Investor news over the last two weeks focused primarily on the release of quarterly reports.
The following companies reported increased earnings:
Renewable Energy Corporation (REC.OL)–The Norwegian solar companies revenue increased 27% year-over-year.
Cree, Inc. (NasdaqGS: CREE)–The market leader in LED lighting boosted earnings by $2 million to $8.4 million.
LDK Solar Co. Ltd (NYSE: LDK)–The Chinese solar wafer manufacturer reported a huge quarter of tripled earnings.
Ormat Technologies, Inc. (NYSE: ORA)–The dominant geothermal energy company increased year-over-year earnings by roughly 50% to $12.2 million.
VeraSun Energy Corporation (NYSE: VSE)–Following a merger wit US BioEnergy, this ethanol company reported a 499% increase in revenues and $24 million net income.
Yingli Green Energy Holding Co. Ltd. (NYSE: YGE)–The vertically integrated chinese solar company reported increases in revenue of 24% and 120%, sequentially and year-over-year.
Trex Company, Inc. (NYSE: TWP) This composite decking and railing company continued its turnaround, increasing year-over-year income from $2.6 million to$7.9 million.
The following companies reported decreased earnings:
Zoltek Companies, Inc. (NasdaqGS: ZOLT)–The carbon fibre manufacturer’s net income fell to $2.3 million with a decrease in sales.
Akeena Solar, Inc. (Nasdaq: AKNS)–The designer and installer of solar power systems suffered decreased sales and a wider net loss of $5.1 million.
Cereplast, Inc. (OTCBB: CERP)–This bio-based plastics company reported a larger net loss, but said it was due to an expansion of operations.
And finally, Spire Corporation (Nasdaq: SPIR), which provides turnkey solar factories and capital equipment, reported its sixth straight quarter of record revenues, as it edges its way toward profitability.
Other big news concerned the announcements of three upcoming IPOs. Massachusetts-based battery maker A123 Systems, Inc. filed for a $175 million initial offering. The company is one of the main competitors seeking a piece of the market for electric vehicle batteries.
Chinese solar wafer producer Jiangsu Shunda Group intends to raise $1 billion in an initial New York share listing. The company’s president said the offering will likely take place in the first half of 2009.
Changing World Technologies, Inc., a company that makes biodiesel and fertilizer from animal and food processing waste, announced plans for a $100 million initial public offering. The company, which is partly owned by New York Mets owner Fred Wilpon, has a plant in Carthage, Missouri that processes 250 tons of turkey carcasses daily from a neighboring ConAgra factory.
Three other top stories caught our attention. Atlanta, Georgia-based solar startup Suniva Inc. announced another long-term supply agreement for its solar cells. The company will provide Solon AG (SOO1.DE) with $500 million worth of its cells through 2012.
BP (NYSE: BP) and Verenium Corporation (Nasdaq: VRNM) have formed a strategic partnership to accelerate the development and commercialization of cellulosic ethanol. Verenium is to receive $90 million in total funding from BP over the next 18 months for rights to current and future technology held within the partnership.
Japanese electronics company Sanyo Electric Co Ltd (6764.T) announced that it intends to raise its solar cell output to 4 gigawatts (GW) a year by 2020–a tenfold incrase from current production levels. The increase would account for roughly 10% of the global market.
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