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Plextronics Named Clean Energy Entrepreneur of the Year

Plextronics, Inc. has been selected as the recipient of this year’s Clean Energy Entrepreneur of the Year award from the U.S. Department of Energy’s National Renewable Energy Laboratory (NRE). The award was given to the company that has the best chance of future success and who, in the judges’ opinion, made the best overall presentation at NREL’s investment forum. “We are honored by this award and would like to thank the judges and NREL for recognizing the potential of Plextronics’ Plexcore(TM) technology,” stated Andrew Hannah, Plextronics’ President and CEO. “We are committed to delivering revolutionary renewable energy products based on Plexcore including organic solar cells and white lighting with the goal of providing both an economic and environmental benefit.” Hannah praised the Commonwealth of Pennsylvania and its Department of Environmental Protection for its leadership in developing an aggressive Alternative Energy Portfolio Standard, which is one of the most progressive in the nation, requiring that 18% of all retail energy generated by 2020 comes from clean resources. Plextronics has been awarded $1.3 million in grants and loans through the Pennsylvania Energy Development Authority to advance its organic photovoltaic program. “The Commonwealth and DEP have been great partners and advocates of our […]

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Solarfun Power Files U.S. IPO

Solarfun Power Holdings Co. Ltd., a photovoltaic cells and modules manufacturer based in Qidong, China, announced plans to sell 12 million American depositary shares – each worth five common shares in the range of $11.50-$13.50 in an initial public offering. The company’s stock ticker will be “SOLF.O”. Goldman Sachs (Asia) and CIBC World Markets will have the option to buy 1.8 million additional ADSs from selling shareholders.

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Power Efficiency Completes Financing

Power Efficiency Corporation (OTCBB: PEFF), a developer and marketer of advanced energy savings technologies for electric motors, announced it closed on $3.2 million in equity and $2.0 million in debt financing. Investors include members of management and the board of directors, an energy-focused hedge fund, and a number of high net worth individuals. The equity financing included sales of units comprised of two shares of common stock and one warrant. The purchase price for each unit was $0.60. Each warrant has an exercise price of $0.40 per share. The debt financing consisted of $2.0 million of two year, secured promissory notes. The Company also issued 2.5 million warrants to the debt investors. Each warrant has an exercise price of $0.40 per share. Half the warrants vest upon issuance of the notes, while the other half vest evenly for the first 24 months after issuance. With the financing, the Company retired two classes of existing notes originally issued in Spring 2006 and Winter 2004-2005, some of which was retired in exchange for the new notes. Said Steven Strasser, Power Efficiency Corporation’s Chairman and CEO, “This financing enables us to finalize development and commence selling the next generation of our digital products. […]

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ThermoEnergy Announces $1.5M Funding

ThermoEnergy Corporation (OTCBB:TMEN) has received a $1.5 million grantfrom the U.S. EPA to design, build and operate a prototype of the Company’s patented zero air emission power plant, the ThermoEnergy Integrated Power System (TIPS). The plant will be housed at the Canadian energy laboratory (CANMET) in Ottawa, and will provide the process data the Company needs for the design and construction of a commercial scale multi-megawatt demonstration facility in 2009. “A successful TIPS development program could significantly change the way in which coal-rich countries such as the US, China and India generates power,” said Dennis C. Cossey, CEO of ThermoEnergy Corporation. “Excessive airborne emissions of NOx, SOx, mercury, particulates and CO2 from coal-fired power plants will become a thing of the past.” TIPS is the realization of over six years of basic research and development and represents a totally different thermodynamic approach in power plant design. TIPS combines combustion of carbonaceous fuels – coal, natural gas, oil and biomass – with essentially complete recovery of all by-products; including CO2 in pressurized liquid form for sequestration or beneficial reuse. A recent study by CANMET, entitled “Feasibility Study of the ThermoEnergy Integrated Power System (TIPS) Process,” described TIPS as a new generation […]

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Key Bill Goes to President Bush for Signature

Over the weekend, both houses of the US Congress signed the Omnibus Tax bill which renews renewable energy federal tax incentives for another year. The bill has wide support in both houses and is expected to be signed by President Bush before the end of the year. The $45 billion package extends the $2.9 billion renewable-energy tax credit, which continues the Solar and Wind Production Tax Credits through 2008. This is good news for the wind industry, having endured boom and bust cycles associated with the expiration of the tax credit. Having the PTC extended well in advance assures strong growth in the US wind energy market through 2008. The legislation also extends the tariff on imported ethanol ($0.14 per litre) until 2009, which shows continued commitment to building domestic production. The legislation also contains incentives to develop new energy technologies, including a 50% accelerated depreciation allowance on cellulosic ethanol facilities. “This bill is a patch, and emphasizes the importance for Congress to enact long-term, comprehensive clean energy legislation when they return in January,” said Rhone Resch, President of the Solar Energy Industries Association. “The uncertainty that these tax credits would not be extended was already causing projects to be […]

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Private Investors, Gore Create New Pressure for Climate Change Action

Former US Vice President Al Gore says January 1st will be the launch of a campaign of “mass persuasion” to freeze carbon emissions. It will be modeled on the nuclear freeze movement of the 1980s, where a wide range of groups from entrepreneurs and activists to political leaders were involved. Gore made the announcement during a two-day Greentech Innovation Network meeting organized by Silicon Valley’s most powerful venture capital firm, Kleiner Perkins Caufield and Byers (KPCB). The group has decided to become involved on a national level, and is already talking with members of Congress. The objective of the 2-day meeting was to determine which policies and technologies could most effectively fight global warming. The Greentech Innovation Network, which consists of environmental entrepreneurs, policymakers and academics, helped convince California Gov. Arnold Schwarzenegger to sign the model carbons emission law, passed in September. Kleiner Perkins partner John Denniston said the group will help finance Gore’s political efforts. “If we put all our efforts on the parliaments, this will take decades,” said Iceland’s president, Olafur Ragnar Grimsson, a panelist at the meeting. “We need to build constructive alliances between the scientific community and the business community.” KPCB announced the inaugural winner of […]

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Debate in Minnesota Over Proposed Coal Plant Is National Test Case

The upcoming Minnesota Public Utilities Commission hearings on new coal plants are considered to be a national test on whether state regulators will allow utilities to build new coal plants in the face of financial risks to ratepayers and investors arising from increased global warming pollution. At issue is whether the Commission will approve construction of transmission lines associated with the Big Stone II coal plant, proposed to be built across the border in South Dakota but mainly intended to serve Minnesota consumers. The project cannot be built unless the seven utilities seeking to build it prove to the Commission that it is more cost-effective than efficiency investments or renewable energy technologies like wind power. Thus far, the Big Stone II utilities,­ like many utilities in the nation, have ignored the substantial financial risks associated with greatly increasing global warming emissions. Testimony by the Union of Concerned Scientists and other environmental NGOs shows the cost of Big Stone II could increase by 27-33 percent, or $95 million per year on average, when mid-range costs of expected federal carbon dioxide regulations are included. “Utilities are betting billions of dollars of ratepayer money on the reckless assumption that Big Stone II would […]

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