The biggest investor story of the week concerns the beleaguered U.S. automaker General Motors (NYSE: GM), which announced plans to invest $30 million
in a Michigan facility that will assemble battery packs for its
electric vehicle, the Chevy Volt. The 400-pound battery packs
will consist of lithium-ion battery cells made by South Korea’s LG Chem Ltd (051910.KS). The factory is scheduled to begin production in 2010.
Royal Philips Electronics (NYSE: PHG) announced the acquisition of a 10% stake in Tendris Holding,
a business incubator in the Netherlands that has helped found several
companies, including a green energy supplier and ‘green’ credit cards.
The partnership will explore new business opportunities in the area of
sustainability.
Norway’s REC Wafer (REC.OL), a leading manufacturer of silicon wafers for solar cells, has signed a US$340 million supply deal with LG Electronics Inc. (066570.KS) running through year 2014.
Verenium Corporation (Nasdaq: VRNM) announced plans to begin build its first commercial-scale cellulosic ethanol facility
in Florida this year. The plant is expected to produce up to 36 million
gallons of cellulosic ethanol per year and provide the region with
about 140 full-time jobs, when commercial operations begin in 2011. Lykes Bros. Inc., a Florida will provide the agricultural biomass for conversion to fuel.
Indian technology company Moser Baer (MOSER.BO), announced that its photovoltaic subsidiary is ready for production of thin film modules using a SunFab line supplied by California-based Applied Materials, Inc.
(Nasdaq: AMAT). Moser Baer was Applied’s first SunFab customer and the
40-megawatt (MW) capacity line manufactures very large solar modules
that are roughly 2 meters by 2.5 meters.
Ormat Technologies, Inc. (NYSE: ORA) announced that it has signed a $65 million contract
to build a new geothermal power plant in Costa Rica. It will be the
company’s second geothermal project in the country and fifth in Central
America.
Serious Materials, a ‘green’ building products company, has bought a window factory
in Pennsylvania that closed in October. The company plans to reopen the
factory within 30 days to begin producing its super-insulating windows.
This acquisition, along with additional expansions already underway in
Colorado and California are driving a tenfold increase in manufacturing
capacity for the company, as it gears up to meet expected demand for
efficiency products.
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