NanoVoltaix Company Blog (Solar) - Finance

DoE puts out call for $3.9B in smart grid projects

nospam@example.com (chief editor) — Mon, 29 Jun 2009 10:11:48 -0600

EE Times

SAN JOSE, Calif. — The Department of Energy has released its final call for proposals for $3.9 billion in stimulus funds available for smart electric grid projects.

The so-called Funding Opportunity Announcements include $3.3 billion in cost-sharing grants for immediate deployments of existing smart-grid products and services. It also includes $615 million for demonstration projects showcasing next-generation technologies.

The final solicitations provide cost-sharing grants of up to $200 million for product deployments and awards up to $100 million for the next-generation demonstration projects.

The call for proposals has been in a draft stage since mid-April. The DoE received more than 600 comments on its draft.

"These investments will be used to develop a smart, strong and secure electrical grid that will help integrate renewable resources onto the grid, deliver power more reliably and effectively with less environmental impact, and create new jobs across the country," said U.S. Energy Secretary Steven Chu in a prepared statement. "By investing in updating the grid now, we will lower utility bills for American families and businesses, lessen our dependence on oil, and help advance a clean energy future for the nation," he added

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Venture Capital Investment in Renewable Energy Exceeds $836.1M in Q1 2009

nospam@example.com (chief editor) — Wed, 01 Apr 2009 09:18:57 -0600

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Greentech Media Inc., the industry-leading online media company covering green technology news and analysis, released the most recent quarterly data showing that venture capital investment in green technologies totaled $836.1 million in 59 deals in the first quarter of 2009. The numbers are approximately back to 2007 levels.

Ira Ehrenpreis, General Partner at greentech investment firm, Technology Partners, remarked, “It’s important to put these numbers in perspective. The $800 million of investment this quarter is more capital than has been invested annually for most of the years that we’ve been investing in the cleantech sector. We still see a lot of money flowing into the sector, but investors are getting more discerning and are concentrating investments into the best companies.”

“Despite the slump, VC investors remain optimistic about the greentech sector and eventual exits in this space,” said Eric Wesoff, analyst at GTM Research and author of the Greentech Innovations Report, a monthly guide to investments and technology trends in greentech.

Solar continues to be the leading sector in terms of dollars and deals at $356.6 million in 14 deals, followed by energy storage with $121.5 million, and biofuels with $94.15 million. While smart grid and energy-efficiency investments have not jumped, as the billions of dollars of stimulus funding for the smart grid percolates into the market, an uptick is expected in this sector.

At least 14 of the 59 deals in the first quarter of 2009 were early stage, either seed or Round A. Round A and seed investments dominated the automotive and transportation sectors, with seven of the nine rounds being early stage.

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PV companies see continuing growth

nospam@example.com (chief editor) — Wed, 25 Feb 2009 08:16:39 -0700

Christoph Hammerschmidt
EE Times Europe

MUNICH, Germany — German solar cell manufacturers Q-Cells SE and Ersol Solar Energy AG have posted their annual results. Both expect the crisis to affect their business to some extend but the key note remains optimistic.

Q-Cells (Bitterfeld-Wolfen) reports a production of solar cells with an aggregated power of 570 megawattpeak (MWp) in its FY2008. This equals a growth of 47 percent against the year before. Revenue climbed in lockstep with production to reach € 1.251 billion (about $1.63 billion), 46 percent higher than in the year before. However, in the fourth quarter the crisis made itself felt; growth declined to 13 percent over last year's Q4.

Bosch subsidiary Ersol, based in Erfurt, raised cell production by 132 percent to 123 MWp, revenue was up 93 percent to €310 million. The figures for Q4 were not immediately available but the company hinted to delays in customer projects in Q3 and Q4 as a consequence of the financial market crisis. However, the crisis led to only "slightly weaker sales", the company said in a press release

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Stimulus: DoE readies $4.3 billion for smart grid

nospam@example.com (chief editor) — Thu, 19 Feb 2009 08:57:13 -0700

Rick Merritt
EE Times

SAN JOSE, Calif. — The U.S. Department of Energy has 60 days to set up a competitive process to award an estimated $4.3 billion for projects that will upgrade the nation's electric grid. That's one of the top clean technology provisions of the $787 billion economic stimulus package President Barack Obama signed into law Tuesday (Feb.. 17).

Obama signed the bill against the backdrop of the Denver Museum of Nature and Science, in part to showcase its clean energy focus. As part of the trip, Obama also visited Namaste Solar, a Boulder-based maker of photovoltaics.

The stimulus package "means a lot of [smart grid] projects will move a lot faster," said Katherine Hamilton, president of the GridWise Alliance, a broad consortium of 75 companies, academics and electricity providers advocating for power grid upgrades.

The bill provides $4.3 billion that the DoE can disperse as 50 percent of the funding for any two-year smart grid projects.

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Stimulus breakdown: $43 billion for energy technology

nospam@example.com (chief editor) — Thu, 19 Feb 2009 08:53:33 -0700

George Leopold
EE Times

WASHINGTON — Below is a summary of energy and other technology spending provisions in the economic stimulus package, the American Recovery and Reinvestment Act, signed into law on Tuesday (Feb. 17) by President Obama.

Programs and funding amounts are based on a House-Senate conference report released by Speaker of the House, Rep. Nancy Pelosi (D-Calif.):

# $30 billion for smart power grid, advanced battery technology and energy efficiency initiatives.

# $20 billion in tax incentives for renewable energy and energy efficiency over the next decade. The provision includes a new manufacturing investment tax credit for facilities used to make components used for renewable energy production, advanced battery technologies and "next-generation green technologies."

# $400 million to fund establishment of the Advanced Research Projects Agency-Energy, an initiative championed by House Science Committee Chairman Bart Gordon of Tennessee. Congress approved the new Energy Department R&D agency last year, but no funds were appropriated.

# $580 million for the National Institute of Standards and Technology for technology innovation and manufacturing standards programs.

The Speaker's office estimates that energy funding in the stimulus package could create nearly 500,000 U.S. jobs.

According to Obama administration timeline for tracking stimulus spending, federal agencies must begin reporting how stimulus funds are being allocated beginning March 3.

SolarWorld Increases Operating Result by 51.8 percent in the First Nine Months and Expects to Exceed the Profit Forecast for Fiscal Year 2008

nospam@example.com (chief editor) — Mon, 03 Nov 2008 08:00:28 -0700

SolarWorld AG further expanded sales and earnings by double digit percentage amounts in the 3rd quarter of 2008. In 3Q group sales grew by 47.2 per cent to 238.3 (previous year: 161.9) million EUR and in the first nine months by 41.5 per cent to 665.4 (previous year: 470.1) million EUR. The operating result before interest and tax (EBIT) went up from July through September by 67.3 per cent to 90.7 (previous year: 54.2) million EUR and cumulatively as per September by 51.8 per cent to 209.3 (previous year: 137.9) million EUR. The group profit could be increased in the 3rd quarter by 17.3 per cent to 35.9 (previous year: 30.6) million EUR and in the first nine months by 56.1 percent to 123.0 (previous year: 78.8 ) million EUR. SolarWorld AG has thus consistently taken all currently predictable capital market risks into consideration in its balance sheet. The group-wide rate of international business amounted to 59 (previous
year: 49) per cent.

The Management Board of SolarWorld AG expects to exceed the profit forecast for Fiscal Year 2008.

Intel Capital to invest $20 mln in solar venture

nospam@example.com (chief editor) — Fri, 31 Oct 2008 09:15:59 -0600

Yahoo News
BEIJING – Shrugging off gloom over the economic outlook, Intel Capital this week announced its first "clean-tech" initiative in China, a $20 million equity investment in Trony Solar Holdings Co.

"The world economy is in a very difficult position, but innovation is the way to help the companies out of financial crisis. Intel Capital is still committed to investing in innovative companies," Cadol Cheung, managing director of Intel Capital for the Asia Pacific, told reporters.

"We have no plans to slow down our investment pace," Cheung said.

Trony, set up in 1993, is one of China's biggest makers of solar energy and wind power equipment, with sales in more than 20 countries.

Intel's investment, its first in clean technologies in China, will be used by Trony to enhance its production and research and development, the Chinese company, based in the southern export hub of Shenzhen, said in a statement.

The two companies did not provide details on the size of Intel Capital's equity stake or other terms of the investment.

"Investing in 'clean-tech' is relatively new for Intel Capital," said Stephen Eichenlaub, Intel Capital's managing director.

Intel Capital, a unit of computer chip maker Intel Corp., has made six investments in clean technology in the past year, including these ones.

"Clean technology area will take on a large strategic significance for Intel's future," Eichenlaub said.

China's renewable energy industry is growing quickly, as the country attempts to shift away from heavily polluting coal and oil-fired power generation to cleaner, more efficient energy sources.

It's not a question of surging oil prices but of long-term sustainability, Eichenlaub said.

"Our challenge as investors is to find technologies where we should be supporting innovation where the price of oil doesn't matter, because we can't control it," he said.

In addition to its investment in Trony, Intel Capital also announced plans to invest in NPH Holdings Ltd., a Chinese company specializing in electricity storage systems for renewable energy. But no details were provided.

Intel Capital established a $500 million Intel Capital China Technology Fund II in April. That followed its first fund of $200 million.

Cheung refused to disclose the returns Intel earned on the first fund, but said its performance provides a benchmark for the larger second fund.

Intel Capital's parent company Intel Corp. has so far weathered the financial crisis with little damage, beating analysts expectations in its third-quarter earnings. But analysts have warned the company could face margin pressures in coming months

Schott to supply solar modules to DC Power Systems

nospam@example.com (chief editor) — Tue, 09 Sep 2008 08:49:19 -0600

New Mexico Business Weekly

Schott Solar Inc. has signed an agreement with DC Power Systems to supply more than 13 megawatts of photovoltaic modules for distribution in the Americas.

California-based DC Power is the largest privately held distributor of renewable energy solutions in the Western Hemisphere. The company works through a network of more than 1,500 qualified dealers and installers to provide photovoltaic systems for commercial, residential and municipal applications in North and South America, said DC Executive Vice President Daniel Marino in a news release.

“Entering into a supply contract with Schott Solar is an important step for the growth of DC Power,” Marino said. “Schott Solar modules are well respected for their durability and efficiency.”

The modules will be supplied from Schott factories in Massachusetts and New Mexico. The company is investing $100 million to build a 200,000-square-foot facility at Mesa del Sol in south central Albuquerque. The plant will open early next year. It will make photovoltaic modules and receivers for concentrating solar thermal power plants.

NanoSolar Increases Funding to Nearly $500M

nospam@example.com (chief editor) — Thu, 28 Aug 2008 08:59:36 -0600

Source: Solarbuzz

As part of a strategic $300 million equity financing, Nanosolar has added new capital bringing its total funding to date to just below half a billion U.S. dollars.

Last December, the company introduced the Nanosolar Utility Panel™ to enable solar utility power, giving utility-scale power producers the solar panel technology to build and operate cost efficient solar power plants.

Nanosolar has received strategic backing by partners, which the company says are ideally suited to accelerate the implementation of this business — in the form of product supply agreements, strategic collaboration, and equity investments. As part of the transaction, the boards of directors of AES Corporation (one of the world’s largest power companies), the Carlyle Group, EDF (the world’s largest electric utility), and Energy Capital Partners signed off on investments into Nanosolar through Riverstone Holdings, EDF Renewables, and simultaneously formed AES Solar.

A fraction of the oversubscribed Nanosolar equity round also included financial investors such as Lone Pine Capital, the Skoll Foundation, and Pierre Omidyar’s fund as well as returning investors including GLG Partners, Beck Energy, and Conergy founding investor Grazia Equity. The transaction closed in March 2008.

The alliance for solar utility power is the outcome of a year long effort on behalf of the company's strategic partners examining the solar industry, investigating virtually every solar company on the planet, and conducting one of the most thorough due diligence efforts on our manufacturing operation, our scale-up capabilities, and our readiness for the level of cost efficiency demanded by solar utility power.

Martin Roscheisen, CEO says, "We are honored to have been selected as the company of choice to partner with by such a distinguished and sophisticated group."

The new capital will allow us to accelerate production expansion of the company's 430MW San Jose factory and 620MW Berlin factory. Earlier, Nanosolar secured a 50% capex subsidy on its Germany based factory.

Suntech Reports Second Quarter 2008 Financial Results

nospam@example.com (chief editor) — Thu, 21 Aug 2008 09:34:03 -0600

SAN FRANCISCO and WUXI, China, Aug. 20 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world's leading manufacturers of photovoltaic (PV) cells and modules, today announced second quarter 2008 financial results.

Second Quarter 2008 Highlights

a. Second quarter 2008 total net revenues grew 51.3% year-over-year to $480.2 million.
b. Consolidated gross margin increased to 24.1% for the second quarter 2008 compared to 20.3% for the second quarter 2007. Non-GAAP gross margin reached 24.7% for the second quarter 2008, compared with 21.1% for the second quarter 2007.
c. Net income for the second quarter 2008 was $65.2 million or $0.38 per diluted American Depository Share (ADS). On a non-GAAP basis, Suntech's net income for the second quarter 2008 was $71.3 million or $0.41 per diluted ADS. Each ADS represents one ordinary share.
d. Suntech's PV cell production capacity was 660MW at the end of the second quarter 2008. The Company is on track to reach 1GW PV cell production capacity by the end of 2008.
e. Due to robust demand coupled with strong execution, Suntech has raised full year 2008 revenue guidance from a range of $1.9 billion to $2.1 billion to a range of $2.05 billion to $2.15 billion. Suntech also increased full year 2008 PV product shipment target from 530MW to approximately 550MW.

"A healthy demand environment and smooth execution led to strong revenue growth in the second quarter," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "We are fully booked for the second half of 2008 and expect these excellent demand conditions to continue through 2009. As it stands, we have already signed over 200MW of fixed price, fixed volume sales contracts with strong pricing for 2009. We are also in the process of finalizing approximately 500MW of additional sales contracts, which we expect to complete by the end of the third quarter."

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Q-Cells AG publishes its report as of 30 June 2008

nospam@example.com (chief editor) — Wed, 13 Aug 2008 09:44:56 -0600

- Sales +65% and EBIT +47%
- Further raw materials secured as basis for accelerated expansion of
the factory in Malaysia
- Increase in thin-film capacities at Sontor and Solibro
- Forecast raised for 2008 and following years
- Agreement with SunEdison for the North American PV market

Bitterfeld-Wolfen, 13 August 2008 - Q-Cells AG has presented its report as of 30 June 2008. Production rose by 65% to 263.5 Megawatt peak (MWp) in the first six months of 2008 (first half-year 2007: 159.8 MWp). During the second quarter of 2008, therefore, the company achieved 25% growth with a production volume of 146.5 MWp compared with the previous quarter. Sales in the first six months also increased by 65% to € 579.5 million (first half-year 2007: € 350.4 million). This corresponds to a sales increase of 15% in the second quarter compared with the first quarter of 2008. In addition to the sales increase, Q-Cells also posted an increase in stocks of € 17.4 million (first quarter: decrease in stocks of € 5.2 million), which impacted on the company’s operating income. This increased stock was associated with ongoing projects of the Q-Cells International GmbH subsidiary established last year which are to be realised by the end of the year.

DOE to Invest up to $24 Million for Breakthrough Solar Energy Products

nospam@example.com (chief editor) — Wed, 13 Aug 2008 09:36:31 -0600

WASHINGTON – U.S. Department of Energy (DOE) Principal Deputy Assistant Secretary for Energy Efficiency and Renewable Energy John Mizroch announced yesterday that DOE will invest up to $24 million in Fiscal Year 2008 and beyond—subject to the availability of funds—to develop solar energy products to significantly accelerate penetration of solar photovoltaic (PV) systems in the United States. The Solar Energy Grid Integration Systems (SEGIS) projects will provide critical research and development (R&D) funding to develop less expensive, higher performing products to enhance the value of solar PV systems to homeowners and business owners. These projects are integral to President Bush’s Solar America Initiative, which aims to make solar energy cost-competitive with conventional forms of electricity by 2015. Increasing the use of alternative and clean energy technologies such as solar energy is critical to diversifying the Nation’s energy sources to reduce greenhouse gas emissions and dependence on foreign oil.

“Harnessing the natural and abundant power of the sun and cost-effectively converting it into energy is an important component of our comprehensive strategy to commercialize and deploy advanced, clean, alternative technologies to enhance our energy security and reduce greenhouse gas emissions,” DOE Principal Deputy Assistant Secretary Mizroch said. “Our investment in these grid integration projects will lay the groundwork for high levels of solar photovoltaic market penetration to help meet the President’s goal of making solar power cost-competitive with conventional sources of electricity.”

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LDK earnings soar past estimates

nospam@example.com (chief editor) — Tue, 12 Aug 2008 09:01:37 -0600

Reuters

LOS ANGELES — LDK Solar Co. Ltd. Monday (Aug. 11) posted quarterly earnings that blew past Wall Street estimates as a manufacturing capacity expansion allowed the company to sell more solar wafers, sending its shares up 18 percent in extended trade.

The Chinese solar power company also raised its revenue and wafer shipment forecasts for the year.

Second-quarter net income rose to $149.5 million, or $1.29 per American Depositary Share, from $49.8 million, or 45 cents per ADS, a year ago.

Excluding the change in fair value of prepaid forward contracts, the company earned 82 cents a share, according to Reuters Estimates. Wall Street analysts had been expecting earnings of about 40 cents a share.

LDK and other solar power companies have enjoyed rapid growth in the last year as rising fossil fuel prices and concerns about global warming have spurred demand for renewable energy sources.

In recent months, however, investors have shunned solar stocks due to fears that an expected pullback in Spain's generous government subsidies for solar power would hamper demand next year.

ThinkPanmure analyst Peter Peng said much of the second-quarter demand for LDK's solar wafers likely came from Spanish solar system installers who are scrambling to finish projects before a new cap on subsidies goes into effect.

"There is a pull for the Spanish integrators to get projects in by September, but even beyond that most of these solar companies are seeing very, very strong demand for 2009," Peng said. "There is a possibility that Germany, Italy and potentially France and other smaller markets could offset the loss of market size in Spain."

MORE CAPACITY, MORE SALES

LDK's second-quarter revenue was $441.7 million, well above the company's May forecast of $278 million to $288 million. Analysts were expecting $288 million, on average, according to Reuters Estimates.

LDK raised its full-year revenue outlook to between $1.65 billion and $1.75 billion. It had previously expected revenue of $1.08 billion to $1.18 billion for 2008.

"We experienced substantial revenue growth during the second quarter as our wafer capacity expansion exceeded our expectations," LDK Chairman and Chief Executive Xiaofeng Peng said in a statement, adding that construction of LDK's polysilicon plants remained on schedule.

Polysilicon is the solar industry's key raw material, and prices have soared in recent years due to booming demand.

To help offset those higher costs, LDK is currently building its own polysilicon production plant adjacent to its solar wafer facility in Xinyu City, China.

For the full year, LDK said wafer shipments are expected to be between 750 megawatts and 770 MW, up from a previous forecast of 560 MW to 580 MW for the year.

The company's 2008 gross margin forecast was unchanged at between 23 percent and 28 percent.

LDK shares rose to $39.76 after closing up 9 cents at $33.58 on the New York Stock Exchange.

(Editing by Phil Berlowitz, Richard Chang)

First Solar Reports Second Quarter 2008 Results

nospam@example.com (chief editor) — Thu, 31 Jul 2008 10:26:42 -0600

First Solar, Inc. (Nasdaq: FSLR) today announced its financial results for the second quarter ended June 28, 2008. Quarterly revenues were $267.0 million, up from $196.9 million in the first quarter of fiscal 2008 and up from $77.2 million in the second quarter of fiscal 2007.

Net income for the second quarter of fiscal 2008 was $69.7 million or $0.85 per share on a fully diluted basis, compared to net income of $46.6 million or $0.57 per share on a fully diluted basis for the first quarter of fiscal 2008.

Net income for the second quarter of fiscal 2007 was $44.4 million or $0.58 per share on a fully diluted basis, which included a one-time income tax benefit of $39.2 million that resulted from the reversal of valuation allowances against previously established U.S. deferred income tax assets.

SolarWorld Announces Second Quarter Results

nospam@example.com (chief editor) — Thu, 31 Jul 2008 10:24:23 -0600

SolarWorld AG has reported 2nd quarter 2008 results. Group sales from April through June went up by 46.6 per cent over the same period last year to 259.6 (previous year: 177.1) million EUR and by 38.6 per cent in the 1st half of 2008 to 427.1 (previous year: 308.1) million EUR.

The operating result before interest and tax (EBIT) grew in the 2nd quarter of 2008 by 54.5 per cent to 75.7 (previous year: 49.0) million EUR and in the 1st half of 2008 by 41.4 per cent to 118.5 (previous year: 83.8 ) million EUR.

Group profits from continued operations increased in the 2nd quarter by 96.2 per cent to 51.8 (previous year: 26.4) million EUR and in the 1st half of the fiscal year by 55.2 per cent to 73.7 (previous year: 47.5) million EUR. G

roup profits including those from discontinued operations amounted to 87.3 million EUR in the 1st half of 2008 due to proceeds from the sale of shares in Gällivare Photo Voltaic AB (GPV) amounting to 13.6 million EUR.

The group expects to exceed the forecast for fiscal year 2008.