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NREL Scientists Win $1M Energy Prize

Two scientists at the U.S. Department of Energy’s National Renewable Energy Laboratory have been named Dan David Prize Laureates for 2007. Jerry Olson and Sarah Kurtz will receive their award in a March 8 ceremony in Paris. The NREL scientists will share the $1 million prize in the Future Time Dimension: Quest for Energy with NASA climate scientist James Hansen. Olson and Kurtz were selected for their “exceptional and profound contributions to the field of photovoltaic energy,” the prize committee said. Solar cells based on the scientists’ work “have the potential to alleviate the world’s impending energy crisis,” the committee wrote. “We are extremely proud of Sarah Kurtz and Jerry Olson for receiving this prestigious, international recognition from the Dan David Foundation. Their work in advancing the development of solar technology exemplifies the progress of the National Renewable Energy Laboratory in addressing the enormous global energy challenges ahead,” said James L. Spigarelli, President and CEO of Midwest Research Institute, the organization that manages NREL for the U.S. Department of Energy. “I also applaud the Dan David Prize for recognizing the achievements being made in energy technology at a time when energy concerns are paramount throughout the world.” The scientists pioneered […]

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AMSC to Acquire Power Quality Systems

American Superconductor Corporation (NASDAQ: AMSC), has signed a merger agreement to acquire Power Quality Systems, Inc. (PQS) in an all-stock transaction valued at approximately $3.8 million, or approximately 1.3 times PQS sales for calendar year 2006. Based in Pennsylvania, PQS offers reactive compensation products known as Static VAR Compensators, or “SVCs,” based on its proprietary thyristor switch technology. These products enhance the reliability of power transmission and distribution grids and greatly improve the quality of power for manufacturing operations. The acquisition is expected to close in April 2007. Thyristor switches are the heart of many power electronic-based reactive compensation products, including SVC systems. These systems are used to regulate and stabilize power grid voltage, which increases grid reliability and allows more power to be transmitted over existing power transmission lines. Utilizing PQS’s proprietary thyristor switch, AMSC expects to offer SVC systems that not only have a lower initial cost, but also lower energy and maintenance costs and a smaller footprint when compared with conventional products. “The proprietary technology PQS has developed and marketed over the past 10 years will significantly enhance AMSC’s reactive compensation product offerings,” said Greg Yurek, founder and chief executive officer of AMSC. “PQS sales to date […]

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Maxwell Reports Q4, 2006 Results

Maxwell Technologies, Inc. (Nasdaq: MXWL) reports net income of $633,000, or $0.03 per share, on revenue of $15.1 million for its fourth quarter ended December 31, 2006, compared with a net loss of $1.1 million, or $0.06 per share, on revenue of $12.6 million for the same period in 2005. BOOSTCAP® ultracapacitor revenue for the quarter totaled $5.4 million, compared with $3.2 million for the same period in 2005, an increase of 53%, year-over-year, from $12.1 million in fiscal year 2005, to $18.5 million in FY2006. “Heavy transportation, wind energy and telecommunications applications were mainly responsible for ultracapacitor revenue growth in 2006,” said Dr. Richard Balanson, Maxwell CEO. Although it appears that ultracapacitor revenue will be lower in Q1 than it was in Q4 as a result of a major customer’s internal production delays unrelated to ultracapacitors, we expect sales into those key applications to be major drivers in accelerating demand exiting Q1 and for the remainder of 2007. While overall growth prospects for the full year remain bright, we expect company revenue for the first quarter ending March 31 to be lower than it was in the fourth quarter, due to the combined effect of the aforementioned delayed ultracapacitor […]

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Bank of America Announces $20 Billion Environmental Initiative

Bank of America Corporation announced a $20 billion initiative to support the growth of environmentally sustainable business activity to address global climate change. Bank of America’s ten-year initiative encourages development of environmentally sustainable business practices through lending, investing, philanthropy and the creation of new products and services. Said Kenneth Lewis, Bank of America chairman and CEO, “Today, we have a tremendous opportunity to support our customer’s efforts to build an environmentally sustainable economy – through innovative home and office construction, new manufacturing technology, changes in transportation, and new ways to supply our energy.” Under its environmental initiative, Bank of America will emphasize the business opportunities created by “green” economic growth by providing critical financing to encourage the development of environmentally sustainable products and technology; accelerate the deployment of existing technology; and increase energy efficiency. Bank of America will commit $18 billion in lending, advice and market creation to help commercial clients finance the use and production of new products, services and technologies: * Commercial Real Estate Banking: The company will build upon its expertise in financing environmentally friendly development by creating customized solutions for clients who are developing and implementing environmentally sustainable designs. Areas of focus include financing real estate […]

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