BP (NYSE: BP) and Verenium Corporation (Nasdaq: VRNM) announced
the formation of a 50-50 joint venture
to develop and commercialize
cellulosic ethanol beginning with a plant in Highlands County, Florida.
Construction on that plant is expected to begin next year for
completion in 2012. It is expected to produce 36 million
gallon-per-year of ethanol from agricultural waste.
Fluor Corporation (NYSE: FLR) and Airtricity, the renewable energy division of
Scottish and Southern Energy (SSE.L) have been granted an exclusivity
award by Britain’s Crown Estate to develop an offshore wind farm
at Bell Rock
off Scotland’s Angus coastline. The proposed wind farm could have a
total capacity of up to 700
megawatts (MW). The two companies previously collaborated on the
develpment of the Greater Gabbard Offshore Wind Farm off the coast of
Suffolk in England. Planned at 500 megawatts (MW) that project is the
largest offshore wind farm currently under construction.
A new investment fund created by XShares Advisors gives exposure to the carbon market by holding futures contracts for European Union Allowances
(EUAs). It’s called the AirShares EU Carbon Allowances Fund
(NYSE Arca: ASO). Although global economic downturn has slowed the
growth of the carbon allowances market it grew roughly 80% last year to
$100 billion dollars, and could skyrocket in the years ahead, if the
U.S. institutes a cap-and-trade program for carbon emissions.
Two U.S. utilities announced the creation of solar programs. Western Massachusetts Electric Company (WMECO) filed a plan
with regulators to begin developing up to 12 MW of solar power by 2012.
Under Massachusetts’ Green Communities Act, passed in 2008, utilities
allowed to own up to 50 MW.
In Texas, major utility Oncor launched its Take a Load Off program, which offers cash incentives
for homeowners, businesses and governments to add solar photovoltaic
power systems. Oncor will pay an incentive of $2.46 per DC watt up to a
maximum of
$24,600 for each residential installation and up to $246,000 for all
other installations.
Chinese solar company Suntech Power Holdings (NYSE: STP) verified a quarterly loss
this week after warning last month that demand and prices for the
company’s products were falling. The company posted a loss of US$65.9
million, or $0.42 cents per American
depositary share (ADS), compared with a profit of $50.6 million, or
$0.29 cents per ADS a year ago.
Suntech also announced the acquisition of a minority stake in silicon producer Asia Silicon Co., Ltd.
for approximately $8.1 million. In addition to securing supplies of the
raw material for solar cell production, the move also reflects the opinion of some analysts
that upstream companies in the solar industry–the makers of
polysilicon and solar wafers–will fare better as the industry
continues to be affected by dropping prices.
The quarterly report of wafer producer Renewable Energy Corporation ASA (REC.OL) provides further evidence of this trend in its 4Q report.
The Norwegian company nearly tripled its year-over-year profits before
taxes to US$224 million. This corresponded with a 27% increase in
revenue approximately US$338 million for the quarter.
Fuel cell pioneer Ballard Power Systems (Nasdaq: BLDP) expects to turn
a profit soon, the company’s CEO told a group of investors on
Wednesday.
Ballard has forecast a 15% to 30% increase in 2009 revenue. The company
has found a market for its products in India where they are being used
to supply backup power to the nation’s fickle electric grid.
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