North Coast Solar Stocks

July 31, 2009

Solar stocks slide on First Solar rebate plan

Filed under: ESLR, FSLR, SPWR, STP — Tags: , , , , , , — Jason @ 2:37 pm

Fri Jul 31, 2009 2:37pm EDT

* First Solar shares slide 10 pct, drag down sector

* Credit Suisse cuts First Solar rating to “neutral”

* Shares of German stocks edged down

LOS ANGELES, July 31 (Reuters) – Shares of First Solar Inc (FSLR) slid 10 percent and dragged down the rest of the solar sector Friday, a day after the industry bellwether posted a quarterly profit that pummeled Wall Street estimates but said it would resort to rebates to defend its market position in Germany.

The stock fell $18.09 to $155.46 in afternoon trading on the Nasdaq. Shares of U.S. rival Sunpower Corp (SPWRA, SPWRB) were down 4.25 percent at $32.03, while top Chinese solar company Suntech Power (STP) slid 4.6 percent to $18.38.

Evergreen Solar Inc (ESLR), which reported a wider-than-expected quarterly loss on Thursday, fell 12.6 percent to $2.08.

Credit Suisse analyst Satya Kumar downgraded First Solar to “neutral” from “outperform,” saying the current quarter would “be the last good quarter for a while … we expect the stock to look ahead of this peaking earnings momentum and pull back to lower levels.”

Other analysts, including from Barclays Capital, Jefferies & Co and UBS, lowered their price targets for Tempe, Arizona-based First Solar’s stock.

Caris & Co downgraded Evergreen to an “average” rating, saying price erosion was taking a toll on profitability.

The solar power industry has suffered this year as the global credit crisis has dried up available financing for renewable energy projects and a pullback in government subsidies in Spain and Germany has made demand fall. That slump has created a global glut in the supply of solar panels, which has sent prices tumbling and hurt producers’ profits.

INDUSTRY BELLWETHER

First Solar has weathered the global recession better than many of its peers because its cadmium telluride panels are cheaper to produce than the silicon-based panels that dominate the market. A slide in prices on silicon-based panels, however, has started to chip away at First Solar’s competitive edge.

On Thursday, the company disappointed investors when it said it would offer a rebate program in Germany to preserve its market position. The market was also disappointed that the company left its revenue and gross margin outlook for 2009 unchanged, rather than raising it.

Since the beginning of the year, First Solar shares have rallied about 13 percent, but they are still well below the lifetime high of $317 reached in May 2008.

About 8.8 million First Solar shares were held in short positions as of July 15, an increase of 7 percent from two weeks earlier. That accounts for about 10.3 percent of the company’s 85.7 million shares outstanding as of June 27. when it reported a wider-than-expected quarterly loss.

In Germany, where First Solar will start to offer rebates, shares of German solar companies fell. SolarWorld edged down 2.29 percent, while Q-Cells and Conergy fell slightly before closing unchanged on Friday.

“We thus continue to believe that there are more downside risks rather than upside opportunities in most of the German solar stocks, especially for the downstream manufacturers,” said Equinet analyst Sebastian Growe.

(Reporting by Laura Isensee, editing by Nichola Groom and John Wallace)

Shares of Evergreen Solar decline on dismal 2nd-qtr results, fears of continued price erosion

Filed under: ESLR — Tags: , , , , — Jason @ 11:47 am

Friday July 31, 2009, 11:47 am EDT

NEW YORK (AP) — Evergreen Solar Inc. (ESLR) shares tumbled on Friday, a day after it reported a wider second-quarter loss, driven by falling selling prices for silicon wafers used in solar panels.

In midday trading on Friday, shares of the company fell 31 cents, or 13 percent, to $2.07.

The Marlboro, Mass.-based company said its loss more than doubled and was worse than Wall Street expectations. Evergreen cited lower selling prices and lower fees from its Sovello joint venture. It also cited higher costs related to greater production at its Devens facility.

Caris & Co. analyst Ben Pang said Evergreen’s margins are at risk as pricing erosion cuts away at profitability and demand has struggled due to a lack of product differentiation.

“Although there are signs of industry stabilization, we do not think margins can recover in the near term and losses are likely to drag on longer than expected,” Pang said.

He downgraded the stock to “Average” from “Above Average” and lowered his price target for the stock to $2, from an earlier target of $2.50.

Shares of First Solar drop in premarket trading as new rebate program disappoints investors

Filed under: FSLR — Tags: , , , , , — Jason @ 9:10 am

Friday July 31, 2009, 9:10 am EDT

NEW YORK (AP) — Shares of First Solar Inc. (FSLR) tumbled in premarket trading on Friday a day after the nation’s largest solar panel maker said its second-quarter profit surged, but disappointed investors with a rebate program that analysts say will hurt earnings results in the second half of the year.

Shares fell $18.55, or 11 percent, to $155 in premarket trading.

The Tempe, Ariz.-based company said late Thursday that its second-quarter profit more than doubled, beating analyst estimates, driven by rising sales of its thin-film modules.

First Solar CEO Michael Ahearn said in a conference call that First Solar will push its solar panels heavily in Germany, which has some of the most generous incentives for alternative energy. The company will offer rebates for its thin-film modules that are tied to its competitor’s polysilicon solar modules, guaranteeing that First Solar’s modules come at a discount.

The program will most likely cut away at margins, said Deutsche Bank analyst Steve O’Rourke as he maintained his “Hold” rating, raised his 2009 profit estimate and cut his 2010 earnings forecast for the company. O’Rourke expects 2009 and 2010 profit of $7.60 per share and $8.35 per share, compared with earlier estimates of $7 per share and $8.45 per share, respectively.

Jefferies analyst Paul Clegg also trimmed his profit estimates and price target for the company, citing the rebate program. Clegg rates First Solar “Buy.”

Entech Solar Unveils Next-Generation Products

Filed under: ENSL — Tags: , , , — Jason @ 8:00 am

Friday July 31, 2009, 8:00 am EDT

FORT WORTH, Texas–(BUSINESS WIRE)–Entech Solar (ENSL.OB) (the “Company”, “Entech”) today announced significant progress with its development programs for both its concentrating solar and skylight products. Since March 2009 when Entech suspended manufacturing operations for its previous generation of concentrating solar systems, the Company has been fully dedicated to the design and development of its next-generation products.

Highlights:

* Successful completion of the preliminary design review and prototype of the next-generation concentrating solar product, ThermaVolt™ II
* Filing of multiple provisional patent applications associated with the ThermaVolt II module
* Successful completion of the preliminary design review of the patented tubular skylight

Entech has successfully completed the preliminary design phase of its next-generation product in the ThermaVolt product line, ThermaVolt II, including the construction and operation of a prototype that produces both electricity and thermal energy. Dr. Frank W. Smith, Entech Solar’s Chief Executive Officer, comments, “ThermaVolt II’s combined output of electricity and thermal energy produces four to five times the amount of energy compared to traditional photovoltaic systems. Through the net metering of electricity and the offset of natural gas, ThermaVolt II has the potential to be highly disruptive in the solar energy marketplace.” In addition to Entech’s previous concentrating solar energy patents, the Company has filed a number of new provisional patent applications associated with the ThermaVolt II design and manufacturing process to ensure appropriate protection of the Company’s intellectual property and to allow public disclosure of certain product features and benefits.

ThermaVolt II leverages Entech Solar’s proven optical technology by using its proprietary arched Fresnel lens to provide about 20 times concentration of sunlight onto the solar cells, saving about 95% of the relatively expensive silicon cell material. “For the past 25 years, our arched Fresnel lenses have demonstrated outstanding performance in the real-world environment, and ThermaVolt II will continue to use this proven optical concentrating technology,” said Mark O’Neill, Entech Solar’s Chief Technology Officer. The product’s unique design is applicable for both ground and roof-mount applications, and focuses on low cost, manufacturability, ease of installation, compactness and high reliability.

The ThermaVolt II module’s size and shape are similar to those of a standard flat-plate PV module. The standard dimensions will ease adoption in the marketplace and expands Entech’s addressable market to include rooftop applications. The standard size also allows for a more conventional installation approach, greatly increasing the potential dealer and installer channels to market. In addition, the fully-assembled, compact shape enables palletized shipping, resulting in reduced transportation costs. Additional product details and images of the ThermaVolt II prototype may be found on Entech Solar’s website: http://www.entechsolar.com.

In addition to its improved design, ThermaVolt II leverages well-known, existing semiconductor manufacturing processes using proven, off-the-shelf equipment and can be readily outsourced to low-cost, sub-contract manufacturers. Entech’s ability to outsource the manufacturing of the ThermaVolt II module will allow for more competitive pricing and for readily increasing production volumes.

Since March, the Company has also been dedicating resources to the development of its patented tubular skylight. With significant applicable funding opportunities from the American Recovery and Reinvestment Act of 2009 and a growing commercial green building market, Entech Solar has renewed its commitment to commercialize its state-of-the-art tubular skylight. “We view the skylight opportunity as a possible means to diversify and grow our near-term revenue,” states Dr. Smith. Skylight customers benefit from reduced electricity bills and increased productivity from the natural light, resulting in an expected payback period of approximately five years. The manufacturing of the skylight can be easily outsourced, requiring very little capital investment from the Company. Images of Entech’s installed tubular skylights and their lighting performance can be viewed on Entech Solar’s website: http://www.entechsolar.com

Going forward, Entech Solar will continue to focus on the commercialization of both the ThermaVolt II and tubular skylight products. The Company’s next steps in developing the ThermaVolt II module include building a reliable supply chain, completing the UL-certification process, and installing beta sites. The Company’s next steps in developing the tubular skylight product line include building a reliable supply chain and working with roofing companies and energy service companies (ESCOs) on initial installations.

July 30, 2009

Solar company results reflect weak global market

Filed under: AKNS, ESLR, FSLR, HOKU — Tags: , , , , , , — Jason @ 8:02 pm

Thu Jul 30, 2009 8:02pm EDT

* First Solar 2nd-qtr profit, revenue top Street

* Stock falls 3 pct after rebate announcement

* Evergreen Solar Q2 loss before items misses Wall St view

* Evergreen shares down 10 pct after hours

* Hoku Scientific, Akeena Solar post quarterly losses

By Nichola Groom and Matt Daily

LOS ANGELES/NEW YORK, July 30 (Reuters) – First Solar Inc (FSLR) reported a quarterly profit on Thursday that handily topped Wall Street estimates, but its shares fell in extended trading after the company said it would start offering rebates to defend its position in Germany.

The solar panel maker’s shares soared more than 10 percent after it announced its results but reversed course and fell 3.2 percent after the rebate program was outlined during a conference call with analysts.

“They say they’re doing it through a rebate program, but it doesn’t matter what you call it, they still have to cut prices,” said Kaufman Bros analyst Theodore O’Neill.

First Solar, based in Tempe, Arizona, has weathered the global recession better than many of its peers because its cadmium telluride panels are cheaper to produce than the silicon-based panels that dominate the market.

That was underscored on Thursday as three smaller U.S. solar companies, Evergreen Solar Inc (ESLR), Hoku Scientific Inc (HOKU) and Akeena Solar Inc(AKNS), said they lost money in the second quarter.

A dearth of financing for renewable energy projects has contributed to a global glut of solar panels that has sent prices falling, hurting panel makers’ margins.

At the same time, prices of silicon-based panels have come closer to those of First Solar’s low-cost panels, chipping away at its competitive edge.

(more…)

Low Prices Melt Profit For Solar

Filed under: FSLR, LDK, SPWR, STP, WFR, YGE — Tags: , , , , , — Jason @ 6:42 pm

Donna Howell
Thursday July 30, 2009, 6:42 pm EDT

Falling solar prices are pinching most solar firms now, but could end up spurring more use of solar power in the near future.

Prices for crystalline-silicon solar panels, or modules — the most common type of solar panel — have plunged on the heels of a drop in prices of the main material used to make them, polysilicon. Both declines stem from a solar module supply glut tied to the financial crisis, which quashed project financing, and a harsh winter in Europe, which hampered installations.

“Module prices have been dropping since the beginning of this year,” said Henning Wicht, principal photovoltaics analyst at research firm iSuppli. “There’s a huge oversupply coming for modules, and next year for polysilicon.”

The trend in general isn’t good for solar firms. The trick is how they can profit while surviving a broad, deepening price war, which at the end will likely spark renewed solar demand.

Costs Not Falling As Fast

The trend “squeezes margins on (solar) companies because prices are coming down substantially faster than the cost structure,” said Pacific Crest analyst Mark Bachman.

But the decline in prices doesn’t affect all solar firms the same way.

No doubt it hurts providers of polysilicon wafers, such as MEMC (WFR), Wacker Chemie and LDK Solar (LDK). They’re getting much lower prices for their goods than before. Their customers are solar manufacturers.

Amid the module glut, “no one was willing to buy polysilicon at basically any price until it went under $100 per kilogram,” Bachman said. It bottomed around $60, he says, and is $60 to $70 now.

Solar companies that buy polysilicon to make solar cells or solar modules include Suntech Power (STP), Yingli Green Energy (YGE) and SunPower (SPWRA, SPWRB). The glut hurts these kinds of firms now, but they stand to benefit as lower polysilicon prices spark demand, Bachman says.

The problem is that the inventory such companies hold was built when polysilicon cost up to hundreds of dollars per kilogram, and that inventory is now subject to write-downs, since solar firms can’t sell their modules for as much as they’d hoped.

“The main reason is that all the module makers took out their margins to lower prices and make them more attractive to the end user,” Wicht said, predicting module prices will keep falling, to about $2.30 per watt by year’s end.

(more…)

First Solar Stays Hot With Q2 Sales, Profit Far Exceeding Views

Filed under: FSLR, SPWR — Tags: , , , , , — Jason @ 6:37 pm

No. 1 solar energy provider First Solar continued to shine in the second quarter, late Thursday reporting profit and sales that crushed analyst views.

Marilyn Much
Thursday July 30, 2009, 6:37 pm EDT

First Solar’s (FSLR) earnings more than doubled to $2.11 a share from 85 cents in the year-earlier quarter. The consensus of the 33 analysts polled by Thomson Reuters called for a profit of $1.62. Beating profit views by such a margin is unusual, but First Solar also beat profit views by 49 cents in the first quarter.

Still, the company left unchanged its sales and operating profit margin guidance for the full year. It expects operating margin of 31% to 33% and revenue of $1.9 billion to $2 billion, compared with sales of $1.25 billion in 2008.

Chief Executive Michael Ahearn, in a conference call with analysts, said “visibility is limited” but that conditions now vs. the first quarter were “generally more favorable.”

First Solar shares at first spiked about 10% after hours, after the firm released the better-than-expected results. But after the muted outlook and comments from executives, shares were down about 3%.

But the unchanged outlook didn’t dampen second-quarter numbers.

“Clearly, these were phenomenal results,” said Pacific Crest analyst Mark Bachman.

The Tempe, Ariz.-based company said revenue jumped 97% to $525.9 million, where analysts had expected $459.1 million.

Sales gains were driven in part by increased shipping volumes from its Malaysian plants and lower materials costs, Jens Meyerhoff, First Solar’s chief financial officer, said on the conference call.

The company said that despite falling prices, its gross profit margin rose to 56.7% from 56.3% in the first quarter. (See related story, this page.)

“A 56.7% gross margin is phenomenal,” Bachman said. “No one can hold a candle to these guys.”

The industry got another boost on July 23, when No. 2 U.S. solar panel maker SunPower (SPWRA, SPWRB) also beat analyst profit and sales expectations.

(more…)

First Solar profits jump; economic view improves

Filed under: FSLR — Tags: , , , , , , — Jason @ 6:02 pm

First Solar 2Q profit more than doubles, stock price tumbles after-hours on rebate news

Chris Kahn, AP Energy Writer
Thursday July 30, 2009, 6:02 pm EDT

NEW YORK (AP) — First Solar (FSLR), the nation’s largest solar panel maker, said Thursday its second-quarter profit more than doubled on strong sales of its thin-film modules.

The results beat Wall Street expectations, but investors were turned off by a rebate program that would hurt company earnings in the second half of the year. First Solar stock gave up $7.67 a share, or 4.4 percent to $165.88 in after-hours trading.

The Tempe, Ariz.-based company reported net income of $180.6 million, or $2.11 per share, in the three months ended June 27. That compares with earnings of $69.7 million, or 85 cents per share, in the same period a year ago.

Quarterly sales reached $525.9 million, almost double the $267 million reported for the same period in 2008.

Analysts surveyed by Thomson Reuters expected earnings of $1.62 a share on revenue of $459.1 million.

In February, First Solar Chairman and CEO Michael J. Ahearn Ahearn warned that the meltdown in the banking industry put some of its customers under financial stress, sapping their ability to pay for solar.

But the economy has since become “generally more favorable” for solar manufacturers, he said.

First Solar Inc., the largest solar company by market capitalization, has dropped its manufacturing costs by 6 cents to 87 cents per watt in the second quarter. It also boosted production as it completed a new manufacturing facility in Malaysia.

Ahearn said First Solar will push its solar panels heavily in Germany, which has some of the most generous incentives for alternative energy. The company will offer rebates for its thin-film modules that are tied to its competitor’s polysilicon solar modules, guaranteeing that First Solar’s modules come at a discount.

“We’ll do what we can to defend our position in these core markets,” Ahearn said.

Company officials estimate that the rebate program would cost between $40 million and $60 million in the second half of the year. As soon as they announced it, First Solar shares started to fall in after-hours trading.

Mark Bachman, an analyst with Pacific Crest Securities, said a solar company has never offered a rebate like this. While it shows innovation during a tough economy, it also worries investors.

“People have never seen it before and they don’t know how to value it,” he said.

The company announced during the past few months that it had signed agreements with Pfalzsolar in Germany and Borvis Lend Lease in Australia to provide solar modules for a variety of projects.

First Solar also announced this month it would build and operate what’s expected to be France’s largest solar panel manufacturing plant.

FSLR: Reiterates ‘09 View, Stock Down on Germany Woes

Filed under: FSLR — Tags: , , , , , — Jason @ 5:29 pm

Posted by Tiernan Ray
barrons.com

Shares of solar panel technology maker First Solar (FSLR) are reversing course this evening, falling to $170 after briefly going as high as $189 following a clean Q2 beat. What’s spooked people are the company’s remarks on a conference call this evening about growing uncertainty in its German market.

The company has seen increasing price-cuts among competitors selling into Germany’s solar power market. Although First Solar makes panels from a thin-film semiconductor technology, it started to see trouble in the German market from manufacturers hit with a glut of polysilicon-based product and slowing of new panel projects, said CEO Mike Ahern.
A pronounced increase in price cuts in Q2 came about because “the crystalline silicon module oversupply as feedstock became more available, and then some aggressive pricing behavior on the part of some manufacturers in order to drive sales into the German market,” said Ahern.

That, he said, led to, “deferred project equity investment that I alluded to earlier where people began to sit on the sidelines and wait to see how the price reductions played out.”

Ahern said it’s not sure when such conditions will change in Germany. As a result, the company is “willing to reduce price … where price is the constraint” in Germany. And to do so, the company introduced — ta da! — rebates that it will pay when a project is completed.

The combined effect of rebates, uncertain pricing competition in Germany, and uncertain project ramp-ups means the company is sticking with its 2009 forecast of $1.9 billion to $2 billion in revenue despite the Q2 beat.

Or, as Ahern put it, “The net effect of this — I mean, we had to take some assumptions about the overall impact on it. The net guidance, or the guidance in total for 2009 remains unchanged.” ”

Lower prices send Evergreen Solar profits tumbling

Filed under: ESLR — Tags: , , , , — Jason @ 5:20 pm

Evergreen Solar profits fall sharply, tough gross margins show slight uptick

Thursday July 30, 2009, 5:20 pm EDT

NEW YORK (AP) — Evergreen Solar’s (ESLR) loss more than doubled in the second quarter due to falling prices, the company reported Thursday.

The Marlboro, Mass.-based company reported losses of $20.3 million, or 11 cents per share, compared with a loss of $8.9 million, or 8 cents per share, during the same period last year.

Analysts surveyed by Thomson Reuters, expected a loss of 8 cents per share.

Revenues soared to $63.8 million, easily surpassing last year’s second-quarter revenue of $22.8 million and beat Wall Street expectations of $63.4 million in sales.

Alternative energy companies have operated in a difficult climate with credit markets tight.

“We remain confident in our ability to be well positioned when the industry returns to significant growth as fundamental structural issues like those facing global credit markets begin to resolve,” said Richard M. Feldt, chairman, CEO and president at Evergreen.

Analysts are paying closer attention to improvements from the first quarter, when many smaller companies were trying to hold out for any uptick in business.

Evergreen reported gross margins for the past three months were 1.9 percent, compared with 1.2 percent during the first three months of the year.

That was well below the 34.7 percent gross margin achieved last year in the second quarter, however.

The company cited lower selling prices and lower fees from its Sovello joint venture. It also cited higher costs related to greater production at its Devens facility.

Evergreen released its earnings after the market closed on Thursday. The company’s stock fell more than 7 percent, or 18 cents, to $2.20 in electronic trading.

Evergreen Solar Inc. makes silicon wafers used in solar panels.

FSLR, ESLR Q2 Diverge; First Solar Up, ESLR Down

Filed under: ESLR, FSLR — Tags: , , , — Jason @ 4:46 pm

Posted by Tiernan Ray
barrons.com

Two prominent solar power technology providers are diverging in after-hours trading this evening, with First Solar (FSLR) rising about $3.70, or 2%, to $177.25, and Evergreen Solar (ESLR) falling 16 cents, or 6.7%, after the two companies reported their respective Q2 results this evening.

First Solar Q2 sales rose 26% from Q1, and almost doubling year over year, yielding earnings per share of $2.11, nearly double the year-earlier profit. That compares to the average $459 million and $1.62 estimate. First Solar plans to discuss its Q3 outlook on its conference call that started at 4:30, which you can catch here.

Evergreen, meanwhile, said Q2 revenue rose about 14% from Q1 and nearly tripled year over year, to $63.8 million, for a net loss of 11 cents per share. The revenue was slightly ahead of estimates of $63.4 million, but the net loss was wider than the 8 cents analysts were looking for.

Evergreen did not offer a forecast.

First Solar 2Q profit more than doubles, stock price jumps in after-hours trading

Filed under: FSLR — Tags: , , , , — Jason @ 4:44 pm

Chris Kahn, AP Energy Writer
Thursday July 30, 2009, 4:44 pm EDT

NEW YORK (AP) — First Solar Inc. (FSLR), the nation’s largest solar panel maker, said Thursday its second-quarter profit more than doubled on strong sales of its thin-film modules.

The results beat Wall Street expectations, and company shares jumped nearly 10 percent in after-hours trading.

The Tempe, Ariz.-based company reported net income of $180.6 million, or $2.11 per share, in the three months ended June 27. That compares with earnings of $69.7 million, or 85 cents per share, in the same period a year ago.

Quarterly sales reached $525.9 million, almost double the $267 million reported for the same period in 2008.

Analysts surveyed by Thomson Reuters expected earnings of $1.62 a share on revenue of $459.1 million.

First Solar Inc., the largest solar company by market capitalization, announced during the past few months that it had signed agreements with Pfalzsolar in Germany and Borvis Lend Lease in Australia to provide solar modules for a variety of projects.

The company also announced this month it would build and operate what’s expected to be France’s largest solar panel manufacturing plant.

First Solar released its earnings after the market closed on Thursday. Company stock added $17.02, or 9.8 percent, to $190.57 a share in after-hours trading, following an increase of $5.56 to $173.55 in regular trading.

Ohio budget tries to boost solar power

Filed under: none — Tags: , , , , , — Jason @ 4:33 pm

7/30/2009 4:33:46 PM

By Stephen Majors

COLUMBUS, OHIO: Ohio’s latest budget seeks to put solar power in the financial reach of Ohio residents by addressing the cost of installation, the biggest barrier to the renewable energy technology’s large-scale deployment.

Now the onus falls on cities and townships across the state to carry the vision forward.

The budget approved earlier this month enables cities to use bonds or grants to pay for the installation of solar panels, whose initial cost of tens of thousands of dollars is unaffordable to the vast majority of homeowners. Residents who get the money will then pay back the cost, plus the interest, through an assessment on their property taxes for up to 25 years.

If a homeowner with a solar panel were to move, the panel would remain on the home and be paid by the next homeowner’s property taxes.

Berkeley, Calif., was the pioneer for municipal solar financing two years ago, and the idea has spread to other California cities and roughly a dozen states, including Virginia and Maryland. Berkeley has 38 projects funded through the city during the project’s filing phase.

In Ohio, the idea started with the Athens City Council in Appalachia in southeast Ohio, which took it to state Sen. Jimmy Stewart, an Albany Republican. It quickly went into the budget plan.

“What we’re really hoping to do is establish a model that other cities across the state can copy,” said Councilman Elahu Gosney, who said the primary focus is on homeowners but the financing could later be extended to businesses. “One of the driving forces behind this is to use this as a job creator and try to improve our economy.”

(more…)

Hoku Scientific Reports First Quarter Fiscal Year 2010 Results

Filed under: HOKU — Tags: , , , , , , , — Jason @ 4:10 pm

Thursday July 30, 2009, 4:10 pm EDT

HONOLULU, HI–(Marketwire – 07/30/09) – Hoku Scientific, Inc. (HOKU), a materials science company focused on clean energy technologies, today announced its financial results for the first quarter ended June 30, 2009 and provided a general update on its business.

Financial Results

Revenue for the quarters ended June 30, 2009 and 2008 was $74,000 and $2.2 million, respectively, derived primarily from photovoltaic, or PV, system installation and related service contracts. As of June 30 and March 31, 2009 deferred revenue of $1.1 million and $784,000, respectively, was attributable to PV system installation projects and related service contracts.

Net loss, computed in accordance with U.S. generally accepted accounting principles, or GAAP, for the quarter ended June 30, 2009 was $905,000, or $0.04 per diluted share, compared to net income of $178,000, or $0.01 per diluted share, for the same period in fiscal 2009.

Non-GAAP net loss for the quarter ended June 30, 2009 was $741,000, or $0.03 per diluted share, compared to non-GAAP net income of $646,000, or $0.03 per diluted share, for the same period in fiscal 2009. Non-GAAP net loss for the quarter ended June 30, 2009 and non-GAAP net income for the quarter ended June 30, 2009 excludes non-cash stock-based compensation of $164,000 and $468,000, respectively. The accompanying schedules provide a reconciliation of net income / (loss) per share computed on a GAAP basis to net income / (loss) per share computed on a non-GAAP basis.

Dustin Shindo, chairman, president and chief executive officer of Hoku Scientific, said, “We continued to make progress in our solar and polysilicon businesses during the first quarter of fiscal 2010. We advanced our solar integration business in Hawaii and — although we were required to modify our approach — continued to make progress toward the completion of our polysilicon production facility in Pocatello, Idaho.”

(more…)

Evergreen Solar Signs Contract Manufacturing Agreement with Jiawei Solar

Filed under: ESLR — Tags: , , , , — Jason @ 4:01 pm

Wuhan Government to Provide $33 Million for Evergreen Solar’s 100 MW Wafer Manufacturing Plant

Thursday July 30, 2009, 4:01 pm EDT

MARLBORO, Mass. & WUHAN, China–(BUSINESS WIRE)–Evergreen Solar, Inc. (ESLR), a manufacturer of String Ribbon™ solar power products with its proprietary, low-cost silicon wafer technology, today announced it has finalized its agreements with Jiawei Solarchina Co., Ltd., and the Wuhan Government’s Hubei Science & Technology Investment Co., Ltd. (“HSTIC”). Under these agreements:

* Evergreen Solar will manufacture String Ribbon wafers using its state-of-the-art Quad furnaces at a leased facility being built by Jiawei in Wuhan, China on Jiawei’s campus.
* Jiawei will convert the String Ribbon wafers into Evergreen Solar-branded panels on a contract manufacturing basis.
* Evergreen Solar will reimburse Jiawei for its cell and panel conversion costs, plus a contract manufacturing fee. The actual price paid to Jiawei will be negotiated annually.
* Evergreen Solar will invest $17 million in cash and equipment in the Wuhan String Ribbon operation. HSTIC will provide Evergreen Solar $33 million of 7.5% financing, which Evergreen Solar must repay no later than July 2014. Jiawei will make a similar investment for its cell and panel operations with the support of HSTIC.
* Initial capacity will be approximately 100 MW. Factory construction has begun and the parties expect that wafer, cell and panel production will begin in the spring of 2010.
* The parties intend to expand production capacity of their respective manufacturing operations to approximately 500 MW by 2012, the timing and extent of any potential expansion will be determined in 2010.
* Evergreen Solar and Dynamic Green Energy, Ltd, Jiawei’s parent company, have agreed to exchange warrants representing 1% of their outstanding shares. These warrants will have a five-year term and may be exercised for 20% of the warrant shares for each incremental 95 MW of production capacity achieved.

“Our String Ribbon wafer technology, combined with Jiawei’s low-cost manufacturing capabilities, should enable our products to stand out distinctly among customers seeking both value and dependability for their solar energy solutions,” commented Richard M. Feldt, Chairman, President and CEO. “As we reach the 25 MW quarterly capacity by the end of 2010, we expect total manufacturing costs of our String Ribbon panels produced in China to be in the range of $1.40 per watt to $1.50 per watt with both companies working aggressively to further improve technological performance as well as reduce manufacturing costs. Our mutual goal is to drive conversion efficiency and manufacturing performance so that panels are produced at the $1.00 per watt level by no later than 2012.”

About Jiawei Solarchina Co., Ltd. Inc.

Jiawei Solarchina Co., Ltd. Inc., through its subsidiary Jiawei Solar (Wuhan) Co. Ltd., is a fully integrated manufacturer of solar products serving OEM and ODM customers around the world, including SunPower Corporation. Jiawei offers its global customers high-performance solar products for a broad range of applications including residential and commercial end-users for off-grid and on-grid applications. The Company is dedicated to providing its world-class customer base with innovation, manufacturing excellence and superior product quality. For more information about Jiawei Solar, please visit http://www.solarchina.com.hk.

About Hubei Science & Technology Investment Co., Ltd.

Hubei Science & Technology Investment Co., Ltd. (“HSTIC”) is a state owned investment company focusing on science and technology development with registered capital of approximately 2.8 billion of RMB ($410M USD). HSTIC is composed of the Administrative Committee of Wuhan East Lake High-Tech Development Zone and its holding company, Optics Valley Investment Company, Hi-Tech Productivity Enhancement Center and Overseas Scholar Incubation Company. The Hubei state government and Wuhan city government have announced HSTIC will manage 10 billion RMB funded by the National Development Bank to develop central China. According to Hubei state government’s planning, 6 billion of RMB will be dedicated to Wuhan East Lake High-Tech Development Zone.

First Solar, Inc. Announces 2009 Second Quarter Financial Results

Filed under: FSLR — Tags: , , — Jason @ 4:01 pm

Thursday July 30, 2009, 4:01 pm EDT

TEMPE, Ariz.–(BUSINESS WIRE)–First Solar, Inc. (FSLR) today announced its financial results for the second quarter ended June 27, 2009. Quarterly revenues were $525.9 million, up from $418.2 million in the first quarter of fiscal 2009 and up from $267.0 million in the second quarter of fiscal 2008. Revenues for the first six months of fiscal 2009 were $944.1 million compared to $464.0 million for the first six months of fiscal 2008.

Net income for the second quarter of fiscal 2009 was $180.6 million or $2.11 per share on a fully diluted basis, up from $164.6 million or $1.99 per share on a fully diluted basis for the first quarter of fiscal 2009 and up from $69.7 million or $0.85 per share on a fully diluted basis for the second quarter of fiscal 2008.

First Solar will discuss these results and outlook for fiscal 2009 in a conference call scheduled for today at 1:30 p.m. MST (4:30 p.m. EDT). Investors may access a live audio webcast of this conference call in the Investors section of the Company’s web site at http://www.firstsolar.com. An audio replay of the conference call will also be available approximately two hours after the conclusion of the call. The audio replay will remain available until Tuesday, August 4, 2009 at 11:59 p.m. EDT and can be accessed by dialing 888-203-1112 if you are calling from within the United States or 719-457-0820 if you are calling from outside the United States and entering access code 6443641. A replay of the webcast will be available on the Investor section on the Company’s Web site approximately two hours after the conclusion of the call and will remain available for 90 calendar days. If you are a subscriber of FactSet and Thomson One, you can obtain a written transcript within 2 hours.

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Evergreen Solar Announces 2009 Second Quarter Results

Filed under: ESLR — Tags: , , , , , — Jason @ 4:00 pm

Devens Factory Ships 23.2 MW, Up 34% Sequentially

Thursday July 30, 2009, 4:00 pm EDT

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 second quarter ended July 4, 2009.

“We continue to ramp our production at Devens in line with market demand,” stated Richard M. Feldt, Chairman, CEO and President. “We shipped 23.2 MW at an average price of $2.70 per watt compared to the 17.3 MW sold at $3.13 per watt during the first quarter. The momentum we are building keeps us on track to achieve our $2.00 per watt goal when Devens reaches its 40 MW of quarterly capacity. Additionally, we are now identifying cost improvement programs that we believe will gradually take us to about $1.50 per watt at full factory capacity in the next two years.”

“Our financial and market positions are strong and, with our recently completed contract manufacturing agreement with Jiawei, we remain confident in our ability to be well positioned when the industry returns to significant growth as fundamental structural issues like those facing global credit markets begin to resolve,” concluded Mr. Feldt.

Second Quarter 2009 Financial Results

Revenues for the second quarter of 2009 were $63.8 million, including $1.1 million of fees from our Sovello joint venture, compared to $55.8 million for the first quarter of 2009, including $1.4 million of fees and $22.8 million for the second quarter of 2008, including $4.6 million of fees.

Gross margin for the second quarter of 2009 was 1.9%, compared to 1.2% for the first quarter of 2009 and 34.7% for the second quarter of 2008. The decrease from the prior year period was the result of lower selling prices, lower fees from the Sovello joint venture, and higher initial costs related to the ramp in production at Devens.

Net loss for the second quarter of 2009 was $20.3 million, or $0.11 per share, and includes on-going charges associated with our Marlboro pilot facility closure and Midland facility start-up costs of $1.5 million. Net loss for the second quarter also includes equity losses of $5.3 million, representing our share of losses incurred by Sovello during the quarter. Sovello losses increased substantially during the second quarter primarily due to lower sales volume and lower average selling prices. Weighted average shares outstanding for the second quarter increased as the result of our successful common stock offering, resulting in net proceeds of $72.8 million.

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Akeena Shares Up Despite Q2 Rev Miss; Smaller Net Loss

Filed under: AKNS, ESLR, FSLR — Tags: , , , , — Jason @ 12:18 pm

Posted by Tiernan Ray
barrons.com

In a good omen, perhaps, for solar technology makers First Solar (FSLR) and Evergreen Solar (ESLR), which report tonight after the bell, Akeena Solar (AKNS) shares are rising despite a top-line miss in the company’s Q2 report this morning.

Akeena said revenue in Q2 fell 17%, year over year, to $5.9 million, lower than the $7.1 million consensus forecast, but thanks to a 30% drop year over year in operating expenses, the company was able to report a net loss of 9 cents per share in profit, above the 11-cent loss expected and narrower than the 18-cent loss a year earlier.

The company recorded a big increase in backlog, too, to $7.5 million from $4.8 million at the end of the prior quarter. The company said falling panel prices are helping ease the cost to consumers of installing roof-top solar panels, moving solar “closer to the mainstream.” It also helped the company deliver gross profit of 19.7%, the middle of the company’s forecast range.

The company declined to provide a year forecast, citing “limited visibility” of more costly commercial solar installations. But the company did say that stimulus money coming on line later this year should boost commercial installations.

Akeena shares this afternoon are up 5 cents, or 3.8%, at $1.38.

U.S. Department of Energy to invest up to $11.8 million in solar energy grid integration systems

Filed under: SPIR — Tags: , , , , , — Jason @ 12:00 pm

30 July 2009
By Tom Cheyney

Up to $11.8 million will be invested by the U.S. Department of Energy in five projects designed to advance the next stage of development of solar energy grid integration systems (SEGIS), as part of a partnership program begun by DOE in 2008. The selected projects focus on the most promising technology advances and include development of intelligent system controls.

“Solar energy will be a critical factor in achieving the President’s goal of creating new jobs as part of a clean energy economy,” said Energy Secretary Steven Chu. “By integrating renewable energy onto the grid now, we can deliver power more reliably and effectively, lower utility bills for American families, and help rebuild our economy along the way.”

The five selections include:

* PVPowered ( Bend, OR): PVPowered will partner with Portland General Electric (Portland, OR), South Dakota State University (Brookings, SD), Northern Plains Power Technologies (Brookings, SD), Schweitzer Engineering Laboratories (Pullman, WA), and Sensus (Raleigh, NC). The project will reinforce the fundamental objectives of the SEGIS program to optimize interconnections across the full range of emerging PV module technologies through innovative systems integration. (DOE cost share: up to $3 million)

* Petra Solar (South Plainfield, NJ): Petra Solar will work with the University of Central Florida (Orlando, FL) and fifteen electric utilities with service in New Jersey, Pennsylvania, Ohio, Delaware, Maryland, the District of Columbia, Florida, and Texas. This project complements the mission of the solar program to achieve the widespread adoption of solar energies. It supports improving reliability and resiliency so that high levels of PV integration can be adapted. (DOE cost share: up to $2.9 million)

* Princeton Power of Princeton, NJ: Princeton Power will work with Transistor Device Inc (TDI), LaGuardia Community College (New York, NY), Idyllwild Municipal Water District (San Diego, CA), National Oceanographic and Atmospheric Administration (Princeton, NJ), Princeton Plasma Physics Laboratory (Princeton, NJ), Premier Power, SPG Solar (Novato, CA), and Spire (Bedford, MA). This project focuses on lowering manufacturing costs through integrated controls for energy storage and develops new inverter designs. (DOE cost share: up to $2.8 million)

* Apollo Solar of Bethel, CT: Apollo Solar will work in collaboration with Saft Batteries (Valdosta, GA), the Electric Power Research Institute (Knoxville, TN), and California Independent System Operator (Folsom, CA). This project creates innovative inverters using energy storage and two-way communications between solar electrical systems and utilities. (DOE cost share: up to $1.5 million)

* Florida Solar Energy Center/UCF: Florida Solar Energy Center will work with Satcon Technology (Boston, MA), Sentech (Bethesda, MD), SunEdison (Beltsville, MD), Cooper Power Systems EAS (Minneapolis, MN), Northern Plains Power Technologies (Brookings, SD), and Lakeland Electric Utilities (Lakeland, FL). This project focuses on solving technical challenges that must be overcome to include higher PV penetration levels in larger electrical systems. (DOE cost share: up to $1.3 million)

About $5 million of the allocated funds will come from the American Recovery and Reinvestment Act.

Spire Delivers Turnkey Solar Module Manufacturing Line to Sova in India

Filed under: SPIR — Tags: , , — Jason @ 9:00 am

Thursday July 30, 2009, 9:00 am EDT

BEDFORD, Mass.–(BUSINESS WIRE)–Spire Corporation (SPIR), a global solar company providing turnkey solar factories and capital equipment to manufacture photovoltaic (PV) cells, modules, and solar systems worldwide, today announced that it has delivered a PV module assembly line to Sova Power Limited (“Sova”) located in Durgapur, West Bengal, India. Stepping up into the green and renewable energy sector, Sova, along with Spire’s industry expertise and superior equipment line, will provide a state-of-the-art PV module assembly line in India.

Spire has provided Sova with a semi-automated crystalline silicon module manufacturing line capable of producing up to 12 megawatts of solar modules per year. It will integrate Spire’s key interconnect, lamination, and testing machines, along with intermediate tooling stations. Spire will supply the process technology and training to operate the factory, as well as assistance in qualifying the factory’s modules to international standards and certification. The line is designed to be easily expandable at a later date.

“We are excited Sova has chosen Spire to provide our turnkey line solution. This order demonstrates how India is becoming a major player in the solar industry and continuously strives to be the leader,” said Roger G. Little, Chairman and CEO of Spire Corporation. “Spire’s ability to deliver a complete solar factory, as well as the training needed to succeed in the solar market, enables companies with limited exposure to the industry to efficiently add solar module manufacturing to their business portfolio,” concluded Mr. Little.

“We are excited to work with Spire, the industry leader, on this important new venture,” said Sajal Das, CEO of Sova Power Limited. “The solar market is expanding rapidly in India and Spire offers the quickest, most efficient path to joining the industry. We are confident that Spire’s industry expertise and superior manufacturing equipment position us for success as we integrate solar manufacturing into our existing business.”

About Sova Power Limited

Sova Power Limited, a group company of “Sova Group,” having the expertise and experience in the iron and steel industry, is keen to be a leader in the solar PV business. Sova Power Limited provides solar module panel products service, technical support and installation of solar modules. Sova Group has its headquarters in Kolkata, India with its Sova Power Limited manufacturing facility located in Durgapur, West Bengal, India.

EMCORE Corporation Awarded Solar Contract From Boeing

Filed under: EMKR — Tags: , , , , — Jason @ 8:00 am

Thursday July 30, 2009, 8:00 am EDT

ALBUQUERQUE, NM–(Marketwire – 07/30/09) – EMCORE Corporation (EMKR), a leading provider of compound semiconductor-based components and systems for the fiber optic and solar power markets, today announced an industry team led by The Boeing Company (BA) has received a contract from the Defense Advanced Research Projects Agency (DARPA) for work on Phase 2 of the Fast Access Spacecraft Testbed (FAST) program. The $15.5 million cost-plus-fixed-fee contract is currently funded to $13.8 million.

DARPA’s FAST program aims to develop a new, ultra-lightweight High Power Generation System (HPGS) that can generate up to 175 kilowatts — more power than is currently available to the International Space Station. When combined with electric propulsion, FAST will form the foundation for future self-deployed, high-mobility spacecraft to perform ultra-high-power communications, space radar, satellite transfer and servicing missions.

Boeing Phantom Works of Huntington Beach, California is leading the effort with support from Boeing Network and Space Systems, El Segundo, California. The Phase 2 work will include designing, fabricating and integrating test articles, performing a series of component-level evaluations and running two full-scale system tests.

“Our team is pleased to partner with DARPA in developing this powerful new technology,” said Tom Kessler, FAST program manager, Boeing Advanced Network and Space Systems. “FAST offers significant cost and performance benefits to our commercial, civil and national security customers, including new high-power applications to provide a cost-effective means for spacecraft to travel to the outer solar system.”

During Phase 1 of the program, the Boeing-led team, which includes DR Technologies, Northrop Grumman Astro Aerospace, Texas A&M University, EMCORE, Boeing subsidiary Spectrolab Inc., and other key suppliers, developed a preliminary design for an HPGS capable of providing more than 130 watts per kilogram on a system that is less than half the weight and one sixth the size of an existing on-orbit solar power system. The team also defined the test program being conducted in Phase 2, which will verify the performance and operation of the HPGS’s solar concentration, power conversion, heat rejection, structure and deployment, and sun pointing and tracking subsystems.

The Boeing team’s unique solar concentrator design offers higher performance and greater radiation tolerance than current on-orbit solar power generation systems. Boeing will also be using different approaches to solar cell technology to include capabilities from EMCORE and Spectrolab.

The size efficiency of the HPGS enables a new class of compact spacecraft that can self-deploy from low-Earth orbit to reach their final orbit using electric propulsion. This permits the use of smaller, less expensive launch vehicles that can support high-value science missions to the outer solar system without the need for expensive radioisotope power systems.

About Boeing Integrated Defense Systems

A unit of The Boeing Company, Boeing Integrated Defense Systems is one of the world’s largest space and defense businesses specializing in innovative and capabilities-driven customer solutions, and the world’s largest and most versatile manufacturer of military aircraft. Headquartered in St. Louis, Boeing Integrated Defense Systems is a $32 billion business with 70,000 employees worldwide.

Akeena Solar Announces Second Quarter 2009 Results

Filed under: AKNS — Tags: , , , , , — Jason @ 7:59 am

Second Quarter 2009 Operating Expenses of $4.3 Million, $1.8 Million Lower Than Second Quarter 2008 and $1.4 Million Lower Than First Quarter 2009

Thursday July 30, 2009, 7:59 am EDT

LOS GATOS, Calif., July 30, 2009 (GLOBE NEWSWIRE) — Akeena Solar, Inc. (AKNS), a leading designer and installer of solar power systems, announced results for the second quarter ended June 30, 2009.

“As a result of the cost reduction measures we took over the last few quarters, our operating expenses were down 30% from last year and 24% from the first quarter, reducing our cash burn to approximately $2.5 million for the quarter,” said Barry Cinnamon, president and chief executive officer of Akeena Solar. “We managed our working capital effectively, ending the quarter with $7.0 million of cash, an increase of $4.1 million from the end of the first quarter. In addition, our net cash position (cash less our credit facility) improved $8.1 million since year-end. Our increased backlog, lower cash burn and commitment to tight expense control are evidence of the continued progress we are making towards sustainable profitability.

“Residential installations continued to provide the majority of our $5.9 million of total revenue in the second quarter. Bookings picked up throughout the quarter and we ended the quarter with a backlog of $7.5 million as compared to $4.8 million as of the end of the first quarter. Falling panel prices, higher net incentives and higher electricity rates are improving the economics for residential customers. As a result, they are enjoying faster paybacks than ever before. Rooftop solar power, long the province of early adopters, is moving closer to the mainstream in sunny areas of the country with high electric rates,” continued Cinnamon.

“We’ve made the strategic decision to focus our residential and commercial installation work in California, and employ a multi-channel distribution strategy to sell Andalay AC and DC panels in all other markets. The second quarter marked the beginning of this strategy; and we started to generate revenue from sales to Morgan Stanley Solar Solutions and to solar installers in a number of states. We are very encouraged by our progress and believe that the distribution business will become an important contributor to revenue over time,” concluded Cinnamon.

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July 29, 2009

PSE&G’s ‘Solar 4 All’ Program Approved

Filed under: PEG — Tags: , , , , , — Jason @ 1:02 pm

* PSE&G to install, own and operate 80 MW of solar by 2013
* $515 million investment will double New Jersey’s solar capacity
* Projects will include largest pole-attached solar installation in the world
* NJ company to supply 200,000 solar units and green jobs
* Potential sites for solar gardens and rooftop installations identified

Wednesday July 29, 2009, 1:02 pm EDT

NEWARK, N.J., July 29 /PRNewswire-FirstCall/ — PSE&G today received approval from the New Jersey Board of Public Utilities (BPU) to invest $515 million in 80 megawatts of solar projects, doubling the state’s solar capacity and creating green jobs. Under an agreement reached in its Solar 4 All filing, the utility expects to complete the installations by the end of 2013.

The program has two segments, each 40 megawatts in size. The first segment consists of installing a solar unit (small distributed solar system of approximately 200 watts) on 200,000 utility poles in PSE&G’s service territory, which includes the state’s six largest cities and roughly 300 rural and suburban communities. It will be the largest pole-attached solar installation in the world. The solar units will be connected directly into PSE&G’s electric distribution system and the power will be sold into the PJM wholesale grid.

The second segment will focus on centralized solar, with PSE&G developing solar gardens and roof-top installations on facilities it owns and also at third-party sites.

“Our program will effectively double the size of New Jersey’s installed solar capacity,” said Ralph LaRossa, president and COO of PSE&G. “That is more solar capacity than currently exists in any state other than California. We have worked with New Jersey regulators and the solar community to develop a program that brings the benefits of solar to all of our customers.”

PSE&G also announced today that it awarded the contract for the supply of the 200,000 pole-attached units to New Jersey-based Petra Solar. With headquarters in South Plainfield, Petra Solar has committed to make the solar units in New Jersey and expects to hire more than 100 employees to meet the needs of the contract.

Shihab Kuran, President and CEO of Petra Solar said, “We at Petra Solar are very pleased to enter a contract with PSE&G to provide 200,000 smart solar units for installation on utility and lighting poles throughout the state. Our pole-mounted, grid-connected system delivers true technological innovation. The interaction of solar generation and smart grid technology will enable PSE&G to enhance the reliability of its delivery of electricity to customers. My colleagues at Petra Solar and I are committed to creating green jobs and providing innovative products that address global energy and climate change challenges.”

“It is great to see the promise of green jobs becoming a reality – especially in these rough economic times,” said LaRossa. “PSE&G programs approved by the BPU to promote energy efficiency, develop renewables and accelerate infrastructure investments are putting hundreds of New Jersey residents to work at a time when it is most needed.”

The centralized solar segment of Solar 4 All, which involves projects of 500 kilowatts or more, will consist of several sub-segments. The largest will be the development of 25 megawatts of solar gardens or rooftop installations at PSE&G-owned sites.

PSE&G is evaluating five specific sites for development, though site selection will depend on permitting and site suitability.

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ReneSola Celebrates Official Grand Opening of 3,000 MT Polysilicon Manufacturing Facility in Sichuan Province

Filed under: SOL — Tags: , , , — Jason @ 12:07 pm

Wednesday July 29, 2009, 12:07 pm EDT

JIASHAN, China, July 29 /PRNewswire-Asia-FirstCall/ — ReneSola Ltd (“ReneSola” or the “Company”) (SOL), a leading global manufacturer of solar wafers, today held a ceremony to celebrate the official grand opening of its 3,000 metric tonne (“MT”) polysilicon manufacturing facility and the successful output of the first batch of polysilicon from Phase 1 of the plant in Meishan city, Sichuan province, China. Among those attending the ceremony were executives from the Company including CEO Mr. Xianshou Li and CFO Mr. Charles Bai, local and provincial government officials from Sichuan, Zhejiang and Jiangsu provinces, regions in which ReneSola maintains operations, representatives from local and domestic national banks, as well as management from over 50 local and solar related companies.

“The opening of our Sichuan polysilicon manufacturing plant and successful production of our first batch of quality polysilicon on July 23rd are great milestones for ReneSola,” commented Mr. Xianshou Li, ReneSola’s chief executive officer. “These accomplishments mark the evolution of ReneSola from one of the world’s largest solar wafer manufacturers into a leading, low-cost, fully integrated global solar company. We are grateful for the support we have received from our local and national partners, clients and employees throughout the construction and testing processes, and we are proud of our management team for once again demonstrating its strong execution capabilities. We look forward to receiving a smooth supply of low-cost polysilicon from our new plant, which will significantly enhance our position as one of the leading low-cost solar companies globally.”

As previously announced, the Company successfully commenced trial production on the first batch of polysilicon from Phase 1 of its two-phase, 3,000 MT annualized capacity polysilicon manufacturing plant in mid-July. Phase 2 is expected to reach mechanical completion in September 2009. ReneSola’s Sichuan polysilicon manufacturing facility utilizes a close-loop Advanced Siemens Process for polysilicon production.

Trina Solar Announces Pricing of Follow-on Public Offering of 4,500,000 American Depositary Shares

Filed under: TSL — Tags: , , , — Jason @ 8:05 am

Wednesday July 29, 2009, 8:05 am EDT

CHANGZHOU, China, July 29 /PRNewswire-Asia-FirstCall/ — Trina Solar Limited (TSL; “Trina Solar” or the “Company”), a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of photovoltaic, or PV, modules, announced today that its follow-on public offering of 4,500,000 American depositary shares, or ADSs, each representing 100 ordinary shares of the Company, was priced at $28.75 per ADS. Trina Solar has granted the underwriters a 30-day option to purchase up to an additional 675,000 ADSs.

Trina Solar intends to use the net proceeds from the offering to repurchase up to $30 million of its 4.00% convertible senior notes due 2013 and to fund facilities expansion and other general corporate purposes. The Company’s management will retain broad discretion over the use of proceeds, and the Company may ultimately use the proceeds for different purposes.

Goldman Sachs (Asia) L.L.C. and Credit Suisse Securities (USA) LLC are joint bookrunners for the offering, and Piper Jaffray & Co is a co-manager for the offering.

This offering is being made under Trina Solar’s “automatic shelf” registration statement on Form F-3 filed with the Securities and Exchange Commission on July 27, 2009. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities, and does not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Company’s registration statement on Form F-3 and preliminary prospectus supplement are available from the SEC website at: http://www.sec.gov.

Copies of the prospectus supplement and the accompanying prospectus may be obtained from Goldman, Sachs & Co., Attention: Prospectus Department, 85 Broad Street, New York, NY, 10004, telephone: (866) 471-2526, facsimile: +1-212-902-9316, or Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, telephone: (800) 221-1037.

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