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Energy Conversion Devices Announces $87.8 Million Private Placement

Energy Conversion Devices, Inc. (ECD Ovonics) (Nasdaq: ENER) has entered into definitive agreements with investors relating to a private placement of $87.8 million through the sale of 5,090,000 shares of common stock. The shares of common stock will be issued at a price of $17.25 per share, subject to customary closing conditions. The closing of the private placement is expected to occur on February 15, 2005. ECD Ovonics has agreed to file a registration statement with the SEC for the resale of common stock within 10 days after closing. ECD Ovonics plans to use the net proceeds of this transaction to double the manufacturing capacity of United Solar Ovonic’s triple-junction, thin-film amorphous silicon photovoltaic products; to exercise the option to purchase for $4.55 per share the 4,376,633 shares of ECD Ovonics’ common stock held by TRMI Holdings, Inc., an affiliate of ChevronTexaco Corporation; and for general corporate purposes, including research and development investments. About ECD Ovonics: ECD Ovonics is the leader in the synthesis of new materials and the development of advanced production technology and innovative products. It has invented, pioneered and developed its proprietary, enabling technologies in the fields of energy and information leading to new products and production […]

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A Climate of Disdain

by David Ignatius Next week will mark an unlikely milestone in modern history: The Kyoto Protocol on global climate change will take effect a week from today, without U.S. participation. A global policy train will be leaving the station, in other words, without the United States even being on board, let alone serving as conductor. All 25 nations of the European Union have ratified the Kyoto accord, and they have created an innovative system for trading rights to emit the carbon dioxide “greenhouse gases” that are thought to be responsible for global warming. High-emissions Britain could purchase allocations from low-emissions Norway, for example. This “carbon trading” system will make it easier for the E.U. as a whole to meet the Kyoto target of reducing emissions from 2008 onward to 8 percent below 1990 levels. It will also encourage new investment in Eastern Europe to replace aging, polluting factories there. The decisive signatory of this 21st-century treaty, as it happened, was sleepy, corrupt Mother Russia. The Russian parliament’s decision to ratify Kyoto last October guaranteed that the treaty would take effect, despite the Bush administration’s decision in 2001 to withdraw from it. More than 140 nations have ratified the agreement. Kyoto […]

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Western Washington University to be 100% Green Powered

Students at Western Washington University in Bellingham, Washington have voted to power the university with 100% green energy. On February 4, the Western Washington University board of trustees approved a student fee to be used for the purchase of renewable energy – positioning Western as the second largest purchaser of green power in higher education and the 15th largest purchaser of green energy overall. In spring 2004, a WWU student initiative on green energy passed with 84.7% approval and student leaders and university administrators have been working cooperatively to study what is needed to implement a renewable energy program at Western. The trustee approval provides permission for university officials to negotiate with Puget Sound Energy to purchase green energy from The Bonneville Environmental Foundation, the wholesale supplier for PSE’s green power program. PSE’s green power program includes wind and solar resources in its mix. The trustees will review the fee amount this summer following negotiations with PSE. “The implementation of the green power initiative resulted from a lot of hard work by students and university administrators. As the president of the Associated Students, I would like to express my appreciation to the board of trustees for their support. I also […]

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Whole Foods Beats Expectations Again

Whole Foods Market (WFMI:Nasdaq) has done it again – after beating analyst expectations for first quarter sales, shares rose 5% for the largest natural foods supermarket chain. WFMI brought $49.1 million, or 73 cents a share, on sales of $1.37 billion. Analysts expected earnings of 68 cents a share on sales of $1.33 billion. Whole Foods projects 2005 sales growth of 15 – 20%, in line with analysts’ expectations. They expect earnings to grow at a slower pace than sales, because the company is accelerating new store openings. This will result in higher pre-opening expenses of $18 – $20 million, up from $10 million during 2004. Shares were trading up $4.82 to $95.17.

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