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Quantum to Acquire Stake in German Solar Company

Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) has signed a binding letter of intent to acquire a 24.9% equity stake in a German solar energy technology company that develops and manufactures high-efficiency photovoltaic modules. “This acquisition is strategic to Quantum because of this solar company’s involvement in the automotive industry through its fully integrated and validated solar roof modules being sold to European OEMs. We believe this German partner, which has over 20 years of solar industry experience, will provide us access to other European alliances and relationships in the rapidly expanding European renewable energy market,” said Alan P. Niedzwiecki, President and CEO of Quantum. “We see powerful synergies with our industry-leading hydrogen storage systems and lithium-ion battery systems, which can enhance the availability of renewable resources, like wind and solar energy, by providing cost-effective storage options.” About Quantum: Quantum is a leader in powertrain engineering, system integration and manufacturing of packaged fuel systems and accessories for specialty vehicles and applications including fuel cells, hybrids, alternative fuels, hydrogen refueling, new body styles, mid-cycle vehicle product enhancements and high performance engines and drive trains for OEMs and consumers of aftermarket parts and accessories. Quantum also designs and manufactures hybrid and […]

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Solaicx Closes $27.1M Funding Round

Solaicx, a manufacturer of mono-crystalline silicon ingots and wafers for photovoltaic applications, has closed a $27.1 million Series C financing. The lead investor was the D. E. Shaw group, along with follow-on investments from Applied Ventures, LLC, Firsthand Capital Management, Big Sky Ventures, and Greenhouse Capital Partners. Mitsui Ventures invested for the first time. “We have a strong interest in emerging leaders in the alternative energy space and are delighted to support Solaicx through this investment,” said Alexander Wong, head of venture capital at the D. E. Shaw group. “Solaicx plays a crucial role in the solar energy value chain. Their continuous ingot growth technology provides the best of both worlds by increasing energy conversion efficiencies and reducing material costs. Ultimately, this translates to more cost-competitive solar energy for everyone.” Solaicx’s proprietary, continuous Czochralski (CZ) high-volume ingot and wafer production system improves on every factor of the manufacturing process, resulting in superior quality silicon ingots, according to the company. Solaicx’s streamlined ingot production techniques result in up to 30% higher efficiencies in polysilicon feedstock usage, enabling reduced costs throughout the solar value chain. Said Bob Ford, president and CEO of Solaicx, “The scale of this funding round enables us to […]

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Akeena Solar Announces Q1 Results

Akeena Solar, Inc. (OTCBB:AKNS), a leading designer and installer of solar power systems, announced results for the first quarter ended March 31, 2007. Net sales were $6.3 million, an increase of 152%, compared to $2.5 million in Q106. Gross profit was $1.5 million or 24% of sales, compared to $568,000 or 23% of sales in Q106. Net loss was $933,000, or $0.06 per share, compared to net income of $20,000, or less than a penny per share, in Q106. Installations for the quarter were approximately 830 kilowatts, compared to approximately 320 kilowatts for the same period last year. Barry Cinnamon, CEO of Akeena, stated, “With five new offices opened up in the last nine months, we are steadily expanding our footprint throughout California, which is the largest solar power market in the United States. The impact of our expansion strategy combined with favorable first quarter weather delivered strong top-line results. We generated revenue of $6.3 million this quarter, delivering over 150 percent growth compared to the first quarter last year. 2007 is progressing even better than we expected. Therefore, we now expect revenue of approximately $31 million for 2007, a growth rate of 135 percent compared to 2006.” David “Lad” […]

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SatCon Reports Q1 Results

SatCon Technology Corp. (NASDAQ CM: SATC), a developer of power management solutions for the alternative energy and distributed power markets, reported first quarter financial results. Revenues rose to $8.3 million from $7.6 million in Q106, an increase of 9%. More importantly, revenues in stationary power systems increased by 57% to $3.6 million compared to $2.3 million in Q106. Driving that growth were increases in solar inverter revenues of over 220% to $3.2 million. In addition, technology development revenue recorded growth of over 98% to $1.8 million. This revenue growth in solar inverters and power technology development reflects the results of the company’s effort to focus on products targeted at the alternative energy and distributed power markets. This trend can be seen in the quarter-end order backlog as well. Defined as firm purchase orders from customers for future delivery, the order backlog has not only increased over 56% to over $39 million, but it has increased across all product lines. Stationary power systems increased over 100% to $17.8 million, technology and product development orders increased over 67% to $8.5 million, and the electronics business experienced a 12% increase to over $7 million. As of the end of April 2007, the sales […]

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IBM Allocates $1 Billion for Green Data Centers

IBM (NYSE:IBM) announced “Project Big Green,” a $1 billion a year initiative to dramatically increase the level of data center energy efficiency. The plan includes new products and services for IBM and its clients to sharply reduce data center energy consumption, transforming the world’s business and public technology infrastructures into “green” data centers. The savings are substantial — for an average 25,000 square foot data center, clients should be able to achieve 42% energy savings. IBM’s initiative targets corporate data centers where energy constraints and costs can limit their ability to grow. The initiative includes a new global “green team” of more than 850 energy efficiency architects from across IBM. According to analyst firm IDC, roughly 50 cents is spent on energy for every dollar of computer hardware, expected to increase by 54% to 71 cents over the next four years. “The data center energy crisis is inhibiting our clients’ business growth as they seek to access computing power,” said Mike Daniels, senior vice president, IBM Global Technology Services. “Many data centers have now reached full capacity, limiting a firm’s ability to grow and make necessary capital investments. Today we are providing clients the IBM action plan to make their […]

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