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Millennium Cell Reports Third Quarter Results

Millennium Cell Inc. (NASDAQ: MCEL), a leading developer of hydrogen battery technology reported a net loss for the quarter ended September 30, 2005 of $3.4 million, or $0.08 per share, as compared to $2.3 million, or $0.06 per share in the same period of 2004. The increase in net loss is attributable to non-cash interest expense incurred to convert a substantial portion of its convertible instruments during the third quarter. In addition, professional fees increased over the same quarter in the prior year. The results were within expectations for the third quarter. The company said it made several improvements to its balance sheet during the quarter. Firstly, nearly half of the $10 million of Series C Preferred Stock, issued in April 2005, were converted into common stock. Secondly, the remaining $1.0 million of unsecured debentures were converted into common stock. Lastly, Ballard Power Systems sold $2.4 million of its secured debentures to a group of accredited institutional investors. Millennium Cell and the new holders of the debentures are currently working to modify the terms of the secured debentures with the goal of releasing the restricted cash for use in operations. “Actions taken by Millennium Cell and by major stockholders this […]

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Portugal Launches World's Largest Solar Project

The operating permit for the world’s largest solar plant has been granted in Portugal by economy minister, Manuel Pinho. 350,000 solar panels will be spread over 114 hectares, making it several times larger than the largest existing solar plant, in Germany. The installed capacity of 49.6 megawatts will be able to produce 88 gigawatts of electricity a year. The 250 million euro project will create about 430 jobs. There will also be a BP solar panel factory and a research lab on the site.

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EPA Green Power Partnership Tops 3 Billion Kilowatts

EPA announced its Green Power Partnership has grown to 600 partner organizations purchasing more than 3 billion kilowatt hours (kWh) of green power annually, enough to power 300,000 American homes each year. This voluntary program includes Fortune 500 companies, universities, and local, state, and federal agencies. Green power currently accounts for just 2 percent of America’s electricity supply, but voluntary purchasing of renewable energy is accelerating the development of new renewable energy sources. The voluntary green power market currently supports over 2,200 megawatts of new renewable generating capacity. The Green Power Partnership has grown dramatically since it was launched with 21 Founding Partners in 2001. The 3 billion KWh purchased by the partnership has doubled in the past 15 months and grew 10-fold over the past four years. Partners in the program pledge to switch to green power for a specified minimum percentage of their electricity needs in return for EPA technical assistance and recognition. “Five years ago, the voluntary green power market was focused primarily on residential purchasers, and there were only a handful of significant non-residential purchasers,” said Douglas L. Faulkner, acting assistant secretary for Energy Efficiency and Renewable Energy at the U.S. Department of Energy. “The entry […]

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