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Cree Announces $180M Agreement with Sumitomo

Cree, Inc. has announced that its Japanese distributor, Sumitomo Corporation, has agreed to purchase $180 million of Cree’s light-emitting diode (LED) and wafer products during Cree’s fiscal year ending June 2007, subject to end-customer demand and other terms and conditions. The $180 million represents approximately a 10-percent increase over Cree’s current estimate for fiscal 2006 sales to Sumitomo. Both companies anticipate that purchases will be made across Cree’s full line of wafer and LED chip products, including MegaBright, XBright, XThin and EZBright(TM) LEDs. “We are excited about promoting Cree’s advanced LED products in the coming year. Breakthroughs in performance are opening doors to multiple new applications, especially in the consumer electronics and general lighting areas,” states Koichiro Kusano, assistant general manager of Sumitomo’s Electronics Division. “This new agreement helps ensure that Sumitomo can support customers with the best products and services to realize the many new opportunities being pursued.” “I am pleased to announce this $180 million purchase commitment from Sumitomo for LED chips and wafers during fiscal 2007,” notes Chuck Swoboda, Cree’s chairman and chief executive officer. “We believe the agreement reflects the increasing optimism our sales team sees in Japan for increased market share in white mobile applications […]

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Praxair Announces Contract with Pasadena Refining

Praxair, Inc. (NYSE:PX) has announced a long-term agreement with Pasadena Refining System, Inc. to provide hydrogen to its Pasadena, Texas, refinery starting in April 2007. The hydrogen will be supplied from Praxair’s existing 310-mile Gulf Coast hydrogen system. Praxair’s hydrogen pipeline system, one of the largest in the world, is connected to a substantial portion of refining capacity on the U.S. Gulf Coast. Praxair’s Gulf Coast hydrogen supply capability will be approximately 700 million cubic feet per day (1,000,000 cubic meters per hour) upon start-up of new capacity later this year. Demand for Praxair’s hydrogen on the U.S. Gulf Coast is expected to increase by 15% to 20% per year through 2010 based on refiners’ needs to comply with Environmental Protection Agency regulations and the increasing volumes of high-sulfur crude oil being processed by refineries. Hydrogen removes sulfur from gasoline and other fuels during the refining process. Pasadena Refining System, Inc, was originally acquired from Crown Central Petroleum Corporation in January of 2005. The refinery is capable of processing 117,000 barrels per day of crude oil and other feed stocks. It is located on the Houston Ship Channel near the Washburn Tunnel. Website: http://www.praxair.com     

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Power Integrations Included in New Clean-Energy Stock Index

Power Integrations (Nasdaq:POWI) is now included in a new NASDAQ stock index tracking the performance of clean-energy companies. The NASDAQ Clean Edge U.S. Index includes companies engaged in the manufacture, development, distribution and installation of clean-energy technologies. NASDAQ launched the index on May 18 under the symbols CLEN and CLNX. Power Integrations’ integrated circuits (ICs) with EcoSmart technology reduce energy waste in products such as computer and A/V equipment, home appliances, cellphone chargers and other AC adapters. The company’s ICs are used in power supplies, which convert high-voltage AC power from a wall outlet into the low-voltage DC power needed by most electronic products. EcoSmart technology intelligently manages the flow of power through the power supply, reducing energy consumption during normal operation and cutting standby losses by up to 97 percent. Standby losses, the power consumed while an electronic product is plugged into a wall outlet but not in use, have been estimated to account for up to 10 percent of residential electricity consumption. Since 1998, Power Integrations has sold more than 1.1 billion chips with EcoSmart technology. As a result, consumers and businesses have saved more than an estimated $1.6 billion on their electricity bills, and approximately 10 million […]

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Fury Kicks Off Exxon Meeting

URL: http://www.planetark.com/dailynewsstory.cfm/newsid/36607/story.htm Website: http://www.planetark.com/dailynewsstory.cfm/newsid/36607/story.htm     

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