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Hydrogenics Receives Nasdaq De-Listing Letter

Hydrogenics Corp (Toronto:HYG.TO; NasdaqGM:HYGS), which develops hydrogen and fuel cell products, received a letter from the Nasdaq Stock Market indicating that it is out of compliance because the stock has closed below the minimum $1.00 per share requirement for the past 30 consecutive business days. To regain compliance, the stock must be $1 or more for a 10-day consecutive period during the next 6 months. In its Q1 financial results, HYGS reported a 12% rise in revenues, year over year, a $30.8 million order backlog, and actions implemented to deliver $4 million of annualized cost savings. “During the first quarter we undertook a comprehensive analysis of our operations. As a result of this analysis we implemented a restructuring and streamlining of our operations to reduce our overall cost structure, and as anticipated, we effected the majority of this initiative by March 31, 2007,” said Daryl Wilson, President and CEO. “This initiative, as previously communicated, along with an improved order intake and the phased resumption of deliveries in our OnSite Generation business unit is anticipated to allow us to reduce annual cash consumption by a minimum of one third on an annualized basis” Revenues were $6.9 million for the first quarter […]

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SunTechnics to Acquire Aztec Solar

SunTechnics Energy Systems Inc., a leader in solar energy solutions, announced an agreement to acquire privately-held Aztec Solar of Rancho Cordova, California. SunTechnics Energy Systems Inc. is a wholly owned subsidiary of the Hamburg-based SunTechnics GmbH. Under the agreement, Ed Murray, Aztec’s founder and owner, will be responsible for the SunTechnics U.S. solar thermal business unit. The purchase of Aztec Solar, a leading installer of solar hot water and pool heating systems, will allow SunTechnics to support the important and fast-growing solar thermal market in California. It will also provide SunTechnics with additional installation and sales expertise to offer more value-added and customized solutions that encourage solar energy adoption. Founded twelve years ago by Ed Murray in Sacramento, Aztec Solar’s experienced team of 30 employees has completed the installation of over 7,500 turnkey residential solar systems throughout California. “Over the past few years, we have witnessed a significant growth on demand for solar thermal in the California market. The current installed base of up to 80 megawatts is a sign of the market’s strength, and we anticipate rapid growth,” said Murray. “As part of SunTechnics we will now be able to offer our customers complete solar power and heating solutions […]

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Nova Biosource Moves to AMEX

Nova Biosource Fuels, Inc. (OTC BB: NVBF.OB) will be moving its stock listing to the American Stock Exchange as of May 14. It will trade under the ticker, “NBF.” In our opinion, Nova is one of best biofuel plays. We have written extensively about it in Progressive Investor. This development stage company makes biodiesel from wastes such as grease and fat, with glycerin as a byproduct. Nova is currently building several plants with an expected capacity of 160-240 million gallons annually. The company has feedstock supply agreements in place. Using waste feedstock is not only more sustainable, it’s much cheaper than soy or corn. Since feedstock is the biggest cost in making biodiesel, that’s important. The company raised $47 million through placement of common stock and warrants in late 2006.

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Nova Biosource

Nova Biosource Fuels, Inc. (OTC BB: NVBF.OB) will be moving its stock listing to the American Stock Exchange as of May 14. It will trade under the ticker, “NBF.” In our opinion, Nova is one of best biofuel plays. We have written extensively about it in Progressive Investor. This development stage company makes biodiesel from wastes such as grease and fat, with glycerin as a byproduct. Nova is currently building several plants with an expected capacity of 160-240 million gallons annually. The company has feedstock supply agreements in place. Using waste feedstock is not only more sustainable, it’s much cheaper than soy or corn. Since feedstock is the biggest cost in making biodiesel, that’s important. The company raised $47 million through placement of common stock and warrants in late 2006.

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Macquarie Makes Offer for Clean Power Income Fund

Macquarie Power & Infrastructure Income Fund (TSX: MPT.UN) has made a bid to buy the Clean Power Income Fund, a Toronto-based trust that owns the 99 MW Erie Shores wind farm in Ontario and several hydro and biomass plants across the country. The cash and stock offer is worth approximately $6.39 per unit, a 15% premium over the $5.47 price currently being offered by Algonquin Power Income Fund. Clean Power is recommending that unit holders accept the offer, while Algonquin Power Income Fund will allow its rival bid to expire. “We believe that Macquarie Power & Infrastructure Income Fund’s proposal provides superior value for Clean Power unitholders as well as a compelling opportunity to participate in a stable, growing fund focused on long-life infrastructure assets,” said Gregory Smith, Chief Executive Officer of MPT. “Moreover, the addition of CPIF’s complementary energy assets would extend the average life of MPT’s assets, significantly diversify our portfolio by asset type and geography, and generate a sustainable increase in distributable cash per unit. With this acquisition, MPT would strengthen its presence and growth opportunities in the North American power infrastructure arena while establishing a foothold in the attractive renewable energy sector.” Macquarie Power & Infrastructure […]

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Gaiam Reports Q1 Results

Gaiam, Inc. (Nasdaq: GAIA), a green lifestyle-media company reported Q1 results. Revenue increased 13.0% to $58.5 million from $51.8 million recorded in Q106. Gross margin for remained strong at 64.1% of revenue, consistent with the comparable period last year. This solid margin reflects the Company’s continued emphasis on media and proprietary products. Net income for the first quarter doubled to $1.8 million or $0.07 per share from $0.9 million or $0.04 per share in the first quarter of 2006. Depreciation and amortization for the quarter was $2.3 million. During the first quarter of 2007 Gaiam generated record cash of $8.3 million from its operations compared to a use of $1.0 million cash in the same period last year. Gaiam’s cash position at March 31, 2007 remained strong at $83 million, even after the repurchase of 2.5 million shares of common stock and two content licensing agreements funded during the first quarter. As of the end of the quarter, Gaiam had approximately 24.7 million common shares outstanding. Gaiam continues to have no debt. During the first quarter of 2007, Gaiam entered into exclusive content licensing deals with TAG Entertainment and The Brainy Baby Company. TAG Entertainment is a film production company […]

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