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Ormat Expects Loss for Q1

Ormat Technologies, Inc. (NYSE: ORA) announced it expects to report a net loss in the range of $5.5-$6.5 million ($0.14-$0.17 per share) for the first quarter of 2007. The loss is mainly due to the cumulative effect of several unrelated events that occurred during the first quarter, as described below: — Increase in maintenance costs incurred in the Heber 1, Puna and Ormesa projects, in part due to maintenance overhauls that are scheduled every four to five years and in part due to accelerated maintenance costs to assure higher well availability in the summer months when electricity rates paid under the relevant power purchase agreements are higher. Additionally, in the case of Heber 1, there also was a reduction in revenues during the overhaul period. — Reduction in revenues as a result of an unforeseen delay, mainly relating to permitting, in completion of the Galena 2 and Steamboat Hills projects, which have now received the necessary permits and are currently in acceptance tests; and a reduction in revenues due to a failure of turbines, not manufactured by us, at the Steamboat 2 and 3 project. — A delay in Products Segment revenue recognition from the first quarter to subsequent quarters […]

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XsunX Plans US Thin Film Solar Factory

XsunX, Inc. (XSNX.OB) announced it would build a multi-megawatt (MW) thin-film production plant so meet rising demand for solar integrated houses and buildings (BIPV). “We are planning the manufacturing line around a 5-megawatt modular design which allows us to scale from 5 to 25 to 50 megawatts of production by adding new 5-megawatt lines,” said Joe Grimes, XsunX COO. The company is looking closely at states that have renewable energy portfolios and a qualified work force: California, Massachusetts and its home state, Colorado. “The growing national and international market opportunities for building integrated photovoltaics clearly support this decision to expand the XsunX business model from a purely licensing and equipment sales model into one of manufacturing the solar devices ourselves here in the U.S.,” said Tom Djokovich, CEO of XsunX.

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Two More Solar IPOs

China Sunergy Co. Ltd., a solar cell producer in China, has filed with the SEC for an IPO of up to $100 million in American Depositary Shares. The company has applied to list on the Nasdaq Global Market, under the symbol CSUN. It plans to use the proceeds to purchase raw materials, expand manufacturing facilities, expand research and development efforts and for general corporate purposes and acquisitions. GT Solar International Inc. also registered with the SEC for an IPO of up to $200 million in common stock. The company provides manufacturing equipment to the solar cell industry. All of the shares are being sold by the selling stockholders and the company won’t receive any of the proceeds from the offering, according to GT Solar’s prospectus. The company also applied to list on the Nasdaq Global Market, under the symbol SOLR. For the nine months ended Dec. 31, its net loss narrowed to $3.23 million from $12 million for the same period in 2005. Revenue increased more than 50% to $61.5 million. The $200 million valuation for the IPO was estimated solely for calculating the registration fee, the company said. Often, the eventual price terms of an IPO offer differ substantially […]

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