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.
Tuesday, August 17, 2010
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.
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