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ECO2 Plastics Closes $10M in Financing

ECO2 Plastics (formerly ITEC Environmental Group, ITEC.OB), announced it has closed a convertible debenture financing round of $10 million. ECO2 Plastics is now fully capitalized, having raised $13 million, $3 million of which was announced previously. The Financing included an investment by Roaring Fork Capital SBIC, L.P., and investments by a number of high net worth investors. The Financing will be used to ramp up the first recycling plant in Northern California to full-scale operation and begin development on a second plant in Southern California. ECO2 Plastics is pursuing a strategy of owning and operating plastic recycling plants worldwide. The Company’s proprietary technology positions ECO2 Plastics as the lowest cost, highest quality producer of recycled plastic flake in the industry. “With its unique technology, strong management team, compelling business model, and commitment to revolutionizing recycling, ECO2 Plastics is an outstanding addition to Roaring Fork’s portfolio of investments,” said Eugene McColley, co-founder and Managing Partner, Roaring Fork Capital Management. ECO2’s typical recycling plant can produce 9,000 lbs. of clean plastic flake per hour. A similarly sized water-based plant consumes up to 4,500 gallons of water per hour, twenty-four hours a day, seven days a week, then disposes the water, chemical contaminants, […]

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Hoku Scientific & Solar-Fabrik Increase Silicon Supply Agreement

Hoku Materials, a division of Hoku Scientific, Inc. (NasdaqGM:HOKU) established to manufacture and sell polysilicon for the solar market, and Solar-Fabrik AG (XETRA:SFXG.DE), a vertically integrated solar power company, announced they have increased the total amount of their planned contract to approximately $175 million, and have extended their deadline to finalize a polysilicon supply agreement. On December 5, 2006, the parties announced that they had signed a non-binding Memorandum of Understanding (“MOU”) whereby Hoku would supply polysilicon to Solar-Fabrik over a fixed number of years at pre-determined pricing on a non-cancelable order. The MOU provided that sales of polysilicon were expected to generate between $120 and $140 million in revenue for Hoku over a several-year period commencing in approximately two years. The parties intended to conclude a definitive agreement within 60 days after signing the MOU. Based on continuing discussions and negotiations, the parties have decided to increase the total amount of the contract to approximately $175 million, and have provided for additional time to complete the definitive agreement. The parties intend to sign a definitive agreement within the next few weeks. “In light of the positive progress that Hoku has made over the past few months with its polysilicon […]

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U.S. Senators Snowe, Kerry Reintroduce Climate Bill

U.S. Senators Olympia J. Snowe (R-Maine) and John Kerry (D-Mass) have reintroduced bipartisan legislation to reduce the emissions of the greenhouse gases that cause global warming. The “Global Warming Reduction Act” sets greenhouse gas emissions targets and include incentives to buy efficient products that reduce greenhouse gas emissions for American homes, businesses and roads. Snowe and Kerry also announced that they would hold a hearing on the role of small business in slowing climate change in the next few weeks, in their capacity as the Chair and Ranking Member of the Committee on Small Business and Entrepreneurship. GLOBAL WARMING REDUCTION ACT HIGHLIGHTS: ” Requires that the U.S. freeze emissions in 2010 and then calls for a gradual reduction each year to 65 percent below 2000 emissions levels by 2050. The bill achieves these targets through a flexible, economy-wide cap-and-trade program for greenhouse gas emissions. ” Provides immediate incentives to reduce emissions, producing direct results in the near-term. ” Requires that passenger vehicles reduce their global warming pollution. ” Includes measures to advance technology and reduce emissions through clean, renewable energy and energy efficiency in the transportation, industrial and residential sectors. ” Requires the US to derive 20% of its electricity […]

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Seattle Mayor Launches

Seattle Mayor Greg Nickels has launched a campaign to achieve meaningful federal action to combat climate change. Speaking at a news conference at the annual winter meeting of the U.S. Conference of Mayors, Nickels announced the Mayors Climate Campaign 2007, which will press the 110th Congress to: Fund an Energy and Environmental Block Grant of $4 billion to help cities combat global warming by increasing community energy efficiency; Establish a national cap on greenhouse gas emissions and a flexible market-based system of tradable allowances for emitting industries; and Pass climate-friendly energy and transportation policies. “Change is in the air and the time to act is now,” said Mayor Nickels. “In Seattle, where our electric utility is carbon neutral, we are showing that you can power a city without toasting a planet. Now we need our leaders in Washington to step up to the aggressive but achievable goal of cutting emissions 80 percent nationwide by 2050.” Nickels and nine other mayors started the U.S. Mayors Climate Protection Agreement in February 2005. To date, 376 mayors from all 50 states plus the District of Columbia, representing more than 56.4 million Americans, have signed the pledge to take action to cut local emissions […]

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