DayStar Technologies Announces 2009 Third Quarter Financial Results

4:38 pm EST, Monday November 9, 2009

SANTA CLARA, Calif., Nov. 9 /PRNewswire-FirstCall/ — DayStar Technologies, Inc. (DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, today announced financial results for its third quarter ended September 30, 2009.

Net loss for the third quarter of 2009 was $6.2 million or $0.18 per share, compared with a net loss of $6.7 million or $0.20 per share in the third quarter of 2008. The lower net loss reflects the implementation of cost savings measures including a reduction in workforce, and also reflects the decrease in payroll and research and development expenses resulting from the sale of DayStar’s Halfmoon, NY operations early in the quarter. The per share losses were calculated on the weighted average common shares outstanding of 33.4 million for the third quarter ended September 30, 2009, compared with 33.3 million for the third quarter ended September 30, 2008.

DayStar had cash and cash equivalents of $1.7 million at September 30, 2009, compared with $17.1 million at December 31, 2008. Net property and equipment was $47.6 million at September 30, 2009 compared to $37.1 million at December 31, 2008, reflecting DayStar’s investment in equipment and improvements, as well as progress made on the construction of production equipment during 2009. As of September 30, 2009, DayStar had total liabilities of $23.8 million, and total stockholders’ equity was $26.2 million. During the third quarter of 2009, DayStar received $2.0 million in bridge financing from Mr. Peter Alan Lacey. In order to continue operations and to build-out its initial manufacturing line and commence commercial shipments of its product, DayStar will require substantial additional funds in the near term. For a description of DayStar’s capital resources and additional funding requirements, please refer to the “Liquidity and Capital Resources” section of DayStar’s Quarterly Report on Form 10-Q, as filed with the Securities and Exchange Commission earlier today.

Solar Power, Inc. Announces Third Quarter 2009 Financial Results

4:35 pm EST, Monday November 9, 2009

ROSEVILLE, Calif.–(BUSINESS WIRE)–Solar Power, Inc. (SOPW), a vertically integrated international designer, manufacturer and marketer of photovoltaic (PV) modules and balance-of-system components and installer of PV solar electric systems for U.S. commercial, public and residential customers today announced results for the third quarter and nine months ended September 30, 2009.

Third Quarter of 2009 Results:

Net sales for the third quarter of 2009 were $22.3 million compared to $19.6 million in net sales in the third quarter of 2008, an increase of 13.5% over the comparative period. Gross profit for the third quarter of 2009 was $5.1 million, or 23.1% of sales, compared to $1.9 million, or 9.5% of sales, for the third quarter of 2008. Operating expenses for the third quarter of 2009 were $3.5 million (15.6% of sales) compared to $2.8 million (14.4% of sales) for the same period last year. Other income, net, including interest and taxes was $79 thousand. Net income for the third quarter of 2009 was $1.7 million, or $0.05 per basic share and $0.04 diluted share, compared to a net loss of $1.0 million, or ($0.03) per basic and diluted share, in the third quarter of 2008. Weighted average number of common shares outstanding used in computing basic per share amounts for the three months ended September 30, 2009 was 38,994,000 and the weighted average number of common shares outstanding used in computing the diluted per share amounts for the three months ended September 30, 2009 was 39,201,234. The weighted average number of common shares outstanding used in computing the basic and diluted per share amounts for the three months ended September 30, 2008 was 37,740,368.

Nine Months Ended September 30, 2009 Results:

Net sales for the nine months ended September 30, 2009 were $38.5 million compared to $35.5 million in net sales in the comparative period of 2008, an increase of 8.4%. Gross profit for the nine months ended September 30, 2009 was $7.3 million, or 19.0% of sales, compared to $3.3 million, or 9.2% of sales, for the comparative period of 2008.

Operating expenses for the nine months ended September 30, 2009 were $9.9 million (25.9% of sales) compared to $9.0 million (25.2% of sales) for the same period last year. Other income, net, including interest and taxes was $43 thousand. Net loss for the nine months ended September 30, 2009 was $2.6 million, or $0.07 per basic and diluted share, compared to a net loss of $5.7 million, or $0.15 per basic and diluted share, in the comparative period of 2008. Weighted average number of common shares outstanding used in computing basic and diluted per share amounts for the nine months ended September 30, 2009 and 2008 were 38,286,787 and 37,671,794, respectively.

Balance Sheet:

Assets include cash and cash equivalents at September 30, 2009 of $9.3 million and accounts receivable (net) and costs and estimated earnings in excess of billings of $21.8 million. Inventory was $5.9 million. Total assets were $40.9 million while total liabilities were $22.2 million. Common shares outstanding at September 30, 2009 were 50,020,826.

GT Solar International, Inc. Reports Results for Second Quarter Fiscal Year 2010

Revenue of $104.2 million; net income of $9.4 million; EPS of $.06 and cash of $204 million

4:15 pm EST, Monday November 9, 2009

MERRIMACK, N.H.–(BUSINESS WIRE)–GT Solar International, Inc. (SOLR), a global provider of specialized production equipment, process technology and turnkey manufacturing services for the solar power industry, today reported results for its second quarter of fiscal year 2010, which ended September 26, 2009.

Revenue for the second fiscal quarter totaled $104.2 million, compared with $140.2 million in the second quarter of fiscal year 2009. Revenue for the second fiscal quarter included $62.4 million in the PV segment and $41.8 million in the polysilicon segment.

Gross profit for the quarter totaled $34.3 million, or 32.9 percent of revenue, compared to $61.4 million, or 43.8 percent of revenue, for the second quarter of fiscal year 2009. The company’s gross margin for the first half of fiscal 2010 was 39.3 percent. Operating margin for the quarter was 14.8 percent, compared to 30.8 percent in the second quarter of fiscal 2009. Operating margin for the first half of fiscal year 2010 was 17.6 percent. The company had net income of $9.4 million in the second quarter of fiscal 2010 versus $27.9 million for the same quarter of fiscal 2009. Earnings per share in the second quarter on a fully diluted basis were $0.06, versus $0.19 for the same quarter last year.

At quarter’s end, the company’s backlog was $1.03 billion, with $279 million in the PV segment and $752 million in the polysilicon segment. New orders for the quarter, net of de-bookings, were $20.1 million.

Management Commentary

“Our focus has been and continues to be on strengthening GT Solar’s competitive and technology leadership positions in the solar equipment industry,” said Tom Gutierrez, president and chief executive officer. “In fiscal year 2010 to date, we have posted solid financial results, maintained what we believe to be one of the industry’s strongest balance sheets with $204 million of cash and no debt, and we are continuing to significantly increase our investment in R&D.

“In the second quarter, we received new orders of $30.7 million including the first for our new SDR-400 reactor and for engineering services in our new silane business, as well as an order for our multi-crystalline furnaces from a new customer that has historically been a mono-crystalline wafer manufacturer,” continued Gutierrez. “We are also seeing continued evidence that our reputation for quality, performance and industry-leading efficiencies is providing strong differentiation in the marketplace.”

Energy Conversion posts second straight loss, shrs dip

Mon Nov 9, 2009 1:17pm EST

* Q1 shr loss $0.28 vs EPS of $0.27 last yr

* Q1 sales more than halve, way below Wall St view

* Sees price declines, sequentially flat shipments in Q2

* Says prior FY rev outlook no longer applicable

* Shares down 4 pct

By Adveith Nair

BANGALORE, Nov 9 (Reuters) – Energy Conversion Devices Inc (ENER) reported its second straight quarterly loss, with sales coming in below estimates as demand for its solar products remained soft, and warned that prices would continue to fall.

On a conference call with analysts, the company said average selling prices, down 13 percent in the fourth quarter, would continue to decline in the December quarter.

“Our current estimate is we think high single digits to just around double digit decline would be appropriate,” a company executive said.

Like others in the solar industry, the Rochester Hills, Michigan-based company has been hurt by a dearth of financing and a global oversupply of solar panels that sent prices on solar power products tumbling.

ECD, which reported five consecutive profitable quarters before two back-to-back quarterly losses, makes lightweight, flexible solar laminates for rooftops and buildings that convert sunlight into electricity.

The company also indicated that visibility remained poor.

“At this time, our project business is uneven with large discreet orders where the shipments and timing of revenue recognition are difficult to precisely forecast. As a result, our prior full year revenue production is no longer applicable,” Chief Financial Officer Harry Zike said on the call.

JA Solar Jumps; Morgan Stanley Turns Bullish

By Eric Savitz
barrons.com

JA Solar (JASO) shares are getting a boost today from Morgan Stanley analyst Sunil Gupta, who today raised his rating on the stock to Overweight from Equal Weight, setting a price target of $5.30. The stock closed Friday at $3.71.

“JA Solar is a globally competitive low-cost cell producer now trading below replacement cost,” Gupta writes in a research note. “Besides offering strategic value, it also offers trading value,” trading below book value, with a P/E of 12.4x estimates 2010 recurring EPS. He thinks the company will gain market share against higher-cost U.S. and European solar cell manufacturers.

He says shipments may have grown 75% in Q3; he expects 60% shipment growth in 2010.

Gupta lifted his 2010 EPS estimate to 20 cents, from 7 cents; for 2011 he goes to 28 cents, from 20 cents.

JASO today is up 28 cents, or 7.6%, to $3.99.

Energy Conversion Devices To Install Solar Roofing System at East Los Angeles College

9:55 am EST, Monday November 9, 2009

ROCHESTER HILLS, Mich., Nov. 9 /PRNewswire-FirstCall/ — Energy Conversion Devices, Inc. (ECD) (ENER), a manufacturer of proprietary, thin-film amorphous silicon-based photovoltaic (PV) laminates, along with its wholly owned subsidiary Solar Integrated Technologies, announced today an agreement to install a 365kW building-integrated solar roofing system at East Los Angeles College (ELAC) as part of a contract with Chevron Energy Solutions, energy services provider for the ELAC project.

“This project provides us with a unique opportunity to help East Los Angeles College save money and prepare for a greener future,” said Mark Morelli, president and CEO of ECD. “Our recent acquisition of Solar Integrated Technologies more vertically integrates our company and gives us the capabilities we need to install this UNI-SOLAR building-integrated membrane roof for ELAC.”

In addition to installing a new, energy-efficient PV roofing system, the energy services contract bundles multiple energy efficiency improvements into a single package that includes upgrading the facilities’ lighting, insulation and HVAC systems.

Energy Conversion Devices Reports Financial Results for First Quarter of Fiscal Year 2010

8:00 am EST, Monday November 9, 2009

ROCHESTER HILLS, Mich., Nov. 9 /PRNewswire-FirstCall/ — Energy Conversion Devices, Inc. (ECD) (ENER), the leading global manufacturer of thin-film flexible solar laminate products for the building-integrated and commercial rooftop markets, today announced financial results for the first quarter of its fiscal year 2010.

Total consolidated revenues for the first quarter of fiscal 2010 were $42.9 million, compared to $95.8 million in the first quarter of fiscal 2009 and $51.4 million in the fourth quarter of fiscal 2009. Solar product and project sales for the quarter were $36.1 million, compared to $89.5 million in the same quarter last year and $46.0 million in the fourth quarter of fiscal 2009.

For the first quarter, the company reported a net loss of $11.8 million, or $0.28 per fully diluted share, compared to net income of $11.8 million, or $0.27 per fully diluted share, in the year-ago period. This compares to a net loss of $17.6 million, or $0.41 per fully diluted share, in the fourth quarter of fiscal 2009. Results for the first and fourth quarters of fiscal 2009 have been adjusted to reflect the company’s implementation of FASB ASC 470-20.

First quarter net results were affected by several items, which, when taken collectively, had a positive net impact of approximately $2.7 million or $0.06 per share. These items included the impact related to the acquisition and integration of Solar Integrated Technologies (SIT) and non-SIT related items including the sale of previously written-down inventory and tax refunds for prior research and development expenditures.

Mark Morelli, ECD’s President and Chief Executive Officer, said “In the first quarter, new construction and reroofing projects continued to be slow, negatively impacting sales through our traditional building-materials channel. We are the leaders in this building-integrated photovoltaic (BIPV) market, and remain confident that this channel will recover and our new and reroofing business will improve longer term.”

“To expand our near-term addressable market beyond our traditional BIPV focus, we are developing product solutions for rooftop retrofit applications including our recently launched tilt solution. This product leverages the light-weight attributes of our core flexible laminates as well as our superior energy yield resulting in leading levelized cost of energy (LCOE) performance and attractive returns to customers worldwide,” said Morelli. “We are also working with project developers to pursue large-scale projects in our key markets.”

Entech Solar Announces 2009 Third Quarter Results

8:00 am EST, Monday November 9, 2009

FORT WORTH, Texas–(BUSINESS WIRE)–Entech Solar, Inc. (ENSL.OB) (the “Company” or “Entech Solar”), with plans to become a leading developer of renewable energy technologies, today announced its financial results for the quarter ended September 30, 2009.

Third Quarter Operational Highlights

* ThermaVolt™ II: The Company completed the assembly and test of multiple working modules using its proprietary concentrating photovoltaic (PV) and thermal technology, and has started the next crucial phase in the product’s development – design-verification-testing (DVT). DVT allows Entech Solar’s engineers and scientists to test and validate the performance and quality of the modules prior to the commencement of independent third-party product certification. ThermaVolt II modules, which produce both electricity and hot water, have the same length and width dimensions (form factor) as industry-standard PV modules.
* SolarVolt™ II: Entech Solar announced plans to develop an electricity-only concentrating photovoltaic solar module. With a form factor similar to the ThermaVolt II module, this Concentrated Power Product (CPP) offers customers large-scale utility solutions.
* Tubular Skylight Lighting Solution: The Company completed the critical design review of its patented lighting solution product and the development of its go-to-market commercialization strategy. Product certification has started with independent third-party testing laboratories. The Company plans to begin selling this product in early 2010 with an initial launch in North Texas.

“I am pleased to update investors on Entech Solar’s product development progress. We received positive comments on our ThermaVolt II prototype module that was recently on exhibit at Solar Power International, North America’s largest solar industry conference in Anaheim, California,” said Dr. Frank Smith, Chief Executive Officer.

“We continue to advance our products through critical development and gate reviews. We expect ThermaVolt II to offer a compelling value proposition to the multi-billion dollar U.S. combined heat and power market with its dual output of electricity and thermal energy, standard manufacturing and competitive price point. The Company’s strategic goal is to be a leading developer of renewable energy technologies for the commercial, industrial and utility markets.”

Energy Conversion Devices and MP2 Capital Announce Plans to Develop Rooftop Solar Projects in Ontario, Canada

6:00 am EST, Monday November 9, 2009

ROCHESTER HILLS, Mich., and SAN FRANCISCO, Nov. 9 /PRNewswire-FirstCall/ — Energy Conversion Devices, Inc. (ECD) (ENER) and MP2 Capital, LLC today announced plans to collaborate on the development of a portfolio of rooftop solar installations in Ontario, Canada.

ECD and MP2 Capital will partner with Rumble Energy, an Ontario-based renewable energy developer, to install a series of rooftop solar projects throughout Ontario, Canada under the province’s new feed-in-tariff program. By also partnering with other Ontario-based suppliers and contractors, the projects will meet the local content requirements set forth by the Ontario Power Authority. The companies expect to complete construction of approximately 10MW of projects by October 2010. ECD, through its wholly owned subsidiary, United Solar Ovonic, will provide UNI-SOLAR® brand photovoltaic laminates for the projects. MP2 Capital will lead the financing and development efforts for the projects.

Mark Morelli, ECD’s president and CEO, said, “We look forward to partnering with MP2 Capital on this important project in Ontario. This is a good example of our demand-creation strategy, where we partner in the development of solar projects that have attractive rates of return for project investors. The Ontario Power Authority has demonstrated an impressive commitment to the promotion of renewable energy development and ECD intends to be a major player in the province in the years to come.”

Mark Lerdal, MP2 Capital’s CEO, stated, “We are pleased to partner with ECD on this exciting development effort. The feed-in-tariff structure in Ontario promotes this distributed generation rooftop model, and UNI-SOLAR laminates are ideal for solar rooftop installations.”

About MP2 Capital, LLC

MP2 Capital LLC develops, finances and invests in renewable energy projects worldwide. The firm was founded in 2006 and has a track record of successful development and operation of multiple solar projects throughout North America. The firm maintains a strong partnership culture that continually builds upon its deep and broad relationships with communities, landowners, local developers, utilities, energy providers, contractors, manufacturers, lenders and investors. The firm is headquartered in San Francisco, California. Learn more at www.MP2capital.com.

Suntech and Huadian Partner on 10MW Solar Plant in Jiangsu Province

5:30 am EST, Sunday November 8, 2009

WUXI, China, Nov. 8 /PRNewswire/ — Suntech Power Holdings Co., Ltd. (STP), the world’s leading manufacturer of crystalline silicon photovoltaic (PV) modules, today announced it will develop a 10MW solar power plant in Dongtai, Jiangsu Province in conjunction with its strategic partner Huadian New Energy Development Co., Ltd. (HNE). Suntech will supply high quality solar modules and design and manage the installation of the plant. Suntech holds a minority share of the project.

The Dongtai solar plant, which is targeted to be completed by the end of 2009, will be powered by more than 37,000 Suntech solar panels and is projected to displace approximately 15,000 tons of carbon dioxide emissions per year. The project is expected to be supported by the Jiangsu Province’s feed-in-tariff policy that provides 2.15RMB/kWh for ground-mount solar projects completed in 2009.

Suntech’s Chairman and CEO Dr. Zhengrong Shi stated, “We applaud the positive incentive policies and decisive steps taken in 2009 both at national and provincial levels to support solar energy development and establish a greener economy in our country. In particular, Jiangsu Province has shown great leadership with the introduction of their solar subsidy earlier this year. We are also pleased to see that other provinces are developing similar policies that will encourage greater investment in solar projects in China.”

Dr. Shi continued, “Suntech is firmly committed to paving the course for environmental protection and renewable energy development in China through close cooperation with our strategic partners such as Huadian. We plan to leverage our solid track record of solar innovation and market leadership in Europe, Japan and the US to accelerate solar energy education and market development here in China.”

Mr. Zheng Fang, General Manager of HNE said, “As one of the five major power utilities in China, Huadian attaches great importance to its economic, political and social responsibilities. While actively promoting energy conservation, carbon emission reduction, and the acceleration of structural improvements, Huadian will invest heavily in renewable energy solutions such as wind and solar power. We are pleased to collaborate with solar industry leader Suntech Power – through our collaboration we will not only create development opportunities for both corporations, but also develop China’s photovoltaic industry in order to make a positive contribution to resource conservation, the environment and society.”

The project will be the first to be initiated through Suntech’s strategic agreement with HNE announced in July 2009. Under the agreement, the two partners will develop utility-scale and commercial roof-top solar projects in China’s sun-rich western provinces, Jiangsu province and Shanghai.

About China Huadian Corporation

China Huadian Corporation, a wholly state-owned enterprise, is one of China’s largest power utilities. At the end of 2008, CHC had a total installed power generation capacity of 63,030MW and total assets valued as 295 billion RMB. In 2008, CHC had 83,038 employees and owned and operated power plants in 25 provinces and regions in China. http://www.chd.com.cn/

About China Huadian New Energy Development Co., Ltd. (HNE)

HNE was established on September 26, 2007 by China Huadian Corporation and four of its subsidiaries. HNE’s mission is to finance, construct, manage, and operate electric generation facilities in the fields of wind, hydroelectric, distributed energy, solar, nuclear, biomass, thermal, tidal, and other renewable energies. HNE is responsible for all of China Huadian Corporation’s Clean Development Mechanism and renewable energy projects. http://www.chdne.com.cn

Evergreen Solar shares fall 8 pct, hurt by results

Fri Nov 6, 2009 2:24pm EST

* Solar-panel price drop hurts profit

* Pacific Crest analyst cuts stock to “sector perform”

LOS ANGELES, Nov 6 (Reuters) – Shares of Evergreen Solar Inc (ESLR) fell 8 percent on Friday as its quarterly results weighed on the U.S. solar equipment maker’s stock.

Like many in the industry, Evergreen has been hurt by a lack of financing for new solar projects and a drop in prices for solar panels that has eaten into profits.

Citi analyst Timothy Arcuri on Friday downgraded the stock to “sell” from “hold” while Pacific Crest Securities analyst Mark Bachman cut the stock to “sector perform” from “outperform,” noting that the company faces challenges in 2010.

“While we commend Evergreen in its efforts to lower manufacturing costs by moving to China and outsourcing its module business, we believe that the company faces an uphill battle” as Chinese competitors offer solar products at significantly lower prices, Bachman wrote in a note to clients.

Arcuri said that the company also remains in a “liquidity struggle” and seem less likely to maintain a brand premium on its solar products.

Still, an uptick in demand helped Evergreen post better-than-expected revenue for the third quarter and its executives said on Thursday the company has “significant” cash to meet its operating needs.

The Marlboro, Massachusetts-based company makes photovoltaic equipment that turns sunlight into electricity.

Its shares were down 8 percent at $1.42 in afternoon trading on Friday on the Nasdaq. The stock has lost more than 70 percent of its value since hitting a year-high of $5.20 in November 2008.

(Reporting by Laura Isensee; Editing by Gerald E. McCormick and Matthew Lewis)

Applied Materials Acquires the Assets of Advent Solar

1:30 pm EST, Friday November 6, 2009

SANTA CLARA, Calif.–(BUSINESS WIRE)–Applied Materials, Inc. (AMAT), the leading supplier of equipment and services to the solar photovoltaic (PV) industry, announced today that it has acquired substantially all the assets, including the intellectual property, of Advent Solar, Inc. for an undisclosed cash amount. Advent Solar is a developer of advanced technology for crystalline silicon (c-Si) PVs. This acquisition is expected to complement Applied’s portfolio of solar PV technologies and enhance its leadership in the c-Si equipment market.

Advent Solar has pioneered several innovations for producing c-Si cells and modules, including technology for streamlining module assembly processes and advanced efficiency device architectures. The company, founded in 2002, is headquartered in Albuquerque, New Mexico.

“We believe the acquisition of Advent Solar will increase our opportunities to provide innovative solutions for reducing module production costs,” said Dr. Mark Pinto, chief technology officer and general manager of Applied’s Energy and Environmental Solutions Group. “Combining Advent Solar’s PV technology with Applied’s expertise in automated wafering and cell production equipment, we expect to deliver systems that will enhance customers’ c-Si roadmaps and accelerate the reduction in cost per watt of solar electricity.”

After the close of this transaction, Advent Solar’s assets will be integrated with Applied’s Energy and Environmental Solutions Group.

Evergreen Solar Slides; Citi Cuts Rating To Sell

By Eric Savitz
barrons.com

Evergreen Solar (ESLR) shares are down sharply this morning, pressured by downgrades from both Citigroup analyst Timothy Arcuri and Pacific Crest analyst Mark Bachman.

* Arcuri cut his rating to Sell from Hold, with a new target of $1, down from $3. “Customers like the product, but ESLR remains in a liquidity struggle that is forcing it toward what should have been done from the get-go, focusing on its competitive advantage, making wafers,” he writes. “Near-term, gross margins turns negative again” until it finishes transitioning manufacturing to China, he adds, while cash will stand at at just $50 million by the first half of 2010. Longer-term, he adds, the company’s module cost position won’t be any better than peers. And he says that it could take a few years for the company to make larger wafers that comply with current industry standards; for now, the company is the only taker for the wafers.
* Bachman cuts his rating to Sector Perform from Outperform. “Given the near-term challenges ahead, we no longer have the conviction to recommend putting new money into the stock,” he writes. “We have modeled for further declines in average selling prices,” as well as under-utilization of the company’s facility in Devens, Massachusetts, ramping expenses from China and continued losses from the company’s investment in Sovello, “all of which weigh on Evergreen’s financial outlook over the near term.” He added that “although management outlined a positive cash position through 2010, it remains possible that Evergreen may need to return to the capital markets late next year and either increase its debt or add further dilution.”

ESLR today is down 12 cents, or 7.7%, to $1.43.

STR Holdings, Inc. Prices Its Initial Public Offering

ENFIELD, Conn.–(BUSINESS WIRE)–Nov. 6, 2009– STR Holdings, Inc. (STRI) today announced that the initial public offering of 12,300,000 shares of its common stock has been priced at $10.00 per share. The shares began trading today on The New York Stock Exchange under the ticker symbol “STRI.” The closing of the offering is expected to take place on November 12. Of the shares being sold, 3,300,000 are being offered by the Company and 9,000,000 shares are being offered by selling stockholders. In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 1,845,000 shares at the initial public offering price to cover over-allotments, if any. The Company will not receive any of the proceeds from the sale of shares by the selling stockholders.

Credit Suisse and Goldman, Sachs & Co. acted as joint book-running managers for the offering. Cowen and Company, Jefferies & Company, Lazard Capital Markets and Macquarie Capital (USA) acted as co-managers of the offering. The offering of these securities is being made only by means of a prospectus, copies of which may be obtained from Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, One Madison Avenue 1B, New York, New York, 10010; telephone (800) 221-1037; or Goldman, Sachs & Co., Attention: Prospectus Department, 85 Broad Street, New York, New York 10004; telephone (866) 471-2526, facsimile (212) 902-9316 or by emailing prospectus-ny@ny.email.gs.com.

A registration statement relating to these securities has been filed and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About STR

STR Holdings, Inc. is a leading global provider of encapsulants to the solar module industry. It is also a leader in the consumer products quality assurance market, providing inspection, testing and audit services to retailers and manufacturers, around the globe to enable them to determine whether their products and facilities meet applicable, safety, regulatory, quality, performance, and social standards.

Source: STR Holdings, Inc.

Once lauded Mass. company moving jobs to China

Mass. company once lauded by governor and backed by state money moving some jobs to China

1:15 pm EST, Thursday November 5, 2009

MARLBOROUGH, Mass. (AP) — A solar panel company is moving some jobs overseas after receiving $58 million in state aid and being touted by Massachusetts Gov. Deval Patrick as a symbol of the state’s economic future.

Evergreen Solar Inc. (ESLR) said Wednesday it is moving panel assembly jobs currently done at a plant in Devens to China next year. The announcement came as the company announced that it lost $167 million in the first nine months of this year.

About half of the 577 full-time and 230 contract employees at the Devens factory are involved in putting the panels together, but the company did not say how many jobs the state would lose.

Ian Bowles, secretary of the state Executive Office of Energy and Environmental Affairs, called Evergreen’s decision disappointing.

SunPower Jumps; Deutsche Bank Upgrades To Buy

By Eric Savitz
barrons.com

SunPower (SPWRA, SPWRB) shares are getting a lift today from Deutsche Bank analyst Steve O’Rourke, who upped his rating on the stock to Buy from Hold, while increasing his price target to $31, from $28. The stock closed yesterday at $25.31.

O’Rourke writes in a research note that the upgrade reflects the stock’s attractive valuation, anticipated industry growth and the company’s market position. He notes that the bears think the company can’t match the Chinese solar companies on module manufacturing costs; O’Rourke concedes that this is largely true, but that that winning in the solar industry is about more than the cost of energy delivered. “We believe the company’s products, systems business and market strategy will enable the company to outgrow the market,” he writes.

SPWRA today is up $1.28, or 5.1%, to $26.59.

Evergreen Solar says has enough cash, shares up

Thu Nov 5, 2009 11:45am EST

* U.S. solar co expects to have $115 mln cash before end Q4

* Accelerates strategy to outsource work in China

* Shares up 1.4 pct at $1.44

LOS ANGELES, Nov 5 (Reuters) – U.S. solar company Evergreen Solar Inc (ESLR) has “significant” cash to meet its operating needs, the company’s chief financial officer said on Thursday on a conference call with investors, as the company’s shares rose slightly in trading.

The Marlboro, Massachusetts-based company posted better than expected revenue on Wednesday and said it ended the third quarter with $91 million in cash.

“As you can see, we have significant cash to meet our operating needs,” said Michael El-Hillow, the company’s CFO.

Like other solar companies such as SunPower Corp (SPWRA, SPWRB) and Suntech Power Holdings Co Ltd (STP), Evergreen has been hit by a tumble in panel prices this year amid a lack of financing for new projects and a global oversupply.

Evergreen is accelerating its strategy to outsource solar work to China as the company, faced by stiff pricing competition from Chinese rivals, races to cut costs.

By the middle of 2010, the company will start moving panel assembly from its Devens, Massachusetts, plant to China, where it is building a 100 MW plant with Jiawei Solar. The company will continue to make wafers and cells in Devens.

The move is “evidence that the operation here (in the United States) is not being cost competitive,” said Cowen and Co analyst Rob Stone.

“It’s possible that market prices are going to keep moving down faster than they can bring their cost down, which will make it difficult for them to … make a positive margin,” said Stone, who has a “neutral” rating on the company.

Evergreen cut its manufacturing cost by 17 percent to $2.24 per watt in the third quarter and plans the shift to China will drive down costs another 35 cents.

Stone said saving seemed high and that it was “less clear” how much Evergreen will be able to maintain its pricing premium with the move to China.

At its current model, Evergreen sees that it can break even on cash-flow at $2 per watt.

Before the end of 2010, the company expects to have a cash balance of $115 million and to need $69 million through late next year for its factories in the United States and China and for other items.

The company is also seeking to increase the number of its authorized shares to 450 million from 250 million, a move El-Hillow called “prudent” to maximize its liquidity.

Shares of Evergreen were up 1.4 percent at $1.44 on Thursday in late morning trading on the Nasdaq.

(Reporting by Laura Isensee, editing by Gerald E. McCormick and Gunna Dickson)

First Solar buys 117 MW project from solar startup

Wed Nov 4, 2009 8:39pm EST

* Solar thermal co Ausra started project in 2007

* Financial terms not disclosed

* First Solar says deal to make way for other project

LOS ANGELES, Nov 4 (Reuters) – Solar industry bellwether First Solar Inc (FSLR) said on Wednesday that it bought a 117 megawatt project in California from Kleiner Perkins-backed solar thermal start-up Ausra Inc, a move that could speed up another 550 MW project in First Solar’s pipeline.

The companies did not disclose the financial terms.

Ausra, which is also backed by Khosla Ventures, said that the sale of the project — called Carrizo Energy Solar Farm — follows its strategy to move away from developing solar projects and focus on supplying large-scale solar steam generators.

“The sale of Carrizo is another step in executing our plan,” said Tom Bartolomei, senior vice president of business development at Ausra, in a statement.

Ausra landed a power purchasing agreement with California utility PG&E (PCG) two years ago for the project, located in San Luis Obispo County. That agreement was withdrawn as part of the sale, the company said.

First Solar can use the newly acquired land to revise the layout of the larger 550 MW Topaz Solar Farm project, which has run into “concerns such as farmland conservation and wildlife needs,” said Kathryn Arbeit, who oversees Topaz.

Both projects include land near each other in San Luis Obispo County.

Shares of First Solar closed down 2 percent at $121.59 on Wednesday on the Nasdaq.

(Reporting by Laura Isensee; Editing by Steve Orlofsky)

Real Goods Solar Reports Third Quarter Fiscal 2009 Results

4:20 pm EST, Wednesday November 4, 2009

* Revenue of $23.0 Million

* Return to Profitability

BOULDER, Colo., Nov. 4, 2009 (GLOBE NEWSWIRE) — Real Goods Solar, Inc. (RSOL), a leading residential solar energy integrator, today announced results for its third quarter ended September 30, 2009.

Revenue for the third quarter of 2009 increased 122.3% to $23.0 million from $10.3 million recorded in the same period last year, primarily due to organic growth and acquisitions.

Gross profit increased to $5.0 million, or 21.8% of revenue, for the quarter from $2.8 million, or 27.2% of revenue, in the comparable period last year. The decrease in gross margin percentage primarily reflects an increased mix of lower margin commercial installations during the third quarter of 2009. In the fourth quarter gross margin is expected to return to the mid-twenties.

Operating expenses as a percent of revenue decreased to 20.7% for the quarter, from 31.8% in the comparable period last year. This decrease is partially a reflection of the significant fixed cost component of the business and the available leverage as revenues scale. Additionally, the lower operating expenses have been a result of the significant cost savings achieved by transitioning all past acquisitions to a single set of systems and a unified brand.

Net income for the third quarter was $0.2 million, or $0.01 per share, as compared to a net loss of $0.2 million, or $0.01 per share, for the comparable period last year.

For the nine months ended September 30, 2009, revenue was $45.2 million, a 75.6% increase from $25.7 million in the comparable period last year. Net loss totaled $1.8 million, or $0.10 per share, compared to a net loss of $0.6 million, or $0.04 per share, for the nine months ended September 30, 2008.

Results for 2008 do not include Real Goods Solar’s acquisition of Regrid Power on October 1, 2008 and only include two months of results for the acquisition of Independent Energy Systems on August 1, 2008. On a pro forma basis, adding the $6.0 million of revenue from acquisitions not included in the third quarter 2008 reported results, internal revenue growth was approximately 41%.

“In the third quarter we saw the return of strong demand for residential solar,” commented John Schaeffer, President. “Bookings were robust throughout the quarter and we are pleased with the size of our current backlog. Revenue for the quarter showed significant growth as a result of increasing installation capacity as well as completion of the first phase of our Fremont High School project. What I am most excited to report is our return to profitability in the third quarter, a milestone that has been our highest priority.”

Evergreen Solar’s Sequential Shipments Increase 35% to 31 MW for the Third Quarter

Transition of Devens Panel Assembly to China Planned for 2010

Wafer and Cell Production to Remain in Devens

4:01 pm EST, Wednesday November 4, 2009

MARLBORO, Mass.–(BUSINESS WIRE)–Evergreen Solar, Inc. (ESLR), a manufacturer of String Ribbon™ solar power products with its proprietary, low-cost silicon wafer technology, today announced financial results for the third quarter ended October 3, 2009.

Key accomplishments during the quarter were:

* Shipped 31.3 MW from our Devens facility, an increase of 35% over second quarter shipments of 23.2 MW;
* Reduced total manufacturing cost to $2.24 per watt, down 17% from $2.70 per watt for the second quarter. Wafer manufacturing cost was approximately $0.75 per watt, down from $0.85 per watt in the second quarter;
* Generated EBITDA of $6.3 million, compared to $1.4 million in the second quarter;
* Finalized agreements with Jiawei Solar and the Wuhan, China Government’s Hubei Science & Technology Investment Co., Ltd. (“HSTIC”), under which:
o Evergreen Solar will manufacture String Ribbon wafers using our state-of-the-art Quad furnaces at a leased facility currently being built by Jiawei in Wuhan, China on Jiawei’s campus;
o Jiawei will convert the String Ribbon wafers into Evergreen Solar-branded panels on a contract manufacturing basis beginning in the spring 2010; and
o HSTIC provided $33 million of 7.5% financing, which Evergreen Solar must repay no later than July 2014, all of which has been received.
* Hired our Chinese executive team, including Henry Ng, former General Manager of Suntech Power Company Ltd.’s factory in Wuxi, China;
* Began pilot production at our Michigan high-temperature filament plant.

“Due to strong demand from our customers, we were able to increase our sequential production substantially and sell everything we produced,” stated Richard M. Feldt, Chairman, CEO and President. “While demand continues to be solid early in the fourth quarter, we expect to experience some of the typical seasonal moderation in December which we expect will extend into the first quarter.

“Our Devens facility has continuously met its key operational goals of rapid sequential production increases and significantly reduced manufacturing costs since opening in mid-2008. In particular, we are especially pleased with the success of our Quad wafer production performance, which has met or exceeded our expectations to date. However, panel prices have fallen over 30% since mid-2008 making it very difficult for manufacturers located in high-cost regions to remain price competitive. Therefore, we are accelerating our strategic initiative of increasing the focus on our unique wafer manufacturing technology; and we will begin to transition our Devens-based panel assembly to China in mid-2010,” continued Feldt.

SolarWorld keeps 2009 outlook, Q3 weak

Wed Nov 4, 2009 8:20am EST

* Confirms 2009 sales outlook of 1 bln eur

* Q3 EBIT 34.7 mln eur vs 38 mln eur estimate

* Company had to fend off 25 pct price slump

* Shares up 1.5 percent vs FTSE clean tech index up 0.8 pct

By Christoph Steitz

FRANKFURT, Nov 4 (Reuters) – SolarWorld on Wednesday reaffirmed a full-year sales target of 1 billion euros ($1.47 billion) despite cutting prices by a quarter and missing third-quarter operating earnings forecasts.

Germany’s No.3 solar company reported third-quarter sales at 232.5 million euros and earnings before interest and tax (EBIT) amounted at 34.7 million. Analysts in a Reuters poll on average expected sales of 270 million and core earnings of 38 million.

Overcapacity of solar cells and modules has led to massive price declines, bringing growth in the once-booming sector to a near standstill at a time when companies have huge difficulties finding funding for cash-intensive solar projects.

“We had to stave off a price fall of 25 percent,” SolarWorld Chief Executive Frank Asbeck, sometimes called the “Sonnenkoenig” (Sun King), told Reuters, adding that some of it was offset by cost cuts.

SolarWorld’s shares rose 1.5 percent by 1224 GMT, outperforming the FTSE clean tech index .FTET50, which gained 0.8 percent.

SolarWorld has survived the downturn better than its peers, countering massive price declines for cells and modules by making everything from components to panels.

FILTER THROUGH

But analysts have warned it was only a matter of time before the price slump would filter through to players that are active in more than one part of the solar value chain.

Larger Norwegian rival Renewable Energy Corporation ASA (REC) — which had sales of 6.480 billion Norwegian crowns ($1.11 billion) in the first nine months of 2009 — said last week overcapacity in the industry would continue into next year. It missed third-quarter forecasts.

Yet in some regions it spotted early signs of improved demand for modules, a slightly more optimistic view than U.S. bellwether First Solar (FSLR) gave last week.

The question is now whether SolarWorld will be able to meet its 1 billion euros sales target.

“This seems aggressive as it is based on record sales of 366 million euros in the fourth quarter,” SES Research analyst Karsten von Blumenthal wrote, keeping a “buy” rating.

Societe Generale analyst Didier Laurens, also with a “buy” rating on the stock, wrote that the company’s existing inventory should enable the group to meet its sales target.

Analysts in a Reuters poll expect on average full-year sales of 976 million euros.

(Additional reporting by Anneli Palmen in Duesseldorf)

BioSolar Begins Limited Supply Production of Commercial Grade BioBacksheet-C

World’s First Bio-based Solar Panel Backsheet Now Qualifies for Commercial Production after Completion of Research and Development Phase

6:05 am EST, Wednesday November 4, 2009

SANTA CLARITA, Calif.–(BUSINESS WIRE)–BioSolar (BSRC), developer of a breakthrough technology to produce bio-based materials from renewable plant sources that reduce the cost of photovoltaic (PV) solar cells, announced today that the research and development phase for the company’s proprietary BioBacksheet™-C has been completed. Now qualified for production, the BioBacksheet™-C, designed for traditional silicon (c-Si) photovoltaic solar panels, will be the company’s first product to become available commercially.

“Designed specifically for cost-sensitive, economical PV solar cell modules, we expect the BioBacksheetTM-C to be instrumental in driving down the cost per watt of solar power,” said Dr. David Lee, President and Chief Executive Officer of BioSolar. “An initial full production run was recently completed at one of our manufacturing partners and samples will be available for all interested PV module manufacturers shortly.”

BioSolar is working to make solar power “greener” and more affordable by developing natural, non-toxic alternatives to the petroleum-based film in use by most silicon-based solar module manufacturers today. Its proprietary line of BioBacksheets™, made from renewable plant sources rather than petroleum, meets or exceeds the characteristics of various testing and performance standards for the PV industry and are expected to cost significantly less than current petroleum-based films.

“BioBacksheet™-C meets or exceeds all industry standard qualifications,” said Dr. Stanley B. Levy, Chief Technology Officer of BioSolar. “They have been tested and passed some of the most rigorous tests of UL 1703, the Underwriters Laboratories PV certification standard, including the damp heat test, where the module is exposed to 85 degrees C and 85% RH for 100 hours and the wet Hipot test, which is a measure of short circuit resistance after the module has been submerged in water.”

“BioBacksheet™-C is a two component system that is highly water resistant and contains high dielectric strength material combined with cellulosic film,” added Dr. Lee. “The substrate is a cellulosic material coated with a proprietary material to reduce the water vapor transmission rate and to increase abrasion resistance.”

enXco Enters Agreement with Suntech to Supply Up to 115 Megawatts of Solar Panels in 2010

4:30 pm EST, Tuesday November 3, 2009

ESCONDIDO, Calif.–(BUSINESS WIRE)–enXco – an EDF Energies Nouvelles Company announced today that it has entered into a sales agreement with Suntech Power Holdings Co., Ltd. (STP), to supply up to 115 megawatts of photovoltaic modules in 2010.

The supply agreement will enable enXco to execute on its growing portfolio of 2010 projects in both the United States and Canada, for both rooftop and ground mounted utility-scale projects.

“We are impressed with Suntech’s record of quality and innovation and are pleased to enter into this supply agreement securing Suntech as a partner in serving our utility and rooftop customers’ needs,” said Erik Ellis, Director of Utility-Scale Solar.

“enXco has built exceptional expertise in the development of renewable energy projects over the past 20 years, and we are very pleased to partner with them in the expansion of their solar business,” said Steven Chan, Suntech’s Chief Strategy Officer. “Our commitment to continuously drive solar innovation and deliver the most cost-effective solar solutions is a key element of this new partnership. We look forward to building upon this agreement and working with enXco to promote a transition to solar energy and sustainable development in the United States.”

About enXco, an EDF EN Company:

enXco (www.enxco.com) – an EDF Energies Nouvelles Company (www.edf-energies-nouvelles.com) develops, constructs, operates and manages renewable energy projects throughout the United States. For more than two decades, we have been a leader in wind-energy focusing on large-scale wind projects. Today enXco’s portfolio includes solar and biomass technologies, in an effort to help drive our nation’s transition to a sustainable energy economy. enXco is a significant owner and developer of wind-energy installations in the United States, and is the leading third-party operations & maintenance provider for wind farms in North America.

Canadian Solar shares rise after analyst upgrade

Canadian Solar shares rise with broader market and as analyst upgrades stock to ‘Equal Weight’

1:23 pm EST, Tuesday November 3, 2009

NEW YORK (AP) — Shares of Canadian Solar Inc. (CSIQ) jumped on Tuesday along with the broader solar sector and as an analyst upgraded the stock, citing an attractive stock value, reduced risk and better visibility.

The solar energy system maker’s shares climbed $1.56, or 11 percent, to $16.25 in morning trading.

Barclays Capital analyst Vishal Shah raised his rating for Canadian Solar to “Equal Weight” from “Underweight.”

Canadian Solar recently completed a common stock offering of 6.9 million shares, generating $103.3 million in net proceeds. The move raised concerns over the possible risk of share dilution, but Shah said this potential risk is out of the way.

“We see a more balanced risk-reward resulting from robust near term fundamentals, improving bankability situation (ability to secure project financing) and relatively attractive valuation,” Shah said in a note to clients.

In the near term, Shah expects shares to reach as high as $18 per share and believes the company’s downside is limited $12 per share. Shah raised his price target for the company to $16 from $11.50.

Shah estimates a full-year profit of $1.34 per share, compared with analyst estimates of $1.43 per share, according to a poll by Thomson Reuters. For 2010, Shah expects earnings at $1.60 per share, compared with analyst predictions of $1.54 per share.

Energizer® Solar Program Selected by Costco

Strong Brand and Innovation to Fuel Growth For ICP Solar

8:00 am EST, Tuesday November 3, 2009

MONTREAL–(BUSINESS WIRE)–ICP Solar Technologies Inc. (OTCBB: ICPR), a developer and marketer of innovative, proprietary solar panels, solar chargers, energy meters and other solar powered devices, today announced that it has been awarded programs from Costco Canada worth up to $1million, a substantial increase from 2009, indicative of the Company’s expanded product portfolio. Shipments of the solar chargers are expected to begin during the fourth quarter.

“We have a longstanding relationship with Costco and are excited to serve them with our growing product line in 2010,” said Sass Peress, CEO. “This commitment reflects a substantial increase over last year, and Costco has expressed confidence in even greater success than previous years with upcoming Energizer® branded solar chargers. Consumers are looking for strong brands in a market which is becoming more and more educated about quality distinctions when compared to no-name look-alikes. Considering the support that ICP Solar will receive from Energizer® through its own website, and the awareness that the energizersolar.com initiative will bring, we believe this will be the best year ever for this program. With clients such as Costco and others to be announced shortly, ICP Solar is working towards strengthening its distribution partnerships, improving its marketing programs, and ensuring complete customer satisfaction with its industry-leading innovations.”