1. Home
  2. Articles posted by: Rona Fried (Page 1625)

SatCon Announces $12M Financing Transaction

SatCon Technology Corporation (Nasdaq NM: SATC) has entered into a definitive agreement for a $12 million private placement with institutional investors. The transaction is expected to fund today. First Albany Capital served as the placement agent for the transaction. “We greatly appreciate the tremendous vote of confidence in SatCon that this financing represents from our new institutional investors,” stated David Eisenhaure, Chairman and CEO. “The capital infusion fulfills part of SatCon’s overall financing strategy and supports our plans for growth in our core businesses of developing and manufacturing alternative energy products, components for hybrid electric vehicles and advanced micro-electronics. Achieving this financing milestone will allow us to accelerate the expansion of our alternative energy stationary power business under the management of Clemens van Zeyl.” The Senior Secured Convertible Notes to be issued in the financing will bear interest at the higher of 7.0% per annum or the six-month LIBOR plus 3.5% and will be convertible into SATC common stock at a conversion price of $1.65 per share, which represents a premium of approximately 6% over the average closing price of the Company’s common stock for the last 5 trading days. Subject to certain conditions, the Company may elect to make […]

Read More

EMCORE to Sell Electronic Materials Division

EMCORE Corporation (Nasdaq: EMKR) has agreed to sell the Company’s Electronic Materials & Device division (EMD) to IQE, plc (IQE). IQE, headquartered in Cardiff, Wales with United States operations in Bethlehem, Pa, will purchase the assets including inventory, fixed assets, and intellectual property of EMD for a total transaction value of $16 million. The transaction is subject to IQE shareholder approval authorizing the issuance and sale of additional shares of IQE and successful completion of a financing expected in mid-August. Closing is scheduled to occur immediately following completion of IQE’s financing. IQE was formed in May 1999 by the merger of two epitaxial wafer companies supplying electronic and optoelectronic materials produced using MOCVD (metal organic chemical vapor deposition) and MBE (molecular beam epitaxy) equipment platforms. EMD utilizes MOCVD technology developed by EMCORE to produce both GaAs and GaN based transistor wafers for use in power amplifiers and switches in GSM, CDMA multiband wireless handsets, Wi-MAX, Wi-Fi, cellular handsets, and in wireless LAN applications. IQE will continue to operate EMD in the Somerset, NJ facility. Approximately 50 employees will be transferred to IQE. “EMD has been an innovator in developing state of the art RF materials for over 10 years but […]

Read More

Ormat Receives $4.4M Order for Germany Plant

An Ormat Technologies, Inc. subsidiary has entered into a contract valued at $4.4 million with Geo X GmbH of Ludwigshafen, Germany, for the supply of one ORMAT Energy Converter (“OEC”) for a geothermal power plant, located in Landau, Germany. The equipment is to be supplied and installed within 17 months from the date of signature of the contract. The construction of the pre-assembled OEC at the Geo X site in Landau will be undertaken by a third party under a consortium agreement with Ormat. “This is the first order we have received for a geothermal plant in Germany. Construction of three other geothermal projects in Europe is being completed in the Azores Islands, Portugal and in Turkey. Geothermal plants using Ormat equipment in Europe are in operation in the Azores Islands, Iceland and Austria,” said Lucien Y. Bronicki, chairman of the board and chief technology officer of Ormat Technologies. Mr. Bronicki continued, “Europe’s energy policy agenda, which seeks both energy independence and emission reduction, offers Ormat important opportunities and the potential for further growth in our products business. Ormat’s OECs and Recovered Energy Generation (“REG”) systems for energy intensive industries are optimal solutions that deliver clean, reliable and secure energy […]

Read More