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MEMC Electronic Materials, Inc. (NYSE: WFR) shares rose almost 15% on news that it would supply Conergy with silicon valued at $7-$8 billion over 10 years. MEMC also announced it expanded its deal with Taiwan’s Gintech Energy Corp to supply an additional $700-$800 million of silicon over 10 years. The total value of the agreement is now $3-$4 billion. MEMC’s third quarter revenue of $472.8 million came in slightly under analyst expectations of $476.9 million, but the EPS of 81 cents was a penny higher. Forecasts for the fourth quarter are $540-$545 million in revenue.
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A new study finds that the 15% renewable electricity standard (REC) currently under consideration in energy bill legislation before Congress, would save Amercans billions of dollars on their energy bills and would meaningfully reduce global warming pollution. The analysis, “Cashing in on Clean Energy”, by the Union of Concerned Scientists, found the REC would: –Save $13-$18 billion in lower electricity and natural gas bills by 2020, with the savings growing to $27.7-$31.8 billion by 2030. –Cut energy bills in every state. –Cut global warming pollution by the equivalent of the emissions from 13.7-20.6 million cars. –Produce enough renewable electricity to supply 68 million American homes with clean energy. “With this renewable electricity standard, Congress would give Americans three gifts: lower electric bills, cleaner air, and more homegrown energy,” said Marchant Wentworth, Washington representative with UCS’s Clean Energy Program. “When you combine this renewables requirement with one that would force automakers to produce more fuel-efficient cars, the bill would represent a big step forward in addressing the threat of global warming.” The national renewable electricity standard provision that passed the House would require utilities to supply 15 percent of their power from wind, bioenergy, solar or geothermal power by 2020. States […]
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Citigroup has released a report that concludes the fuel economy targets included in the energy bill currently being considered in Congress are both achievable and can result in profits for automakers. The requirement is that the combined fleet of cars and trucks achieve 35 miles per gallon in 2020. “When you have the world’s number one bank, which has financial ties to many major automakers, saying fuel economy standards are a good economic play, it drives a stake through the heart of the auto industry’s scare tactics,” said Chairman Edward J. Markey of the Select Committee on Energy Independence and Global Warming. The report, “CAFE and the U.S. Auto Industry; A Growing Auto Investor Issue, 2012-2020”, was created in partnership with Ceres and the Investor Network on Climate Risk, along with industry experts at the Planning Edge, University of Michigan Transportation Research Institute, and NRDC. It evaluated potential changes to the U.S. Corporate Average Fuel Economy (CAFE) program. The report says, “Replacing the way that CAFE standards are set for passenger automobiles to an attribute-based system has the potential to mitigate automaker concerns about economic impacts of higher regulation.” “A well-crafted attribute-based system could eliminate some dysfunctional features of CAFE […]
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Berkeley, California has developed a program that could break through the barriers currently holding thousands of its residents back from installing solar. It’s the first city in the U.S. to propose allowing property owners to pay for energy efficiency improvements and solar system installation as a long-term assessment on their individual property taxes. Mayor Tom Bates will ask the City Council to approve the framework for a “Sustainable Energy Financing District” at their November 6 Council meeting. It it’s approved, the program would start next year. The Plan eliminates the two major financial hurdles to solar electric and solar water systems – the high upfront cost and the possibility that those costs will not be recovered when the property is sold. “Nearly every expert we have worked with on this financing initiative believes it can fundamentally change the market for solar,” said Berkeley Mayor Tom Bates. “There are more than 400 solar installations in Berkeley today. With this program, I think we can install thousands of solar systems over the next decade and go a long way to meeting our greenhouse gas emission reduction targets. “Berkeley’s proposal is brilliant because it removes the number one roadblock to solar, the high […]
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The 20-day, 10 city national Energy Star Change a Light Bus Tour has concluded with nearly 1 million Americans across the country pledging to change more than 2.6 million lights to help fight climate change. This represents a potential savings of nearly $70 million in energy costs and prevention of 1 billion pounds of greenhouse gas emissions. Consumer event stops were held at California’s Disneyland® Resorts; a Broncos Football Game in Denver; Navy Pier in Chicago; a Falcons Game in Atlanta; Faneuil Hall Marketplace in Boston; and today’s stop in Manhattan’s Union Square. Media event stops showcased what a few leading schools and their students are doing to participate in the national Energy Star Change a Light Campaign. EPA presented Environmental Leadership Awards to faculty and students at schools in Denver, Chicago and Atlanta. At each tour stop, the Energy Star Change a Light Education Center was set up with interactive displays to convey the importance of looking for the Energy Star label on lighting, how to use and dispose of compact fluorescent lamps (CFLs) responsibly, and the connection between our personal energy use and our climate. The top five organizations leading the pledge initiative in order of most pledges […]
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URL: http://www.planetark.com/dailynewsstory.cfm/newsid/45012/story.htm Website: http://www.planetark.com/dailynewsstory.cfm/newsid/45012/story.htm
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German’s EverQ partners are preparing to launch an IPO of the joint venture between Renewable Energy Corporation (REC.OL), Evergreen Solar (Nasdaq: ESLR) and Q-Cells (QCEG.DE). The EverQ IPO will likely occur toward the end of 2008 or in 2009. The partners also annnounced they would invest EUR 150 million ($205.9 million) in a third solar wafer, cell and module plant which will increase EverQ’s production capacity 80%. It is expected to start production in the first quarter of 2009, and will use Evergreen Solar’s Quad furnace technology. REC has offered an additional silicon supply agreement to help EverQ increase production capacity to 600 MWp by the year 2012. As part of the preparations for the IPO, the partners are strengthening the management and organization of EverQ, enabling it to operate as an independent company. The sales and marketing organization will be expanded as modules will be distributed under the new brand in the future. EverQ has proprietary rights to Evergreen’s technology and will have the right to license all new material technology development by Evergreen on the String Ribbon” platform over the 5 years following the IPO. EverQ will also build a strong R&D team to complement this access to […]
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MEMC Electronic Materials, Inc. (NYSE: WFR) shares rose almost 15% on news that it would supply Conergy with silicon valued at $7-$8 billion over 10 years. MEMC also announced it expanded its deal with Taiwan’s Gintech Energy Corp to supply an additional $700-$800 million of silicon over 10 years. The total value of the agreement is now $3-$4 billion. MEMC’s third quarter revenue of $472.8 million came in slightly under analyst expectations of $476.9 million, but the EPS of 81 cents was a penny higher. Forecasts for the fourth quarter are $540-$545 million in revenue.
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Sustainable Development Technology Canada (SDTC) announcing that its Sustainable Development Tech Fund(TM) investment portfolio has surpassed $1 billion. The $1 billion includes $30.3 million in new funding to develop and demonstrate 14 clean technologies. The total value of these projects is $93.5 million, bringing the SD Tech Fund investment portfolio to $1.03 billion. Said SDTC Chair Stephen Probyn. “Since our first funding round in 2002, we have seen a twenty fold increase in financial support for clean technologies. The public and private sectors have seen the importance of clean technologies, embraced our model and have invested their time and money into this important area.” Since April 2002, the SD Tech Fund has completed 11 funding rounds, committed $308 million to 137 clean technology projects, and leveraged $722 million from project consortia members. Some highlights of this round’s technologies include: – A project that proposes to capture CO2 from compressor stations (and other installations in the fossil fuel, power generation sector) and sequester it using an innovative algae bio-reactor. Algae have the ability to sequester CO2, produce oxygen and generate bio-oil. – A project will demonstrate a versatile cogeneration system using multiple agricultural biomass feedstocks as a rural alternative to burning […]
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Evergreen Solar, Inc. (Nasdaq: ESLR announced financial results for the third quarter ended September 29, 2007. The company reported significantly higher sales, higher margins, and smaller losses. Product sales were to $15.4 million compared to $13.4 in Q207 and $36.2 million in Q306, which included $25.4 million of sales generated by EverQ, whose results were consolidated with Evergreen Solar until the ownership change in December 2006. Total worldwide sales of String Ribbon product were $62.9 million, which includes $47.5 million of sales generated by EverQ, compared to $44.7 million in the Q207, including $31.3 million generated by EverQ. EverQ’s new 60 MW facility shipped its first solar panel late in the second quarter and is expected to reach full capacity by the end of 2007, as scheduled. Gross margin was $4.5 million, or 24.9%, including fees of $2.8 million related to the marketing and sale of EverQ panels by Evergreen Solar and royalty payments for Evergreen Solar’s technology contribution to EverQ. In Q207, gross margin was $3.4 million, or 22.3%, including EverQ fees of $2.0 million. In the Q306 gross margin was $5.7 million, or 15.7%, which included EverQ factory start-up costs. Net loss was $3.7 million, or $0.04 per […]
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