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Weekly Clean Energy Roundup:April 5, 2006

News and Events Washington State Approves New Biofuels Requirement Xcel Energy Plans to Finance Large Solar Power Plant in Colorado Sustainable Business Group Develops Zero Energy Buildings Honda and ZAP Introduce New Subcompact Cars to the United StatesNews and EventsWashington State Approves New Biofuels RequirementWashington Governor Chris Gregoire signed a bill last week that will require fuel suppliers to ensure that ethanol provides 2 percent of the gasoline they sell, and that biodiesel provides 2 percent of the diesel fuel they sell. Senate Bill 6508 sets different timetables for the two biofuels. For ethanol, the 2-percent requirement takes effect on December 1st, 2008. The ethanol requirement could eventually increase to as much as 10 percent of the gasoline sold, so long as sufficient agricultural sources are available in the state and burning the ethanol-rich fuel isn’t hurting the state’s air quality.For biodiesel, the requirement goes into effect on November 30th, 2008, or when in-state agricultural sources can meet the 2-percent requirement, whichever comes first. The biodiesel requirement will increase to 5 percent of the diesel fuel sold once the state has enough agricultural supply and seed-crushing ability to meet a 3-percent requirement. In addition, beginning on June 1st, 2009, all […]

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SatCon Wins $1.1 Million Navy Contract

SatCon Technology Corporation (Nasdaq NM: SATC) has been awarded a Phase II SBIR ‘cost-plus’ contract for an integrated motor propulsor (IMP) with the Office of Naval Research (ONR). The total value of the contract is $1.1 Million and will be funded over the term of the project. SatCon will design, fabricate, test, and deliver a complete integrated motor propulsor (IMP) system including motor, controller, and podded propulsor. An IMP enables propulsion for marine vehicles without any mechanical shaft couplings to a power generation source. Final unit delivery and testing at a Navy facility is scheduled for early 2008. “SatCon is pleased to continue our strong relationship with the US Navy,” stated SatCon’s President and Chief Operating Officer, Millard Firebaugh. “Not only does this contract support our stated strategic initiative to expand our Navy business, but contributes to other product initiatives within SatCon, such as advanced micro-hydro power generation using rim-driven motors. The technology developed as a result of this effort will benefit our hybrid electric vehicle and aerospace offerings for higher power density, higher efficiency electric drive solutions.” This propulsor technology expands on machinery research and development conducted at SatCon on low weight permanent-magnet rim-motors for naval underwater propulsor applications, […]

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Energy Conversion Devices Raises Additional $51M

Energy Conversion Devices, Inc. (ECD Ovonics) (Nasdaq: ENER) has announced that the underwriters of its public offering of 7,000,000 shares of common stock, completed on March 7, 2006, have exercised their over-allotment option in full and purchased an additional 1,050,000 shares of ECD common stock. ECD Ovonics received an additional $51.4 million in gross proceeds from the exercise of the over-allotment option, before underwriting discounts and commissions and expenses payable by the company, bringing the total gross proceeds to ECD Ovonics from the offering to approximately $375.6 million. In February, the Board of Directors of ECD Ovonics approved a plan to expand the solar module manufacturing capacity of ECD Ovonics’ wholly owned subsidiary, United Solar Ovonic, to 300 megawatts (MW) by 2010. Approximately $150 million of the net proceeds from the March 2006 equity offering will be used for the next phase of the expansion plan, which includes the construction of a 50MW manufacturing facility in Greenville, Mich., announced by ECD Ovonics on March 22, 2006. United Solar Ovonic’s existing 25MW production facility is located in Auburn Hills, Mich. In July 2005, United Solar Ovonic broke ground for a second 25MW production facility also located in Auburn Hills. UBS Investment […]

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Ormat Prices Follow-On Offering of 3.5M Shares

Ormat Technologies, Inc. (NYSE: ORA) has announced that it priced a follow-on public offering of 3,500,000 shares of its common stock at $35.50 per share. The Company estimates that the net proceeds resulting from the offering will be approximately $117.2 million after deducting fees and commissions and estimated offering expenses associated with the offering. The closing of the offering is scheduled for April 10, 2006. The Company expects to use the aggregate net proceeds from this offering for its general corporate purposes and those of its consolidated subsidiaries, which may include construction of geothermal and recovered energy generation power plants and other investments, and financing possible acquisitions. Lehman Brothers Inc. and Goldman, Sachs & Co. are acting as joint book-running managers, Citigroup Global Markets Inc. is acting as joint lead manager and HSBC Securities (USA) Inc., RBC Capital Markets Corporation and Dundee Securities Inc. are acting as co-managers for the offering. About Ormat Technologies Ormat Technologies, Inc. is a vertically integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal power plants. Website: http://www.ormat.com     

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US Businesswoman Offers $16M to End Canadian Seal Slaughter

In a just-released letter to Canadian Prime Minister Stephen Harper, Cathy Kangas, CEO and Founder of PRAI Beauty, a global beauty company, has offered to raise the $16 million that Canadian fishermen will realize from the sale of the pelts of slaughtered baby seals. Ms. Kangas wrote: “If you stop this year’s hunt immediately, we will provide you with the $16 million to be distributed at your discretion.” The Canadian government has stated repeatedly that the seal hunt provides needed off-season income to the fishermen in the communities of the Gulf of St. Lawrence and Newfoundland. Ms. Kangas also proposed working with the Canadian government to institute a program to buy back existing fishing licenses and launch a program of eco-tourism in Northeastern Canada to replace the seal hunt. “Canadian fishermen could earn more money serving as park rangers for high end tours to Canada to see the beautiful spectacle of seals giving birth on the ice floes,” she noted. She said that whale-watching tours in Canada have been very successful attracting visitors. “We are providing you with an alternative to what Paul McCartney called ‘a stain on the character of the Canadian people.’ If this is really simply an […]

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