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Evergreen Solar Added to Russell 2000, Russell 3000 Indexes

Evergreen Solar, Inc. (Nasdaq: ESLR), a low-cost manufacturer of solar power products, is scheduled to join the Russell 2000 and Russell 3000 indexes. The newly reconstituted Russell indexes will become effective at the close of the U.S. markets on June 24, 2005. “During the past 12 months, Evergreen Solar has achieved several significant milestones, including strong revenue growth, positive gross margins, technological breakthroughs and our strategic partnership with Q-Cells,” stated Evergreen Solar President and Chief Executive Officer Richard M. Feldt. “Our addition to the Russell indexes is a reflection of the Company’s substantial progress and will help continue to raise our visibility on Wall Street.” Membership in Russell’s indexes is determined primarily by market capitalization rankings and style attributes. Russell indexes are widely used by managers for index funds and as benchmarks for both passive and active investment strategies.

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Canada Invests $28.3 Million in Innovative Technology

The Honourable David L. Emerson, Minister of Industry, announced investments totalling $28.3 million through Technology Partnerships Canada (TPC) with three innovative British Columbia small and medium-sized enterprises. These investments will advance research projects with the potential to benefit both the forest and hydrogen industries across Canada. “In Budget 2005, the Government of Canada made a specific commitment to investing in enabling and environmental technologies,” said Minister Emerson. TPC will be investing up to $9.8 million toward a $48.9-million research project undertaken by CellFor Inc. in Vancouver to develop and scale up a novel plant reproduction system for the selection and mass production of naturally occurring, genetically superior conifer seeds and seedlings. This is the first time these seeds and seedlings will be made available to the forest industry, offering the potential to enhance the industry’s productivity and improve the sustainability of Canada’s forests. In addition, TPC will invest in two hydrogen fuel cell technology research projects with the potential to advance the hydrogen economy, leading to reduced greenhouse gas emissions and contributing to a sustainable environment. TPC will invest up to $9.5 million toward a $28.9-million project undertaken by Cellex Power Products Inc. in Richmond. Through this project, the company […]

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United Solar Selects Site for 2nd Solar Manufacturing Facility

United Solar Ovonic LLC, a subsidiary of Energy Conversion Devices, Inc. (ECD Ovonics) (Nasdaq: ENER), has selected the site for its next thin-film solar panel manufacturing facility. Under a ten-year lease agreement between a unit of General Development Company LLC of Southfield, Mich., and United Solar Ovonic, General Development will construct a 160,000 square foot manufacturing facility for United Solar Ovonic at the Auburn Hills Commerce Park in Auburn Hills, Mich., near the current United Solar Ovonic manufacturing facility. Construction of the new facility is expected to begin in July following site plan approvals and issuance of building permits. Completion and occupancy of the new facility is scheduled for May 2006. When fully operational, the facility is expected to double United Solar Ovonic’s manufacturing capacity and to employ approximately 200 additional people. Compared to conventional solar technology utilizing single crystal or polycrystal silicon, United Solar Ovonic’s thin-film solar cells are 100 times thinner, do not use crystalline silicon material and, therefore, are unaffected by the worldwide scarcity of silicon. Tax credits valued at more than $6.1 million over 20 years and a $100,000 Economic Development Job Training Grant was an important factor in United Solar Ovonic’s decision to locate the […]

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