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Plug Power Gets South Africa Order

Plug Power Inc. (Nasdaq: PLUG) has received a follow-on order from South African distributor, IST Holdings, for 120 of the Company’s GenCore® backup fuel cell systems. “This represents Plug Power’s largest single purchase order to date from an international distributor and is also a resounding testament to our aggressive engagement of the South African market with IST,” said Greg Silvestri, Plug Power’s President. Plug Power will continue to build on its growing presence in South Africa and is currently participating in the 9th annual GSM 3G Africa conference, a leading Pan-African communication event. Plug Power is exhibiting its GenCore backup fuel cell system, including a new battery free model that utilizes ultracapacitor technology. More than 3,500 attendees, including representatives of Africa’s leading telecommunication and utility companies, are expected to attend the event. “The ultracapacitor feature allows us to better meet the demands of customers that require reliable on-site backup power in remote regions, where immoderate climates and severe temperatures negatively impact battery life spans and overall performance,” noted Mark Sperry, Plug Power’s Chief Marketing Officer. In December 2005, the International Finance Corporation (IFC), the private sector arm of the World Bank Group, awarded a $3 million grant to IST and […]

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Cree 1Q Profit Falls, but Tops Estimates

Cree, Inc. (Nasdaq: CREE), manufacturer of semiconductors and light-emitting diodes (LEDs)announced revenue of $103.9 million for its fiscal Q1, a 1% increase from the same period last year. Net income dropped though to $13.3 million, or $0.17 per diluted share, compared to $21.7 million or $0.28 per diluted share for the first quarter of 2006. “Q1 was a solid quarter for Cree, as we delivered earnings at the high end of our previously announced target range,” stated Chuck Swoboda, Cree chairman and CEO. “While short-term market conditions remain challenging, we continue to make outstanding progress towards our goal of enabling LEDs to become a cost-effective, energy-saving alternative for lighting applications. The recently introduced EZBright(TM)1000 LED power chip and the latest XLamp® 7090 power LED have established a new class of performance by dramatically increasing the light output and efficiency provided by LEDs. Looking forward, we are on track with our strategy to broaden our product lines into higher- value components for the tremendous markets in lighting and power.” Recent Business Highlights: * Closed the acquisition of INTRINSIC semiconductor, which is targeted to accelerate development of larger-diameter, high-quality SiC wafers, enabling higher power semiconductor devices and lower-cost LEDs. Released the EZBright1000 […]

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Democratic Senators Urge Bush to Significantly Increase Clean Energy Funding

On October 11th, Democratic Senators wrote President Bush urging him to include in his FY 2008 budget funding to support an Appolo scale project on clean energy for the 21st Century. The letter to President Bush stated: “Toward this end, we hope that your fiscal year 2008 budget request will include significant increases in funding to promote and accelerate energy efficiency, biofuels, alternative fuels and vehicles, including flex-fuel plug-in vehicles, clean coal and carbon sequestration, and clean and renewable energy. It should provide for expansion and long-term extensions of tax incentives and credits for production of renewable energy and fuels, for energy efficiency, investments and technology, and for manufacture of advanced efficient vehicles. A good starting point would be to at least fund the clean energy programs you enthusiastically supported in the Energy Policy Act of 2005.” The letter was signed by Senators Reid, Durbin, Cantwell, Bingaman, Byrd, Inouye, Dorgan, Feinstein, Kerry, Wyden, Obama, Lieberman, Menendez, Stabenow, Landrieu, Reed, Johnson, Lautenberg, Leahy Akaka, Boxer, Salazar, Dodd and Baucus.

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