Mendota to Host Largest PV Farm
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Lockheed and Starwood Energy Pursue Utility-Scale Solar
Lockheed Martin (NYSE: LMT) and Starwood Energy Group Global, LLC (SEG) are teaming to pursue utility-scale solar generation projects in North America. Lockheed Martin will be primarily responsible for engineering, procurement, manufacturing and systems integration, and SEG will be responsible for arranging long-term power purchase agreements, site selection, permitting, and for providing construction and permanent debt and equity financing. The Lockheed Martin-Starwood team will initially focus on the utility- scale solar generation needs of California and the Southwest United States, based on initial market assessments. The two companies estimate they could bring up to 10,000 MW of solar power on line in the next 10 years. At an expected cost of $3 per watt of generating capacity, that would put the market size at $30 billion dollars. “Significant demand is growing for utility-scale solar generation projects of over 50 megawatts (MW) capacity in the United States,” said Chris Myers, vice president of Business Development at Lockheed Martin’s Maritime Systems and Sensors business. “We believe that Lockheed Martin’s proven capabilities in systems integration, engineering and precision manufacturing will allow us to drive down the costs of these projects, while better assuring the achievement of performance standards and delivery schedules desired by […]
ZAP Secures $5M from Dubai Group
ZAP (OTC BB:ZAAP.OB) has entered into a long-term relationship with the Dubai-based manufacturing and distribution company, Al Yousuf Group. The Al Yousuf Group, which is one of Dubai’s leading distributors of automobiles, off-road vehicles and boats, has invested US US$5 million in ZAP shares. The Al Yousuf Group has developed partnerships with many of the world’s renowned brand names in Asia, Europe and the USA. A number of these ventures have grown into long-term business relationships. Al Yousuf Motors’ portfolio includes General Motors and Daihatsu vehicles, Daewoo buses, Suzuki motorcycles and outboard engines, Yamaha motorcycles, outboard and marine engines, water vehicles, generators, boats etc. “We believe there is a big demand for clean transportation in The Middle East and we see ZAP in a position to deliver on that demand,” said Hossein Asrar Haghighi, Chief Finance Officer of Al Yousuf Group. “We are long-term investors in this endeavor and will focus our efforts with ZAP on this important work to contribute to a green community worldwide through different units of our Group.” “Forming a relationship with Mr. Al Yousuf over the past several months has opened new horizons for ZAP and its business plans,” said ZAP CEO Steve Schneider. “Al […]
International Enters Hybrid Truck Production
The road to a better environment now includes greener commercial vehicles. International Truck and Engine Corporation, a division of Navistar (OTC: NAVZ), says it is the first company to enter commercial production of hybrid trucks. International Truck and Engine has begun production on the DuraStar” Hybrid, a diesel hybrid electric medium-duty truck that the company claims will provide improved fuel efficiency and reduced engine emissions. “We believe that hybrid technology is an important development for the commercial transportation sector,” said Daniel C. Ustian, President and Chief Executive Officer, Navistar International Corporation. “Increasing fuel efficiency and reducing emissions for the nation’s commercial trucks results in significant benefits for all of us. We strive to be the leader in developing energy efficient transportation solutions in the commercial truck, commercial bus and school bus industries.” International says the DuraStar Hybrid diesel can provide dramatic fuel savings of 30-40% on a standard in-city pickup and delivery applications. In addition, it says fuel efficiency can increase to more than 60% in utility-type applications when the engine can be shut off, but electric power still operates the vehicle. For instance, when the hybrid truck operates equipment (like overhead utility booms) solely on the truck’s battery power, […]
Burt Bees & Clorox?
It’s hard to imagine a more unlikely pairing than Burt Bees and Clorox. Clorox just bought Burt’s Bees for $925 million in cash – not bad for a company that started in 1984 to market beeswax candles. Burt’s Bees, which develops and sells a popular line of natural personal care products, rang in $55 million in 2003. That year, it sold 80% of the equity to international investment firm AEA Investors for $155 million. AEA, which is known for buying companies, boosting sales and selling them several years later, raised Burt Bees revenue to $170 million this year by getting the company into mass retailers. That’s when Clorox got interested. The company says it’s looking to green its image and plans to acquire companies aligned with consumer “megatrends” in health and wellness, sustainability, convenience and a more multicultural marketplace. Besides bleach, Clorox owns Hidden Valley salad dressings, Fresh Step cat litter, STP auto products, Glad plastic bags, Kingsford charcoal and Brita water filters. Clorox is launching its first green branded product – a biodegradable, plant-based cleaning line called Green Works.According to Clorox, the natural personal care market accounts for over $6 billion in annual sales and is growing at 9% […]
Ballard Announces Q3 Results
Ballard Power Systems (Toronto: BLD.TO; NasdaqGM: BLDP), a leading fuel cell manufacturer, announced substantially higher revenues and a smaller net loss for the third quarter of 2007. The company says revenues increased 53% to $17.6 million, compared to $11.5 million for the same period in 2006. (All amounts are in U.S. dollars.) Reported net loss for the quarter decreased 10% to $16 million, or $0.14 per share, compared with a net loss of $17.9 million, or $0.16 per share for the corresponding period in 2006. Product and service revenues increased $4.7 million, or 59%, and engineering development revenue increased $1.4 million, or 40%, compared to Q306. John Sheridan, Ballard’s President and CEO said, “Ballard’s positive financial results and overall increase in commercial market shipments in the third quarter show evidence of building momentum and solid execution.” Ballard also updated financial guidance for 2007, projecting that revenue from continuing operations would meet or exceed the high end of the guidance range of $55-65 million, growth of approximately 30% over 2006. In addition, cash burn should be at or below the low end of the guidance range of $40-50 million, helped in part by strengthening of the Canadian dollar. Operational Highlights: Third […]
Ballard Announces Q3 Results
Ballard Power Systems (Toronto: BLD.TO; NasdaqGM: BLDP), a leading fuel cell manufacturer, announced substantially higher revenues and a smaller net loss for the third quarter of 2007. The company says revenues increased 53% to $17.6 million, compared to $11.5 million for the same period in 2006. (All amounts are in U.S. dollars.) Reported net loss for the quarter decreased 10% to $16 million, or $0.14 per share, compared with a net loss of $17.9 million, or $0.16 per share for the corresponding period in 2006. Product and service revenues increased $4.7 million, or 59%, and engineering development revenue increased $1.4 million, or 40%, compared to Q306. John Sheridan, Ballard’s President and CEO said, “Ballard’s positive financial results and overall increase in commercial market shipments in the third quarter show evidence of building momentum and solid execution.” Ballard also updated financial guidance for 2007, projecting that revenue from continuing operations would meet or exceed the high end of the guidance range of $55-65 million, growth of approximately 30% over 2006. In addition, cash burn should be at or below the low end of the guidance range of $40-50 million, helped in part by strengthening of the Canadian dollar. Operational Highlights: Third […]
Congress Overrides Veto
Congress voted to override a presidential veto for the first time during President Bush’s seven years in office. The Senate voted 79-14 yesterday to enact the $23 billion water resources bill, easily securing the two-thirds majority needed to overcome the veto. The House voted in favor of the bill on Tuesday with a vote of 361-53. White House press secretary Dana Perino claimed the president was trying to protect taxpayers from a big-spending congress. 34 Senate Republicans defied the president, voting in favor of the bill, which funds hundreds of Army Corps of Engineer projects, including dams, sewage plants and beach restoration. Congressional representatives had strong support from their local communities for the bill, which included money for restoration efforts for hurricane-affected areas of the Gulf Coast and the Florida Everglades. The last veto override occurred in February 1998 – the second of two suffered by President Clinton during his administration.
Clean Car Program Expands As California Sues
With the addition of Colorado on Wednesday, the 17 states approving cleaner car standards now represent roughly 50% of the U.S. population. Colorado Governor Bill Ritter announced that his state would accept the clean car standards as part of a broad Colorado Climate Action Plan on the same day Governor Arnold Schwarzenegger announced that California is suing the U.S. Environmental Protection Agency (EPA) for delaying decision on a waiver that would allow the state to implement the tougher standards. California is the only state allowed under federal law to set air pollution standards higher than those imposed by the federal government, though other states are allowed to follow its lead. On December 21, 2005, California submitted a request for the EPA to grant a waiver that would allow for the enforcement of a 34% reduction in global warming pollution for cars and light trucks, and a 25% reduction for larger trucks and SUVs, within the next 10 years. Colorado joins 16 other states prepared to enact the standards – Arizona, California, Connecticut, Florida, Maine, Maryland, Massachusetts, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, Utah, Vermont and Washington. The transportation sector is one of the largest contributors to […]
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