.
"The government plants the seeds. The private sector nourishes and makes it grow," Biden said. "And in the process, if we're as innovative as we've been in the past, we launch entire new industries."
The report outlined a goal of doubling renewable energy capacity from the 28.8 gigawatts of solar, wind and geothermal sources installed as of the end of 2008 to 57.6 GW by the end of 2011, which would be enough to power 16.7 million homes, or 55 million electric cars, for a year.
The manufacturing goal is to double the 2008 level of output of 6 GW of renewable equipment like wind turbines and solar panels to 12 GW at the end of 2011.
Solar power now accounts for less than 1 percent of U.S. electricity generation, while wind power produces almost 2 percent.
President Barack Obama's stimulus spending poured $814 billion into the U.S. economy, including more than $100 billion for science, technology and innovation projects.
With Energy Secretary Steven Chu by his side, Biden unveiled a new White House report estimating the impact of the Recovery Act funding on American innovation in transportation, renewable energy, broadband, smart electrical grids and medical research.
Biden said the stimulus funding would lead to breakthroughs in many of those areas.
"The government plants the seeds. The private sector nourishes and makes it grow," Biden said. "And in the process, if we're as innovative as we've been in the past, we launch entire new industries."
The report outlined a goal of doubling renewable energy capacity from the 28.8 gigawatts of solar, wind and geothermal sources installed as of the end of 2008 to 57.6 GW by the end of 2011, which would be enough to power 16.7 million homes, or 55 million electric cars, for a year.
The manufacturing goal is to double the 2008 level of output of 6 GW of renewable equipment like wind turbines and solar panels to 12 GW at the end of 2011.
Solar power now accounts for less than 1 percent of U.S. electricity generation, while wind power produces almost 2 percent.
Tuesday, August 24, 2010
Daystar Financials Out Today
NEWARK, Calif., Aug. 23 /PRNewswire-FirstCall/ -- DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, today announced financial results for its second quarter ended June 30, 2010.
Net loss for the second quarter of 2010 was $12.2 million or $2.97 per share, compared with a net loss of $6.7 million or $1.79 per share in the second quarter of 2009. The net loss for the second quarter of 2010 reflects non-cash restructuring charges of $7.8 million, including $3.5 million in impairment charges on leasehold improvements at the Company's Newark, California facility upon termination of the lease, as well as $4.3 million in impairment charges recorded on certain equipment during the quarter. The loss for the second quarter of 2010 also includes share-based compensation of $1.5 million. Overall, cash expenses were reduced significantly during the second quarter of 2010 as compared with 2009 with the implementation of cost savings measures including a reduction in workforce in order to preserve cash while focusing our resources on the development of our core CIGS technology and fundraising efforts to secure strategic partners and commercialize our product.
The per share losses were calculated on the weighted average common shares outstanding of 4.1 and 3.7 million for the second quarter ended June 30, 2010 and 2009, respectively. The average shares outstanding and loss per share for the quarter ended June 30, 2010 and 2009 reflect the 1-for-9 reverse stock split implemented on May 11, 2010. DayStar's common stock began trading on the NASDAQ Capital Market on a split adjusted basis on May 12, 2010.
The balance sheet as of June 30, 2010, and the statement of operations for the three months and six months ended June 30, 2010, is attached as exhibits to this press release.
About DayStar Technologies, Inc.
DayStar Technologies, Inc. is engaged in the development, manufacturing and marketing of solar photovoltaic products based upon CIGS thin film deposition technology. For more information, visit the DayStar website at www.daystartech.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release regarding our business that are not historical facts may be considered "forward-looking statements." The forward-looking statements in this news release are based on information available at the time the statements are made and/or management's belief as of that time with respect to future events and involve substantial risks and uncertainties that could cause actual results and outcomes to be materially different. Such forward–looking statements include statements regarding our cost savings measures and prospective fundraising efforts. Forward-looking statements are based on management's current preliminary expectations and are subject to risks and uncertainties, which may cause our results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties include our ability to raise substantial additional capital in the short term, our ability to achieve favorable outcomes in pending litigation, our ability to continue our business as a going concern, our ability to execute our commercialization plan and such other risks and uncertainties detailed in our annual report on Form 10-K for the year ended December 31, 2009, our quarterly reports on Form 10-Q, and other filings made with the Securities and Exchange Commission. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update any forward-looking statements to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events.
Net loss for the second quarter of 2010 was $12.2 million or $2.97 per share, compared with a net loss of $6.7 million or $1.79 per share in the second quarter of 2009. The net loss for the second quarter of 2010 reflects non-cash restructuring charges of $7.8 million, including $3.5 million in impairment charges on leasehold improvements at the Company's Newark, California facility upon termination of the lease, as well as $4.3 million in impairment charges recorded on certain equipment during the quarter. The loss for the second quarter of 2010 also includes share-based compensation of $1.5 million. Overall, cash expenses were reduced significantly during the second quarter of 2010 as compared with 2009 with the implementation of cost savings measures including a reduction in workforce in order to preserve cash while focusing our resources on the development of our core CIGS technology and fundraising efforts to secure strategic partners and commercialize our product.
The per share losses were calculated on the weighted average common shares outstanding of 4.1 and 3.7 million for the second quarter ended June 30, 2010 and 2009, respectively. The average shares outstanding and loss per share for the quarter ended June 30, 2010 and 2009 reflect the 1-for-9 reverse stock split implemented on May 11, 2010. DayStar's common stock began trading on the NASDAQ Capital Market on a split adjusted basis on May 12, 2010.
The balance sheet as of June 30, 2010, and the statement of operations for the three months and six months ended June 30, 2010, is attached as exhibits to this press release.
About DayStar Technologies, Inc.
DayStar Technologies, Inc. is engaged in the development, manufacturing and marketing of solar photovoltaic products based upon CIGS thin film deposition technology. For more information, visit the DayStar website at www.daystartech.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release regarding our business that are not historical facts may be considered "forward-looking statements." The forward-looking statements in this news release are based on information available at the time the statements are made and/or management's belief as of that time with respect to future events and involve substantial risks and uncertainties that could cause actual results and outcomes to be materially different. Such forward–looking statements include statements regarding our cost savings measures and prospective fundraising efforts. Forward-looking statements are based on management's current preliminary expectations and are subject to risks and uncertainties, which may cause our results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties include our ability to raise substantial additional capital in the short term, our ability to achieve favorable outcomes in pending litigation, our ability to continue our business as a going concern, our ability to execute our commercialization plan and such other risks and uncertainties detailed in our annual report on Form 10-K for the year ended December 31, 2009, our quarterly reports on Form 10-Q, and other filings made with the Securities and Exchange Commission. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update any forward-looking statements to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events.
Monday, August 23, 2010
Solar Technology is Improving
In a report at the 240th National Meeting of the American Chemical Society (ACS), they described how a self-cleaning coating on the surface of solar cells could increase the efficiency of producing electricity from sunlight and reduce maintenance costs for large-scale solar installations.
"We think our self-cleaning panels used in areas of high dust and particulate pollutant concentrations will highly benefit the systems' solar energy output," study leader Malay K. Mazumder, Ph.D. said. "Our technology can be used in both small- and large-scale photovoltaic systems. To our knowledge, this is the only technology for automatic dust cleaning that doesn't require water or mechanical movement."
Mazumder, who is with Boston University, said the need for that technology is growing with the popularity of solar energy. Use of solar, or photovoltaic, panels increased by 50 percent from 2003 to 2008, and forecasts suggest a growth rate of at least 25 percent annually into the future. Fostering the growth, he said, is emphasis on alternative energy sources and society-wide concerns about sustainability (using resources today in ways that do not jeopardize the ability of future generations to meet their needs).
Large-scale solar installations already exist in the United States, Spain, Germany, the Middle East, Australia, and India. These installations usually are located in sun-drenched desert areas where dry weather and winds sweep dust into the air and deposit it onto the surface of solar panel. Just like grime on a household window, that dust reduces the amount of light that can enter the business part of the solar panel, decreasing the amount of electricity produced. Clean water tends to be scarce in these areas, making it expensive to clean the solar panels.
"A dust layer of one-seventh of an ounce per square yard decreases solar power conversion by 40 percent," Mazumder explains. "In Arizona, dust is deposited each month at about 4 times that amount. Deposition rates are even higher in the Middle East, Australia, and India."
Working with NASA, Mazumder and colleagues initially developed the self-cleaning solar panel technology for use in lunar and Mars missions. "Mars of course is a dusty and dry environment," Mazumder said, "and solar panels powering rovers and future manned and robotic missions must not succumb to dust deposition. But neither should the solar panels here on Earth."
The self-cleaning technology involves deposition of a transparent, electrically sensitive material deposited on glass or a transparent plastic sheet covering the panels. Sensors monitor dust levels on the surface of the panel and energize the material when dust concentration reaches a critical level. The electric charge sends a dust-repelling wave cascading over the surface of the material, lifting away the dust and transporting it off of the screen's edges.
Mazumder said that within two minutes, the process removes about 90 percent of the dust deposited on a solar panel and requires only a small amount of the electricity generated by the panel for cleaning operations.
The current market size for solar panels is about $24 billion, Mazumder said. "Less than 0.04 percent of global energy production is derived from solar panels, but if only four percent of the world's deserts were dedicated to solar power harvesting, our energy needs could be completely met worldwide. This self-cleaning technology can play an important role."
"We think our self-cleaning panels used in areas of high dust and particulate pollutant concentrations will highly benefit the systems' solar energy output," study leader Malay K. Mazumder, Ph.D. said. "Our technology can be used in both small- and large-scale photovoltaic systems. To our knowledge, this is the only technology for automatic dust cleaning that doesn't require water or mechanical movement."
Mazumder, who is with Boston University, said the need for that technology is growing with the popularity of solar energy. Use of solar, or photovoltaic, panels increased by 50 percent from 2003 to 2008, and forecasts suggest a growth rate of at least 25 percent annually into the future. Fostering the growth, he said, is emphasis on alternative energy sources and society-wide concerns about sustainability (using resources today in ways that do not jeopardize the ability of future generations to meet their needs).
Large-scale solar installations already exist in the United States, Spain, Germany, the Middle East, Australia, and India. These installations usually are located in sun-drenched desert areas where dry weather and winds sweep dust into the air and deposit it onto the surface of solar panel. Just like grime on a household window, that dust reduces the amount of light that can enter the business part of the solar panel, decreasing the amount of electricity produced. Clean water tends to be scarce in these areas, making it expensive to clean the solar panels.
"A dust layer of one-seventh of an ounce per square yard decreases solar power conversion by 40 percent," Mazumder explains. "In Arizona, dust is deposited each month at about 4 times that amount. Deposition rates are even higher in the Middle East, Australia, and India."
Working with NASA, Mazumder and colleagues initially developed the self-cleaning solar panel technology for use in lunar and Mars missions. "Mars of course is a dusty and dry environment," Mazumder said, "and solar panels powering rovers and future manned and robotic missions must not succumb to dust deposition. But neither should the solar panels here on Earth."
The self-cleaning technology involves deposition of a transparent, electrically sensitive material deposited on glass or a transparent plastic sheet covering the panels. Sensors monitor dust levels on the surface of the panel and energize the material when dust concentration reaches a critical level. The electric charge sends a dust-repelling wave cascading over the surface of the material, lifting away the dust and transporting it off of the screen's edges.
Mazumder said that within two minutes, the process removes about 90 percent of the dust deposited on a solar panel and requires only a small amount of the electricity generated by the panel for cleaning operations.
The current market size for solar panels is about $24 billion, Mazumder said. "Less than 0.04 percent of global energy production is derived from solar panels, but if only four percent of the world's deserts were dedicated to solar power harvesting, our energy needs could be completely met worldwide. This self-cleaning technology can play an important role."
Saturday, August 21, 2010
Chinese Solar Making Money
Gross Margin Reached Historical High of 33.5%
13.7% and 5.6% Increase in GAAP and Non-GAAP Diluted EPS Quarter over Quarter
Company Reaffirmed Shipment Guidance and Raised Gross Margin Guidance for Full Year 2010
BAODING, China, Aug. 19 /PRNewswire-Asia-FirstCall/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), a leading solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers, which markets its products under the brand "Yingli Solar," today announced its unaudited consolidated financial results for the quarter ended June 30, 2010.
Second Quarter 2010 Consolidated Financial Highlights
-- Total net revenues were RMB 2,699.6 million (US$398.1 million).
-- Gross profit was RMB 905.1 million (US$133.5 million), representing a
gross margin of 33.5%.
-- Operating income was RMB 565.4 million (US$83.4 million), representing
an operating margin of 20.9%.
-- Net income(1) was RMB 217.8 million (US$32.1 million) and diluted
earnings per ordinary share and per American depositary share ("ADS")
was RMB 1.41 (US$0.21).
-- On an adjusted non-GAAP(2) basis, net income was RMB 261.0 million
(US$38.5 million) and diluted earnings per ordinary share and per ADS
was RMB 1.69 (US$0.25).
"The past few months have been very exciting for us in many ways," said Mr. Liansheng Miao, Chairman and CEO of Yingli Green Energy. "In the second quarter of 2010, we achieved a mid teen percent sequential increase in PV module shipment volume and realized a record high gross margin of 33.5%."
"In addition to delivering solid operational results, the Company also reached important milestones on many other fronts. In terms of marketing, our 2010 FIFA World Cup sponsorship has made a huge splash. As the market for distributed electricity generation is expanding in many major solar markets, the power to influence and decide the solar industry's future is rapidly vesting to the general public. We believe our groundbreaking 2010 FIFA World Cup sponsorship project, accompanied by a series of marketing initiatives, has effectively boosted our brand recognition both within and outside of the conventional solar community, which is expected to greatly enhance our competitive advantages in this new era. Furthermore, supported by our reliable products and services, we expect to enjoy a pricing premium and receive stronger demand as a result of our ever-increasing brand equity."
Mr. Miao continued, "On the research and technology front, we have commenced initial production of 300 MW PANDA high efficiency solar cells in July 2010, merely thirteen months from conceptualizing the project. In parallel, we have successfully enhanced PANDA cell conversion efficiency rate to 19% on the pilot line, and have kicked off collaboration with Innovalight to boost the average efficiency of our multicrystalline silicon based solar cells. All these efforts demonstrate our aspiration to technological advancement and our commitment to bringing the benefits of cutting-edge technologies to our valued customers."
"I'm also excited to report another significant operating milestone. Fine Silicon, our polysilicon manufacturing facility with a designed annual production capacity of 3,000 metric tons, has successfully commenced commercial operation since earlier this month. We expect this achievement to further strengthen our leadership as one of the world's largest vertically integrated PV manufacturers."
"Last but not least, we are encouraged by our accomplishments in markets around the globe. In Europe, we are fully stretched to satisfy our existing customer base and to continue to attract new customers in high growth emerging markets such as France, Italy, Czech Republic, Greece and the United Kingdom. In North America, our sales network has expanded into 18 states in the U.S., as well as Canada and the Caribbean, and we have become the leading supplier of PV modules in New Jersey and California. We have also been making progress in the rooftop and ground mounted segments and were recently selected for a number of high profile projects on both the West and the East Coasts. In China, we are enhancing our strategic cooperative relationships with utility companies in various concession bidding projects in order to further expand our footprints."
"For all the reasons stated above, we are confident in our prospects for a strong second half of the year," Mr. Miao concluded.
Second Quarter 2010 Financial Results
Total Net Revenues
Total net revenues were RMB 2,699.6 million (US$398.1 million) in the second quarter of 2010, an increase of 10.2% from RMB 2,449.9 million in the first quarter of 2010 and 80.1% from RMB1,498.9 million in the second quarter of 2009. The increase in total net revenues was primarily due to the mid teen growth rate in PV module shipment volume quarter over quarter, partially offset by the depreciation of the euro against the Renminbi.
Gross Profit and Gross Margin(3)
Gross profit in the second quarter of 2010 was RMB 905.1 million (US$133.5 million), an increase of 11.0% from RMB 815.4 million in the first quarter of 2010 and 205.4% from RMB 296.3 million in the second quarter of 2009. Gross margin was 33.5% in the second quarter of 2010, compared to 33.3% in the first quarter of 2010 and 19.8% in the second quarter of 2009. The increase in gross margin was primarily due to the better than expected average selling price and continuous decline in the blended cost of polysilicon, decreasing polysilicon usage per watt and continuous reduction in non-polysilicon cost.
Operating Expenses(3)
Operating expenses in the second quarter of 2010 were RMB 339.7 million (US$50.1 million), compared to RMB 279.5 million in the first quarter of 2010 and RMB 189.5 million in the second quarter of 2009. The increase in operating expenses this quarter was primarily attributable to higher selling expenses relating to the 2010 FIFA World Cup sponsorship, as well as increasing research and development expenses in connection with the progress of a series of research and development initiatives, including second generation PANDA cells and collaboration with Innovalight. Operating expenses as a percentage of total net revenues were 12.6% in the second quarter of 2010, compared to 11.4% in the first quarter of 2010 and 12.6% in the second quarter of 2009.
Operating Income and Margin
Operating income in the second quarter of 2010 was RMB 565.4 million (US$83.4 million), compared to RMB 535.9 million in the first quarter of 2010 and RMB 106.8 million in the second quarter of 2009.
Operating margin was 20.9% in the second quarter of 2010, compared to 21.9% in the first quarter of 2010 and 7.1% in the second quarter of 2009.
Interest Expense
Interest expense was RMB 73.0 million (US$10.8 million) in the second quarter of 2010, compared to RMB 91.2 million in the first quarter of 2010 and RMB 115.9 million in the second quarter of 2009. The decrease in interest expense was primarily attributable to the Company's efforts to control funding costs and increased capitalization rate of such interest expense.
After excluding non-cash interest expense items, interest expense was RMB 57.7 million (US$8.5 million) in the second quarter of 2010, compared to RMB 63.4 million in the first quarter of 2010 and RMB 79.1 million in the second quarter of 2009. Excluding non-cash interest expenses, the weighted average interest rate for debt outstanding in the second quarter of 2010 was 6.7%, an increase from 6.43% in the first quarter of 2010.
Foreign Currency Exchange Loss (Gain)
Foreign currency exchange loss was RMB 158.6 million (US$23.4 million) in the second quarter of 2010, compared to a foreign currency exchange loss of RMB 169.1 million in the first quarter of 2010 and a foreign currency exchange gain of RMB 108.7 million in the second quarter of 2009. The foreign currency exchange loss in this quarter was primarily due to the depreciation of the euro against the Renminbi, partially offset by the Company's hedging program.
Income Tax Expense
Income tax expense was RMB 65.9 million (US$9.7 million) in the second quarter of 2010, compared to RMB 39.5 million in the first quarter of 2010 and RMB 16.0 million in the second quarter of 2009. The increase in income tax expense was primarily due to the net operating income generated by Tianwei Yingli and Yingli Energy (China) Company Limited this quarter.
Net Income (Loss)
Net income was RMB 217.8 million (US$32.1 million) in the second quarter of 2010, compared to a net income of RMB 190.9 million in the first quarter of 2010 and a net loss of RMB 393.7 million in the second quarter of 2009. Diluted earnings per ordinary share and per ADS was RMB 1.41 (US$0.21) in the second quarter of 2010, compared to diluted earnings per ordinary share and per ADS of RMB 1.24 in the first quarter of 2010 and diluted loss per ordinary share and per ADS of RMB 3.03 in the second quarter of 2009.
On an adjusted non-GAAP basis, net income was RMB 261.0 million (US$38.5 million) in the second quarter of 2010, compared to a net income of RMB 246.8 million in the first quarter of 2010 and a net income of RMB 119.8 million in the second quarter of 2009. Adjusted non-GAAP diluted earnings per ordinary share and per ADS were RMB 1.69 (US$0.25) in the second quarter of 2010, compared to a non-GAAP diluted earnings per ordinary share and per ADS of RMB 1.60 in the first quarter of 2010 and a non-GAAP diluted earnings per ordinary share and per ADS of RMB 0.91 in the second quarter of 2009.
Also on an adjusted non-GAAP basis, further excluding the foreign currency exchange loss (gain), net income was RMB 419.6 million (US$61.9 million) in the second quarter of 2010, compared to a net income of RMB 415.9 million in the first quarter of 2010 and a net income of RMB 11.1 million in the second quarter of 2009. Adjusted non-GAAP diluted earnings per ordinary share and per ADS excluding foreign exchange loss were RMB 2.72 (US$0.40) in the second quarter of 2010, compared to a non-GAAP diluted earnings per ordinary share and per ADS excluding foreign exchange loss of RMB 2.70 in the first quarter of 2010 and a non-GAAP diluted earnings per ordinary share and per ADS excluding foreign exchange gain of RMB 0.09 in the second quarter of 2009.
Balance Sheet Analysis
As of June 30, 2010, Yingli Green Energy had RMB 4,079.4 million (US$601.5 million) in cash, restricted cash and long-term restricted cash, compared to RMB 4,355.6 million as of March 31, 2010. Working capital (current assets less current liabilities) was RMB 610.0 million (US$89.9 million) as of June 30, 2010, compared to RMB 661.2 million as of March 31, 2010.
As of the date of this press release, the Company had approximately RMB 12,326 million in authorized lines of credit, of which RMB 5,426 million had not been utilized.
Business Outlook for Full Year 2010
Based on current market and operating conditions, estimated production capacity and forecasted customer demand, the Company reaffirms its PV module shipment target to be in the estimated range of 950 MW to 1 GW for fiscal year 2010, which represents an increase of 80.8% to 90.4% compared to fiscal year 2009.
In addition, based on the strong gross margin performance in the first half of 2010, the estimated ramp up cost of Fine Silicon, the 400 MW new capacities put into initial operation in July 2010, the expected average selling price of PV modules and forecasted exchange rates of the euro and U.S. dollar against the Renminbi, the Company raises its gross margin target to the estimated range of 28% to 30% from the previous estimated range of 27% to 29% for fiscal year 2010.
Non-GAAP Financial Measures
To supplement the financial measures calculated in accordance with GAAP, this press release includes certain non-GAAP financial measures of adjusted net income (loss) and adjusted diluted earnings (loss) per ordinary share and per ADS, each of which is adjusted to exclude items related to share-based compensation, the non-cash interest expense, the non-cash loss due to the changes in the fair value of the embedded derivative liability, loss on debt extinguishment, and the amortization of intangible assets arising from purchase price allocation in connection with a series of acquisitions of equity interests in Tianwei Yingli. The Company believes excluding these items from its non-GAAP financial measures is useful for its management and investors to assess and analyze the Company's core operating results as such items are not directly attributable to the underlying performance of the Company's business operations and do not impact its cash earnings. The Company also believes these non-GAAP financial measures are important to help investors understand the Company's current financial performance and future prospects and compare business trends among different reporting periods on a consistent basis. These non-GAAP financial measures should be considered in addition to financial measures presented in accordance with GAAP, but should not be considered as a substitute for, or superior to, financial measures presented in accordance with GAAP. For a reconciliation of each of these non- GAAP financial measures to the most directly comparable GAAP financial measure, please see the financial information included elsewhere in this press release.
13.7% and 5.6% Increase in GAAP and Non-GAAP Diluted EPS Quarter over Quarter
Company Reaffirmed Shipment Guidance and Raised Gross Margin Guidance for Full Year 2010
BAODING, China, Aug. 19 /PRNewswire-Asia-FirstCall/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), a leading solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers, which markets its products under the brand "Yingli Solar," today announced its unaudited consolidated financial results for the quarter ended June 30, 2010.
Second Quarter 2010 Consolidated Financial Highlights
-- Total net revenues were RMB 2,699.6 million (US$398.1 million).
-- Gross profit was RMB 905.1 million (US$133.5 million), representing a
gross margin of 33.5%.
-- Operating income was RMB 565.4 million (US$83.4 million), representing
an operating margin of 20.9%.
-- Net income(1) was RMB 217.8 million (US$32.1 million) and diluted
earnings per ordinary share and per American depositary share ("ADS")
was RMB 1.41 (US$0.21).
-- On an adjusted non-GAAP(2) basis, net income was RMB 261.0 million
(US$38.5 million) and diluted earnings per ordinary share and per ADS
was RMB 1.69 (US$0.25).
"The past few months have been very exciting for us in many ways," said Mr. Liansheng Miao, Chairman and CEO of Yingli Green Energy. "In the second quarter of 2010, we achieved a mid teen percent sequential increase in PV module shipment volume and realized a record high gross margin of 33.5%."
"In addition to delivering solid operational results, the Company also reached important milestones on many other fronts. In terms of marketing, our 2010 FIFA World Cup sponsorship has made a huge splash. As the market for distributed electricity generation is expanding in many major solar markets, the power to influence and decide the solar industry's future is rapidly vesting to the general public. We believe our groundbreaking 2010 FIFA World Cup sponsorship project, accompanied by a series of marketing initiatives, has effectively boosted our brand recognition both within and outside of the conventional solar community, which is expected to greatly enhance our competitive advantages in this new era. Furthermore, supported by our reliable products and services, we expect to enjoy a pricing premium and receive stronger demand as a result of our ever-increasing brand equity."
Mr. Miao continued, "On the research and technology front, we have commenced initial production of 300 MW PANDA high efficiency solar cells in July 2010, merely thirteen months from conceptualizing the project. In parallel, we have successfully enhanced PANDA cell conversion efficiency rate to 19% on the pilot line, and have kicked off collaboration with Innovalight to boost the average efficiency of our multicrystalline silicon based solar cells. All these efforts demonstrate our aspiration to technological advancement and our commitment to bringing the benefits of cutting-edge technologies to our valued customers."
"I'm also excited to report another significant operating milestone. Fine Silicon, our polysilicon manufacturing facility with a designed annual production capacity of 3,000 metric tons, has successfully commenced commercial operation since earlier this month. We expect this achievement to further strengthen our leadership as one of the world's largest vertically integrated PV manufacturers."
"Last but not least, we are encouraged by our accomplishments in markets around the globe. In Europe, we are fully stretched to satisfy our existing customer base and to continue to attract new customers in high growth emerging markets such as France, Italy, Czech Republic, Greece and the United Kingdom. In North America, our sales network has expanded into 18 states in the U.S., as well as Canada and the Caribbean, and we have become the leading supplier of PV modules in New Jersey and California. We have also been making progress in the rooftop and ground mounted segments and were recently selected for a number of high profile projects on both the West and the East Coasts. In China, we are enhancing our strategic cooperative relationships with utility companies in various concession bidding projects in order to further expand our footprints."
"For all the reasons stated above, we are confident in our prospects for a strong second half of the year," Mr. Miao concluded.
Second Quarter 2010 Financial Results
Total Net Revenues
Total net revenues were RMB 2,699.6 million (US$398.1 million) in the second quarter of 2010, an increase of 10.2% from RMB 2,449.9 million in the first quarter of 2010 and 80.1% from RMB1,498.9 million in the second quarter of 2009. The increase in total net revenues was primarily due to the mid teen growth rate in PV module shipment volume quarter over quarter, partially offset by the depreciation of the euro against the Renminbi.
Gross Profit and Gross Margin(3)
Gross profit in the second quarter of 2010 was RMB 905.1 million (US$133.5 million), an increase of 11.0% from RMB 815.4 million in the first quarter of 2010 and 205.4% from RMB 296.3 million in the second quarter of 2009. Gross margin was 33.5% in the second quarter of 2010, compared to 33.3% in the first quarter of 2010 and 19.8% in the second quarter of 2009. The increase in gross margin was primarily due to the better than expected average selling price and continuous decline in the blended cost of polysilicon, decreasing polysilicon usage per watt and continuous reduction in non-polysilicon cost.
Operating Expenses(3)
Operating expenses in the second quarter of 2010 were RMB 339.7 million (US$50.1 million), compared to RMB 279.5 million in the first quarter of 2010 and RMB 189.5 million in the second quarter of 2009. The increase in operating expenses this quarter was primarily attributable to higher selling expenses relating to the 2010 FIFA World Cup sponsorship, as well as increasing research and development expenses in connection with the progress of a series of research and development initiatives, including second generation PANDA cells and collaboration with Innovalight. Operating expenses as a percentage of total net revenues were 12.6% in the second quarter of 2010, compared to 11.4% in the first quarter of 2010 and 12.6% in the second quarter of 2009.
Operating Income and Margin
Operating income in the second quarter of 2010 was RMB 565.4 million (US$83.4 million), compared to RMB 535.9 million in the first quarter of 2010 and RMB 106.8 million in the second quarter of 2009.
Operating margin was 20.9% in the second quarter of 2010, compared to 21.9% in the first quarter of 2010 and 7.1% in the second quarter of 2009.
Interest Expense
Interest expense was RMB 73.0 million (US$10.8 million) in the second quarter of 2010, compared to RMB 91.2 million in the first quarter of 2010 and RMB 115.9 million in the second quarter of 2009. The decrease in interest expense was primarily attributable to the Company's efforts to control funding costs and increased capitalization rate of such interest expense.
After excluding non-cash interest expense items, interest expense was RMB 57.7 million (US$8.5 million) in the second quarter of 2010, compared to RMB 63.4 million in the first quarter of 2010 and RMB 79.1 million in the second quarter of 2009. Excluding non-cash interest expenses, the weighted average interest rate for debt outstanding in the second quarter of 2010 was 6.7%, an increase from 6.43% in the first quarter of 2010.
Foreign Currency Exchange Loss (Gain)
Foreign currency exchange loss was RMB 158.6 million (US$23.4 million) in the second quarter of 2010, compared to a foreign currency exchange loss of RMB 169.1 million in the first quarter of 2010 and a foreign currency exchange gain of RMB 108.7 million in the second quarter of 2009. The foreign currency exchange loss in this quarter was primarily due to the depreciation of the euro against the Renminbi, partially offset by the Company's hedging program.
Income Tax Expense
Income tax expense was RMB 65.9 million (US$9.7 million) in the second quarter of 2010, compared to RMB 39.5 million in the first quarter of 2010 and RMB 16.0 million in the second quarter of 2009. The increase in income tax expense was primarily due to the net operating income generated by Tianwei Yingli and Yingli Energy (China) Company Limited this quarter.
Net Income (Loss)
Net income was RMB 217.8 million (US$32.1 million) in the second quarter of 2010, compared to a net income of RMB 190.9 million in the first quarter of 2010 and a net loss of RMB 393.7 million in the second quarter of 2009. Diluted earnings per ordinary share and per ADS was RMB 1.41 (US$0.21) in the second quarter of 2010, compared to diluted earnings per ordinary share and per ADS of RMB 1.24 in the first quarter of 2010 and diluted loss per ordinary share and per ADS of RMB 3.03 in the second quarter of 2009.
On an adjusted non-GAAP basis, net income was RMB 261.0 million (US$38.5 million) in the second quarter of 2010, compared to a net income of RMB 246.8 million in the first quarter of 2010 and a net income of RMB 119.8 million in the second quarter of 2009. Adjusted non-GAAP diluted earnings per ordinary share and per ADS were RMB 1.69 (US$0.25) in the second quarter of 2010, compared to a non-GAAP diluted earnings per ordinary share and per ADS of RMB 1.60 in the first quarter of 2010 and a non-GAAP diluted earnings per ordinary share and per ADS of RMB 0.91 in the second quarter of 2009.
Also on an adjusted non-GAAP basis, further excluding the foreign currency exchange loss (gain), net income was RMB 419.6 million (US$61.9 million) in the second quarter of 2010, compared to a net income of RMB 415.9 million in the first quarter of 2010 and a net income of RMB 11.1 million in the second quarter of 2009. Adjusted non-GAAP diluted earnings per ordinary share and per ADS excluding foreign exchange loss were RMB 2.72 (US$0.40) in the second quarter of 2010, compared to a non-GAAP diluted earnings per ordinary share and per ADS excluding foreign exchange loss of RMB 2.70 in the first quarter of 2010 and a non-GAAP diluted earnings per ordinary share and per ADS excluding foreign exchange gain of RMB 0.09 in the second quarter of 2009.
Balance Sheet Analysis
As of June 30, 2010, Yingli Green Energy had RMB 4,079.4 million (US$601.5 million) in cash, restricted cash and long-term restricted cash, compared to RMB 4,355.6 million as of March 31, 2010. Working capital (current assets less current liabilities) was RMB 610.0 million (US$89.9 million) as of June 30, 2010, compared to RMB 661.2 million as of March 31, 2010.
As of the date of this press release, the Company had approximately RMB 12,326 million in authorized lines of credit, of which RMB 5,426 million had not been utilized.
Business Outlook for Full Year 2010
Based on current market and operating conditions, estimated production capacity and forecasted customer demand, the Company reaffirms its PV module shipment target to be in the estimated range of 950 MW to 1 GW for fiscal year 2010, which represents an increase of 80.8% to 90.4% compared to fiscal year 2009.
In addition, based on the strong gross margin performance in the first half of 2010, the estimated ramp up cost of Fine Silicon, the 400 MW new capacities put into initial operation in July 2010, the expected average selling price of PV modules and forecasted exchange rates of the euro and U.S. dollar against the Renminbi, the Company raises its gross margin target to the estimated range of 28% to 30% from the previous estimated range of 27% to 29% for fiscal year 2010.
Non-GAAP Financial Measures
To supplement the financial measures calculated in accordance with GAAP, this press release includes certain non-GAAP financial measures of adjusted net income (loss) and adjusted diluted earnings (loss) per ordinary share and per ADS, each of which is adjusted to exclude items related to share-based compensation, the non-cash interest expense, the non-cash loss due to the changes in the fair value of the embedded derivative liability, loss on debt extinguishment, and the amortization of intangible assets arising from purchase price allocation in connection with a series of acquisitions of equity interests in Tianwei Yingli. The Company believes excluding these items from its non-GAAP financial measures is useful for its management and investors to assess and analyze the Company's core operating results as such items are not directly attributable to the underlying performance of the Company's business operations and do not impact its cash earnings. The Company also believes these non-GAAP financial measures are important to help investors understand the Company's current financial performance and future prospects and compare business trends among different reporting periods on a consistent basis. These non-GAAP financial measures should be considered in addition to financial measures presented in accordance with GAAP, but should not be considered as a substitute for, or superior to, financial measures presented in accordance with GAAP. For a reconciliation of each of these non- GAAP financial measures to the most directly comparable GAAP financial measure, please see the financial information included elsewhere in this press release.
Illinois Commits to Use More Solar Energy
Utilities in Illinois will be required to use more solar power, under new legislation signed into law by Governor Pat Quinn yesterday.
The new laws also confirm the right of homeowners to set up solar panels on their homes, provided certain guidelines are followed.
Governor Quinn said: “Solar energy is the wave of the future, and it is important that our public utilities and homeowners are able to more easily increase their use of solar energy.’
Utilities
House Bill 6202 brings forward state requirements for utilities to supply solar power to their customers by three years.
Commonwealth Edison and Ameren will now have to start buying solar power as part of their state renewable energy portfolio obligations from 2012, rather than 2015.
The requirement starts at 0.5% of their power supplies by June 2012, rising to 1.5% by the following June, 3% by June 2014, then 6% by June 2015.
The state’s renewable energy portfolio requires 25% of electricity supplied by regulated utilities to come from renewable sources by 2025.
Homeowners
The other law signed by Gov Quinn yesterday was House Bill 5429, which essentially prevents homeowners’ associations from preventing homeowners from installing solar panels on their property.
The Homeowners’ Solar Energy Act requires homeowners’ associations to draw up guidelines for solar panels, and does not apply to buildings more than 30 feet high.
Both pieces of legislation will take effect January 2011.
Gov Quinn, who signed the bills at the University of Illinois in Chicago, said: “We must do everything we can to increase our use of solar energy, which will help us protect natural resources and reduce our reliance on traditional energy sources, such as foreign oil.”
The new laws also confirm the right of homeowners to set up solar panels on their homes, provided certain guidelines are followed.
Governor Quinn said: “Solar energy is the wave of the future, and it is important that our public utilities and homeowners are able to more easily increase their use of solar energy.’
Utilities
House Bill 6202 brings forward state requirements for utilities to supply solar power to their customers by three years.
Commonwealth Edison and Ameren will now have to start buying solar power as part of their state renewable energy portfolio obligations from 2012, rather than 2015.
The requirement starts at 0.5% of their power supplies by June 2012, rising to 1.5% by the following June, 3% by June 2014, then 6% by June 2015.
The state’s renewable energy portfolio requires 25% of electricity supplied by regulated utilities to come from renewable sources by 2025.
Homeowners
The other law signed by Gov Quinn yesterday was House Bill 5429, which essentially prevents homeowners’ associations from preventing homeowners from installing solar panels on their property.
The Homeowners’ Solar Energy Act requires homeowners’ associations to draw up guidelines for solar panels, and does not apply to buildings more than 30 feet high.
Both pieces of legislation will take effect January 2011.
Gov Quinn, who signed the bills at the University of Illinois in Chicago, said: “We must do everything we can to increase our use of solar energy, which will help us protect natural resources and reduce our reliance on traditional energy sources, such as foreign oil.”
Friday, August 20, 2010
Solar Stocks Look Promising to Some
THE WOODLANDS, Texas, Aug 19, 2010 (BUSINESS WIRE) -- Evolution Solar (Pink Sheets: EVSO): Barclays raised its outlook for solar stocks broadly Wednesday saying current discounting of stocks are off from their estimate of true demand outlook. Barclays is estimating solar demand for 2011 to be 16 gigawatts, up from the current industry consensus of 13.7 gigawatts. Barclays further stated that their expectations are for the solar industry to grow at a pace of 20% annually.
Barclays stated that they expect "greater supply of low cost solar panels, improving profitability of downstream players, additional cost reduction potential of low cost supply and 'rush' to complete installations ahead of subsidy cuts to drive demand upsides over the next few quarters."
"We are also optimistic regarding solar demand in the coming year," said Robert Hines, President of Evolution Solar. "Our solar demonstration projects are beginning to come to fruition and we are positioning Evolution Solar to benefit from increased future business in the solar energy sector."
Evolution Solar is currently building a solar demonstration site in partnership with Texas Southern University, to be located at the University's Houston Campus. Evolution Solar has recently completed construction on a solar demonstration project in the City of Brookshire, Texas. These projects should help Evolution Solar acquire new business in a sector that is growing to compete in the energy industry, which includes BP (BP 36.06, -0.18, -0.50%) , Duke Energy (DUK 17.04, -0.22, -1.27%) , Penn West Energy (PWE 19.55, +0.00, +0.00%) and Occidental Petroleum (OXY 75.39, -0.23, -0.30%) .
About Evolution Solar Corporation
Evolution Solar Corporation, (EVSO), commercializes leading edge alternative solar energy technologies and related photovoltaic technologies, equipment and next generation appliances. Evolution Solar is an emerging industry leader capitalizing on its understanding of solar technology and supporting the development of alternative energy plans for large corporations and government organizations. Evolution Solar is also an expert consultant agency to organizations in their strategic and procurement plans for alternative energy contracts with public utilities.
For more information, visit http://www.evolutionsolar.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
SOURCE: Evolution Solar Corporation
Evolution Solar Corp.
Robert Hines, 281-362-2760
rhines@evolutionsolar.com
Copyright Business Wire 2010
Barclays stated that they expect "greater supply of low cost solar panels, improving profitability of downstream players, additional cost reduction potential of low cost supply and 'rush' to complete installations ahead of subsidy cuts to drive demand upsides over the next few quarters."
"We are also optimistic regarding solar demand in the coming year," said Robert Hines, President of Evolution Solar. "Our solar demonstration projects are beginning to come to fruition and we are positioning Evolution Solar to benefit from increased future business in the solar energy sector."
Evolution Solar is currently building a solar demonstration site in partnership with Texas Southern University, to be located at the University's Houston Campus. Evolution Solar has recently completed construction on a solar demonstration project in the City of Brookshire, Texas. These projects should help Evolution Solar acquire new business in a sector that is growing to compete in the energy industry, which includes BP (BP 36.06, -0.18, -0.50%) , Duke Energy (DUK 17.04, -0.22, -1.27%) , Penn West Energy (PWE 19.55, +0.00, +0.00%) and Occidental Petroleum (OXY 75.39, -0.23, -0.30%) .
About Evolution Solar Corporation
Evolution Solar Corporation, (EVSO), commercializes leading edge alternative solar energy technologies and related photovoltaic technologies, equipment and next generation appliances. Evolution Solar is an emerging industry leader capitalizing on its understanding of solar technology and supporting the development of alternative energy plans for large corporations and government organizations. Evolution Solar is also an expert consultant agency to organizations in their strategic and procurement plans for alternative energy contracts with public utilities.
For more information, visit http://www.evolutionsolar.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
SOURCE: Evolution Solar Corporation
Evolution Solar Corp.
Robert Hines, 281-362-2760
rhines@evolutionsolar.com
Copyright Business Wire 2010
Thursday, August 19, 2010
Solar Panels Sold in US Made in China
THE STOCK WIZARDS STOCK WATCH LISTS INCLUDES: (OTCBB: HELI | PowerRating) Heli Electronics Corp. (OTC: MJNA |
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(OTCBB: HELI - Heli Electronics Corp.
CURRENT NEWS!!
Heli Electronics Corp. Releases Second Quarter 2010 Financial Results
GUANGZHOU, China, Aug 17, 2010 -- Heli Electronics Corp. (OTCBB:HELI) today has released its second quarter 2010 financial results. Heli Electronics is a marketing, distribution, and after-sales service company of Audio-Visual (AV) products in Mainland China, and is the primary marketing and distribution agency of Haier electronics in China. The company reported revenue of $24,852,753 for the three months ended June 30, 2010. This is a 226.3% or $17,235,567 increase over its Q2 2009 revenue of $7,617,186. For the six months ended June 30, 2010, Heli reported revenue of $43,693,579, an increase of $29,670,279, or 211.6% over the prior year's first six months.
Heli's net income also saw a significant increase in the most recent quarter. In the three months ended June 30, 2010, Heli's net income was $1,983,512, a 225.7% increase, or $1,374,484 over its second quarter 2009 net income of $609,028. For the six months ended June 30, 2010, Heli reported net income of $3,509,287, an increase of 232.3%, or $2,453,189 over six months ended June 30, 2009, with results of $1,056,098. Additionally, Heli's operating income saw an increase of 226.1% to $2,648,384. For the six months ended June 30, 2010, Heli reported earnings per dilu ted share at $0.02. For the second quarter alone, Heli reported earnings of $0.01 per diluted share.
Mr. Xin Qiu, President and CEO of Heli Electronics Corp., recently stated "It is clear from Heli's second quarter 2010 financial results how far the company has come in such a short period of time. In just two years, our company has grown to become one of the premier marketing and distribution agencies in China, as well as the primary sales, marketing, and logistics agency of China's top brand name in electronics and certainly AV products, Haier Electronics. The confidence that Haier has in Heli Electronics, as well as our shareholder's confidence, will help us continue to grow our business for the remainder of the year and beyond." Other Financial Information Heli's assets have increased from the end of 2009, with total assets of $17,280,343 as at June 30, 2010, an increase of 253.4% over the last six months. As of the end of the second quarter, the company's total liabilities are $11,469,572; $8,372,331 of which is accounts payable. Total liabilities increased 348.3% since December 31, 2009. Total shareholders' equity is $5,810,771, an increase of 152.6% since the end of 2009.
A full copy of the company's quarterly financial filing can be found here: http://www.sec.gov/Archives/edgar/data/1431676/000106299310002612/0001062993-10-002612-index.htm Business Outlook Heli's financial position improved greatly over the past year due to its increased business in the AV industry in Mainland China. Additionally, it has initialized and maintained relationships with China's top two consumer electronics chains GOME and Suning. The company continues to leverage its position in the industry to gain new partnerships and venture into other areas of electronics. It has significantly increased its business with Haier Electronics' AV Division since its inception, and upper management anticipates this business to grow significantly, well into 2011. Management also believes the company's strengths will help it expand market share within the electronics industry and eventually capitalize on opportunities in new markets, which they expect will in turn result in greater financial success for the company and its shareholders.
About Heli Electronics Corp.
Heli Electronics Corp. (www.helielectronics.com) is traded under the symbol HELI on the OTCBB exchange and is based in Guangzhou, China. It is the primary marketing, promotion, logistics, and after-sales service agency of audio and visual (AV) products for Haier Group, a world leader in electronics and electrical appliances. Its products include speakers, multimedia stereo systems, and home theatres, among other types of AV products. The company seeks to establish a broad network in China to provide comprehensive after-sales service, brand establishment, brand promotion, distribution, and logistics management of a wide array of electronics and electrical appliances. Backed by Haier's strong brand presence and an abundance of sales channels throughout Mainland China, HELI has grown immensely since its inception in March 2008.
Technical Outlook:
HELI Traders and Investors are watching the .10 area as a major resistance level in the few weeks. HELI is currently up 19.12% on heavy volume of 39.9 million shares in the morning session.
(OTC: MJNA- Medical Marijuana, Inc.)
Current News!!
Medical Marijuana Inc Agent Base Continues to Expand With 12 Days Until Launch of "The Hemp Network," the World's First Hemp Product Related Network Marketing Company
FOOTHILL RANCH, CA, Aug 16, 2010 -- Medical Marijuana Inc (PINKSHEETS: MJNA) is pleased to announce progress as they move toward the launch date of August 28. President Don Steinberg, states, "With the help of many very talented people, we have put together a world class team of web designers, branding experts, and network marketers with a reputation for putting tens of thousands of new agents into a network. Many people looking for an opportunity to participate in this new business are signing up at a faster rate than ever as we approach the open. My background is in developing mass marketing teams on a global basis. I have done it before and I believe The Hemp Network has the makings to be another large global network marketing company." Bruce Perlowin, CEO, stated, "The opportunity to be involved in the first hemp network marketing company in history in which an existing culture of numerous movements already exist who are passionate about hemp is irresistible. Hemp enthusiast include the medical marijuana movement, the marijuana legalization movement, the hemp movement itself, the health, wellness and anti-aging movement, the environmental movement and the green movement. These existing cultural creative movements all herald the wonders of hemp in their various areas and are all natural and highly motivated individuals ripe to participate in The Hemp Network." ABOUT MEDICAL MARIJUANA INC Medical Marijuana Inc recognizes the vast and unequaled opportunities that exist in the rapidly expanding hemp and medical marijuana industries. The scientific recognition of cannabis has brought legalized marijuana use to the forefront of mainstream discussion, thus opening the door for safe and lucrative investment opportunities.
ABOUT THE HEMP NETWORK The Hemp Network was established to provide hemp and wellness related products to a wide marketplace with the use of network marketing to create massive distribution.
President Don Steinberg and CEO Bruce Perlowin have in the past created one of the world's largest network marketing companies in the telecommunications industry. They bring that experience plus Dianna Kaplan heading up the products division with a team of advisors and associates that include immunologists, formulators, Doctors, PhDs, marketing teams, software engineers and more.
ABOUT HEMP Hemp seeds have all nine of the essential amino acids making it among the most complete whole foods available.
"Why use up the forests which were centuries in the making and the mines which required ages to lay down, if we can get the equivalent of forest and mineral products in the annual growth of the hemp fields?" - Henry Ford "Hemp is of first necessity to the wealth & protection of the country." - Thomas Jefferson, U.S. President To learn more about The Hemp Network and to participate in daily conference calls which discuss the pay plan, products, upcoming events and exchange of ideas, call 218-339-3600 PIN: 321677, or listen to the recorded calls 24/7 at: 951-262-3496.
MEDICAL MARIJUANA INDUSTRY SOLUTIONS Medical Marijuana Inc has developed a suite of solutions to deliver an efficient and secure infrastructure for the Medical Marijuana Industry which provides the tools to industry operators to effectively manage their business with the confidence that they are in full compliance.
(OTC: KHGT - Kalahari Greentech, Inc. )
Current News !!
Kalahari Greentech, Inc. Projects Eighteen Million in First Year Sales for the Solar-Thermal Tri-Brid Generator
BALTIMORE, Aug 16, 2010 -- Kalahari Greentech, Inc. (Pink Sheets:KHGT) released a statement today detailing costs and revenues for its patented Solar Thermal "Tri-Brid" generator.
Based on the outlook for 2011 wind power growth forecasts, the wind generator could be useful for as many as 2 million homes (http://www.wwindea.org/ ).
With government incentives of up to $3 per Watt, analysts expect over 2,000MW in new solar capacity will be installed as early as 2011, up from just over 100MW in 2008 (Source: http://www.reuters.com, http://www.solarbuzz.com/).
At a selling price of $6,000 per "Tri-Brid" system unit, the current market potential for 2 million homes is $12 Billion. Assuming manufacturing begins in early 2012 Kalahari should be able to place approximately 3,000 units in the field by December 2012. As a result the expected sales for fiscal 2012 are $18,000,000 (eighteen million dollars). The unit cost for a medium scale production run will be $1,200, producing approximately $14,400,000 of gross revenue.
Designed to be an ideal solution for rural homes and farms, where power infrastructure is limited or impractical to install, The "Tri-Brid" is designed around the goal of providing continuous, usable power without necessary grid power during non-peak times.
This target has driven up the cost of traditional photo-voltaic materials commonly used for solar power generation. By utilizing government incentives and generating power at the site where it is consumed "Tri-Brid" will be independent of the national grid. The Tri-Brid does not use photovoltaic panels. Each self-contained unit is estimated to generate 2.5kW 24 hours per day during most of the year, with peak daytime output being much higher. The incentive translates to $7,500 for first time users.
The Tri-Brid system, when coupled with a water tank, will also be able to generate hot water more efficiently than any photovoltaic/electric systems that are currently on the market. The water can also be used to store excess energy during the day, and can be used for peak power anytime, without the need for a large electrical battery system. Since it utilizes all wavelengths of light, it will still produce power on cloudy days.
The trend toward renewable sources of energy is growing. "Renewables accounted for 60 per cent of newly installed capacity in Europe and more than 50 per cent in the USA in 2009" (Source: http://www.globe-net.com).
Internationally, China is expected to raise its 2020 solar power generation target to at least 10,000 MW. The Tri-Brid generator has a potential market of over 2.5 billion users including India and China.
More information can be found on the company's website, www.kalaharigt.com.
About Kalahari Greentech, Inc.: Kalahari Greentech Inc. is an energy company focused on developing, constructing and operating wind and solar energy projects, either on its own or in partnership with other energy companies. The company's main focus is to seek out opportunities to utilize its technology to develop renewable energy sources.
(OTC: QASP - Quasar Aerospace Industries, Inc. )
Current News !!
Quasar International Holdings, Inc. (Formerly Quasar Aerospace Industries, Inc.) Announces New Management Team
JACKSONVILLE, FL, Aug 17, 2010 -- Quasar International Holdings, Inc. (PINKSHEETS: QASP) Dean Bradley steps down as CEO/President of Quasar International Holdings, Inc. and announces the appointment of a new management team.
Dean Bradley said, "I am delighted to announce the appointment of a new management team, with immediate effect. My original vision -- to create a group of companies with complementary, ground breaking technology and products -- is in place. I brought the company to a point where we have agreed on exciting acquisitions and now need to secure the inward investments to carry this through. Several funding deals are in the final process of negotiation and the new appointments will provide a dynamic and talented team with the experience to move through to completion." He added, "I will serve as Chairman but the running of the company will now be in the hands of this exciting and determined team. The Mineseeker Operations acquisition will be the first to complete, giving us our first high profile international business interest. We have agreed to a short extension with Mineseeker Operations management to facilitate the new team's completion of funding and closing the MINESEEKER acquisition as its first priority." The executive consulting management team will now be in the hands of Jeffrey Landreth, Chief Executive Officer, Gene Johnson, Chief Financial Officer and Lisa Betros, Chief Operating Officer. Each of these officers have agreed to join the board with their new responsibilities to assist the company in connection with the completion of fund raising, the finalization and closing of the Company's various investments and acquisitions, and with the organization and administration of the holding company and its subsidiaries.
With these appointments, Quasar is expressing its commitment to finalize its funding packages and closing on its remaining acquisitions. Dean Bradley will work diligently with the new Senior Management Team to pursue the company's goals and objectives. In announcing these appointments, Mr. Bradley says, "We are very proud and excited to be able to attract the talent and interest of people such as Jeff Landreth and Gene Johnson and to secure a much more expanded commitment from Lisa Betros who has served as Sr. VP for the past two years. They will provide solid, proven management, administrative and leadership skills for the company as we continue to move forward with the implementation of our vision." Jeffrey Landreth commented, "This is an exciting venture and I firmly believe that Dean Bradley's vision in lining up world class acquisitions will create a unique and high profile technology group." CFO Gene Johnson added, "After funding is completed, Quasar will be in a position to deliver real and sustainable shareholder value." Moving up to COO Lisa Betros said, "Having worked at Quasar for two years I have great confidence that the new group, together with its acquisitions will fulfill the potential in which we all believe."
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Forward-Looking Statement: This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.
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TheStockWizards.net makes no recommendation that the purchase of securities of companies profiled in this website is suitable or advisable for any person or that an investment such securities will be profitable. In general, given the nature of the companies profiled and the lack of an active trading market their securities, investing in such securities is highly speculative and carries a high risk.
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(OTCBB: HELI - Heli Electronics Corp.
CURRENT NEWS!!
Heli Electronics Corp. Releases Second Quarter 2010 Financial Results
GUANGZHOU, China, Aug 17, 2010 -- Heli Electronics Corp. (OTCBB:HELI) today has released its second quarter 2010 financial results. Heli Electronics is a marketing, distribution, and after-sales service company of Audio-Visual (AV) products in Mainland China, and is the primary marketing and distribution agency of Haier electronics in China. The company reported revenue of $24,852,753 for the three months ended June 30, 2010. This is a 226.3% or $17,235,567 increase over its Q2 2009 revenue of $7,617,186. For the six months ended June 30, 2010, Heli reported revenue of $43,693,579, an increase of $29,670,279, or 211.6% over the prior year's first six months.
Heli's net income also saw a significant increase in the most recent quarter. In the three months ended June 30, 2010, Heli's net income was $1,983,512, a 225.7% increase, or $1,374,484 over its second quarter 2009 net income of $609,028. For the six months ended June 30, 2010, Heli reported net income of $3,509,287, an increase of 232.3%, or $2,453,189 over six months ended June 30, 2009, with results of $1,056,098. Additionally, Heli's operating income saw an increase of 226.1% to $2,648,384. For the six months ended June 30, 2010, Heli reported earnings per dilu ted share at $0.02. For the second quarter alone, Heli reported earnings of $0.01 per diluted share.
Mr. Xin Qiu, President and CEO of Heli Electronics Corp., recently stated "It is clear from Heli's second quarter 2010 financial results how far the company has come in such a short period of time. In just two years, our company has grown to become one of the premier marketing and distribution agencies in China, as well as the primary sales, marketing, and logistics agency of China's top brand name in electronics and certainly AV products, Haier Electronics. The confidence that Haier has in Heli Electronics, as well as our shareholder's confidence, will help us continue to grow our business for the remainder of the year and beyond." Other Financial Information Heli's assets have increased from the end of 2009, with total assets of $17,280,343 as at June 30, 2010, an increase of 253.4% over the last six months. As of the end of the second quarter, the company's total liabilities are $11,469,572; $8,372,331 of which is accounts payable. Total liabilities increased 348.3% since December 31, 2009. Total shareholders' equity is $5,810,771, an increase of 152.6% since the end of 2009.
A full copy of the company's quarterly financial filing can be found here: http://www.sec.gov/Archives/edgar/data/1431676/000106299310002612/0001062993-10-002612-index.htm Business Outlook Heli's financial position improved greatly over the past year due to its increased business in the AV industry in Mainland China. Additionally, it has initialized and maintained relationships with China's top two consumer electronics chains GOME and Suning. The company continues to leverage its position in the industry to gain new partnerships and venture into other areas of electronics. It has significantly increased its business with Haier Electronics' AV Division since its inception, and upper management anticipates this business to grow significantly, well into 2011. Management also believes the company's strengths will help it expand market share within the electronics industry and eventually capitalize on opportunities in new markets, which they expect will in turn result in greater financial success for the company and its shareholders.
About Heli Electronics Corp.
Heli Electronics Corp. (www.helielectronics.com) is traded under the symbol HELI on the OTCBB exchange and is based in Guangzhou, China. It is the primary marketing, promotion, logistics, and after-sales service agency of audio and visual (AV) products for Haier Group, a world leader in electronics and electrical appliances. Its products include speakers, multimedia stereo systems, and home theatres, among other types of AV products. The company seeks to establish a broad network in China to provide comprehensive after-sales service, brand establishment, brand promotion, distribution, and logistics management of a wide array of electronics and electrical appliances. Backed by Haier's strong brand presence and an abundance of sales channels throughout Mainland China, HELI has grown immensely since its inception in March 2008.
Technical Outlook:
HELI Traders and Investors are watching the .10 area as a major resistance level in the few weeks. HELI is currently up 19.12% on heavy volume of 39.9 million shares in the morning session.
(OTC: MJNA- Medical Marijuana, Inc.)
Current News!!
Medical Marijuana Inc Agent Base Continues to Expand With 12 Days Until Launch of "The Hemp Network," the World's First Hemp Product Related Network Marketing Company
FOOTHILL RANCH, CA, Aug 16, 2010 -- Medical Marijuana Inc (PINKSHEETS: MJNA) is pleased to announce progress as they move toward the launch date of August 28. President Don Steinberg, states, "With the help of many very talented people, we have put together a world class team of web designers, branding experts, and network marketers with a reputation for putting tens of thousands of new agents into a network. Many people looking for an opportunity to participate in this new business are signing up at a faster rate than ever as we approach the open. My background is in developing mass marketing teams on a global basis. I have done it before and I believe The Hemp Network has the makings to be another large global network marketing company." Bruce Perlowin, CEO, stated, "The opportunity to be involved in the first hemp network marketing company in history in which an existing culture of numerous movements already exist who are passionate about hemp is irresistible. Hemp enthusiast include the medical marijuana movement, the marijuana legalization movement, the hemp movement itself, the health, wellness and anti-aging movement, the environmental movement and the green movement. These existing cultural creative movements all herald the wonders of hemp in their various areas and are all natural and highly motivated individuals ripe to participate in The Hemp Network." ABOUT MEDICAL MARIJUANA INC Medical Marijuana Inc recognizes the vast and unequaled opportunities that exist in the rapidly expanding hemp and medical marijuana industries. The scientific recognition of cannabis has brought legalized marijuana use to the forefront of mainstream discussion, thus opening the door for safe and lucrative investment opportunities.
ABOUT THE HEMP NETWORK The Hemp Network was established to provide hemp and wellness related products to a wide marketplace with the use of network marketing to create massive distribution.
President Don Steinberg and CEO Bruce Perlowin have in the past created one of the world's largest network marketing companies in the telecommunications industry. They bring that experience plus Dianna Kaplan heading up the products division with a team of advisors and associates that include immunologists, formulators, Doctors, PhDs, marketing teams, software engineers and more.
ABOUT HEMP Hemp seeds have all nine of the essential amino acids making it among the most complete whole foods available.
"Why use up the forests which were centuries in the making and the mines which required ages to lay down, if we can get the equivalent of forest and mineral products in the annual growth of the hemp fields?" - Henry Ford "Hemp is of first necessity to the wealth & protection of the country." - Thomas Jefferson, U.S. President To learn more about The Hemp Network and to participate in daily conference calls which discuss the pay plan, products, upcoming events and exchange of ideas, call 218-339-3600 PIN: 321677, or listen to the recorded calls 24/7 at: 951-262-3496.
MEDICAL MARIJUANA INDUSTRY SOLUTIONS Medical Marijuana Inc has developed a suite of solutions to deliver an efficient and secure infrastructure for the Medical Marijuana Industry which provides the tools to industry operators to effectively manage their business with the confidence that they are in full compliance.
(OTC: KHGT - Kalahari Greentech, Inc. )
Current News !!
Kalahari Greentech, Inc. Projects Eighteen Million in First Year Sales for the Solar-Thermal Tri-Brid Generator
BALTIMORE, Aug 16, 2010 -- Kalahari Greentech, Inc. (Pink Sheets:KHGT) released a statement today detailing costs and revenues for its patented Solar Thermal "Tri-Brid" generator.
Based on the outlook for 2011 wind power growth forecasts, the wind generator could be useful for as many as 2 million homes (http://www.wwindea.org/ ).
With government incentives of up to $3 per Watt, analysts expect over 2,000MW in new solar capacity will be installed as early as 2011, up from just over 100MW in 2008 (Source: http://www.reuters.com, http://www.solarbuzz.com/).
At a selling price of $6,000 per "Tri-Brid" system unit, the current market potential for 2 million homes is $12 Billion. Assuming manufacturing begins in early 2012 Kalahari should be able to place approximately 3,000 units in the field by December 2012. As a result the expected sales for fiscal 2012 are $18,000,000 (eighteen million dollars). The unit cost for a medium scale production run will be $1,200, producing approximately $14,400,000 of gross revenue.
Designed to be an ideal solution for rural homes and farms, where power infrastructure is limited or impractical to install, The "Tri-Brid" is designed around the goal of providing continuous, usable power without necessary grid power during non-peak times.
This target has driven up the cost of traditional photo-voltaic materials commonly used for solar power generation. By utilizing government incentives and generating power at the site where it is consumed "Tri-Brid" will be independent of the national grid. The Tri-Brid does not use photovoltaic panels. Each self-contained unit is estimated to generate 2.5kW 24 hours per day during most of the year, with peak daytime output being much higher. The incentive translates to $7,500 for first time users.
The Tri-Brid system, when coupled with a water tank, will also be able to generate hot water more efficiently than any photovoltaic/electric systems that are currently on the market. The water can also be used to store excess energy during the day, and can be used for peak power anytime, without the need for a large electrical battery system. Since it utilizes all wavelengths of light, it will still produce power on cloudy days.
The trend toward renewable sources of energy is growing. "Renewables accounted for 60 per cent of newly installed capacity in Europe and more than 50 per cent in the USA in 2009" (Source: http://www.globe-net.com).
Internationally, China is expected to raise its 2020 solar power generation target to at least 10,000 MW. The Tri-Brid generator has a potential market of over 2.5 billion users including India and China.
More information can be found on the company's website, www.kalaharigt.com.
About Kalahari Greentech, Inc.: Kalahari Greentech Inc. is an energy company focused on developing, constructing and operating wind and solar energy projects, either on its own or in partnership with other energy companies. The company's main focus is to seek out opportunities to utilize its technology to develop renewable energy sources.
(OTC: QASP - Quasar Aerospace Industries, Inc. )
Current News !!
Quasar International Holdings, Inc. (Formerly Quasar Aerospace Industries, Inc.) Announces New Management Team
JACKSONVILLE, FL, Aug 17, 2010 -- Quasar International Holdings, Inc. (PINKSHEETS: QASP) Dean Bradley steps down as CEO/President of Quasar International Holdings, Inc. and announces the appointment of a new management team.
Dean Bradley said, "I am delighted to announce the appointment of a new management team, with immediate effect. My original vision -- to create a group of companies with complementary, ground breaking technology and products -- is in place. I brought the company to a point where we have agreed on exciting acquisitions and now need to secure the inward investments to carry this through. Several funding deals are in the final process of negotiation and the new appointments will provide a dynamic and talented team with the experience to move through to completion." He added, "I will serve as Chairman but the running of the company will now be in the hands of this exciting and determined team. The Mineseeker Operations acquisition will be the first to complete, giving us our first high profile international business interest. We have agreed to a short extension with Mineseeker Operations management to facilitate the new team's completion of funding and closing the MINESEEKER acquisition as its first priority." The executive consulting management team will now be in the hands of Jeffrey Landreth, Chief Executive Officer, Gene Johnson, Chief Financial Officer and Lisa Betros, Chief Operating Officer. Each of these officers have agreed to join the board with their new responsibilities to assist the company in connection with the completion of fund raising, the finalization and closing of the Company's various investments and acquisitions, and with the organization and administration of the holding company and its subsidiaries.
With these appointments, Quasar is expressing its commitment to finalize its funding packages and closing on its remaining acquisitions. Dean Bradley will work diligently with the new Senior Management Team to pursue the company's goals and objectives. In announcing these appointments, Mr. Bradley says, "We are very proud and excited to be able to attract the talent and interest of people such as Jeff Landreth and Gene Johnson and to secure a much more expanded commitment from Lisa Betros who has served as Sr. VP for the past two years. They will provide solid, proven management, administrative and leadership skills for the company as we continue to move forward with the implementation of our vision." Jeffrey Landreth commented, "This is an exciting venture and I firmly believe that Dean Bradley's vision in lining up world class acquisitions will create a unique and high profile technology group." CFO Gene Johnson added, "After funding is completed, Quasar will be in a position to deliver real and sustainable shareholder value." Moving up to COO Lisa Betros said, "Having worked at Quasar for two years I have great confidence that the new group, together with its acquisitions will fulfill the potential in which we all believe."
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Forward-Looking Statement: This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.
TheStockWizards.net is not a registered investment advisers or broker/dealer.
TheStockWizards.net makes no recommendation that the purchase of securities of companies profiled in this website is suitable or advisable for any person or that an investment such securities will be profitable. In general, given the nature of the companies profiled and the lack of an active trading market their securities, investing in such securities is highly speculative and carries a high risk.
CONTACT: TheStockWizards.net e-mail: info@ thestockwizards.net Tel: +1 954 592 4770
Wednesday, August 18, 2010
Solar Power, Inc and Paramount Energy Solutions Doing Business
ROSEVILLE, Calif., Aug 16, 2010 (BUSINESS WIRE) -- Solar Power, Inc. (SOPW 0.39, +0.01, +2.63%) announced today that it has reached an agreement to sell its residential business serving Sacramento to Paramount Energy Solutions. The Company's Roseville-based operation, doing business locally as Yes! Solar Solutions(R), serves the residential solar market in Sacramento, Placer, Yolo and El Dorado counties. The transaction marks a sharpened focus for Solar Power, Inc., on large-scale distributed generation and utility-scale solar developments.
"The residential solar business can be challenging in the current economic climate, especially with respect to financing residential solar systems through conventional means," said Steve Kircher, Chairman and CEO of Solar Power, Inc. "Paramount Energy Solutions has developed innovative and successful financing solutions for homeowners," Kircher pointed out. "This agreement is a win-win for all involved. We're proud to share an exclusive alliance with Paramount Energy Solutions in the development of the residential solar market. This allows us to focus on our core competencies and operational strengths as we continue to pursue a growing number of distributed generation and utility-scale solar developments," Kircher concluded.
In just over 10 months of operation, Paramount Energy Solutions (PES) has sold over 500 PV solar systems to homeowners in CA and AZ. PES aims to make going solar simple for its customers. The company provides financing, custom design, solar installation, permits, rebate paperwork, and ongoing solar system monitoring from a single source through its partnership with SolarCity(R). With PES's innovative financing options, customers are able to start saving money on their energy bills in the first month of service with no upfront costs.
"We are excited about this agreement with Solar Power, Inc.," said Hayes Barnard, CEO of Paramount Energy Solutions. "Our company's focus is in helping homeowners save money on a monthly basis. We look forward to assisting those customers currently working with Yes!," Mr. Barnard concluded.
The transaction was executed on August 12th between Solar Power, Inc., and Paramount Equity, Paramount Energy Solution's parent company. PES will begin working with Yes!'s prospective customers immediately.
About Solar Power, Inc.
Founded in 2005, Solar Power, Inc., is a vertically integrated solar developer; the Company manages its value chain from material sourcing to manufacturing, through post-installation asset management of its systems, and manufactures is own line of world-class solar modules and balance-of-system products. The Company designs, manufactures, and delivers world-class photovoltaic solar systems to its commercial business, government, and utility customers. For additional information, including a copy of our most recent investor presentation, please visit us at www.solarpowerinc.net.
About Paramount Equity
Paramount Equity was founded in 2003 with a commitment to saving their neighbors money. The company has taken great pride in bringing innovation to the mortgage, insurance, and residential PV solar industries by focusing on providing competitive pricing, speed of transaction, and ethical education to customers. Paramount Equity has served the unique needs of tens of thousands of customers in California, Oregon, Washington, Utah, Arizona, and Virginia. For additional information on Paramount Equity and its services, visit www.paramountequity.com.
About Paramount Energy Solutions
Paramount Energy Solutions was created to save homeowners money by helping them adopt renewable energy solutions. This division of Paramount Equity currently focuses on offering homeowners PV solar power systems, but the company plans to add additional clean energy products in the future. As a certified partner of SolarCity(R), PES delivers a one-stop, streamlined process for busy homeowners that includes financing, custom design, solar installation, permits, rebate paperwork and ongoing solar system monitoring. With its innovative financing options, customers can now go solar for zero down and start saving money in the first month of service.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of Solar Power, Inc., its subsidiaries and the solar industry, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. The forward-looking statements contained in this press release include statements regarding the Company's ability to execute its growth plan and meet revenue and sales estimates, enter into formal long-term supply agreements, and market acceptance of products and services. These statements involve known and unknown risks and uncertainties, including, but are not limited to, general business conditions, managing growth, and political and other business risk. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks and other factors detailed in the Company's reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.
SOURCE: Solar Power, Inc.
Solar Power, Inc.
Mike Anderson, 916-745-0916
Vice President Marketing
Manderson@solarpowerinc.net
or
Paramount Equities
Michele Magee, 916-746-8080
EVP of Operations Solar Power, Inc.
mmagee@paramountequity.com
Copyright Business Wire 2010
"The residential solar business can be challenging in the current economic climate, especially with respect to financing residential solar systems through conventional means," said Steve Kircher, Chairman and CEO of Solar Power, Inc. "Paramount Energy Solutions has developed innovative and successful financing solutions for homeowners," Kircher pointed out. "This agreement is a win-win for all involved. We're proud to share an exclusive alliance with Paramount Energy Solutions in the development of the residential solar market. This allows us to focus on our core competencies and operational strengths as we continue to pursue a growing number of distributed generation and utility-scale solar developments," Kircher concluded.
In just over 10 months of operation, Paramount Energy Solutions (PES) has sold over 500 PV solar systems to homeowners in CA and AZ. PES aims to make going solar simple for its customers. The company provides financing, custom design, solar installation, permits, rebate paperwork, and ongoing solar system monitoring from a single source through its partnership with SolarCity(R). With PES's innovative financing options, customers are able to start saving money on their energy bills in the first month of service with no upfront costs.
"We are excited about this agreement with Solar Power, Inc.," said Hayes Barnard, CEO of Paramount Energy Solutions. "Our company's focus is in helping homeowners save money on a monthly basis. We look forward to assisting those customers currently working with Yes!," Mr. Barnard concluded.
The transaction was executed on August 12th between Solar Power, Inc., and Paramount Equity, Paramount Energy Solution's parent company. PES will begin working with Yes!'s prospective customers immediately.
About Solar Power, Inc.
Founded in 2005, Solar Power, Inc., is a vertically integrated solar developer; the Company manages its value chain from material sourcing to manufacturing, through post-installation asset management of its systems, and manufactures is own line of world-class solar modules and balance-of-system products. The Company designs, manufactures, and delivers world-class photovoltaic solar systems to its commercial business, government, and utility customers. For additional information, including a copy of our most recent investor presentation, please visit us at www.solarpowerinc.net.
About Paramount Equity
Paramount Equity was founded in 2003 with a commitment to saving their neighbors money. The company has taken great pride in bringing innovation to the mortgage, insurance, and residential PV solar industries by focusing on providing competitive pricing, speed of transaction, and ethical education to customers. Paramount Equity has served the unique needs of tens of thousands of customers in California, Oregon, Washington, Utah, Arizona, and Virginia. For additional information on Paramount Equity and its services, visit www.paramountequity.com.
About Paramount Energy Solutions
Paramount Energy Solutions was created to save homeowners money by helping them adopt renewable energy solutions. This division of Paramount Equity currently focuses on offering homeowners PV solar power systems, but the company plans to add additional clean energy products in the future. As a certified partner of SolarCity(R), PES delivers a one-stop, streamlined process for busy homeowners that includes financing, custom design, solar installation, permits, rebate paperwork and ongoing solar system monitoring. With its innovative financing options, customers can now go solar for zero down and start saving money in the first month of service.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of Solar Power, Inc., its subsidiaries and the solar industry, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. The forward-looking statements contained in this press release include statements regarding the Company's ability to execute its growth plan and meet revenue and sales estimates, enter into formal long-term supply agreements, and market acceptance of products and services. These statements involve known and unknown risks and uncertainties, including, but are not limited to, general business conditions, managing growth, and political and other business risk. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks and other factors detailed in the Company's reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.
SOURCE: Solar Power, Inc.
Solar Power, Inc.
Mike Anderson, 916-745-0916
Vice President Marketing
Manderson@solarpowerinc.net
or
Paramount Equities
Michele Magee, 916-746-8080
EVP of Operations Solar Power, Inc.
mmagee@paramountequity.com
Copyright Business Wire 2010
Tuesday, August 17, 2010
Solar Power Company Doing Well
Solar Power, Inc. (SOPW 0.38, -0.10, -20.00%) , a vertically integrated international designer, manufacturer and marketer of photovoltaic (PV) modules and balance-of-system components and installer of PV solar electric systems for U.S. commercial and public customers today announced results for the second quarter and six months ended June 30, 2010.
In conjunction it will host a conference call to discuss Second Quarter 2010 results and give a general business update. The conference call will take place at 4:30 p.m. EDT on Monday, August 16, 2010. Interested participants should call 1-877-941-2322 when calling within the United States or 1-480-629-9715 when calling internationally.
A playback will be available through August 23, 2010. To listen, please call 1-877-870-5176 within the United States or 1-858-384-5517 when calling internationally. Utilize the pass code 4346492 for the replay.
This call is being webcast by ViaVid Broadcasting and can be accessed by clicking on this link http://viavid.net/dce.aspx?sid=00007987, or visiting www.solarpowerinc.net, or at ViaVid's website at www.viavid.net, where the webcast can be accessed through August 23, 2010.
Second Quarter of 2010 Results:
Net sales for the second quarter of 2010 were $11.0 million compared to $10.4 million in net sales in the second quarter of 2009, an increase of 5.8% over the comparative period. Gross profit for the second quarter of 2010 was $1.1 million, or 10.0% of sales, compared to $1.6 million, or 15.4% of sales, for the second quarter of 2009. Operating expenses for the second quarter of 2010 were $3.7 million (33.6% of sales) compared to $3.2 million (30.4% of sales) for the same period last year. Other expense was $688 thousand, including a currency loss of $660 thousand related to the decline in the value of the Euro. Net loss for the second quarter of 2010 was $3.3 million, or ($0.06) per basic and diluted share, compared to a net loss of $1.6 million, or ($0.04) per basic and diluted share, in the second quarter of 2009. Weighted average number of common shares outstanding used in computing basic and diluted per share amounts for the three months ended June 30, 2010 and 2009 was 52,292,576 and 37,940,529, respectively.
Six Months Ended June 30, 2010 Results:
Net sales for the six months ended June 30, 2010 were $16.8 million compared to $16.2 million in net sales in the comparative period of 2009, an increase of 3.7%. Gross profit for the six months ended June 30, 2010 was $1.7 million, or 10.3% of sales, compared to $2.2 million, or 13.6% of sales, for the comparative period of 2009.
Operating expenses for the six months ended June 30, 2010 were $7.0 million (41.7% of sales) compared to $6.5 million (40.0% of sales) for the same period last year. Other expense was $1.2 million, including a currency loss of $1.2 million related to a decline in the value of the Euro. Net loss for the six months ended June 30, 2010 was $6.5 million, or ($0.12) per basic and diluted share, compared to a net loss of $4.3 million, or ($0.11) per basic and diluted share, in the comparative period of 2009. Weighted average number of common shares outstanding used in computing basic and diluted per share amounts for the six months ended June 30, 2010 and 2009 were 52,292,576 and 37,927,320, respectively.
Balance Sheet:
Assets include cash and cash equivalents at June 30, 2010 of $2.1 million and accounts receivable (net) and costs and estimated earnings in excess of billings of $15.2 million. Inventory was $4.9 million. Total assets were $35.6 million while total liabilities were $25.5 million. Common shares outstanding at June 30, 2010 were 52,292,576.
Recent Company Highlights:
-- The Company recently collected $7.8 million of outstanding accounts receivable from the customer purchasing Aerojet 1.
-- The Company was recently awarded a $5 million loan from the California Energy Commission to be used to fund our U.S. factory development.
-- The Company recently executed Power Purchase Agreements with Southern California Edison for eight megawatts of power for utility scale projects currently under design.
Management Comments:
"In response to challenges during the 1st half of 2010, primarily related to our inability to collect on a $9 million receivable, we have instituted structural changes within the company that we believe will enable more focus on our core businesses in commercial project design, development and building," said Steve Kircher, Chairman and CEO for Solar Power, Inc. "In driving this renewed focus, we have made several changes to our organization," Mr. Kircher said. "In August, 2010, we have discontinued our residential systems sales operation and the retail store operations under the Yes!(R) brand. We will build our existing residential backlog of projects through mid September," Mr. Kircher added. "In addition, we have implemented cost reduction efforts related to G&A, staff counts and factory operations. We will continue to drive to a leaner operations model."
"With that said," Mr. Kircher pointed out, "We are very excited about our opportunities to compete in the development arena. We recently executed a Power Purchase Agreement with Southern California Edison for eight megawatts of power for utility scale projects currently under design. We are also in the final stages of executing a long-term contract and relationship with a very large cell and module manufacturer that we believe will provide us with clear visibility into pricing for both cells for our own needs, and an OEM relationship for modules for incremental needs that will provide a clear path to reasonable gross margin on systems we are developing," Mr. Kircher concluded.
About Solar Power, Inc.:
Founded in 2005, Solar Power, Inc. is a vertically integrated solar developer; the Company manages its value chain from material sourcing, to manufacturing, through post-installation asset management of its systems, and manufactures its own line of world-class solar modules and balance-of-system products. The Company designs, manufactures and delivers world-class photovoltaic solar systems to its residential, business, government and utility customers. For additional information, including a copy of our most recent investor presentation, please visit us at: www.solarpowerinc.net.
Safe Harbor Statement:
This release contains certain "forward-looking statements" relating to the business of Solar Power, Inc., its subsidiaries and the solar industry, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. The forward-looking statements contained in this press release include statements regarding the Company's ability to execute its growth plan and meet revenue and sales estimates, enter into formal long-term supply agreements, and market acceptance of products and services. These statements involve known and unknown risks and uncertainties, including, but are not limited to, general business conditions, managing growth, and political and other business risk. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks and other factors detailed in the Company's reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.
In conjunction it will host a conference call to discuss Second Quarter 2010 results and give a general business update. The conference call will take place at 4:30 p.m. EDT on Monday, August 16, 2010. Interested participants should call 1-877-941-2322 when calling within the United States or 1-480-629-9715 when calling internationally.
A playback will be available through August 23, 2010. To listen, please call 1-877-870-5176 within the United States or 1-858-384-5517 when calling internationally. Utilize the pass code 4346492 for the replay.
This call is being webcast by ViaVid Broadcasting and can be accessed by clicking on this link http://viavid.net/dce.aspx?sid=00007987, or visiting www.solarpowerinc.net, or at ViaVid's website at www.viavid.net, where the webcast can be accessed through August 23, 2010.
Second Quarter of 2010 Results:
Net sales for the second quarter of 2010 were $11.0 million compared to $10.4 million in net sales in the second quarter of 2009, an increase of 5.8% over the comparative period. Gross profit for the second quarter of 2010 was $1.1 million, or 10.0% of sales, compared to $1.6 million, or 15.4% of sales, for the second quarter of 2009. Operating expenses for the second quarter of 2010 were $3.7 million (33.6% of sales) compared to $3.2 million (30.4% of sales) for the same period last year. Other expense was $688 thousand, including a currency loss of $660 thousand related to the decline in the value of the Euro. Net loss for the second quarter of 2010 was $3.3 million, or ($0.06) per basic and diluted share, compared to a net loss of $1.6 million, or ($0.04) per basic and diluted share, in the second quarter of 2009. Weighted average number of common shares outstanding used in computing basic and diluted per share amounts for the three months ended June 30, 2010 and 2009 was 52,292,576 and 37,940,529, respectively.
Six Months Ended June 30, 2010 Results:
Net sales for the six months ended June 30, 2010 were $16.8 million compared to $16.2 million in net sales in the comparative period of 2009, an increase of 3.7%. Gross profit for the six months ended June 30, 2010 was $1.7 million, or 10.3% of sales, compared to $2.2 million, or 13.6% of sales, for the comparative period of 2009.
Operating expenses for the six months ended June 30, 2010 were $7.0 million (41.7% of sales) compared to $6.5 million (40.0% of sales) for the same period last year. Other expense was $1.2 million, including a currency loss of $1.2 million related to a decline in the value of the Euro. Net loss for the six months ended June 30, 2010 was $6.5 million, or ($0.12) per basic and diluted share, compared to a net loss of $4.3 million, or ($0.11) per basic and diluted share, in the comparative period of 2009. Weighted average number of common shares outstanding used in computing basic and diluted per share amounts for the six months ended June 30, 2010 and 2009 were 52,292,576 and 37,927,320, respectively.
Balance Sheet:
Assets include cash and cash equivalents at June 30, 2010 of $2.1 million and accounts receivable (net) and costs and estimated earnings in excess of billings of $15.2 million. Inventory was $4.9 million. Total assets were $35.6 million while total liabilities were $25.5 million. Common shares outstanding at June 30, 2010 were 52,292,576.
Recent Company Highlights:
-- The Company recently collected $7.8 million of outstanding accounts receivable from the customer purchasing Aerojet 1.
-- The Company was recently awarded a $5 million loan from the California Energy Commission to be used to fund our U.S. factory development.
-- The Company recently executed Power Purchase Agreements with Southern California Edison for eight megawatts of power for utility scale projects currently under design.
Management Comments:
"In response to challenges during the 1st half of 2010, primarily related to our inability to collect on a $9 million receivable, we have instituted structural changes within the company that we believe will enable more focus on our core businesses in commercial project design, development and building," said Steve Kircher, Chairman and CEO for Solar Power, Inc. "In driving this renewed focus, we have made several changes to our organization," Mr. Kircher said. "In August, 2010, we have discontinued our residential systems sales operation and the retail store operations under the Yes!(R) brand. We will build our existing residential backlog of projects through mid September," Mr. Kircher added. "In addition, we have implemented cost reduction efforts related to G&A, staff counts and factory operations. We will continue to drive to a leaner operations model."
"With that said," Mr. Kircher pointed out, "We are very excited about our opportunities to compete in the development arena. We recently executed a Power Purchase Agreement with Southern California Edison for eight megawatts of power for utility scale projects currently under design. We are also in the final stages of executing a long-term contract and relationship with a very large cell and module manufacturer that we believe will provide us with clear visibility into pricing for both cells for our own needs, and an OEM relationship for modules for incremental needs that will provide a clear path to reasonable gross margin on systems we are developing," Mr. Kircher concluded.
About Solar Power, Inc.:
Founded in 2005, Solar Power, Inc. is a vertically integrated solar developer; the Company manages its value chain from material sourcing, to manufacturing, through post-installation asset management of its systems, and manufactures its own line of world-class solar modules and balance-of-system products. The Company designs, manufactures and delivers world-class photovoltaic solar systems to its residential, business, government and utility customers. For additional information, including a copy of our most recent investor presentation, please visit us at: www.solarpowerinc.net.
Safe Harbor Statement:
This release contains certain "forward-looking statements" relating to the business of Solar Power, Inc., its subsidiaries and the solar industry, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. The forward-looking statements contained in this press release include statements regarding the Company's ability to execute its growth plan and meet revenue and sales estimates, enter into formal long-term supply agreements, and market acceptance of products and services. These statements involve known and unknown risks and uncertainties, including, but are not limited to, general business conditions, managing growth, and political and other business risk. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks and other factors detailed in the Company's reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.
Monday, August 16, 2010
Solar Power Growing in England
U.K. solar power installer jobs have increased by 75 percent this year as government incentives spurred demand for photovoltaic panels, Solar Century Holdings Ltd. said.
The combined number of employees for Solar Century, which builds solar systems for homebuilders Persimmon Plc and Barratt Developments Plc, and 11 companies it works with to install panels has risen to 350 from 200 at the beginning of the year, the London-based company said today in an e-mailed statement. There will be “well over 500 jobs by 2011,” it said.
“The vast bulk of the solar PV employment created in the regions is in skilled and semi skilled roofing and electrical jobs,” the company said.
Britain in April introduced feed-in tariffs, or guaranteed prices for electricity from renewable energy at up to 10 times market rates. That’s prompted a boom in solar installations, with installations of photovoltaic panels, or PV, totalling 4.6 megawatts -- more than in the whole of 2009.
Sharp Corp., Japan’s largest maker of solar cells, last month said it will double production at its U.K. solar panel plant, the country’s largest.
To contact the reporter on this story: Alex Morales in London at amorales2@bloomberg.net.
The combined number of employees for Solar Century, which builds solar systems for homebuilders Persimmon Plc and Barratt Developments Plc, and 11 companies it works with to install panels has risen to 350 from 200 at the beginning of the year, the London-based company said today in an e-mailed statement. There will be “well over 500 jobs by 2011,” it said.
“The vast bulk of the solar PV employment created in the regions is in skilled and semi skilled roofing and electrical jobs,” the company said.
Britain in April introduced feed-in tariffs, or guaranteed prices for electricity from renewable energy at up to 10 times market rates. That’s prompted a boom in solar installations, with installations of photovoltaic panels, or PV, totalling 4.6 megawatts -- more than in the whole of 2009.
Sharp Corp., Japan’s largest maker of solar cells, last month said it will double production at its U.K. solar panel plant, the country’s largest.
To contact the reporter on this story: Alex Morales in London at amorales2@bloomberg.net.
Sunday, August 15, 2010
Battery Pack is Solar Pack
Aug 11, 2010 – Lake Mary, FL., BlueChip Energy (BCE), a provider of complete solar energy solutions for residential, commercial, government and utility applications, today announced the introduction of a grid-tied solar energy system with battery back-up power.
The system includes a grid interactive inverter, an Outback Power charge controller, and batteries that are engineered to provide reliable power to Florida residences. The system can provide homeowners with power in the most challenging of environments. Being a grid interactive system, homeowners have the ability to return excess power back to the utility while still having the freedom to use solar power in the event of a power outage.
In Florida, where power can be interrupted by weather, solar panels will convert sunlight into electricity as usual, but will also top off the batteries each day. When utility power goes out, the batteries provide electricity to priority circuits, allowing uninterrupted operation of important loads from four to 12 hours. During the day, batteries are recharged to power a home or office as long as the outage continues.
“Solar-powered battery backups provide an extremely reliable system for keeping the lights and key appliances on - even when the utility power fails. Unlike traditional backup systems that use propane or natural gas, these batteries are powered entirely with clean energy from the sun.” said Lawrence Hefler, spokesman for the company.
BCE’s most popular solar energy system among homeowners is the Fusion 5kW Solar Generator which can generate up to 5000 watts of solar electricity and offset the electric bill for a typical area home by an average of $125 a month. To accommodate the growth in residential and commercial inquiries and installations, the company is actively hiring additional solar energy specialists, business developers, electricians, and solar installers. In June, the company announced a record number of solar installations for the first half of the year.
# # #
BlueChip Energy is an alternative energy utility provider delivering turnkey, predictably-priced, renewable electricity services for residential, commercial, government, and utility customers. BCE develops finances, constructs, and operates solar plants. BCE is a licensed provider of renewable solar energy as a qualifying power production facility of 80 MW, with the right to sell electricity to a utility company.
The system includes a grid interactive inverter, an Outback Power charge controller, and batteries that are engineered to provide reliable power to Florida residences. The system can provide homeowners with power in the most challenging of environments. Being a grid interactive system, homeowners have the ability to return excess power back to the utility while still having the freedom to use solar power in the event of a power outage.
In Florida, where power can be interrupted by weather, solar panels will convert sunlight into electricity as usual, but will also top off the batteries each day. When utility power goes out, the batteries provide electricity to priority circuits, allowing uninterrupted operation of important loads from four to 12 hours. During the day, batteries are recharged to power a home or office as long as the outage continues.
“Solar-powered battery backups provide an extremely reliable system for keeping the lights and key appliances on - even when the utility power fails. Unlike traditional backup systems that use propane or natural gas, these batteries are powered entirely with clean energy from the sun.” said Lawrence Hefler, spokesman for the company.
BCE’s most popular solar energy system among homeowners is the Fusion 5kW Solar Generator which can generate up to 5000 watts of solar electricity and offset the electric bill for a typical area home by an average of $125 a month. To accommodate the growth in residential and commercial inquiries and installations, the company is actively hiring additional solar energy specialists, business developers, electricians, and solar installers. In June, the company announced a record number of solar installations for the first half of the year.
# # #
BlueChip Energy is an alternative energy utility provider delivering turnkey, predictably-priced, renewable electricity services for residential, commercial, government, and utility customers. BCE develops finances, constructs, and operates solar plants. BCE is a licensed provider of renewable solar energy as a qualifying power production facility of 80 MW, with the right to sell electricity to a utility company.
Saturday, August 14, 2010
Energy Conversion Devices Supplies PV Material for Panels
Energy Conversion Devices Inc. (ENER), through its subsidiaries, commercializes materials, products and production processes for the alternative energy generation (primarily solar energy), energy storage and information technology markets. The Company designs, manufactures and sells photovoltaic (PV) products, known as PV or solar laminates that generate renewable energy by converting sunlight into electricity. ENER's products are particularly suitable for rooftop and building integrated photovoltaic (BIPV) applications, which are its target markets. The Company also receives fees and royalties from licensees of its nickel metal hydride (NiMH) battery technology, and sells nickel hydroxide used in NiMH batteries. ENER has two business segments: United Solar Ovonic and Ovonic Materials. In August 2009, ENER acquired Solar Integrated Technologies Inc. Subsequent to the fiscal year ended June 30, 2009, the Company completed the sale of its interest in Cobasys LLC, its former joint venture.
Tuesday, August 10, 2010
Solar Panels are Affordable
2010-08-09 09:13:27 - Generating electricity using the sun has been going on for many years. While it sounds like a great idea, it is a common misconception that the price is prohibitive. Photovoltaic solar panels cost less than you might think, and when properly installed, can provide enough power to run everything in your home.
Maidstone, Kent
With energy costs rising at an alarming rate and the reliability of our current power sources less than optimal at times, using solar panels can provide you with a constant source of electricity. Our awareness of being environmentally responsible can also prompt us to find less harmful ways of powering up. Solar panels arequiet and have very little impact on our environment.
It is important to consult with a professional when it comes to proper installation of solar panels. Someone with a proven track record should be able to determine and deliver your needs. They should consider the size of your home, and the amount of existing space you have for your panels. If you are building a new home, this can be incorporated into the building plans.
Determining how much electricity you hope to generate using a solar panel system is of utmost importance. Your system must be set up properly in order to deliver the required power. Most household systems are able to generate enough if they have been carefully configured by someone that has experience. They should carefully analyze your situation, taking into consideration your site, rooftop protrusions, the pitch of your roof and its angle to the sun, future height of trees that may shade the panels, and other important factors.
By contacting a company that sells and installs these units, you will be able to determine your real photovoltaic solar panels cost to utilize a system like this. Solar panels can be used as your sole power source, as a back up when there is a power failure, or as a buffer to help with rising costs. Whether you are planning to cut out the power company altogether or simply reduce your energy costs by supplementing with solar panels, you will be making a positive impact on the environment.
Maidstone, Kent
With energy costs rising at an alarming rate and the reliability of our current power sources less than optimal at times, using solar panels can provide you with a constant source of electricity. Our awareness of being environmentally responsible can also prompt us to find less harmful ways of powering up. Solar panels arequiet and have very little impact on our environment.
It is important to consult with a professional when it comes to proper installation of solar panels. Someone with a proven track record should be able to determine and deliver your needs. They should consider the size of your home, and the amount of existing space you have for your panels. If you are building a new home, this can be incorporated into the building plans.
Determining how much electricity you hope to generate using a solar panel system is of utmost importance. Your system must be set up properly in order to deliver the required power. Most household systems are able to generate enough if they have been carefully configured by someone that has experience. They should carefully analyze your situation, taking into consideration your site, rooftop protrusions, the pitch of your roof and its angle to the sun, future height of trees that may shade the panels, and other important factors.
By contacting a company that sells and installs these units, you will be able to determine your real photovoltaic solar panels cost to utilize a system like this. Solar panels can be used as your sole power source, as a back up when there is a power failure, or as a buffer to help with rising costs. Whether you are planning to cut out the power company altogether or simply reduce your energy costs by supplementing with solar panels, you will be making a positive impact on the environment.
Monday, August 9, 2010
Solar Financial Benefits in Florida Limbo
Aug. 08--In a remote field awash with 90,000 solar panels, President Barack Obama praised the launch last year of the country's largest solar plant in secluded Arcadia as a watershed moment for Florida's emerging green economy.
Roughly 10 months later, Florida's time in the sun has darkened, with a smattering of renewable energy programs in place and other projects stalled.Meanwhile, other states are busy promoting renewable energy policies aimed at reducing dirty fuel consumption and stimulating nascent solar manufacturers.
That Florida, with its bounty of sun-soaked land, might be left behind in the great solar race has become a source of concern among clean energy leaders. A crop of renewable energy projects planned across the nation in the next half decade will birth a lucrative industry, they say, and that is something Florida cannot afford to ignore.
At stake are thousands of new jobs each year and what could be the solution to the state's simmering debate over the use of foreign and increasingly controversial fossil fuels.
"We have this energy source that is renewable, it is safe, it is environmentally healthy, it can produce millions of jobs," said Neshama Abraham of the American Solar Energy Society in Boulder, Colo. "It is just that people need to wake up and know it is there."
It's not that Florida isn't a player in solar energy. Overall, Florida ranks fifth in the nation for its total grid-connected solar capacity.
But the gap between Florida and its rivals is vast.
Consider that all of Florida's solar panel installations combined produce 38.7 megawatts of direct current, or units of power, according to the Interstate Renewable Energy Council. In contrast, front-runner California produces 768 megawatts of direct current. New Jersey, in second place, produces 127.5 megawatts.
"Money is stopping it," said Nancy Argenziano, chairwoman of the Florida Public Service Commission, whose reappointment to the state utility board was recently rejected by lawmakers she claimed were bought off by powerful utilities, which are among the state's most generous campaign contributors.
"It has nothing to do with what is better for the country or the state," she said.
To be sure, solar energy is not cheap. It costs utility companies nearly 70 percent more than coal and gas, and personal equipment still requires a hefty investment from businesses and homeowners. Such market factors have hindered the industry's growth despite a heightened national focus on environmental policy and fossil fuel independence.
Still, Florida seemed poised to tackle those financial obstacles just four years ago.
Gov.
Roughly 10 months later, Florida's time in the sun has darkened, with a smattering of renewable energy programs in place and other projects stalled.Meanwhile, other states are busy promoting renewable energy policies aimed at reducing dirty fuel consumption and stimulating nascent solar manufacturers.
That Florida, with its bounty of sun-soaked land, might be left behind in the great solar race has become a source of concern among clean energy leaders. A crop of renewable energy projects planned across the nation in the next half decade will birth a lucrative industry, they say, and that is something Florida cannot afford to ignore.
At stake are thousands of new jobs each year and what could be the solution to the state's simmering debate over the use of foreign and increasingly controversial fossil fuels.
"We have this energy source that is renewable, it is safe, it is environmentally healthy, it can produce millions of jobs," said Neshama Abraham of the American Solar Energy Society in Boulder, Colo. "It is just that people need to wake up and know it is there."
It's not that Florida isn't a player in solar energy. Overall, Florida ranks fifth in the nation for its total grid-connected solar capacity.
But the gap between Florida and its rivals is vast.
Consider that all of Florida's solar panel installations combined produce 38.7 megawatts of direct current, or units of power, according to the Interstate Renewable Energy Council. In contrast, front-runner California produces 768 megawatts of direct current. New Jersey, in second place, produces 127.5 megawatts.
"Money is stopping it," said Nancy Argenziano, chairwoman of the Florida Public Service Commission, whose reappointment to the state utility board was recently rejected by lawmakers she claimed were bought off by powerful utilities, which are among the state's most generous campaign contributors.
"It has nothing to do with what is better for the country or the state," she said.
To be sure, solar energy is not cheap. It costs utility companies nearly 70 percent more than coal and gas, and personal equipment still requires a hefty investment from businesses and homeowners. Such market factors have hindered the industry's growth despite a heightened national focus on environmental policy and fossil fuel independence.
Still, Florida seemed poised to tackle those financial obstacles just four years ago.
Gov.
Saturday, August 7, 2010
Princeton Power Systems Making Parts
Electrical-products company Princeton Power Systems makes components for the solar industry - and it will soon demonstrate its technology by putting it into service.
The Princeton, New Jersey-based firm, which makes inverters used in solar installations, is planning to construct a $1.5 million solar power system at its headquarters. The installation will include a 200-kilowatt solar array, but the showpiece of the project may be its energy-storage system.
PPS' solar project includes lithium-ion batteries provided by a Pennsylvania company. Two hundred kilowatt-hours of storage capacity will be provided initially; PPS says it can upgrade to 1 megawatt-hour of storage if need be.
Systems like PPS' should grow common in the coming years, as the need for smart grid-integrated solar and wind arrays becomes acute. Integrating alternative energy into the grid, PPS executive vice president of business development Darren Hammell said, "is possible and cost-effective today, using available technologies."
Indeed, because renewable-energy installations can produce electricity erratically, battery systems may be required to ensure their widespread adoption. If PPS' solar project proves to be a success, more like it could appear on the clean-energy landscape.
The Princeton, New Jersey-based firm, which makes inverters used in solar installations, is planning to construct a $1.5 million solar power system at its headquarters. The installation will include a 200-kilowatt solar array, but the showpiece of the project may be its energy-storage system.
PPS' solar project includes lithium-ion batteries provided by a Pennsylvania company. Two hundred kilowatt-hours of storage capacity will be provided initially; PPS says it can upgrade to 1 megawatt-hour of storage if need be.
Systems like PPS' should grow common in the coming years, as the need for smart grid-integrated solar and wind arrays becomes acute. Integrating alternative energy into the grid, PPS executive vice president of business development Darren Hammell said, "is possible and cost-effective today, using available technologies."
Indeed, because renewable-energy installations can produce electricity erratically, battery systems may be required to ensure their widespread adoption. If PPS' solar project proves to be a success, more like it could appear on the clean-energy landscape.
India Promoting Solar Energy
Ministry of New & Renewable Energy through the Centre for Wind Energy Technology has taken up a wind resource assessment programme to assess wind power potential in the country including Uttarakhand. As a result of this exercise, 233 wind potential locations have been identified so far.
Regarding solar energy, the daily average solar radiation varies from 4-7 kwh per sq. met. depending upon the location in the country. However, no specific assessment study has been done for hilly regions so far.
The cost of electricity per unit from solar energy is quite high as compared to conventional sources. As per the Central Electricity Regulatory Commission, the tariff for 2010-11 for Solar Photovoltaics Power Projects is Rs. 17.91 per unit and that for Solar thermal projects is Rs. 15.31 per unit. The cost of generation of electricity from wind power projects varies from Rs. 2.75 to Rs. 3.50 per unit depending upon site, capital cost, debt-equity ratio, and interest rate etc.
Government is promoting commercial grid connected wind power projects through private sector investment in wind potential states by providing fiscal incentives, loan from Indian Renewable Energy Development Agency (IREDA) and other financial institutions. Technical support including detailed wind resource assessment to identify further potential sites, is provided by the Centre for Wind Energy Technology (C-WET), Chennai. This apart, preferential tariff is being provided to increase wind energy investment in the potential States. Government has recently announced a generation based incentive (GBI) under which Rs. 0.50 per unit generated from wind power projects is provided to the projects which do not avail accelerated depreciation benefit.
The Government has recently announced Jawaharlal Nehru National Solar Mission which provides a policy framework to support promotion and development of grid connected solar power projects and also off-grid solar applications across the country including hilly regions.
This information was given by Union Minister for New and Renewable Energy, Dr. Farooq Abdullah in a written reply in Lok Sabha today.
RJ/SKK
Regarding solar energy, the daily average solar radiation varies from 4-7 kwh per sq. met. depending upon the location in the country. However, no specific assessment study has been done for hilly regions so far.
The cost of electricity per unit from solar energy is quite high as compared to conventional sources. As per the Central Electricity Regulatory Commission, the tariff for 2010-11 for Solar Photovoltaics Power Projects is Rs. 17.91 per unit and that for Solar thermal projects is Rs. 15.31 per unit. The cost of generation of electricity from wind power projects varies from Rs. 2.75 to Rs. 3.50 per unit depending upon site, capital cost, debt-equity ratio, and interest rate etc.
Government is promoting commercial grid connected wind power projects through private sector investment in wind potential states by providing fiscal incentives, loan from Indian Renewable Energy Development Agency (IREDA) and other financial institutions. Technical support including detailed wind resource assessment to identify further potential sites, is provided by the Centre for Wind Energy Technology (C-WET), Chennai. This apart, preferential tariff is being provided to increase wind energy investment in the potential States. Government has recently announced a generation based incentive (GBI) under which Rs. 0.50 per unit generated from wind power projects is provided to the projects which do not avail accelerated depreciation benefit.
The Government has recently announced Jawaharlal Nehru National Solar Mission which provides a policy framework to support promotion and development of grid connected solar power projects and also off-grid solar applications across the country including hilly regions.
This information was given by Union Minister for New and Renewable Energy, Dr. Farooq Abdullah in a written reply in Lok Sabha today.
RJ/SKK
Friday, August 6, 2010
BlueChip Energy Ties Floridians to the Grid
BlueChip Energy (BCE), a provider of complete solar energy solutions for residential, commercial, government and utility applications, today announced the introduction of a grid-tied solar energy system with battery back-up power.
The system includes a grid interactive inverter, an Outback Power charge controller, and batteries that are engineered to provide reliable power to Florida residences. The system can provide homeowners with power in the most challenging of environments. Being a grid interactive system, homeowners have the ability to return excess power back to the utility while still having the freedom to use solar power in the event of a power outage.
In Florida, where power can be interrupted by weather, solar panels will convert sunlight into electricity as usual, but will also top off the batteries each day. When utility power goes out, the batteries provide electricity to priority circuits, allowing uninterrupted operation of important loads from four to 12 hours. During the day, batteries are recharged to power a home or office as long as the outage continues.
“Solar-powered battery backups provide an extremely reliable system for keeping the lights and key appliances on - even when the utility power fails. Unlike traditional backup systems that use propane or natural gas, these batteries are powered entirely with clean energy from the sun.” said Lawrence Hefler, spokesman for the company.
BCE’s most popular solar energy system among homeowners is the Fusion 5kW Solar Generator which can generate up to 5000 watts of solar electricity and offset the electric bill for a typical area home by an average of $125 a month. To accommodate the growth in residential and commercial inquiries and installations, the company is actively hiring additional solar energy specialists, business developers, electricians, and solar installers. In June, the company announced a record number of solar installations for the first half of the year.
BlueChip Energy, LLC (bluechipenergy.org) is an alternative energy utility provider delivering turnkey, predictably-priced, renewable energy services for residential, commercial, government, and utility customers. BCE develops, finances, constructs, operates, and monitors solar plants. BCE is a licensed provider of renewable solar energy as a qualifying power production facility of 80 MW, with the right to sell electricity to a utility company.
The system includes a grid interactive inverter, an Outback Power charge controller, and batteries that are engineered to provide reliable power to Florida residences. The system can provide homeowners with power in the most challenging of environments. Being a grid interactive system, homeowners have the ability to return excess power back to the utility while still having the freedom to use solar power in the event of a power outage.
In Florida, where power can be interrupted by weather, solar panels will convert sunlight into electricity as usual, but will also top off the batteries each day. When utility power goes out, the batteries provide electricity to priority circuits, allowing uninterrupted operation of important loads from four to 12 hours. During the day, batteries are recharged to power a home or office as long as the outage continues.
“Solar-powered battery backups provide an extremely reliable system for keeping the lights and key appliances on - even when the utility power fails. Unlike traditional backup systems that use propane or natural gas, these batteries are powered entirely with clean energy from the sun.” said Lawrence Hefler, spokesman for the company.
BCE’s most popular solar energy system among homeowners is the Fusion 5kW Solar Generator which can generate up to 5000 watts of solar electricity and offset the electric bill for a typical area home by an average of $125 a month. To accommodate the growth in residential and commercial inquiries and installations, the company is actively hiring additional solar energy specialists, business developers, electricians, and solar installers. In June, the company announced a record number of solar installations for the first half of the year.
BlueChip Energy, LLC (bluechipenergy.org) is an alternative energy utility provider delivering turnkey, predictably-priced, renewable energy services for residential, commercial, government, and utility customers. BCE develops, finances, constructs, operates, and monitors solar plants. BCE is a licensed provider of renewable solar energy as a qualifying power production facility of 80 MW, with the right to sell electricity to a utility company.
Thursday, August 5, 2010
California Commission Recommends Approval for Mojave Desert Plant
August 04, 2010 4:27 PM
A California Energy Commission committee is recommending approval of BrightSource Energy’s 392 megawatt Ivanpah Solar Electric Generating System near the California-Nevada border.
The siting committee, which oversees the permitting process, decided Tuesday that despite the project’s negative environmental impacts, its benefits outweigh those impacts. The public has 30 days to comment on the committee’s decision before the entire California Energy Commission makes its final decision.
If approved by the Commission, the project would start construction in the fall of 2010.
BrightSource Energy, Inc. would develop three solar thermal power plants and shared facilities near Ivanpah Dry Lake in San Bernardino County, California on public land managed by the federal Bureau of Land Management in the Mojave Desert. The proposed project would be constructed in three phases: one 120-megawatt (MW) phase and two 125-MW phases and is based on distributed power tower and heliostat mirror technology, in which heliostat (mirror) fields focus solar energy on power tower receivers near the center of each heliostat array to generate steam-driven electricity.
A California Energy Commission committee is recommending approval of BrightSource Energy’s 392 megawatt Ivanpah Solar Electric Generating System near the California-Nevada border.
The siting committee, which oversees the permitting process, decided Tuesday that despite the project’s negative environmental impacts, its benefits outweigh those impacts. The public has 30 days to comment on the committee’s decision before the entire California Energy Commission makes its final decision.
If approved by the Commission, the project would start construction in the fall of 2010.
BrightSource Energy, Inc. would develop three solar thermal power plants and shared facilities near Ivanpah Dry Lake in San Bernardino County, California on public land managed by the federal Bureau of Land Management in the Mojave Desert. The proposed project would be constructed in three phases: one 120-megawatt (MW) phase and two 125-MW phases and is based on distributed power tower and heliostat mirror technology, in which heliostat (mirror) fields focus solar energy on power tower receivers near the center of each heliostat array to generate steam-driven electricity.
Wednesday, August 4, 2010
US Scientists Make Another Solar Advance
PALO ALTO, Calif., Aug. 2 (UPI) -- Scientists say a new process utilizing both the light and heat of solar radiation could double the efficiency of electricity-generating solar panels.
Stanford University researchers say the technology, called "photon enhanced thermionic emission," could lower the costs of solar energy production to the point where it is competitive with oil as an energy source, a university release said Monday.
Unlike current solar panels, which become less efficient as temperatures rise, panels using the PETE process excel at higher temperatures, the release said.
"This is really a conceptual breakthrough, a new energy conversion process, not just a new material or a slightly different tweak," Stanford Professor Nick Melosh said. "It is actually something fundamentally different about how you can harvest energy."
Such devices could be made with cheap and easily available materials, the release said.
Melosh's team found that coating a piece of semiconducting material with a thin layer of the metal cesium produced a material able to use both light and heat to generate electricity.
"The PETE process could really give the feasibility of solar power a big boost," Melosh said. "Even if we don't achieve perfect efficiency, let's say we give a 10 percent boost to the efficiency of solar conversion, going from 20 percent efficiency to 30 percent -- that is still a 50 percent increase overall."
Stanford University researchers say the technology, called "photon enhanced thermionic emission," could lower the costs of solar energy production to the point where it is competitive with oil as an energy source, a university release said Monday.
Unlike current solar panels, which become less efficient as temperatures rise, panels using the PETE process excel at higher temperatures, the release said.
"This is really a conceptual breakthrough, a new energy conversion process, not just a new material or a slightly different tweak," Stanford Professor Nick Melosh said. "It is actually something fundamentally different about how you can harvest energy."
Such devices could be made with cheap and easily available materials, the release said.
Melosh's team found that coating a piece of semiconducting material with a thin layer of the metal cesium produced a material able to use both light and heat to generate electricity.
"The PETE process could really give the feasibility of solar power a big boost," Melosh said. "Even if we don't achieve perfect efficiency, let's say we give a 10 percent boost to the efficiency of solar conversion, going from 20 percent efficiency to 30 percent -- that is still a 50 percent increase overall."
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