Cleantech investor news has been overshadowed by wild swings in financial markets over the last two weeks, as government intervention and gloomy economic news play tug-o’-war with the major indexes. However, several big stories have come to light.
GE (NYSE: GE) reported a third-quarter profit decrease, as the company’s earnings were dragged down by its financial services arm, despite strong performance from its energy infrastructure products. However, the company had previously warned that the quarter’s numbers would be down, and the company’s stock, which has been pushed down by the larger trends of the entire market, did not seem to suffer from the quarterly news alone.
German solar company Schott Solar AG, a subsidiary of Schott AG, cancelled plans for an initial public offering (IPO), due to unfavorable market conditions. The company had previously announced a price range of €14.50 to €19.50 per share for the IPO of more than 33.5 million shares.
But if SunPower (Nasdaq: SPWRA, SPWRB) is the bellwether of the solar flock, the grass is still green for the sector. This week the San Jose, California-based solar company reported a sharp increase in 3Q earnings, and raised its guidance for the full year.
In addition, three other solar companies announced the receipt of venture funding:
— Standard Solar, Inc., a Mid-Atlantic turnkey provider of solar energy systems raised $8.5 million to fund geographic expansion.
— Chinese solar startup JinkoSolar Holding raised $35 million in second-round funding led by China Israel Value Capital (CIVC), a partnership between Shenzhen Capital Group Co. (SCGC) and Pitango, a leading Venture Capital Fund from Israel.
— Soliant Energy raised $21 million for its rooftop solar installations, including $2.5 million from GE.
But perhas the biggest solar news was the emergence of Freemont, California-based thin-film solar startup Solyndra, Inc., which has been operating in stealth mode since its founding in 2005. The company, which has a unique and promising cylindrical design for rooftop solar installations, reportedly has raised $600 million in financing, and has booked $1.2 billion in multi-year contracts.
Electric Vehicles
Tata Motors is building an electric version of its Indica hatchback for the European market, in partnership with Norwegian manufacturer Miljø Grenland/Innovasjon and Toronto-based battery developer Electrovaya (EFL:TSX). The vehicle will be built in Norway, beginning in 2009.
Ener1, Inc. (Amex: HEV) has agreed to acquire an 83% interest in Enertech International, one of South Korea’s leading lithium-ion battery cell producers. Ene1 is positioning itself to compete for contracts to provide batteries for forthcoming electric vehicles, and the company is establishing a foothold in the Asian market.
Joint venture Johnson Controls-Saft announced that it will provide lithium-ion batteries for BMW‘s 7 Series ActiveHybrid car. The lithium-ion cells and modules will be produced at the Johnson Controls-Saft production facility in Nersac, France.
And finally, American Superconductor Corporation (NASDAQ: AMSC) is making the most of a global upsurge in wind power production, signing two separate license agreements for its wind turbine designs with Chinese and South Korean manufacturers. China’s XJ Group Corporation will produce AMSC’s 2-megawatt wind turbine desing, and Hyundai Heavy Industries is entering the wind power market with AMSC’s 1.65-MW and 2-MW designs.
Loading...