ReneSola Signs Letter of Intent with Wuzhong Government to Develop 150 MW On-grid Solar Power Project
August 22, 2009 | Comments Off
Aug. 20 ReneSola Ltd (NYSE: SOL) ) has been granted the exclusive right in a letter of intent with the Taiyangshan Development Zone in Wuzhong city, Ningxia Hui Autonomous Region, to develop a 150 megawatt (”MW”) on-grid solar power project with a budgeted total investment of RMB 4.8 billion (approximately US$ 706 million). The project is subject to a feasibility study. Construction is expected to begin in 2010.
Mr. Li, ReneSola’s chief executive officer said “We are excited by China’s transformation from a manufacturing hub of solar products into an important and increasingly significant end-user market. The emergence of downstream projects in the domestic market represents a significant opportunity for ReneSola to create new revenue streams and expand local market share. The 150 MW on-grid solar project in Wuzhong bolsters our downstream project portfolio as we strengthen our position as one of the leading vertically integrated solar companies in China. The Ningxia Hui Autonomous Region is one of the sunniest regions in China, and this project is strategically located to fully take advantage of the abundance of natural sunlight in the local area.”
ReneSola Ltd (”ReneSola”) is a leading Chinese manufacturer of solar products based in China. Capitalizing on proprietary technologies and technical know-how, ReneSola’s vertically integrated manufacturing capabilities include virgin polysilicon, monocrystalline and multicrystalline solar wafers, solar cells and solar modules. ReneSola possesses a global network of suppliers and customers that include some of the leading global manufacturers of solar cells and modules. ReneSola’s shares are currently traded on the New York Stock Exchange (NYSE: SOL) and the AIM of the London Stock Exchange (AIM: SOLA). For more information about ReneSola, please visit http://www.renesola.com
Worldwide Energy and Manufacturing USA Announces Second Quarter 2009 Financial Results
August 20, 2009 | Comments Off
SOUTH SAN FRANCISCO, CA and SHANGHAI, CHINA–(08/19/09) – Worldwide Energy and Manufacturing USA, Inc. (OTC.BB:WEMU), a U.S.-based solar module technology and China manufacturing company specializing in products for customers in the industries of solar energy, aerospace, wireless telecommunications, medical equipment and automotive industries, today announced financial results for the second quarter ended June 30, 2009. A conference call to discuss these results is scheduled for Wednesday, August 19, 2009 at 4:05 p.m. Eastern time (1:05 p.m. Pacific time). Details on accessing the call follow, below.
Highlights of Second Quarter 2009 Results
– Second quarter revenue increased 51% to $10.32 million due to strong
sales in the solar energy division.
-- Solar module revenues were $7,499,560 compared to solar module sales
of $2,505,977 for the same quarter in 2008, or an increase of approximately
199%.
-- EBITDA was $0.08 per share or $299,919 compared to $0.21 per share or
$464,788.
-- Net income was $19,299 or $0.01 per share for the quarter compared to
$412,708 or $0.20 in the June quarter of 2008.
-- Net income before tax was $320,830 compared to $445,290 in the quarter
ended June 30, 2009 and June 30, 2008, respectively, a decrease of
approximately $124,460, or approximately 28%.
Highlights of the Six Months Ended June 30, 2009
– Six-month revenue increased by 68% to $20.6 million compared to net
sales of $12.25 million in the same period of 2008.
-- Solar module revenues were $14.4 million compared to solar module
sales of $5.79 million for the same period of 2008, or an increase of
approximately 149%.
-- EBITDA was $0.24 per share or $850,741 compared to $0.34 per share or
$758,077.
-- Net income was $454,888 or $0.13 per share for the six-month period
compared to $655,361 or $0.29 per share in the six-month period of 2008.
-- Net income before tax was $820,122 compared to $655,527 in the six-
month period of June 30, 2009 and June 30, 2008, respectively, an increase
of $164,595, or 25%.
Jimmy Wang, chief executive officer of Worldwide Energy and Manufacturing, stated: “Though we will not meet our $100 million revenue goal in 2009, I am confident we will generate $60 million in revenue; EBIDTA of $2.5 million or approximately 70 cents and a net income of approximately $2 million, or approximately 56 cents per share. Our solar division continues to drive the growth in our company. We expect 2010 to be a blockbuster year for our solar division. We continue to focus on building our solar module division and enhancing our factory operations.”
Second Quarter Ended June 30, 2009
Net sales for the three months ended June 30, 2009 were $10.32 million compared to net sales of $6.85 million for the same period in 2008. This increase of $3.46 million, or approximately 51%, was the result of an increase in orders in our energy division. The Company continues to focus on its marketing of its solar module by establishing a sales team in China and the United States. This effort has resulted in increases in sales of the Company’s solar modules. Solar module sales for the quarter ended June 30, 2009 were $7.5 million compared to sales of $2.5 million in the same quarter of 2008 an increase of $4.99 million, or approximately 199%, in solar revenues. Solar modules revenues comprised approximately 72.7% of the company’s gross sales in the three-month period ended June 30, 2009 compared to 36.6 % in the same period of 2008. Net sales for the Company’s contract manufacturing business was $2.8 million for three months ended June 30, 2009 compared to net sales in contract manufacturing of $4.35 million for the same period in 2008. The decrease in contract manufacturing sales of $1.53 million, or approximately 35%, is the result of the company’s focus on solar and the decline in overall market conditions for contract parts.
Gross profit increased by $465,841, or approximately 34.9% from $1,335,759 in the quarter ended June 30, 2008 to $1,801,600 for the three months ended June 30, 2009, reflecting solar module sales in the energy division. The gross profit for solar module sales was $807,030 for the three months ended June 30, 2009 compared to $436,427 in the same period of 2008. This represents an increase of $370,603 in gross profit for the Company’s energy division or approximately 84.9%. The gross profit for contract manufacturing for the three months ended June 30, 2009 was $994,570 compared to $899,332 in the same period of 2008, representing an increase of $95,238, or 10.6%. The demand has improved for contract parts due to the improving global economy.
The gross margin was 17.5% for the three months ended June 30, 2009 compared to 19.5% in the same period in 2008. The decline of 2% in gross margin was the result of the company experiencing declines in contract manufacturing margins due to the downturn in the economy. The gross margin for solar for the quarter ended June 30, 2009 was 10.8% compared to 17.4%. This decline of 6.6% was due to the decline in prices of solar modules. The gross margin for contract manufacturing for the quarter ended June 30, 2009 was 35.3% compared to 20.7% in the same period in 2008. The improvement of gross margin in contract manufacturing was 14.6% was due to improve margins at the power supply factory.
Net income before taxes for the three months ended June 30, 2009 was $320,830 compared to a profit of $445,290 for the three months ended June 30, 2008. The decrease of $124,460 or approximately 28.0% was the result of price weakness in our contract manufacturing business due to the weak economy. Net income before tax for the solar module division was $283,235 for the quarter ended June 30, 2009 compared to a net profit before tax of $165,512 in the same period in 2008. This represents an increase of $117,723 or approximately 71.1% as the solar division continues to grow. Net income before tax for contract manufacturing for the three months ended June 30, 2009 was $37,595 compared to $279,778 in the same period in 2008. This represents a decline of $242,183 or approximately 87% as a result of slow demand in our contract manufacturing business.
Net income after tax for the three months ended June 30, 2009 was $19,299 compared to a net profit of $425,035 for the three months ended June 30, 2008. The decrease of $405,736, or approximately 95.5%, was the result of income taxes of $204,078 being due in the quarter compared to income taxes of $19,702 in the same period of 2008. Earnings per share fully diluted for the three months ended June 30, 2009 was $0.01 compared to fully diluted earnings per share of $0.20 for the three months ended June 30, 2008.
Six Months Ended June 30, 2009
Net sales for the six-month period ended June 30, 2009 was $20,598,780 compared to sales of $12,245,410 in six-month period ended June 30, 2008. The increase of $8,353,370, or approximately 68.2% was the result of an increase in orders in our energy division. Gross profit was $3,701,192 for the six months ended June 30 compared to gross profit of $2,490,156 in the same period in 2008. This represents gross margin of 18.0% for the six months ended June 30, 2009 compared to 20.3% in the same period in 2008. The declined of 2.3% in gross margin was the result of the decline in prices for our solar modules due to the economy.
Net income after tax for the six months ended June 30, 2009 was $454,888 compared to a net profit of $655,361 for the six months ended June 30, 2008. The decrease of $200,473 or approximately 31% was the result of income taxes of $242,624 being due in the quarter compared to income taxes of $8,298 in the same period of 2008. Earnings per share fully diluted for the six-month period ended June 30, 2009 was $0.13 compared to fully diluted earnings per share of $0.29 for the six months ended June 30, 2008.
Balance Sheet
Cash and cash equivalents totaled $4.1 million on June 30, 2009, compared to $5.1 million at year end 2008. Accounts receivable increased to $9.06 million for the period ended June 30, 2009 compared to $4.79 million at year end 2008.
Total current assets and total assets were $19.77 million and $26.01 million on June 30, 2009. This compared to total current assets of $18.52 million and total assets of $23.51 million in the previous quarter.
Total current liabilities and total liabilities totaled $13.35 million and $14.20 million on June 30, 2009 compared to total current liabilities and total liabilities of $11.10 million and $11.98 million in the previous quarter.
Energy Conversion Devices Completes Merger With Solar Integrated Technologies
August 20, 2009 | Comments Off
August 19, 2009 – Energy Conversion Devices, Inc. (ECD) (NASDAQ: ENER), a global manufacturer of thin-film flexible solar laminate products for the building integrated and commercial rooftop markets, announced today it has completed its merger with Solar Integrated Technologies, Inc. (SIT), a leading provider of building integrated photovoltaic (BIPV) roofing systems. SIT is now a wholly owned subsidiary of ECD.
“This merger strengthens and diversifies our business,” said Mark Morelli, president and CEO of ECD. “This merger is an important element of our future growth plans as ECD transitions from manufacturing and selling a product to a company that provides complete solar solutions and value-added services.”
The company will provide additional information on the strategic aspects of the merger during the company’s fiscal fourth quarter and year-end press release and conference call scheduled for August 27, 2009.
Credit Suisse Securities (USA) LLC acted as financial advisor.
ECOtality, Inc. reports 2Q Financial Results
August 20, 2009 | Comments Off
August 17, 2009 – ECOtality, Inc. (OTCBB: ETLY), a leader in clean electric transportation and storage technologies, today announced revenue for the second quarter ended June 30, 2009.
“The second quarter was a period of significant operational growth for ECOtality,” said Jonathan Read, President and CEO, ECOtality. “The Company expanded its strong relationship with the Department of Energy through a $100 million federal contract for the largest deployment of electric vehicles (EVs) and charging infrastructure in U.S. history. This contract solidifies the financial outlook of the company, increases our probability for award of outstanding funding opportunities and major contracts, and further enhances our position as the premier EV infrastructure provider.”
Recent Operational Highlights
- The Company was selected by U.S. Department of Energy for a grant of approximately $99.8 million to undertake the largest deployment of electric vehicles (EVs) and charging infrastructure in U.S. history. The total project is valued at $199.6 million
- eTec, the lead applicant and project manager for the proposal, partnered with Nissan North America to deploy approximately 5,000 EVs and 12,750 charging systems. The Project takes advantage of the early availability of the Nissan LEAF, a zero-emission electric vehicle, to develop, implement and study techniques for optimizing the effectiveness of charging infrastructure to support future widespread EV deployment.
- With the goal of developing mature charging environments, the Project proposes to deploy charging infrastructure in major population areas that include Phoenix (AZ), Tucson (AZ), San Diego (CA), Portland (OR), Eugene (OR), Salem (OR), Corvallis (OR), Seattle (WA), Nashville (TN), Knoxville (TN) and Chattanooga (TN). To support the Nissan EV, the Project will install approximately 12,500 Level 2 (220V) charging systems and 250 Level 3 (fast-charge) systems.
- The Company announced it has signed a letter of intent to enter into a joint venture with Shenzhen Goch Investment, Ltd., that will provide $15 million to establish manufacturing and distribution operations for electric vehicle (EV) charging systems in China. This announcement makes ECOtality the first fast-charge and EV infrastructure provider to enter the Chinese markets.
Second Quarter Financial Results for the Period Ended June 30, 2009
For the quarter ended June 30, 2009, ECOtality achieved revenue of $1,747,085 compared to revenue of $2,936,150 for the quarter ended June 30, 2008. This reduction in revenue was related to the effect of slowing economy on our industrial charger sales and a reduction in billable consulting hours due to the redeployment of resources necessary to prepare for several major competitive bid contracts and U.S. Department of Energy funding opportunities.
ECOtality recorded a gross profit of $927,455 for the three-month period ended June 30, 2009 compared to 1,268,205 for the same period ended 2008. The Company’s gross margin of 53.1% was an improvement over the same period in 2008 of 43.2%.
Total operating expenses during the three-months ended June 30, 2009 were $1,655,880, compared to $1,695,635 for the three-months ended June 30, 2008. General and administrative expenses were $1,543,850 or 93.2% of total operating expenses for the three-months ended June 30, 2009, compared with $1,539,570 or 90.7% for the three-months ended June 30, 2008. This consistency for the quarter’s yearly comparison is attributable to tight operating controls and improved resource efficiencies.
ECOtality’s operating loss for the quarter ended June 30, 2009 was $728,427, compared with a loss of $427,430 for the quarter ended June 30, 2008. The Company recorded a net loss for the quarter ended June 30, 2009 of $3,600,845 million, compared to a $909,602 net loss for the quarter ended June 30, 2008. ECOtality recorded a loss per share of $.02 for the period ended June 30, 2009, compared to the loss per share of $.01 for the same period in 2008.
Financial Results for the Six-month Period Ended June 30, 2009
For the six months ended June 30, 2009, ECOtality recorded revenues of $4,217,284 compared to the six months ended June 30, 2008 of $5,754,049. The decrease in revenues in 2009, compared to 2008, is a reflection of the decreased second quarter revenue.
The Company recorded a net loss for the six-month period ended June 30, 2009 of $4,624,403 compared to a net loss of $2,901,813 for the same period ended June 30, 2008. ECOtality recorded a loss per share of $.03 for the six-month period ended June 30, 2009, compared to a loss per share of $.02 for the same period in 2008. As stated, the reduced revenue and earnings reflect the decrease in industrial charger sales as well as the un-billable time and effort spent preparing and responding to various substantial competitive bid contracts and federal funding opportunities.
“The recent U.S. Department of Energy award, coupled with our extensive strategic relationships throughout the electric transportation value chain has undoubtedly positioned ECOtality as the immediate market leader in EV infrastructure,” continued Mr. Read. “This award not only validates our operational strategies, but also solidifies fast-charging, and, specifically, the eTec Minit-Charger technology, as the key enabler for the mass market adoption of EVs. Our strong technology portfolio and international market leadership will allow us to secure significant immediate market share, improve earnings, and achieve our goal of enhancing shareholder value.”
Rule of Unintended Consequences: No Savings From LED Lights in Florida
August 20, 2009 | Comments Off
Aug 18, 2009 – Megan O’Matz writes in the South Florida Sun-Sentinel that the city of Lauderhill will not save any money by using federal stimulus funds to install LED street lights. Why? The utility, FPL, charges per lamppost, not for the amount of electricity used. Lauderhill Mayor Richard Kaplan estimated a 40 to 60% reduction on the city’s street-lighting bill, which is expected to reach $420,000. See the full story.
Jim Cramer Discusses Fuel Systems Solutions and Compressed Natural Gas for Automobiles
August 16, 2009 | Comments Off
eSolar Launches the Only Solar Power Tower Plant in the US
August 16, 2009 | Comments Off
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New Technology Delivers Lowest-Cost Solar Energy
eSolar unveiled the Sierra SunTower facility on August 5, heralding a new era of low-cost solar energy. To commemorate this landmark, eSolar CEO Bill Gross was joined by Dan Kammen, Professor in the Energy and Resources Group at the University of California, Berkeley; Dan Reicher, Director of Climate and Energy Initiatives at Google.org; and David Myers, Executive Director of The Wildlands Conservancy. Sierra SunTower will supply 5 MW of clean, renewable energy to the grid. The full-scale power plant, the only one of its kind in the US, produces electricity for Southern California Edison (SCE) and will power up to 4,000 homes. We invite you to share in this company milestone. |
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Greenbuild 2009 – Green Builders Expo in Phoenix November 12-13
August 16, 2009 | Comments Off
Greenbuild 2009 Residential Summit
The Greenbuild Residential Summit is a unique event that brings together leaders in the residential green building industry for two days of information sessions, networking, and sharing of best practices.
This year’s multi-day Summit will feature targeted educational tracks, and an opening general session, “Greening Our New Housing Stock: A Discussion Across Multiple Sectors,” featuring KB Home CEO Jeff Mezger, Bensonwood Homes company steward Tedd Benson, and “Renovation Nation” host Steve Thomas.
The Summit will take place on Thursday, November 12, and Friday, November 13, at the Sheraton Phoenix Downtown Hotel, just one block from the Phoenix Convention Center.
For more information, please visit greenbuildexpo.org
Alternative Energy Jobs
August 13, 2009 | Comments Off
Alternative Energy Jobs from many sources are listed on our job board. You may view a jobs posted from this website or thousands of jobs from other sources. We cover solar power, wind power, biofuels, green construction and other areas involving green energy. Please go to our job board at http://www.greenenergyforearth.com/jobs-involving-green-energy-companies-organizations-products-or-services/ .
At anytime you may access the job board from the link on the right or from the advertisement in the middle column.
GM’s Volt Hybrid Electric Car May Achieve 230 Miles Per Gallon
August 13, 2009 | Comments Off