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Carmanah Technologies to Acquire Soltek Powersource

Carmanah Technologies Corporation (TSX Venture: CMH) has entered into an agreement to acquire Soltek Powersource Ltd., a privately-held manufacturer/supplier of solar power systems for industrial,government, residential and retail applications. With approximately 60% market share, SPS is the largest Canadian supplier of solar systems and solar-related equipment. In its most recently completed fiscal year ended August 31, 2004, the company achieved revenues of approximately $17.5 million and EBITDA of approximately $1.2 million. SPS has maintained strong gross margins throughout its market expansion and has been profitable since inception in 1988. SPS currently employs 65 people and is headquartered in Victoria, British Columbia, with additional offices in Alberta, Ontario and California. Carmanah has agreed to acquire SPS for $10 million. $6 million will be paid in cash from existing funds and $4 million equivalent in common shares. An additional contingent payment of up to $2 million in common shares (priced as above) may also be payable if SPS reaches specified revenue (pro-rated between $9 million and $12 million) and an EBITDA minimum of 5.5% of revenue for the six month period ending December 31st, 2005. The transaction is scheduled to close June 30, 2005, subject to completion of due diligence and the […]

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Shareholder Support Rises for ExxonMobil Global Warming, Drilling Resolutions

A strong and growing 10.3 percent of ExxonMobil (NYSE: XOM) shareholders – accounting for roughly 655.6 million shares worth more than $36 billion -voted in support of a Christian Brothers Investment Services, Inc. (CBIS)-sponsored proxy resolution calling on the world’s largest oil company to explain the scientific basis for its ongoing denial of the broad scientific consensus that the burning of fossil fuels contributes to global climate change. The vote on the CBIS resolution took place during the ExxonMobil annual shareholder meeting held in Irving, Texas. The 10.3% unofficial vote in favor of the resolution urging ExxonMobil to stop ignoring the risks of global warming reflects an increase from the 8.8% of shareholders who lent their support in 2004 to what then was a first-year CBIS proxy resolution. The CBIS-sponsored resolution asks that, “…by the 2006 annual shareholder meeting, the (XOM) Board of Directors make available to shareholders the research data relevant to ExxonMobil’s stated position on the science of climate change, omitting proprietary information and at reasonable cost.” “Global warming is not something that ExxonMobil can simply choose to ignore,” said Wilson. “The company’s ongoing denial of the reality of climate change raises concerns that ExxonMobil is unprepared for […]

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Feed Your Portfolio With Whole Foods

URL: http://www.thestreet.com/_yahoo/funds/smarter_up/10225368.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA Website: http://www.thestreet.com/_yahoo/funds/smarter_up/10225368.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA     

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Weekly Clean Energy Roundup:May 25, 2005

News and Events Toyota to Manufacture Camry Hybrids in Kentucky Growth in Solar Power Drives Changes in Silicon Supplies New Technologies Promise to Revolutionize the Solar Power Industry Cow Manure and Cotton Gin Waste to Fuel Ethanol Plant in Texas First Commercial Wave Power Plant Slated for Portugal Global Wind Power Study Finds Huge Potential Editor’s Note on Revised 2005 Tour de Sol Results Energy ConnectionsSix Sites Considered for Future Advanced Nuclear Power Plants News & EventsToyota to Manufacture Camry Hybrids in KentuckyToyota Motor Manufacturing North America announced last week that it will begin building a hybrid-electric version of the Camry – Toyota’s top-selling vehicle – at its Georgetown, Kentucky, plant in late 2006. The Camry hybrid will be Toyota’s first hybrid produced in North America, and only the second hybrid vehicle to be manufactured in the United States (Ford Motor Company currently produces the Escape Hybrid in Kansas City, Missouri). Toyota will invest $10 million to upgrade the plant for hybrid production and will have the ability to produce 48,000 Camry hybrids per year. The company did not yet release specific details about the Camry hybrid. See the Toyota press release.The Toyota news comes on the heels of record-breaking […]

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South Korea to Build World's Largest Tidal Power Plant

South Korea is planning the world’s largest tidal energy plant as part of its commitment to increase the share of renewable energy from 1.4 – 5% by 2011. The Sihwa Tidal Power Plant, to be completed by 2009, would generate 260 megawatts (MW) from the energy created from the flow of water in and out of a seaside bay. The total project cost is approximately US$250 million. It will consist of a powerhouse for 10 ‘bulb-type’ turbines with direct driven generators including gates and other equipment. Each turbine and generator will have an output of 26 MW (total 260 MW installed capacity). The plant is designed to be operated in one direction from the sea to the Sihwa Lake, allowing up to 60 billion tons of seawater to be circulated annually. In doing so the plant will generate power by using the head between the high tide and the reservoir level, while improving the water quality of Sihwa Lake. The Korea Water Resources Corporation (KOWACO), the governmental water authority, is acting as project developer/ owner. Daewoo Engineering & Construction, as the civil leader, is the project’s main contractor. Daewoo has awarded VA Tech Hydro a US$94 million contract to engineer […]

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