The biggest story from the past week in the cleantech industry was the IPO of lithium-ion battery maker A123Systems (Nasdaq: AONE). The Massachusetts-based company, which has a deal to produce batteries for Chrysler‘s future electric vehicles, saw its shares surge over 50% in the first day of trading at the end of last week. Trading opened at $13.50 per share and ended the day above $20. As of Thursday afternoon, the price had risen even higher to above $23 dollars–perhaps indicating the market will see additional cleantech IPO’s in the months ahead. A123 received a significant portion of the federal funds announced in August for advanced battery makers. The company also received a $100 million dollars from the state of Michigan, where it intends to build a production facility.
Another big story concerns California startup Fisker Automotive, which received a Department of Energy loan guarantee for $528 million to develop two different plug-in hybrid vehicles. The company will use $169 million to finish development of its first vehicle, called the Fisker Karma. That vehicle is expected to go on sale next year. The remaining $359 million will be dedicated to the development of a new vehicle, called Project Nina. While the Karma will cost about $90,000 each and be assembled overseas, the Nina is expected to be smaller and cheaper and will be built in the U.S.
In other electric vehicle news, FPL Group, Inc. (NYSE:FPL) and Duke Energy (NYSE:DUK)–two of the
largest U.S. utility companies–announced a commitment to transition
their 10,000 company cars and trucks to plug-in hybrid or all-electric
vehicles.
Duke and FPL said the transition will begin in 2010 with passenger
vehicles and small trucks, and the companies have set a goal to transition 100% of
all new fleet vehicles by 2020.
Canadian electric car maker Zenn Motor Co. (ZNN.V) is changing its business strategy. The company currently makes low-speed electric vehicles and has been focusing on
developing a highway-capable vehicle. But with increasing competition
in the field, the company decided to refocus on supplying electric
drive trains to other vehicle makers. At the center of this new strategy is EEStor, Inc., a privately held U.S. battery-maker in which Zenn owns a minority stake.
The U.S. treasury and energy departments announced an additional $550
million in funds for renewable energy projects under the Recovery
Act. Along with awards made earlier in September,
the funding now totals more than $1 billion dollars under a program
that provides up-front cash in lieu of 30% tax credits. Twenty-five projects qualififed for the awards, ranging from $5,800 dollars for solar billboards in North Carolina to $121 million for the Pyron Wind Farm in Roscoe, Texas.
APS, an Arizona utility owned by Pinnacle West Capital Corp. (NYSE: PNW),
said that plans for 290-megawatts (MW) solar thermal plant outside Phoenix have been scrapped. Project developer Starwood Energy Group pulled the plug on the long-term purchase power
agreement signed in May. According to a press release, Lockheed Martin (NYSE: LMT), the contractor on the project, backed out following a financial risk assessment. APS has a separate 280-MW plant under development and said it will look to replace the additional renewable power capacity.
Sempra Energy (NYSE: SRE) may be able to provide some of that additional power in the Phoenix area. The San Diego-based power company told Dow Jones it plans to develop up to 500 MW of solar power on 4,000 acres of land near Arizona’s capital city. Sempra has worked with First Solar (Nasdaq: FSLR) photovoltaic plants in Nevada. However the company said First Solar would not necessarily be the supplier for the Phoenix project which could include both photovoltaic and concentrating solar technologies.
ProLogis (NYSE: PLD), a leading global provider of distribution
facilities, announced Tuesday it has formed a Global Renewable Energy
Group that will primarily focus on developing rooftop solar projects on
the company’s facilities worldwide.
In addition, ProLogis announced a new, 4.8-megawatt (MW) solar project to be installed on eight of its rooftops in Spain. San Francisco’s Recurrent Energy will lease the rooftop space in Spain, where it will build and own the solar systems. In total, Prologis has about 450 million squarefeet of rooftop space worldwide–of which only 2% is currently being utilized.
Canadian Hydro Developers, Inc. announced that it will acquire the rights to develop a 4,400-MW
offshore wind farm in one of the Great Lakes bordering Ontario, Canada. The company did not specify which lake, however it said the project is planned for stages, beginning with 400 to 500MW to be completed in 2014. The developers aim to take advantage of the new feed-in tariff for renewable power instituted this week in Ontario.
The developments rights will be acquired from U.S.-based Wasatch Wind for an undisclosed amount.
Hoku Scientific, Inc. (NASDAQ:HOKU) announced that Chinese firm Tianwei New Energy Holdings
Co., Ltd. would take majority control of the company, stemming from its difficulties financing its polysilicon plant in Pocatello, Idaho. Hoku said the additional debt financing provided by Tianwei, together with prepayments made by polysilicon customers should be enough for completion of the Idaho plant. Hoku said its Board of Directors determined the transaction with Tianwei was the only way to avoid Chapter 7 bankruptcy and liquidation of the company’s polysilicon business. After the transaction, Tianwei will control 60% of the company’s voting shares.
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