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Ocean Power Announces IPO Pricing

Ocean Power Technologies, Inc. (Nasdaq:OPTT) announced the pricing of its US IPO of 5 million shares of its common stock at $20.00 per share. The Company’s common stock is expected to begin trading on the Nasdaq Global Market on April 25. The Company plans to continue to list on the AIM market of the London Stock Exchange. The joint book-running underwriters for the offering are UBS Investment Bank, Banc of America Securities LLC and Bear, Stearns & Co. Inc. First Albany Capital Inc. is acting as co-manager. Ocean Power Technologies, Inc. develops and is commercializing proprietary systems that generate electricity by harnessing the renewable energy of ocean waves. The Company’s PowerBuoy® system is based on modular, ocean-going buoys, which have been ocean tested for nearly a decade. The waves move the buoy-like structure creating mechanical energy that the Company’s proprietary technologies convert into electricity.

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Novozymes Report Q1 Results, New Business Division

Novozymes AS (NZYM.CO), the world leader in “green chemicals,” which include enzymes used in cellulosic ethanol, reported significantly higher result for the first quarter of 2007. Sales grew by 18% (DKK 1,931 million from DKK 1,633 million in Q106), operating profit by 15% (DKK 359 million from DKK 313 million), and net profit by 30% to DKK 254 million. Earnings per diluted share were DKK 3.99 for the period, an increase of 34% compared with the first quarter of 2006. Free cash flow before acquisitions was DKK 308 million, on a par with the first quarter of 2006 Return on invested capital (ROIC) rose to 22.4% from 18.4% in the same period of 2006. Novozymes is adjusting its outlook for 2007 upwards, assuming exchange rates for the company’s key currencies remain the same for the rest of 2007. The updated outlook for 2007 includes the effect of the settlement in connection with the patent infringement suit against Danisco. Expected growth in sales in local currencies is being increased to 11-13% (from 8-10%), while growth in sales in DKK is expected to be 8-10% (previously 7-9%). Operating profit is now expected to increase by 11-13% (previously 5-7%). The outlook for growth […]

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Wind Energy America to Purchase Wind Farms

Wind Energy America, Inc. (OTCBB:WNEA) has signed a Letter of Intent (LOI) to purchase the developer’s stake in four wind farms owned by Northern Alternative Energy Inc., a Minnesota-based corporation. The wind farms are located on Buffalo Ridge in southwest Minnesota, have a combined nameplate rating of 55 MW, and collectively produce approximately 170,000,000 Kwhrs (kilowatt hours) of electricity annually. Wind power produced from these wind farms is sold to Northern States Power/Xcel Energy (NYSE:XEL) under long-term power purchase agreements. Terms of the LOI call for Wind Energy America to pay a cash amount plus issuance of 4,000,000 shares of its common stock which represents approximately 28% of the total purchase price. Robert (“Bobby”) Williams, Chairman of Wind Energy America, stated – “We believe these wind farms represent a great core holding for us, since these key Buffalo Ridge sites provide us with a superior opportunity for future development. In conjunction with our other current and planned investments, this acquisition will represent a major step toward our primary strategic plan of building a profitable portfolio of wind power assets.” Greg Jaunich, Managing Director of Northern Alternative Energy, commented – “Our willingness to accept an equity position in Wind Energy America […]

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