Companies in the cleantech industry and across the board have seen
revenues and profits drop off in the first quarter of 2009. But two
companies bucked the trend, posting reports of stong growth.
American Superconductor Corporation (NASDAQ: AMSC) reported its first-ever
quarterly profit.
The energy technologies company provides superconductor power
cables, wind turbine designs and smart grid technologies. Net income
for the quarter was $1.3 million, compared with a net loss of $1.8
million a year ago. Revenues were $61.2
million, a 60% increase over
$38.4 million a year ago. The company’s move into the black is
primarily the result of a $450 million contract for wind turbine
electrical
systems signed with Sinovel Wind Company in June of last year.
Ormat Technologies, Inc. (NYSE: ORA ), a long-time leader in geothermal energy development, also increased revenues and earnings
in 1Q09. The vertically integrated company increased quarterly revenue
44% year-over-year to $99 million, resulting in net income of $14.5
million, up from $10 million a year ago and $11.7 million in 4Q08. The
company expects continued growth from its products segments as well as
from electricity sales, and it expects to add between 72 and 84
megawatts (MW) of generating capacity over the next two years.
Several major announcements were made concerning U.S. manufacturing in the cleantech industry.
GE (NYSE: GE) announced plans to build a $100 million battery manufacturing plant
in upstate New York. The company is applying for federal stimulus funds
to help build the plant, which will produce sodium-based batteries for
heavy power applications. GE believes the segment could beome a $1
billion business over the next decade, providing batteries for rail,
marine, mining,
telecommunications and utility sectors.
The new facility is expected to open in 2011 and will create about 350
jobs.
Chinese solar firm Suntech Power Holdings (NYSE: STP) said it is searching for a location to establish solar manufacturing
in the U.S. The company is exploring opportunities in several states
for
a production and distribution center in an effort to create
a long-term presence in the growing U.S. market. Suntech said it will
make a decision within the next six months, based on a variety of
criteria, including
local manufacturing incentives and long-term policy commitments.
Germany’s Schott Solar inaugurated the first phase of a new manufacturing facility
in Albuquerque, New Mexico, that will produce solar thermal and
photovoltaic solar components. Schott said the factory will provide 350
jobs and will ramp up production throughout the summer. Annual capacity
for photovoltaic solar modules will be 85 MW, and the factory will make
enough concentrating solar receivers to supply up to 400 MW of power.
Long-term plans call for quadrupling the size of the facility.
German solar company Q-Cells (QCE.DE) announced plans to issue convertible bonds in an effort to raise EUR 225 million. This follows an announcement last week that the company sold its stake in Renewable Energy Corportation (REC.OL) for EUR 530 million. The company is moving to strengthen its liquidity after posting an unexpected loss in 1Q09.
Software company SAP AG (NYSE: SAP) announced its intent to acquire carbon management firm Clear Standards, Inc.
Clear Standards’ web-based applications help organizations accurately
measure an optimize greenhouse gas (GHG) emissions. With the prospect
of a U.S. carbon cap-and-trade program on the
horizon, this acquisition may be the first of several in the industry,
as large firms
look to add mature solutions for carbon management.
Developers of the world’s largest offshore wind farm, the London Array,
have decided to begin construction this summer, after the British
government doubled incentives for offshore wind.
The future of the 1,000 megawatts (MW) project has been in doubt since Royal Dutch Shell (RDSa.L) withdrew from the project in May 2008. Denmark’s Dong Energy, E.ON
(EOAN.DE) and Masdar said they will invest EUR 2.2 billion in the first phase of the project.
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