Japanese Fleet Heads Off to Hunt for Humpbacks
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Canadian Invests $53M in Wind Farm
While U.S. lawmakers determine whether or not to provide tax incentives for renewable energy. The Canadian government is taking a more direct approach. Under its $1.48 billion ecoENERGY for Renewable Power initiative, announced last January. Canada will provide more than $53 million in funding, over ten years to Prince Wind Energy Farm, the largest wind energy project in the nation. The Prince Wind Energy Farm, situated on 20,000 acres of land northwest of Sault Ste. Marie. The wind farm’s 126 turbines are capable of generating up to 189 megawatts (MW) of clean, renewable power, enough to power nearly 40,000 homes. The government’s ecoENERGY program will provide the funding to ensure that renewable energy generated at the wind farm can be delivered at competitive prices for Canadian consumers. “We need energy to power our economy, and we need clean energy to protect our environment – that’s a priority for our government and the foundation of our practical, balanced approach to climate change,” said Tony Clement, Minister of Health and Minister for the Federal Economic Development Initiative for Northern Ontario. “By investing in projects like this one, we are making sure that clean, renewable power from the wind, the sun and the […]
Palm Spreads its Wings in Brazil, Plantings Rise
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SunOpta to Open Joint Venture Cellulosic Ethanol Plant
SunOpta BioProcess Inc. (SBI), a division of SunOpta Inc. (NasdaqGS:STKL; Toronto:SOY.TO) plans to open a 10 million gallon per year cellulosic ethanol plant as a joint venture with Central Minnesota Ethanol Co-op (CMEC) of Little Falls, Minnesota. The proposed operation is expected to be located adjacent to CMEC’s existing 21.5 million gallon per year corn starch to ethanol plant, and will use local wood chips as raw material feedstock. The plant will utilize SBI proprietary and patented technology together with CMEC’s existing infrastructure, raw material supply sources and operational expertise. The critical pretreatment process step will utilize SBI’s proprietary auto hydrolysis process, which uses only heat and steam to pre-treat and partially hydrolyze lignocellulosic materials. In this process, the company says no external chemical catalyst is required and water contained in the raw material feedstock is efficiently utilized, eliminating the need for large external water sources. The patented pretreatment technology, known as “steam explosion,” is currently being utilized in a number of commercial demonstration cellulosic ethanol facilities. The companies say the proposed plant will be initially designed to produce 10 million gallons of cellulosic ethanol per year, with anticipated modular scale-up plans to expand the plant to over 50 million […]
Biodiesel Venture to Use Montana Camelina-Oil
Targeted Growth, Inc., and Green Earth Fuels have created a joint venture called Sustainable Oils, Inc. The new venture aims to produce and market up to 100 million gallons of camelina-based biodiesel by 2010, launching the single largest U.S. contract for the unique biodiesel-specific feedstock. Nearly all of the initial camelina production is expected to be grown in Montana. According to the new company, camelina, a distant relative to canola, can grow on marginal land, requires minimal water or fertilizer, and can be harvested with traditional equipment, thereby creating a potential path for Montana farmers to participate in the emerging green fuel industry. TGI has been working on camelina for the past three years in greenhouse and field trials. Specifically, it has used non-transgenic molecular-assisted breeding programs to create a crop that it says is well suited to Montana’s climate and soil and that produces high-quality biodiesel. “We have created a better feedstock for biodiesel,” said Tom Todaro, CEO of Targeted Growth. “Camelina can be rotated with current Montana crops, it grows in land with lower agricultural value, and it doesn’t significantly increase the use of fertilizer or irrigation water. We think this will be a model for the development […]
Solaicx Opens Portland PV Plant
Solaicx opened a new solar manufacturing plant in Portland, Oregon yesterday. The company, which manufactures monocrystalline silicon ingots and wafers for photovoltaic applications, held an opening ceremony at which Governor Ted Kulongoski cut a ceremonial ribbon inaugurating the plant’s operations. Solaicx says the new solar plant will begin production with a manufacturing run-rate of more than 32 megawatts (MW) per year. At full capacity, the facility will produce approximately 180 MW of silicon ingots and wafers per year, according to the company. About Solaicx Solaicx manufactures silicon ingots and wafers using proprietary equipment optimized for the solar industry. Solaicx is headquartered in Santa Clara, California. Website: http://www.solaicx.com
Ener1 Completes $32M Equity Placement
Ener1, Inc. (OTC Bulletin Board: ENEI) has completed a $32 million common equity private placement with a group of six major financial institutions and an alternative energy investment trust. The company sold 64 million shares of common stock and issued warrants to purchase 57.6 million shares of common stock at an exercise price of $0.75 per share. The warrants can be exercised for a period of 180 days following the closing. If exercised, the short-term warrants will provide an additional $43 million, for a total of $75 million of equity capital at an average price of $0.62 per share. “This vote of confidence from some of the largest financial investors in the world solidifies our balance sheet and puts Ener1 in the game to compete for contracts with the biggest players in the automotive market,” commented company chairman Charles Gassenheimer. “In particular, this makes our EnerDel battery division more competitive to win major new hybrid, plug-in hybrid and electric vehicle (HEV, PHEV and EV) contracts.” Transaction proceeds will be used to fund the continued development and commercialization of Ener1’s alternative energy generation and energy storage businesses. The company may also use the proceeds of any warrant exercises to purchase some […]
AAER Concludes Private Placement of $12.6M
AAER Inc. (TSX-V: AAE), Canada’s only wind turbine manufacturer, recently finished a placement of 11,000,000 units at the price of Cdn $1.15 per unit, raising Cdn $12,650,000. Each unit consists of one common share and one-half warrant. For each whole warrant, the owner can purchase one additional common share of AAER at a price of Cdn $1.60 at any time until November 13, 2009. The offering was made through Canaccord Adams. “In the context of growing market opportunities, this infusion of capital comes at an important moment in the development of our Company,” said Dave Gagnon, President and CEO of AAER. “As the demand for wind turbines continues to accelerate, this offering will provide us with the necessary capital to secure our supply chain and allow us to be in a strong position to begin assembly and production as planned.” Net proceeds raised from the offering will be used to meet capital expenditures requirements at the Bromont manufacturing plant, to order certain major components, to effect license payments and for working capital purposes. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States […]
Natural Foods Reports Quarter Earnings
United Natural Foods, Inc. (Nasdaq: UNFI) reported modest increases in income for the quarter ended October 27, 2007. The company reported net income of $13.6 million, or $0.32 per diluted share, for the quarter. Net income for the same quarter last year was $12.4 million, or $0.29 per diluted share. Net sales for the quarter increased $90.0 million to $736.4 million, or 13.9%, from the $646.4 million in net sales recorded in the same quarter a year ago. Gross margin for the quarter was 18.4%, which represents a 72 basis point decline from the gross margin of 19.1% a year ago. The company’s results for the quarter do not reflect the company’s recent acquisition of Millbrook Distribution Services, Inc. (“Millbrook”), which closed on November 2, 2007. The company is raising its net sales guidance for fiscal 2008, ending August 2, 2008, to reflect the recent acquisition of Millbrook. Fiscal 2008 projected revenues are expected to increase to $3.27 to $3.35 billion, representing an increase of 19% to 22% over net sales in fiscal 2007. Previously, the Company had announced net sales guidance from $3.05 to $3.13 billion, reflecting net sales growth of 11% to 14%. About United Natural Foods United […]
Spire Reports 70% Revenue Increase for Q3
Solar company Spire Corporation, (Nasdaq: SPIR) reported record results for Q307. The company, which provides turnkey solar factories and equipment to manufacture photovoltaic modules worldwide, announced that revenues increased 70 percent for the quarter. Spire reported revenues of $9,845,000 for the three months ended September 30, 2007, compared to $5,794,000 for the same period in 2006. Net income after extraordinary gain was $2,755,000, or $0.33 per basic share for Q307, compared with a net loss of $1,941,000, or $0.24 per basic share for Q306. Revenues for the nine months ended September 30, 2007 were $25,421,000, compared to $15,062,000 for the nine month period in 2006. In addition, the company recorded a gain of $2,707,000 from the sale of rights to utilize its trademark, income tax benefit of $884,000 and an extraordinary gain of $1,311,000 net of tax on its equity investment in its joint venture, Gloria Spire Solare. Net loss after extraordinary gain was $856,000, or $0.10 per basic share, for the nine months ended September 30, 2007, compared with a net loss of $6,026,000, or $0.77 per basic share, for the same period in 2006. Roger G. Little, Chairman and CEO of Spire, said, “We have now achieved three […]
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