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Trina Solar Files for IPO

Trina Solar Ltd., a solar manufacturer based in China, has filed for an initial public offering on the New York Stock Exchange, under the ticker symbol “TSL.” Trina will be the second Chinese solar company to go public on a US exchange, following on Suntech’s (NYSE: STP) successful IPO on NYSE last December. The company filed to sell 5.3 million at an estimated price range of $13.50-$15.50 a share to raise about $77 million in the IPO. The company plans to use the proceeds to purchase raw materials, complete a solar-cell manufacturing plant and expand production lines, to expand research and development efforts and for general corporate purposes. Suntech Power supplies solar cells to Trina Solar. For the nine months ended Sept. 30, the company earned $7.8 million on revenue of $75.7 million.

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Hydrogenics Names New CEO

Hydrogenics Corporation (TSX:HYG.TO; NASDAQ:HYGS), a manufacturer of hydrogen and fuel cell products, announced that Daryl Wilson, has been appointed President and CEO. Wilson replaces co-founder Pierre Rivard, who announced in September that he would move into the advisory role of Executive Chair upon the successful completion of a search for his successor. “Hydrogenics has reached the point where we’re ready to move beyond the early development stage and exploit the tremendous commercial opportunities that are emerging in this industry,” said Mr. Wilson. “The board of directors and Pierre recognized that new, yet complementary, management skills were needed for this next step in the company’s development.” Wilson has held senior positions with Royal Group Technologies, ZENON Environmental, TOYOTA and Dofasco. “With Daryl’s tremendous leadership related to growth and operational excellence in technology development and manufacturing, and with Pierre’s continued involvement as an industry statesman and strategic advisor, Hydrogenics now has the essential strength to build on its market and technology leadership in hydrogen and fuel cell products and systems,” said Lead Director Norman Seagram. “Pierre has been a driving force behind Hydrogenics’ success since its inception, and Daryl provides new areas of management expertise and execution that will benefit our shareholders, […]

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Environmental Technologies Fund Closes

The UK-based Environmental Technologies Fund (ETF) has closed its first venture capital fund with Euro 50 million (US$70M). The fund has considerable additional indications of interest and anticipates a second close in Q1 2007. Investors in this first close include Swiss Re, the European Investment Fund, and a number of leading pension funds and financial institutions. ETF believes it is the first Cleantech fund in Europe to be backed exclusively by financial institutions. The Fund will invest in outstanding growth companies in such areas as energy storage and conservation, emissions reduction, renewable energy, water, “smart building” technologies, applied materials and recycling. It will invest on a pan-European basis. Cleantech is a rapidly growing category in the venture capital industry. In Europe, venture firms have invested close to Euro 1 billion annually in cleantech companies in recent years. In the United States, Cleantech has become the third largest investment category after biotechnology and software, growing from less than 2% in 1999 to 13% in 2006. ETF plans to raise Euro 150 million (US$200M) to invest on a pan-European basis with emphasis on the UK, the Nordic Countries, Germany, Benelux and Switzerland. ETF defines the cleantech sector as technologies and services that […]

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Victoria's Secret to Green its Catalog

Limited Brands, Victoria’s Secret parent company relesased a new policy which could raise environmental standards for the catalog industry. The company revealed a new policy, unprecedented in its scope, which includes several landmark environmental measures and ensures that the pulp for the company’s catalog paper will not come from Endangered Forests. A new paper contract was also signed in accordance with the new policy. Said Todd Paglia, Executive Director of ForestEthics, the NGO that ran the compaign, “The steps they’ve taken make up one of the strongest environmental policies to result from a corporate campaign, and we applaud them for it. They’ve set a new standard, one that we expect other major catalog companies to meet or exceed.” Two years ago, ForestEthics launched a campaign against Limited Brands/Victoria’s Secret and shortly after began discussions with the company. Since then, Limited Brands has increased their use of post consumer waste (PCW) recycled content and been transitioning its clearance catalogs to sustainable paper with 80% PCW recycled content. New, groundbreaking measures include: * Limited Brands has partnered with its paper supplier to eliminate all pulp supplied from the Boreal Forest (Alberta’s Rocky Mountain Foothills) and British Columbia (Inland Temperate Rainforest). * Shifting […]

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Occidental Petroleum Withdraws from Amazon

Occidental Petroleum announced it would withdraw from the Peruvian Amazon. For the first time in 30 years, the company will not be drilling in the Amazon. The news comes as indigenous leaders from the Peruvian Amazon visit Los Angeles to demand the company remediate the contamination and vow never to return to Achuar lands, where Oxy and other US companies still hold drilling rights. “We welcome this news and thank Oxy for finally respecting our rights,” said Gonzalo Payma Sandi, a leader of the Achuar people. “And we will also continue demanding that Oxy assume responsibility for the toxic contamination it left on our territory. We very much hope that Oxy will clean up the pollution and justly compensate the affected communities.” Lawrence Meriage, Oxy’s Vice President of Public Affairs said, “Oxy has informed the government of Peru of our intention to cease all activities in Peru and exit the country. This decision was made for a combination of business and technical considerations, and community issues.” The decision brings Oxy’s practices in the Amazon into line with its Human Rights Policy, adopted by its board of directors in December 2004. Currently, Oxy also holds rights to new drilling concessions on […]

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