SunPower Corp. (SPWRA) is a vertically integrated solar products and services company that designs, manufactures and markets high-performance solar electric power technologies. The Company operates through two business segments: Systems Segment and Components Segment. The Systems Segment represents sales directly to system owners and developers and includes engineering, procurement, construction (EPC) and other services relating to solar electric power systems that integrate the Company's solar panels and balance of systems components, as well as materials sourced from other manufacturers. The Components Segment primarily represents sales of the Company's solar panels and inverters to solar systems installers and other resellers, including the Company's third-party global dealer network. On April 14, 2009, the Company completed the acquisition of Tilt Solar. In March 2010, the Company acquired SunRay Renewable Energy.
Message Board Search for SPWRA: http://www.boardcentral.com/boards/SPWRA
In the report, the analyst notes:
"For all of 2010, SPWRA expects net income between 25 cents per share and 55 cents per share, excluding one-time items. Analysts expect $1.28 per share. It wasn't immediately clear if those numbers can be compared. The Company expects revenue of $2.0 billion to $2.25 billion. Analysts expected $2.1 billion.
"Cypress Semiconductor Corp. and SPWRA recently announced a joint donation to the Second Harvest Food Bank of Santa Clara and San Mateo Counties valued at $1.1 million for the purchase of a SPWRA rooftop solar system. The 322-kilowatt (kW) system will be installed at the non-profit organization's headquarters, located on Curtner Ave. in San Jose, Calif. It is expected to save the food bank nearly $3 million over the 25-year life of the system--translating into approximately 6 million meals for the local community."
To read the entire report visit: www.microstockprofit.com/lp/SPWRA
See what investors are saying about SPWRA at http://www.stockhideout.com
Get breaking news on SPWRA at http://thestockmarketwatch.com/
MicroStockProfit.com is a small-cap research and investment commentary provider. MicroStockProfit.com strives to provide a balanced view of many promising small-cap companies that would otherwise fall under the radar of the typical Wall Street investor. We provide investors with an excellent first step in their research and due diligence by providing daily trading ideas, and consolidating the public information available on them. For more information on MicroStockProfit please visit: http://www.microstockprofit.com
MicroStockProfit.com Disclosure
MicroStockProfit.com is not a registered investment advisor and nothing contained in any materials should be construed as a recommendation to buy or sell any securities. MicroStockProfit.com is a Web site wholly owned by BlueWave Advisors, LLC. Neither MicroStockProfit.com nor its affiliates have a beneficial interest in the mentioned company; nor have they received compensation of any kind for any of the companies listed in this communication. Please read our report and visit our Web site, MicroStockProfit.com, for complete risks and disclosures.
Wednesday, September 1, 2010
Tuesday, August 31, 2010
Solar Expansion in Arizona
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.
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.
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.
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