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DaimlerChrysler to Partner with NextEnergy

DaimlerChrysler announced it will collaborate with Detroit-based NextEnergy, Inc., and Biodiesel Industries, Inc., to develop advanced renewable fuels. The partners will focus on research targeting biodiesel fuel development and technical innovation, as well as the development and refinement of industry standards for the rapidly-growing biodiesel industry. NextEnergy, located in Detroit’s TechTown entrepreneurial community, is a non-profit organization created by the State of Michigan to advance the Alternative Energy Technology industry in Michigan. Biodiesel Industries, headquartered in Santa Barbara, California, claims the largest network of biodiesel production facilities in the nation. DaimlerChrysler’s Jeep Liberty CRD diesel is the first mid-sized SUV with a diesel powertrain in the U.S. market. Every Jeep Liberty CRD leaving the factory in Toledo, Ohio, is fueled with B5, 5 percent biodiesel made with soybeans grown and refined in Ohio. Liberty CRD has already exceeded initial estimates for first-year sales, with more than 6,300 sold; more than 10,500 units have been built and shipped to dealers. To support the research programs at NextEnergy, DaimlerChrysler will commit currently unused land at a former SuperFund environmental site for use in producing soybeans, and perhaps other oil-bearing crops, for use in NextEnergy research programs.

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Solar Firm ErSol Goes Public

Shares in the German solar company ErSol rose dramatically on their first day of trading on the Frankfurt stock exchange, demonstrating investors’ growing interest in the renewable energy sector. ErSol, a photovoltaic cell manufacturer, saw its shares rise from the issue price of 42 euros to 65 euros ($78), but fell back afterwards due to profit-taking. By the day of the IPO, ErSol shares were 50 times oversubscribed. ErSol, which opened its doors in 1997, has annual sales of about 50 million euros. The company issued 3.659 million shares as part of the IPO, pocketing a total 154 million euros in proceeds. The company plans to use the funds for capacity expansion. Another German maker of solar cells, Q-Cells, is scheduled to go public on October 5. Its shares are being offered to investors in a price range of 35-38 euros.

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SolarWorld Lay Foundation for Largest Project to Date

SolarWorld AG’s subsidiary Deutsche Solar AG, is about to begin construction on its second factory to produce solar silicon wafers in Freiberg/Saxony. This will be the largest expansion project of the solar technology group to date. “With Wafer Factory II we are expanding our production capacities initially to 220 Megawatt (MW) by the end of 2006,” announces Prof. Dr. Peter Woditsch, CEO of Deutsche Solar AG. “The building and the infrastructure will be designed to allow for a later increase in capacities to at least 270 MW.” Deutsche Solar AG currently has 160 MW of capacity. The cost to expand is 80 million EUR and is expected to be completed by mid-2006. Website: http://www.solarworld.de     

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Intermagnetics Reports Strong Q1 Revenue, Net Income

Intermagnetics General Corporation (Nasdaq: IMGC), reported that first-quarter normalized net income from operations climbed to $6.1 million, or $0.21 per diluted share, from $4.3 million, or $0.16 per diluted share, a year earlier. Reported net income increased to $5.1 million, or $0.18 per diluted share, from $3.4 million or $0.13 per diluted share. Revenues for the quarter ended August 28, 2005, rose to just over $71 million from $51.5 million. “All operating segments delivered exceptionally strong revenues during the quarter,” said Glenn H. Epstein, chairman and chief executive officer. “As previously forecast, gross margins declined slightly due to introductory batches of a key new MRI segment product line. Stronger than anticipated demand of OEM channel products at contract volume pricing within the Medical Devices Segment was also a factor. We continue to expect margins to strengthen in the second half of our fiscal year and reaffirm our forecast of sales growth in excess of 15 percent and earnings growth in excess of 20 percent for fiscal 2006 versus normalized continuing operations last year.” Website: [sorry this link is no longer available]     

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