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Novan To Acquire Colorado Solar Firm

Novan Renewable Technologies, Inc. of Denver has signed an agreement to acquire Sundance Power, LLC of Golden, Colorado. Sundance provides solar photovoltaic (PV) design, engineering, and construction services for builders and developers, utilities, government agencies, and companies interested in grid-tied solar applications. Sundance currently has projects for new housing underway in California and is developing projects in Colorado. Kirk Stokes, president of Sundance, has over 20 years of renewable energy experience and will be joining the management team of Novan as president. Sundance will become a wholly-owned subsidiary of Novan doing business under the name Novan Power, Inc. “We are excited to join the Novan team and be positioned as one of the leading solar suppliers in the West,” stated Kirk Stokes. “It marks the beginning of Novan’s strategy to combine well-respected entities in the clean energy arena with an initial focus on solar. Novan is still exploring other acquisition opportunities in the rapidly expanding renewable energy market.” Novan develops and markets clean energy solutions primarily for business-to-business residential and commercial applications. Website: http://www.novanenergy.com     

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Trina Solar in China Signs $30M Agreements

Trina Solar Energy Co., Ltd., a solar cell producer based in Changzhou in Jiangsu Province, signed a strategic cooperation agreement with Merrill Lynch and Milestone Capital Management Ltd. on April 29. After three months of talks, Merrill Lynch and Milestone Capital Management agreed to provide funds of USD 30 mln to Trina Solar Energy to expand its production capacity. It is estimated that the Trina will lift output to 50 MW in 2006, and the company aims to lift that to 200 MW in 2008 and 360 MW in 2010 with the support of international funds. A complete industrial chain will be finished at that time. Changzhou Trina Solar Energy Co., Ltd. was established in 1998, and it became the first to industrialize photovoltaic production in Jiangsu Province. Trina developed China’s first pilot solar energy house, which is included in the environmental protection activities for the 2008 Beijing Olympics. The company earned RMB 330 mln (USD 41.25 mln) in revenues and RMB 30 mln (USD 3.75 mln) in profits in 2005. It expects to bring total revenues up to RMB 1.5 bln (USD 187.5 mln) for this year.

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Cree and Seoul Semiconductor Expand Relationship

Cree, Inc. has signed a five-year supply agreement with Seoul Semiconductor Co., Ltd., a strategic LED chip customer headquartered in Korea. Seoul Semiconductor has committed to purchase at least $40 million of LED products during the first five quarters of the agreement. Purchase commitments for subsequent periods are to be negotiated annually. The agreement extends through Cree’s fiscal year ending June 2011 and may be extended up to five additional years if certain sales conditions are met. Cree also announced that the parties have entered into a license agreement pursuant to which the parties have cross-licensed certain patent rights relating to white LED technologies and have agreed to cooperate in defending these rights. The license granted by Cree to Seoul Semiconductor includes Cree’s U.S. Patent No. 6,600,175 and is one of several Cree has granted to its strategic partners under the ‘175 patent. “We are pleased to announce these agreements with Seoul Semiconductor, which are the results of several years of strong cooperation between our two companies to win market share for white LEDs. Our success to date has been mostly focused on design wins in the Korean market and we look to further expand this success on a worldwide […]

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