Investorideas.com and www.renewableenergystocks.com have updated the global green stock directory with smart grid stocks .
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Smart Grid Stocks:
ABB Ltd. (NYSE:ABB; Vienna:ABBN.VX) is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impact. The ABB group of companies operates in some 100 countries and employs approximately 120,000 people.
Advanced Energy Industries, Inc. (NasdaqGS:AEIS) develops grid connect inverters for the solar energy market. Advanced Energy® also develops innovative power and control technologies that enable high-growth, plasma thin-film manufacturing processes worldwide, including semiconductors, flat panel displays, data storage products, solar cells, architectural glass, and other advanced product applications.
Ambient Corporation (OTCBB:ABTG) designs, develops and markets Ambient Smart Grid® communications technologies and equipment. Using open standards-based technologies along with in-depth industry experience, Ambient provides utilities with solutions for creating smart grid communication platforms and technologies.
American Superconductor (NASDAQGS:AMSC) The company operates in three segments: AMSC Wires, SuperMachines, and Power Electronic Systems. The Power Electronic Systems segment develops and sells power electronic converters, as well as integrated systems, used for power quality and reliability solutions and for wind farm applications.
Cisco Systems, Inc. (NasdaqGS:CSCO) Cisco delivers an end-to-end, IP-based secure communications infrastructure for the smart grid from generation to businesses and homes.
Green Energy investors can research more stocks with the Renewable Energy Stocks Directory, one of the most comprehensive directories online. The directory has over 900 stocks and new stocks are added each month for investors following the sector. The directory is now available to investors in PDF format for $29.95.
Investors also have the option to access the directory as part of the Investor Ideas Membership premium content that currently features an additional 8 stock directories, including the water stocks directory and investor newsletter, the Insiders Corner tracking insider buying trends in small cap stocks.
Green Energy investors can research stocks with the Renewable Energy Stocks Directory, one of the most comprehensive directories online. The directory has close to 900 stocks and new stocks are added each month for investors following the sector. The complete renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Smart Grid Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
Directory:
Thursday, November 19, 2009
Solar Stocks News - Suntech (NYSE: STP) Reports Third Quarter 2009 Financial Results
Solar Stocks News - Suntech (NYSE: STP) Reports Third Quarter 2009 Financial Results
Shipments Grow More Than 60% Sequentially Full Year 2009 PV Shipment Target Increased from 600MW to a Range of 640MW to 660MW
SAN FRANCISCO and WUXI, China, Nov. 19 -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest crystalline silicon photovoltaic (PV) module manufacturer, today announced financial results for its third fiscal quarter ended September 30, 2009.
Third Quarter 2009 Highlights -- Total net revenues increased 47.4% sequentially to $473.1 million in the third quarter of 2009
-- Gross profit margin for the core wafer to module business was 20.0% in the third quarter of 2009, compared with 19.1% in the second quarter of 2009
-- Consolidated gross profit margin was 17.8% in the third quarter of 2009, compared with 18.6% in the second quarter 2009
-- Net income attributable to holders of ordinary shares was $29.8 million, or $0.16 per diluted American Depository Share (ADS). Each ADS represents one ordinary share
-- Suntech's multi-crystalline Pluto-powered module achieved world record conversion efficiency of 16.53%
-- Full-year 2009 PV shipment target increased from 600MW to a range of 640MW to 660MW
-- Suntech targets to increase total PV cell and module production capacity to 1.4GW by the middle of 2010, of which 450MW will be Pluto-enabled
"We are very pleased to announce strong revenue growth and a healthy bottom line for the third quarter of 2009," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "The significant pick up in demand was largely due to a seasonal rush before end-of-year policy adjustments and improving customer returns on investments in solar projects. It was also due to customer recognition of Suntech's attractive value proposition of exceptional product performance at a reasonable price.
"Complementing strong growth in the German market, we are particularly pleased to see 100% sequential shipment growth in the U.S. market and the rapid development of a number of non-traditional PV markets such as the Czech Republic, Benelux, China. This demonstrates the ongoing diversification of the solar industry and Suntech's ability to enter emerging markets.
"During the third quarter we continued to develop Suntech's industry-leading sales and service infrastructure and to differentiate our products through innovation. In Europe, we strengthened our local team with the addition of four new senior executives; in the U.S. we launched our North American Partner Program; and in China we continued to build one of the nation's most capable system installation and project development teams.
"On the technology front, our proprietary Pluto technology set another world record conversion efficiency of 16.53% for a commercial grade multi-crystalline silicon module. This record beat all previous records for multi-crystalline silicon modules made in the lab or on commercial production lines and reinforces our dedication to providing the most advanced and cost-effective solar solutions. In addition, we introduced Reliathon(TM), an industry-first integrated utility-scale solar platform combining product and business-term innovations to lower costs and accelerate the path to grid parity.
"Looking forward, we expect the sales momentum to carry into the new year and see potential for at least 75% shipment growth in 2010. To support the increased volume we have decided to move forward with expansion plans and target to reach 1.4GW of PV cell and module production capacity by the middle of 2010. With our commitment to delivering premium quality products at a reasonable price, expanding our global service platform and delivering world-class innovation, we believe we are extremely well positioned to continue to build market share and serve a growing base of solar customers," concluded Dr. Shi.
RECENT BUSINESS HIGHLIGHTS
New Manufacturing and Service Initiatives
-- Suntech selected the greater Phoenix, Arizona as the site for its first U.S. manufacturing plant. The plant will have an initial production capacity of 30 MW, provide employment for a minimum of 75 people, and is expected to begin production in the third quarter of 2010.
-- Suntech's new North American Partner Program will offer selected dealers a co-marketing fund, training and services, financing programs, and priority access to its innovative product line.
-- Suntech recently broadened its European management team with the appointment of four new senior executives. The company has quadrupled employees of Suntech Europe in 2009 in order to enhance Suntech's world-class customer sales and service platform.
Sales Agreements and Project Announcements
-- Suntech entered into a sales agreement with enXco, an EDF Energies Nouvelles Company, to supply up to 115MW of photovoltaic modules in 2010.
-- Suntech targets to develop approximately 20% of the 91MW of solar projects that were approved under China's Solar Rooftop Program. Suntech has completed 4MW of its approved projects and plans to develop the remainder by mid-2010.
-- Suntech dedicated the first 10MW utility-scale solar power project in Shizuishan, Ningxia Autonomous Region, China. Developed in conjunction with China Energy Conservation Investment Corporation, this project is the first phase of a 50MW solar plant targeted to be completed by 2011.
-- Suntech started developing a 10MW solar power plant in Dongtai, Jiangsu Province in conjunction with Huadian New Energy Development Co., Ltd. Suntech will supply solar modules and design and manage the installation of the plant.
-- Suntech entered into a memorandum of understanding with Pakistan's Alternative Energy Development Board to develop solar energy applications that address the energy shortage in Pakistan.
Technology
-- Suntech announced that it has set a new world record conversion efficiency (aperture area only) of 16.53% for a multi-crystalline silicon module. The module was tested by the Fraunhofer Institute for Solar Energy Systems ISE.
-- Suntech launched Reliathon, an industry-first integrated solar platform for utility-scale solar plants. Reliathon reduces total system costs as much as 10% and offers increases in revenue potential, with 13.8% more power warranted over the lifetime of the system.
-- Suntech targets to reach 450MW of Pluto-enabled PV production capacity by mid-2010. This will include both retrofitted Pluto production lines and the addition of new Pluto production lines.
Third Quarter 2009 Results
Total net revenues for the third quarter of 2009 were $473.1 million, an increase of 47.4% from $321.0 million in the second quarter of 2009.
Gross margin for the core wafer to module business was 20.0% in the third quarter of 2009, compared with 19.1% in the second quarter of 2009.
For the third quarter of 2009, consolidated gross profit was $84.1 million and gross margin was 17.8% compared to consolidated gross profit of $59.7 million and gross margin of 18.6% in the second quarter of 2009. The lower gross margins were primarily due to low profitability of the systems integration business in China that has been implementing some of China's first utility scale solar projects.
Operating expenses for the third quarter of 2009 were $39.3 million compared to $38.6 million in the second quarter of 2009. Operating expenses in the third quarter included a net $3.5 million reversal of bad debt provision.
Income from operations was $44.8 million for the third quarter of 2009 compared to $21.1 million in the second quarter of 2009.
Net interest expense was $23.5 million in the third quarter of 2009 compared to net interest expense of $24.3 million in the second quarter of 2009. Net interest expense in the third quarter of 2009 includes $11.3 million non-cash expenses of which $10.6 million was related to the adoption of FASB Codification 470-20-65. This compares to $11.6 million non-cash net interest expense in the second quarter of 2009.
Foreign currency exchange gain was $10.5 million in the third quarter of 2009 compared to $17.5 million in the second quarter of 2009. The foreign currency gain in the third quarter was primarily related to the appreciation of the Euro versus the USD.
Net other expense was $3.8 million in the third quarter of 2009, compared with $2.5 million of net other expense in the second quarter of 2009. The net other expense in the third quarter was primarily due to losses from mark-to-market valuation of foreign exchange forward contracts.
Net income attributable to holders of ordinary shares was $29.8 million, or $0.16 per diluted ADS for the third quarter of 2009, compared to net income of $10.0 million, or $0.06 per diluted ADS, for the second quarter of 2009.
In the third quarter of 2009, the major non-cash related expenses were share-based compensation charges of $2.8 million; $11.3 million of non-cash interest expenses, as mentioned above; and depreciation and amortization expenses of $15.7 million.
In the third quarter of 2009, capital expenditures, which were primarily for the construction of the thin film production facilities in Shanghai and other infrastructure projects to support expansion of Pluto capacity, totaled $25.4 million.
Cash, cash equivalents and short-term principal guaranteed investment increased to $855.7 million as of September 30, 2009 from $760.5 million as of June 30, 2009.
Accounts receivable was $420.4 million as of September 30, 2009, compared with $292.1 million as of June 30, 2009. The increase was mainly due to strong revenue growth in the third quarter of 2009. Days sales outstanding were 80 days in the third quarter of 2009, compared to 82 days in the second quarter of 2009.
Accounts receivable due from investee companies of GSF was $112.1 million as of September 30, 2009, compared with $108.4 million as of June 30, 2009. The increase was due to the appreciation of the Euro versus the USD during the third quarter. Suntech expects to collect the outstanding accounts receivable from GSF investee companies before the end of 2009.
Inventory was $284.5 million as of September 30, 2009, compared with $269.7 million as of June 30, 2009. The increase in inventory was primarily due to the higher production rate and greater goods in transit to customers.
Accounts payable was $196.8 million as of September 30, 2009, compared with $120.1 million as of June 30, 2009. The increase in accounts payable was primarily due to extended credit terms with suppliers.
Business Outlook
Suntech expects fourth quarter 2009 shipments to be at least 10% higher than the third quarter of 2009. Gross margin in the fourth quarter of 2009 is expected to be relatively flat compared to the third quarter of 2009.
Suntech has increased full-year 2009 PV shipment target from 600MW to a range of 640MW to 660MW. Capital expenditures are expected to be approximately $120 million for the full year 2009.
Looking into next year, Suntech expects at least 75% shipment growth in 2010. The company targets to expand to 1.4GW of PV cell and module production capacity by the middle of 2010, of which 450MW will be Pluto-enabled. Accordingly, Suntech expects capital expenditures to be approximately $200 million in 2010.
Third Quarter 2009 Conference Call Information
Suntech management will host a conference call today, Thursday, November 19, 2009 at 8:00a.m. U.S. Eastern Time (which corresponds to 9:00p.m. Beijing/Hong Kong time and 1:00p.m. Greenwich Mean Time on November 19, 2009) to discuss the Company's results.
To access the conference call, please dial +1-617-614-3523 +1-617-614-3523 (for U.S. callers/international callers) or +852-3002-1672 +852-3002-1672 (for HK callers) and ask to be connected to the Suntech earnings conference call. To enhance the presentation of information and data during the conference call, Suntech has provided a set of PowerPoint slides which are posted on the main page of the Investor Center of Suntech's website at http://www.suntech-power.com . A live and archived webcast of the conference call will be available on Suntech's website at http://www.suntech-power.com under Investor Center: Financial Events.
A telephonic replay of the conference call will be available until December 3, 2009 by dialing +1-617-801-6888 +1-617-801-6888 (passcode: 58674389).
About Suntech
Suntech Power Holdings Co., Ltd. (NYSE: STP - News) is the world's leading solar energy company as measured by production output of crystalline silicon solar modules. Suntech designs, develops, manufactures, and markets premium quality, high-output, cost-effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers an extensive range of customer-centric innovations, including Suntech's patent-pending Pluto technology for crystalline silicon solar cells, which improves power output by up to 12% compared to conventional production methods, the Reliathon(TM), the industry's first fully integrated utility-scale solar platform, and its broad range of building-integrated solar products.
Suntech designs and delivers commercial and utility scale solar power systems in China and the United States. With regional headquarters in China, Switzerland and San Francisco and sales offices worldwide, Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. For more information, please visit http://www.suntech-power.com .
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements, and includes annual shipment guidance for 2009, the ability to increase PV cell production capacity to 1.4GW by mid-2010, Pluto capacity in 2010, Q4 2009 sales, the ability of Suntech to enter emerging markets, the ability of Reliathon to lower costs and accelerate the path to grid parity, the ability to expand our global service platform and deliver world-class innovation, the production capacity, employment and production commencement of the U.S. manufacturing plant, the number of megawatts to be supplied to enXco in 2010, the completion date of a 50MW plant in Ningxia; expected Q4 2009 shipments and gross margin; full year 2009 shipment expectations; and 2009 and 2010 capital expenditures. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward- looking statements. Further information regarding these and other risks is included in Suntech's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Suntech does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Financial tables see news at http://www.suntech-power.com
Green Energy investors can research stocks with the Renewable Energy Stocks Directory, one of the most comprehensive directories online. The directory has close to 900 stocks and new stocks are added each month for investors following the sector. The complete renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
Directory:
Shipments Grow More Than 60% Sequentially Full Year 2009 PV Shipment Target Increased from 600MW to a Range of 640MW to 660MW
SAN FRANCISCO and WUXI, China, Nov. 19 -- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest crystalline silicon photovoltaic (PV) module manufacturer, today announced financial results for its third fiscal quarter ended September 30, 2009.
Third Quarter 2009 Highlights -- Total net revenues increased 47.4% sequentially to $473.1 million in the third quarter of 2009
-- Gross profit margin for the core wafer to module business was 20.0% in the third quarter of 2009, compared with 19.1% in the second quarter of 2009
-- Consolidated gross profit margin was 17.8% in the third quarter of 2009, compared with 18.6% in the second quarter 2009
-- Net income attributable to holders of ordinary shares was $29.8 million, or $0.16 per diluted American Depository Share (ADS). Each ADS represents one ordinary share
-- Suntech's multi-crystalline Pluto-powered module achieved world record conversion efficiency of 16.53%
-- Full-year 2009 PV shipment target increased from 600MW to a range of 640MW to 660MW
-- Suntech targets to increase total PV cell and module production capacity to 1.4GW by the middle of 2010, of which 450MW will be Pluto-enabled
"We are very pleased to announce strong revenue growth and a healthy bottom line for the third quarter of 2009," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "The significant pick up in demand was largely due to a seasonal rush before end-of-year policy adjustments and improving customer returns on investments in solar projects. It was also due to customer recognition of Suntech's attractive value proposition of exceptional product performance at a reasonable price.
"Complementing strong growth in the German market, we are particularly pleased to see 100% sequential shipment growth in the U.S. market and the rapid development of a number of non-traditional PV markets such as the Czech Republic, Benelux, China. This demonstrates the ongoing diversification of the solar industry and Suntech's ability to enter emerging markets.
"During the third quarter we continued to develop Suntech's industry-leading sales and service infrastructure and to differentiate our products through innovation. In Europe, we strengthened our local team with the addition of four new senior executives; in the U.S. we launched our North American Partner Program; and in China we continued to build one of the nation's most capable system installation and project development teams.
"On the technology front, our proprietary Pluto technology set another world record conversion efficiency of 16.53% for a commercial grade multi-crystalline silicon module. This record beat all previous records for multi-crystalline silicon modules made in the lab or on commercial production lines and reinforces our dedication to providing the most advanced and cost-effective solar solutions. In addition, we introduced Reliathon(TM), an industry-first integrated utility-scale solar platform combining product and business-term innovations to lower costs and accelerate the path to grid parity.
"Looking forward, we expect the sales momentum to carry into the new year and see potential for at least 75% shipment growth in 2010. To support the increased volume we have decided to move forward with expansion plans and target to reach 1.4GW of PV cell and module production capacity by the middle of 2010. With our commitment to delivering premium quality products at a reasonable price, expanding our global service platform and delivering world-class innovation, we believe we are extremely well positioned to continue to build market share and serve a growing base of solar customers," concluded Dr. Shi.
RECENT BUSINESS HIGHLIGHTS
New Manufacturing and Service Initiatives
-- Suntech selected the greater Phoenix, Arizona as the site for its first U.S. manufacturing plant. The plant will have an initial production capacity of 30 MW, provide employment for a minimum of 75 people, and is expected to begin production in the third quarter of 2010.
-- Suntech's new North American Partner Program will offer selected dealers a co-marketing fund, training and services, financing programs, and priority access to its innovative product line.
-- Suntech recently broadened its European management team with the appointment of four new senior executives. The company has quadrupled employees of Suntech Europe in 2009 in order to enhance Suntech's world-class customer sales and service platform.
Sales Agreements and Project Announcements
-- Suntech entered into a sales agreement with enXco, an EDF Energies Nouvelles Company, to supply up to 115MW of photovoltaic modules in 2010.
-- Suntech targets to develop approximately 20% of the 91MW of solar projects that were approved under China's Solar Rooftop Program. Suntech has completed 4MW of its approved projects and plans to develop the remainder by mid-2010.
-- Suntech dedicated the first 10MW utility-scale solar power project in Shizuishan, Ningxia Autonomous Region, China. Developed in conjunction with China Energy Conservation Investment Corporation, this project is the first phase of a 50MW solar plant targeted to be completed by 2011.
-- Suntech started developing a 10MW solar power plant in Dongtai, Jiangsu Province in conjunction with Huadian New Energy Development Co., Ltd. Suntech will supply solar modules and design and manage the installation of the plant.
-- Suntech entered into a memorandum of understanding with Pakistan's Alternative Energy Development Board to develop solar energy applications that address the energy shortage in Pakistan.
Technology
-- Suntech announced that it has set a new world record conversion efficiency (aperture area only) of 16.53% for a multi-crystalline silicon module. The module was tested by the Fraunhofer Institute for Solar Energy Systems ISE.
-- Suntech launched Reliathon, an industry-first integrated solar platform for utility-scale solar plants. Reliathon reduces total system costs as much as 10% and offers increases in revenue potential, with 13.8% more power warranted over the lifetime of the system.
-- Suntech targets to reach 450MW of Pluto-enabled PV production capacity by mid-2010. This will include both retrofitted Pluto production lines and the addition of new Pluto production lines.
Third Quarter 2009 Results
Total net revenues for the third quarter of 2009 were $473.1 million, an increase of 47.4% from $321.0 million in the second quarter of 2009.
Gross margin for the core wafer to module business was 20.0% in the third quarter of 2009, compared with 19.1% in the second quarter of 2009.
For the third quarter of 2009, consolidated gross profit was $84.1 million and gross margin was 17.8% compared to consolidated gross profit of $59.7 million and gross margin of 18.6% in the second quarter of 2009. The lower gross margins were primarily due to low profitability of the systems integration business in China that has been implementing some of China's first utility scale solar projects.
Operating expenses for the third quarter of 2009 were $39.3 million compared to $38.6 million in the second quarter of 2009. Operating expenses in the third quarter included a net $3.5 million reversal of bad debt provision.
Income from operations was $44.8 million for the third quarter of 2009 compared to $21.1 million in the second quarter of 2009.
Net interest expense was $23.5 million in the third quarter of 2009 compared to net interest expense of $24.3 million in the second quarter of 2009. Net interest expense in the third quarter of 2009 includes $11.3 million non-cash expenses of which $10.6 million was related to the adoption of FASB Codification 470-20-65. This compares to $11.6 million non-cash net interest expense in the second quarter of 2009.
Foreign currency exchange gain was $10.5 million in the third quarter of 2009 compared to $17.5 million in the second quarter of 2009. The foreign currency gain in the third quarter was primarily related to the appreciation of the Euro versus the USD.
Net other expense was $3.8 million in the third quarter of 2009, compared with $2.5 million of net other expense in the second quarter of 2009. The net other expense in the third quarter was primarily due to losses from mark-to-market valuation of foreign exchange forward contracts.
Net income attributable to holders of ordinary shares was $29.8 million, or $0.16 per diluted ADS for the third quarter of 2009, compared to net income of $10.0 million, or $0.06 per diluted ADS, for the second quarter of 2009.
In the third quarter of 2009, the major non-cash related expenses were share-based compensation charges of $2.8 million; $11.3 million of non-cash interest expenses, as mentioned above; and depreciation and amortization expenses of $15.7 million.
In the third quarter of 2009, capital expenditures, which were primarily for the construction of the thin film production facilities in Shanghai and other infrastructure projects to support expansion of Pluto capacity, totaled $25.4 million.
Cash, cash equivalents and short-term principal guaranteed investment increased to $855.7 million as of September 30, 2009 from $760.5 million as of June 30, 2009.
Accounts receivable was $420.4 million as of September 30, 2009, compared with $292.1 million as of June 30, 2009. The increase was mainly due to strong revenue growth in the third quarter of 2009. Days sales outstanding were 80 days in the third quarter of 2009, compared to 82 days in the second quarter of 2009.
Accounts receivable due from investee companies of GSF was $112.1 million as of September 30, 2009, compared with $108.4 million as of June 30, 2009. The increase was due to the appreciation of the Euro versus the USD during the third quarter. Suntech expects to collect the outstanding accounts receivable from GSF investee companies before the end of 2009.
Inventory was $284.5 million as of September 30, 2009, compared with $269.7 million as of June 30, 2009. The increase in inventory was primarily due to the higher production rate and greater goods in transit to customers.
Accounts payable was $196.8 million as of September 30, 2009, compared with $120.1 million as of June 30, 2009. The increase in accounts payable was primarily due to extended credit terms with suppliers.
Business Outlook
Suntech expects fourth quarter 2009 shipments to be at least 10% higher than the third quarter of 2009. Gross margin in the fourth quarter of 2009 is expected to be relatively flat compared to the third quarter of 2009.
Suntech has increased full-year 2009 PV shipment target from 600MW to a range of 640MW to 660MW. Capital expenditures are expected to be approximately $120 million for the full year 2009.
Looking into next year, Suntech expects at least 75% shipment growth in 2010. The company targets to expand to 1.4GW of PV cell and module production capacity by the middle of 2010, of which 450MW will be Pluto-enabled. Accordingly, Suntech expects capital expenditures to be approximately $200 million in 2010.
Third Quarter 2009 Conference Call Information
Suntech management will host a conference call today, Thursday, November 19, 2009 at 8:00a.m. U.S. Eastern Time (which corresponds to 9:00p.m. Beijing/Hong Kong time and 1:00p.m. Greenwich Mean Time on November 19, 2009) to discuss the Company's results.
To access the conference call, please dial +1-617-614-3523 +1-617-614-3523 (for U.S. callers/international callers) or +852-3002-1672 +852-3002-1672 (for HK callers) and ask to be connected to the Suntech earnings conference call. To enhance the presentation of information and data during the conference call, Suntech has provided a set of PowerPoint slides which are posted on the main page of the Investor Center of Suntech's website at http://www.suntech-power.com . A live and archived webcast of the conference call will be available on Suntech's website at http://www.suntech-power.com under Investor Center: Financial Events.
A telephonic replay of the conference call will be available until December 3, 2009 by dialing +1-617-801-6888 +1-617-801-6888 (passcode: 58674389).
About Suntech
Suntech Power Holdings Co., Ltd. (NYSE: STP - News) is the world's leading solar energy company as measured by production output of crystalline silicon solar modules. Suntech designs, develops, manufactures, and markets premium quality, high-output, cost-effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers an extensive range of customer-centric innovations, including Suntech's patent-pending Pluto technology for crystalline silicon solar cells, which improves power output by up to 12% compared to conventional production methods, the Reliathon(TM), the industry's first fully integrated utility-scale solar platform, and its broad range of building-integrated solar products.
Suntech designs and delivers commercial and utility scale solar power systems in China and the United States. With regional headquarters in China, Switzerland and San Francisco and sales offices worldwide, Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. For more information, please visit http://www.suntech-power.com .
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements, and includes annual shipment guidance for 2009, the ability to increase PV cell production capacity to 1.4GW by mid-2010, Pluto capacity in 2010, Q4 2009 sales, the ability of Suntech to enter emerging markets, the ability of Reliathon to lower costs and accelerate the path to grid parity, the ability to expand our global service platform and deliver world-class innovation, the production capacity, employment and production commencement of the U.S. manufacturing plant, the number of megawatts to be supplied to enXco in 2010, the completion date of a 50MW plant in Ningxia; expected Q4 2009 shipments and gross margin; full year 2009 shipment expectations; and 2009 and 2010 capital expenditures. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward- looking statements. Further information regarding these and other risks is included in Suntech's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Suntech does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Financial tables see news at http://www.suntech-power.com
Green Energy investors can research stocks with the Renewable Energy Stocks Directory, one of the most comprehensive directories online. The directory has close to 900 stocks and new stocks are added each month for investors following the sector. The complete renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
Directory:
Wednesday, November 18, 2009
Solar Stocks News - Canadian Solar (Nasdaq: CSIQ ) Reports Third Quarter 2009 Results and Issues 2010 GuidanceQ309 Highlights
Solar Stocks News - Canadian Solar (Nasdaq: CSIQ ) Reports Third Quarter 2009 Results and Issues 2010 GuidanceQ309 Highlights
-- 87% increase in net revenues to $213.1 million, compared to Q209 net revenues of $114.2 million.-- 113% increase in shipments of 102.6 MW, compared to Q209 shipments of 48.2 MW, setting a new quarterly shipping record.-- Gross margin of 16.3%, compared to Q209 gross margin of 20.2% and Q308 gross margin of 15.5%.-- Net income of $0.69 per diluted share in Q309, compared to $0.49 per diluted share in Q209. Net profit of $25.3 million sets new quarterly record. Net profit margin reaches 11.9%.
ONTARIO, Canada, Nov. 17 - Canadian Solar Inc. (Nasdaq: CSIQ ) today announced its unaudited financial results for the third quarter of 2009 ended September 30, 2009 and its outlook for the fourth quarter of 2009 and the full year 2010.
Net revenues for the third quarter of 2009 were $213.1 million, compared to net revenues of $114.2 million for the second quarter of 2009 and $252.4 million for the third quarter of 2008.
Net income for the third quarter of 2009 was $25.3 million, or $0.69 per diluted share, compared to $17.7 million, or $0.49 per diluted share, for the second quarter of 2009 and $11.1 million, or $0.31 per diluted share, for the third quarter of 2008.
Shipments for the third quarter of 2009 were 102.6 MW, compared to shipments of 48.2 MW for the second quarter of 2009 and 60 MW for the third quarter of 2008. Third quarter 2009 sales came from all geographic markets important to the solar industry, with Europe continuing to be the Company's largest contributing geographic market. Sales in that region grew strongly in the quarter, increasing 179% from the second quarter of 2009.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented: "We broke our previous records on both MW shipment volumes and net profit in this quarter. The significant increases in sales and earnings were the result of the successful implementation of our global sales strategy combined with our strong brand name recognition, cost control and effective supply chain management. Our flexible vertical integration model allowed us to capture the sharp increase in market demand during the quarter and to raise our module sales faster than the growth of our internal cell capacity. Our R&D capability is another important competitive differentiator for Canadian Solar. During the quarter, three of our solar module products recorded the highest scores for P-type solar modules during the PV USA (PTC) tests, which are mandatory for the California Solar Initiatives. Subsequent to the quarter end, we pre-launched our high-output premium products using our enhanced selective emitter technology. These products are expected to have monocrystalline cell conversion efficiencies of 18.5% and multicrystalline cell efficiencies of 17%. We are also in the process of testing a cost effective two-axis tracker."
Arthur Chien, CFO of Canadian Solar, noted: "We are pleased that we were able to aggressively grow our top line while delivering an 11.9% net margin. We remain focused on managing all operating and financing costs as we work to improve profitability. We expect the expansion of our internal cell facility in H1 2010 will help us to further offset ongoing industry pricing pressure, while at the same time increasing our manufacturing process control. Importantly, our disciplined management of our balance sheet continues to give us superior operating leverage and a low cost of financing. The recent successful closure of our follow-on stock offering in October further strengthened our balance sheet and prepares us for the Company's expected growth in 2010."
Revenue by Geography 3Q 2009 2Q 2009 3Q 2008 Region US$ million % US$ million % US$ million %
Asia 13.6 6.4% 31.1 27.2% 16.4 6.5% Europe 186.6 87.6% 66.9 58.6% 222.4 88.1% America 12.9 6.0% 16.2 14.2% 13.5 5.4% Total 213.1 100.0% 114.2 100.0% 252.4 100.0%
Recent Developments -- We completed batch testing of our enhanced selective emitter cells and pre-launched our first commercially available 250/260 W modules at the Solar Power International conference in Anaheim. We have begun converting the first cell line over to our proprietary enhanced selective emitter technology and expect to begin limited commercial delivery of 260 W enhanced selective emitter modules early in 2010.
-- We have begun field-testing a two-axis tracker, which we believe will be more effective but considerably less expensive than similar products currently available on the market.
-- Completed a follow-on public offering of 6.9 million shares on October 21, 2009, which raised net proceeds of approximately $103.3 million.
-- Canadian Solar Japan recently received full JPEC certifications for our residential roof solar systems and JET certification for our solar modules. We have started to deliver these products to our Japanese customers.
-- Appointed Arthur Chien, our CFO, as our new Compliance Officer, effective November 2, 2009.
-- Appointed Charlotte Xi Klein as VP of Global Operations, effective November 2, 2009. Ms. Klein joined Canadian Solar as corporate controller in 2007 and most recently served as VP of Finance and Compliance Officer, where she was also instrumental in establishing Canadian Solar's overseas operations during the past 12 months. Prior to joining Canadian Solar, she spent 18 years in the United States, where she obtained her MBA and MA degrees and worked her way up from cost accounting to controllership in sizable corporate manufacturing facilities, such as Saint-Gobain Corporation and Armstrong World Industries. She was previously a financial executive at ARAMARK Corporation, a Fortune 500 company. She is also a member of the AICPA and has been a Texas-licensed CPA since 1996.
-- Completed our recent expansion of solar module manufacturing capacity to 820 MW, which we believe is the world's third largest.
-- On track in our Phase III solar cell capacity expansion, which we expect to bring our cell capacity from 270MW to 420MW by December 2009.
Outlook for Q409 and 2010
The outlook below is based on the Company's current views with respect to operating and market conditions, its current order book and customer' forecasts, which are subject to change. The risks to our guidance also include changes in product pricing, availability and pricing of feedstock, and the project financing environment.
We are reiterating our fourth quarter 2009 guidance of shipments of approximately 128 MW to 138 MW, with gross margin expected to be in the high- teens on a percentage basis. We expect shipments of approximately 295 MW to 305 MW for the full year 2009.
For the full year 2010, we believe our shipments will be in the range of 600 MW to 700 MW. We believe that the demand for our high quality solar modules will come from all major markets, including Germany, Italy, the U.S., the Czech Republic, South Korea and Spain. We also expect strong growth from our newer markets, such as Canada, Japan and China.
Given the demand forecast, the Company plans to increase our solar module production capacity from today's 820 MW to 1 GW by the end of April 2010, and to increase our internal cell production capacity from 420 MW to 700 MW by June 2010. We also intend to slightly increase our internal ingot and wafer capacity in 2010.
Under this expansion plan, we expect to produce approximately 450 MW to 500 MW of solar cells internally, while outsourcing approximately 200 MW to 250 MW from our long-term solar cell partners.
By achieving a higher ratio of internal cell production compared to external sourcing, we expect to sustain gross margins in the high teens and maintain a healthy net profit margin.
Dr. Shawn Qu, Chairman and CEO, remarked: "We believe that we have reasonable visibility for our 2010 forecast based on our channel checks. We expect to more than double our shipments in 2010 and are preparing our capacity expansion accordingly. This rapid growth is driven by our sales strategy of combining a superior product with attractive pricing and value added services. Furthermore, we intend to continue to aggressively develop new markets for our products. We were successful in our strategy in the U.S., South Korea and the Czech Republic this year, and have targeted other new markets such as Canada, Japan and China for 2010. We believe this strategic diversification will significantly reduce our exposure to the traditional solar markets such as Germany, Italy and Spain and allow us to build a solid foundation for continued growth and market share expansion."
Investor Conference Call / Webcast Details
The dial-in number for the live audio call, which will begin today, Tuesday, November 17, 2009 at 8:00 a.m. U.S. Eastern Time (9:00 p.m. November 17, 2009 in Hong Kong), is +1-617-213-8059 +1-617-213-8059. The conference call passcode is 23659019. A live webcast of the conference call will also be available on our website at http://www.canadiansolar.com .
A replay of the call will be available approximately one hour after the conclusion of the live call through 12:00 p.m. on November 24, 2009, U.S. Eastern Time (1:00 a.m., November 25, 2009 in Hong Kong) by telephone at +1-617-801-6888 +1-617-801-6888. To access the replay, use passcode 19894949. A webcast replay will also be available at http://www.canadiansolar.com .
About Canadian Solar Inc. (NASDAQ: CSIQ )
Canadian Solar Inc. is a leading vertically integrated provider of ingot, wafer, solar cell, solar module and other solar applications. Canadian Solar designs, manufactures and delivers solar products and solar systems for on-grid and off-grid use to customers worldwide. Canadian Solar is one of the world's largest solar module producers by manufacturing capacity. With operations in North America, Europe and Asia, Canadian Solar provides premium quality, cost-effective and environmentally-friendly solar solutions to support global sustainable development. For more information, visit http://www.canadiansolar.com .
Safe Harbor/Forward-Looking Statements:
Certain statements in this press release including statements regarding our expected future shipment volumes, gross and net margins, manufacturing capacities and cell conversion efficiencies, are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers, including customers of our silicon materials sales; changes in demand from major markets such as Germany; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F originally filed on June 8, 2009, as amended by its report on Form 20-F/A filed on October 14, 2009. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.Full financial tables at news on http://www.canadiansolar.com
Green Energy investors can research stocks with the Renewable Energy Stocks Directory, one of the most comprehensive directories online. The directory has close to 900 stocks and new stocks are added each month for investors following the sector. The complete renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
Directory:
-- 87% increase in net revenues to $213.1 million, compared to Q209 net revenues of $114.2 million.-- 113% increase in shipments of 102.6 MW, compared to Q209 shipments of 48.2 MW, setting a new quarterly shipping record.-- Gross margin of 16.3%, compared to Q209 gross margin of 20.2% and Q308 gross margin of 15.5%.-- Net income of $0.69 per diluted share in Q309, compared to $0.49 per diluted share in Q209. Net profit of $25.3 million sets new quarterly record. Net profit margin reaches 11.9%.
ONTARIO, Canada, Nov. 17 - Canadian Solar Inc. (Nasdaq: CSIQ ) today announced its unaudited financial results for the third quarter of 2009 ended September 30, 2009 and its outlook for the fourth quarter of 2009 and the full year 2010.
Net revenues for the third quarter of 2009 were $213.1 million, compared to net revenues of $114.2 million for the second quarter of 2009 and $252.4 million for the third quarter of 2008.
Net income for the third quarter of 2009 was $25.3 million, or $0.69 per diluted share, compared to $17.7 million, or $0.49 per diluted share, for the second quarter of 2009 and $11.1 million, or $0.31 per diluted share, for the third quarter of 2008.
Shipments for the third quarter of 2009 were 102.6 MW, compared to shipments of 48.2 MW for the second quarter of 2009 and 60 MW for the third quarter of 2008. Third quarter 2009 sales came from all geographic markets important to the solar industry, with Europe continuing to be the Company's largest contributing geographic market. Sales in that region grew strongly in the quarter, increasing 179% from the second quarter of 2009.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented: "We broke our previous records on both MW shipment volumes and net profit in this quarter. The significant increases in sales and earnings were the result of the successful implementation of our global sales strategy combined with our strong brand name recognition, cost control and effective supply chain management. Our flexible vertical integration model allowed us to capture the sharp increase in market demand during the quarter and to raise our module sales faster than the growth of our internal cell capacity. Our R&D capability is another important competitive differentiator for Canadian Solar. During the quarter, three of our solar module products recorded the highest scores for P-type solar modules during the PV USA (PTC) tests, which are mandatory for the California Solar Initiatives. Subsequent to the quarter end, we pre-launched our high-output premium products using our enhanced selective emitter technology. These products are expected to have monocrystalline cell conversion efficiencies of 18.5% and multicrystalline cell efficiencies of 17%. We are also in the process of testing a cost effective two-axis tracker."
Arthur Chien, CFO of Canadian Solar, noted: "We are pleased that we were able to aggressively grow our top line while delivering an 11.9% net margin. We remain focused on managing all operating and financing costs as we work to improve profitability. We expect the expansion of our internal cell facility in H1 2010 will help us to further offset ongoing industry pricing pressure, while at the same time increasing our manufacturing process control. Importantly, our disciplined management of our balance sheet continues to give us superior operating leverage and a low cost of financing. The recent successful closure of our follow-on stock offering in October further strengthened our balance sheet and prepares us for the Company's expected growth in 2010."
Revenue by Geography 3Q 2009 2Q 2009 3Q 2008 Region US$ million % US$ million % US$ million %
Asia 13.6 6.4% 31.1 27.2% 16.4 6.5% Europe 186.6 87.6% 66.9 58.6% 222.4 88.1% America 12.9 6.0% 16.2 14.2% 13.5 5.4% Total 213.1 100.0% 114.2 100.0% 252.4 100.0%
Recent Developments -- We completed batch testing of our enhanced selective emitter cells and pre-launched our first commercially available 250/260 W modules at the Solar Power International conference in Anaheim. We have begun converting the first cell line over to our proprietary enhanced selective emitter technology and expect to begin limited commercial delivery of 260 W enhanced selective emitter modules early in 2010.
-- We have begun field-testing a two-axis tracker, which we believe will be more effective but considerably less expensive than similar products currently available on the market.
-- Completed a follow-on public offering of 6.9 million shares on October 21, 2009, which raised net proceeds of approximately $103.3 million.
-- Canadian Solar Japan recently received full JPEC certifications for our residential roof solar systems and JET certification for our solar modules. We have started to deliver these products to our Japanese customers.
-- Appointed Arthur Chien, our CFO, as our new Compliance Officer, effective November 2, 2009.
-- Appointed Charlotte Xi Klein as VP of Global Operations, effective November 2, 2009. Ms. Klein joined Canadian Solar as corporate controller in 2007 and most recently served as VP of Finance and Compliance Officer, where she was also instrumental in establishing Canadian Solar's overseas operations during the past 12 months. Prior to joining Canadian Solar, she spent 18 years in the United States, where she obtained her MBA and MA degrees and worked her way up from cost accounting to controllership in sizable corporate manufacturing facilities, such as Saint-Gobain Corporation and Armstrong World Industries. She was previously a financial executive at ARAMARK Corporation, a Fortune 500 company. She is also a member of the AICPA and has been a Texas-licensed CPA since 1996.
-- Completed our recent expansion of solar module manufacturing capacity to 820 MW, which we believe is the world's third largest.
-- On track in our Phase III solar cell capacity expansion, which we expect to bring our cell capacity from 270MW to 420MW by December 2009.
Outlook for Q409 and 2010
The outlook below is based on the Company's current views with respect to operating and market conditions, its current order book and customer' forecasts, which are subject to change. The risks to our guidance also include changes in product pricing, availability and pricing of feedstock, and the project financing environment.
We are reiterating our fourth quarter 2009 guidance of shipments of approximately 128 MW to 138 MW, with gross margin expected to be in the high- teens on a percentage basis. We expect shipments of approximately 295 MW to 305 MW for the full year 2009.
For the full year 2010, we believe our shipments will be in the range of 600 MW to 700 MW. We believe that the demand for our high quality solar modules will come from all major markets, including Germany, Italy, the U.S., the Czech Republic, South Korea and Spain. We also expect strong growth from our newer markets, such as Canada, Japan and China.
Given the demand forecast, the Company plans to increase our solar module production capacity from today's 820 MW to 1 GW by the end of April 2010, and to increase our internal cell production capacity from 420 MW to 700 MW by June 2010. We also intend to slightly increase our internal ingot and wafer capacity in 2010.
Under this expansion plan, we expect to produce approximately 450 MW to 500 MW of solar cells internally, while outsourcing approximately 200 MW to 250 MW from our long-term solar cell partners.
By achieving a higher ratio of internal cell production compared to external sourcing, we expect to sustain gross margins in the high teens and maintain a healthy net profit margin.
Dr. Shawn Qu, Chairman and CEO, remarked: "We believe that we have reasonable visibility for our 2010 forecast based on our channel checks. We expect to more than double our shipments in 2010 and are preparing our capacity expansion accordingly. This rapid growth is driven by our sales strategy of combining a superior product with attractive pricing and value added services. Furthermore, we intend to continue to aggressively develop new markets for our products. We were successful in our strategy in the U.S., South Korea and the Czech Republic this year, and have targeted other new markets such as Canada, Japan and China for 2010. We believe this strategic diversification will significantly reduce our exposure to the traditional solar markets such as Germany, Italy and Spain and allow us to build a solid foundation for continued growth and market share expansion."
Investor Conference Call / Webcast Details
The dial-in number for the live audio call, which will begin today, Tuesday, November 17, 2009 at 8:00 a.m. U.S. Eastern Time (9:00 p.m. November 17, 2009 in Hong Kong), is +1-617-213-8059 +1-617-213-8059. The conference call passcode is 23659019. A live webcast of the conference call will also be available on our website at http://www.canadiansolar.com .
A replay of the call will be available approximately one hour after the conclusion of the live call through 12:00 p.m. on November 24, 2009, U.S. Eastern Time (1:00 a.m., November 25, 2009 in Hong Kong) by telephone at +1-617-801-6888 +1-617-801-6888. To access the replay, use passcode 19894949. A webcast replay will also be available at http://www.canadiansolar.com .
About Canadian Solar Inc. (NASDAQ: CSIQ )
Canadian Solar Inc. is a leading vertically integrated provider of ingot, wafer, solar cell, solar module and other solar applications. Canadian Solar designs, manufactures and delivers solar products and solar systems for on-grid and off-grid use to customers worldwide. Canadian Solar is one of the world's largest solar module producers by manufacturing capacity. With operations in North America, Europe and Asia, Canadian Solar provides premium quality, cost-effective and environmentally-friendly solar solutions to support global sustainable development. For more information, visit http://www.canadiansolar.com .
Safe Harbor/Forward-Looking Statements:
Certain statements in this press release including statements regarding our expected future shipment volumes, gross and net margins, manufacturing capacities and cell conversion efficiencies, are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers, including customers of our silicon materials sales; changes in demand from major markets such as Germany; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F originally filed on June 8, 2009, as amended by its report on Form 20-F/A filed on October 14, 2009. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.Full financial tables at news on http://www.canadiansolar.com
Green Energy investors can research stocks with the Renewable Energy Stocks Directory, one of the most comprehensive directories online. The directory has close to 900 stocks and new stocks are added each month for investors following the sector. The complete renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
Directory:
Monday, November 16, 2009
Renewableenergystocks.com Solar Stocks Sector Close – Up; Solar Stocks Shine Once Again
Renewableenergystocks.com Solar Stocks Sector Close – Up; Solar Stocks Shine Once Again
POINT ROBERTS, WA and DELTA, BC –November 16, 2009 - www.RenewableEnergyStocks.com, a leading global investor and industry portal for the renewable energy sector within www.Investorideas.com, features a sector close-up on solar stocks trading for November 16th.
Solar Stocks Sector Close-Up, as of Trading November 16th
Ascent Solar Technologies, Inc. (NasdaqGM: ASTI ) trading at $4.99, up 0.34 (7.31%) 10:35am ET
Canadian Solar (NASDAQ: CSIQ) trading at $19.72 1.27 (6.88%) 11:25am ET
Evergreen Solar Inc (NASDAQ:ESLR) trading at $1.50, up 0.02 (1.35%) 11:21am ET
First Solar, Inc. (NASDAQ: FSLR) trading at $123.38, up $ 5.08 (4.30%) 11:22am ET
JA Solar (Nasdaq: JASO) breaking the trend, trading at $4.08, down 0.04 (0.97%) 11:17am ET
LDK Solar ADR (NYSE: LDK) trading up at $6.95, up $ 0.56 (8.76%) 11:20am ET
RENESOLA LTD (NYSE: SOL) trading $4.22, up $ 0.17 (4.20%) 11:19am ET
SunPower Corporation (NasdaqGS: SPWRA) trading at $ 27.05, up $ 0.63 (2.38%) 11:17am ET
Suntech Power Holdings Co., Ltd. (NYSE: STP) trading up at $15.02, up $ 1.30 (9.48%) 11:16AM ET
Yingli Green Energy (NYSE: YGE) trading at $14.04, up $ 0.59 (4.39%) 11:17am ET
For investors following solar stocks, the RenewableEnergyStocks.com website provides a comprehensive list of photovoltaic and solar stocks to research.
Investors can learn more about the solar sector with solar stocks commentary and the column “Renewable and Solar Energy Perspectives” with J. Peter Lynch exclusively at Investorideas.com. Stay tuned for a new solar stocks update later this week .
Investors can also subscribe to our leading financial and business newswires : The Investor Ideas Newswire, Water Stocks Newswire and Green Business and Renewable Energy Newswire .
Green Energy investors can research stocks with the Renewable Energy Stocks Directory, one of the most comprehensive directories online. The directory has close to 900 stocks and new stocks are added each month for investors following the sector. The complete renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
To learn about becoming a featured renewable energy or green stock, contact us below.
About Our Green Investor Portals:
www.RenewableEnergyStocks.com® is one of several green investor portals within Investorideas.com and provides investors with stock news, exclusive articles and financial columnists, audio interviews, investor conferences, Blogs, and a directory of stocks within the renewable energy sector.
Visit the Investorideas.com Green Investor Portals: www.RenewableEnergyStocks.com ®, www.FuelCellCarNews.com ®, www.EnvironmentStocks.com, www.Water-Stocks.com and www.GreentechInvestor.com all within the Investorideas.com hub.
About InvestorIdeas.com:
InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering multiple industry sectors including water, mining, renewable energy, energy, biotech, defense and global markets including China, India, Middle East and Australia. The website covers several sectors but has a focus on environment and water. Investorideas.com meets the needs of retail investors, public companies and entrepreneurs with unique tools and services ranging from stock directories, newsfeeds, funding directories and more.
Investors are also reminded to sign up for the launch of the new free investor newsletter – the next great investor idea! Investors can sign up for the new free newsletter on the pop- up box on the home page of www.investorideas.com or the newsletter sign up page.
Investorideas.com Membership- Green Stocks Directory – Research Global Solar Stocks
Members only Restricted Content including the complete renewable energy stocks directory, water stocks directory, biotech and more. Members get access to 9 stock directories and investor newsletter, the Insiders Corner. Join today at: http://www.investorideas.com/membership/
Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. Disclosure: Investorideas is compensated by featured companies, news submissions and online advertising.
Disclosure and disclaimer
For more information contact:
Dawn Van Zant 800.665.0411
Email: dvanzant@investorideas.com or Cali at cvanzant@investorideas.com
Source: RenewableEnergyStocks.com Investorideas.com
POINT ROBERTS, WA and DELTA, BC –November 16, 2009 - www.RenewableEnergyStocks.com, a leading global investor and industry portal for the renewable energy sector within www.Investorideas.com, features a sector close-up on solar stocks trading for November 16th.
Solar Stocks Sector Close-Up, as of Trading November 16th
Ascent Solar Technologies, Inc. (NasdaqGM: ASTI ) trading at $4.99, up 0.34 (7.31%) 10:35am ET
Canadian Solar (NASDAQ: CSIQ) trading at $19.72 1.27 (6.88%) 11:25am ET
Evergreen Solar Inc (NASDAQ:ESLR) trading at $1.50, up 0.02 (1.35%) 11:21am ET
First Solar, Inc. (NASDAQ: FSLR) trading at $123.38, up $ 5.08 (4.30%) 11:22am ET
JA Solar (Nasdaq: JASO) breaking the trend, trading at $4.08, down 0.04 (0.97%) 11:17am ET
LDK Solar ADR (NYSE: LDK) trading up at $6.95, up $ 0.56 (8.76%) 11:20am ET
RENESOLA LTD (NYSE: SOL) trading $4.22, up $ 0.17 (4.20%) 11:19am ET
SunPower Corporation (NasdaqGS: SPWRA) trading at $ 27.05, up $ 0.63 (2.38%) 11:17am ET
Suntech Power Holdings Co., Ltd. (NYSE: STP) trading up at $15.02, up $ 1.30 (9.48%) 11:16AM ET
Yingli Green Energy (NYSE: YGE) trading at $14.04, up $ 0.59 (4.39%) 11:17am ET
For investors following solar stocks, the RenewableEnergyStocks.com website provides a comprehensive list of photovoltaic and solar stocks to research.
Investors can learn more about the solar sector with solar stocks commentary and the column “Renewable and Solar Energy Perspectives” with J. Peter Lynch exclusively at Investorideas.com. Stay tuned for a new solar stocks update later this week .
Investors can also subscribe to our leading financial and business newswires : The Investor Ideas Newswire, Water Stocks Newswire and Green Business and Renewable Energy Newswire .
Green Energy investors can research stocks with the Renewable Energy Stocks Directory, one of the most comprehensive directories online. The directory has close to 900 stocks and new stocks are added each month for investors following the sector. The complete renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
To learn about becoming a featured renewable energy or green stock, contact us below.
About Our Green Investor Portals:
www.RenewableEnergyStocks.com® is one of several green investor portals within Investorideas.com and provides investors with stock news, exclusive articles and financial columnists, audio interviews, investor conferences, Blogs, and a directory of stocks within the renewable energy sector.
Visit the Investorideas.com Green Investor Portals: www.RenewableEnergyStocks.com ®, www.FuelCellCarNews.com ®, www.EnvironmentStocks.com, www.Water-Stocks.com and www.GreentechInvestor.com all within the Investorideas.com hub.
About InvestorIdeas.com:
InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering multiple industry sectors including water, mining, renewable energy, energy, biotech, defense and global markets including China, India, Middle East and Australia. The website covers several sectors but has a focus on environment and water. Investorideas.com meets the needs of retail investors, public companies and entrepreneurs with unique tools and services ranging from stock directories, newsfeeds, funding directories and more.
Investors are also reminded to sign up for the launch of the new free investor newsletter – the next great investor idea! Investors can sign up for the new free newsletter on the pop- up box on the home page of www.investorideas.com or the newsletter sign up page.
Investorideas.com Membership- Green Stocks Directory – Research Global Solar Stocks
Members only Restricted Content including the complete renewable energy stocks directory, water stocks directory, biotech and more. Members get access to 9 stock directories and investor newsletter, the Insiders Corner. Join today at: http://www.investorideas.com/membership/
Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. Disclosure: Investorideas is compensated by featured companies, news submissions and online advertising.
Disclosure and disclaimer
For more information contact:
Dawn Van Zant 800.665.0411
Email: dvanzant@investorideas.com or Cali at cvanzant@investorideas.com
Source: RenewableEnergyStocks.com Investorideas.com
Solar Stocks News - Suntech (NYSE: STP), Selects Arizona for First U.S. Manufacturing Plant
Solar Stocks News - Suntech (NYSE: STP), Selects Arizona for First U.S. Manufacturing Plant
BEIJING, Nov. 15 2009 - From the U.S. China Green Tech Summit today, Suntech Power Holdings Co., Ltd. (NYSE: STP), announced that its first U.S. manufacturing plant for the growing North American market would be located in the Greater Phoenix, Arizona area. The plant will have an initial production capacity of 30 megawatts (MW) and is expected to begin production in the third quarter of 2010.
The announcement makes Suntech the first Chinese cleantech leader to bring manufacturing jobs to America. Suntech selected the Greater Phoenix area for its plant because of Arizona's leadership in research through Arizona State University, and statewide renewable energy policies, particularly its Renewable Energy Standard and distributed generation set-aside, as well as a supportive local business climate represented by the Greater Phoenix Economic Council. The Suntech U.S. plant will employ over 75 full-time employees at launch and may double its staff within the year as the North American market develops.
Initially starting with 30 MW of PV module production capacity, the Suntech plant is configured for growth to respond to the expected expansion of the U.S. solar market in the coming years. The U.S. market had 356MW of solar PV capacity installed during 2008 (source: Photon Magazine, Nov. 2009), and is expected to grow six-fold to more than 2GW by 2012 (source: Solarbuzz LLC, Mar. 2009).
"Bringing manufacturing jobs to the U.S. is part of Suntech's vision to grow the solar market in every corner of the world," said Suntech's Chairman and CEO Dr. Zhengrong Shi. "We are eagerly watching growing markets and see the potential of bringing manufacturing capabilities to other markets where we see the combination of rapid local market growth and manufacturing cost competitiveness."
Locating the plant close to Suntech's U.S. customers will reduce the time, costs, and emissions associated with long-distance shipping of Suntech panels. The plant, which will be approximately 80,000 to 100,000 square feet, will allow for long-term growth of manufacturing capabilities to meet increasing American demand for solar power.
"Suntech has been a leader to watch for some time, and its decision to bring manufacturing here to the U.S. is a great sign of the increasingly important collaboration between Chinese and American leaders in the renewable energy industry, as well as the potential for growth of green jobs in countries that implement smart, supportive policies," said Dan Kammen, Professor in the Energy and Resources Group and Director of the Renewable and Appropriate Energy Laboratory at the University of California, Berkeley.
Dr. Shi continued, "This is the first step in what I see as a long-term, strategic investment in the North American market. Over the last two years we have grown our U.S. team to over 60 employees. As a result of that effort, we have developed a network of over 200 solar dealers and integrators installing Suntech products and are actively involved with a number of large-scale solar project developers serving the utility market. We also have developed strong partnerships with U.S. companies such as MEMC of Pasadena, Texas, our largest supplier of silicon wafers used in our modules. The leadership shown by the US government in advancing renewable energy will only improve the environment for further investments in the coming years."
Suntech plans to make a final decision on the specific location of the plant in the coming weeks.
About Suntech
Suntech Power Holdings Co., Ltd. (NYSE: STP) is the world's leading solar energy company as measured by production output of crystalline silicon solar modules. Suntech designs, develops, manufactures, and markets premium quality, high-output, cost-effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers an extensive range of customer-centric innovations, including its patent-pending Pluto technology for crystalline silicon solar cells, which improves power output by up to 12% compared to conventional production methods, its Reliathon(TM) module and platform, the industry's first fully integrated utility-scale solar platform, and its broad range of building-integrated solar products.
Suntech designs and delivers commercial and utility scale solar power systems in China and the United States. With regional headquarters in China, Switzerland and San Francisco and sales offices worldwide, Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. For more information, please visit http://www.suntech-power.com .
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements, and includes the expected growth of the U.S. solar market, timing of the opening of Suntech's Phoenix, Arizona manufacturing plant; the number of expected employees at time of opening of the plant; forecasted production output, forecasted employee growth, and growth of manufacturing capacity. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in Suntech's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Suntech does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Green Energy investors can research stocks with the Renewable Energy Stocks Directory, one of the most comprehensive directories online. The directory has close to 900 stocks and new stocks are added each month for investors following the sector. The complete renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
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BEIJING, Nov. 15 2009 - From the U.S. China Green Tech Summit today, Suntech Power Holdings Co., Ltd. (NYSE: STP), announced that its first U.S. manufacturing plant for the growing North American market would be located in the Greater Phoenix, Arizona area. The plant will have an initial production capacity of 30 megawatts (MW) and is expected to begin production in the third quarter of 2010.
The announcement makes Suntech the first Chinese cleantech leader to bring manufacturing jobs to America. Suntech selected the Greater Phoenix area for its plant because of Arizona's leadership in research through Arizona State University, and statewide renewable energy policies, particularly its Renewable Energy Standard and distributed generation set-aside, as well as a supportive local business climate represented by the Greater Phoenix Economic Council. The Suntech U.S. plant will employ over 75 full-time employees at launch and may double its staff within the year as the North American market develops.
Initially starting with 30 MW of PV module production capacity, the Suntech plant is configured for growth to respond to the expected expansion of the U.S. solar market in the coming years. The U.S. market had 356MW of solar PV capacity installed during 2008 (source: Photon Magazine, Nov. 2009), and is expected to grow six-fold to more than 2GW by 2012 (source: Solarbuzz LLC, Mar. 2009).
"Bringing manufacturing jobs to the U.S. is part of Suntech's vision to grow the solar market in every corner of the world," said Suntech's Chairman and CEO Dr. Zhengrong Shi. "We are eagerly watching growing markets and see the potential of bringing manufacturing capabilities to other markets where we see the combination of rapid local market growth and manufacturing cost competitiveness."
Locating the plant close to Suntech's U.S. customers will reduce the time, costs, and emissions associated with long-distance shipping of Suntech panels. The plant, which will be approximately 80,000 to 100,000 square feet, will allow for long-term growth of manufacturing capabilities to meet increasing American demand for solar power.
"Suntech has been a leader to watch for some time, and its decision to bring manufacturing here to the U.S. is a great sign of the increasingly important collaboration between Chinese and American leaders in the renewable energy industry, as well as the potential for growth of green jobs in countries that implement smart, supportive policies," said Dan Kammen, Professor in the Energy and Resources Group and Director of the Renewable and Appropriate Energy Laboratory at the University of California, Berkeley.
Dr. Shi continued, "This is the first step in what I see as a long-term, strategic investment in the North American market. Over the last two years we have grown our U.S. team to over 60 employees. As a result of that effort, we have developed a network of over 200 solar dealers and integrators installing Suntech products and are actively involved with a number of large-scale solar project developers serving the utility market. We also have developed strong partnerships with U.S. companies such as MEMC of Pasadena, Texas, our largest supplier of silicon wafers used in our modules. The leadership shown by the US government in advancing renewable energy will only improve the environment for further investments in the coming years."
Suntech plans to make a final decision on the specific location of the plant in the coming weeks.
About Suntech
Suntech Power Holdings Co., Ltd. (NYSE: STP) is the world's leading solar energy company as measured by production output of crystalline silicon solar modules. Suntech designs, develops, manufactures, and markets premium quality, high-output, cost-effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers an extensive range of customer-centric innovations, including its patent-pending Pluto technology for crystalline silicon solar cells, which improves power output by up to 12% compared to conventional production methods, its Reliathon(TM) module and platform, the industry's first fully integrated utility-scale solar platform, and its broad range of building-integrated solar products.
Suntech designs and delivers commercial and utility scale solar power systems in China and the United States. With regional headquarters in China, Switzerland and San Francisco and sales offices worldwide, Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. For more information, please visit http://www.suntech-power.com .
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements, and includes the expected growth of the U.S. solar market, timing of the opening of Suntech's Phoenix, Arizona manufacturing plant; the number of expected employees at time of opening of the plant; forecasted production output, forecasted employee growth, and growth of manufacturing capacity. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in Suntech's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Suntech does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Green Energy investors can research stocks with the Renewable Energy Stocks Directory, one of the most comprehensive directories online. The directory has close to 900 stocks and new stocks are added each month for investors following the sector. The complete renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
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Wednesday, November 11, 2009
Clenergen India Private Limited Appoints Merchant Bank for Public Floatation in India and Listing on National Stock Exchange of India Limited (NSE) an
Clenergen India Private Limited Appoints Merchant Bank for Public Floatation in India and Listing on National Stock Exchange of India Limited (NSE) and Bombay Stock Exhange Limited (BSE)
November 11, 2009:
The Chennai (India) based Clenergen India Private Limited, a wholly owned subsidiary of Clenergen Corporation (OTCBB: CRGE), a pioneer in clean energy generation, announces today that ICICI Securities Limited has agreed to the engagement as the Lead Merchant Banker for the fund raising exercise through issuance of equity shares in India to for Clenergen's 16MW and 64MW gasification technology based power plants.
The total cost of the two projects, which together will generate 80MW/Hr of clean, renewable electricity, has been estimated at US$ 236.47 million, out of which a sum of US$ 153.70 million is planned to be raised in the form of long term debt. This assignment has been mandated to Ernst and Young in India.
Out of the total equity component of US$ 82.76 million, US$ 65 million will be raised through a public floatation on the Indian Capital Markets, the rest being a combination of contribution to equity by Clenergen Corporation, USA and private placement of shares before floatation. Post closure of the public offering, the shares of Clenergen India will be listed for trading on the National Stock Exchange of India Limited (NSE) and the Bombay Stock Exchange Limited (BSE).
ICICI Securities Limited (I-Sec), part of the ICICI Bank's financial services conglomerate, has agreed to act as a Lead Merchant Banker (private equity placement, pre-IPO and the public floatation of Clenergen India). I-Sec is one of India's premier merchant bankers and has successfully handled many of the largest public flotations in India.
I-Sec has a presence in over 75 Indian cities and leverages on the network of its over 250 branches and its trading portal www.icicidirect.com is India's largest online trading portal with 19 million registered users.
The proposed public flotation is being planned to hit the Indian markets in March 2010.
About Clenergen Corporation. Clenergen Corporation is a publicly listed company on the OTC stock market (symbol CRGE). Clenergen develops Clean Energy Generation projects to address the requirement for renewable and sustainable supplies of electricity. Clenergen installs and operates Distribution Environmental Power Systems (DEPS) and applies Plant Science to the cultivation of proprietary biomass feedstocks in order to provide sustainable supplies of clean energy to regional, independent clients and national grids.
Notice regarding forward looking statements
This press release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to our ability to generate renewable electricity on a large scale and to establish our company as one of the leading biomass energy generating companies globally.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with clean technologies; changes in the operating costs and changes in economic conditions and conditions in clean technologies. These forward-looking statements are made as of the date of this press release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our current and periodic reports filed from time-to-time with the Securities and Exchange Commission.
Green Energy investors can research stocks with the Renewable Energy Stocks Directory, one of the most comprehensive directories online. The directory has close to 900 stocks and new stocks are added each month for investors following the sector. The complete renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
Directory:
November 11, 2009:
The Chennai (India) based Clenergen India Private Limited, a wholly owned subsidiary of Clenergen Corporation (OTCBB: CRGE), a pioneer in clean energy generation, announces today that ICICI Securities Limited has agreed to the engagement as the Lead Merchant Banker for the fund raising exercise through issuance of equity shares in India to for Clenergen's 16MW and 64MW gasification technology based power plants.
The total cost of the two projects, which together will generate 80MW/Hr of clean, renewable electricity, has been estimated at US$ 236.47 million, out of which a sum of US$ 153.70 million is planned to be raised in the form of long term debt. This assignment has been mandated to Ernst and Young in India.
Out of the total equity component of US$ 82.76 million, US$ 65 million will be raised through a public floatation on the Indian Capital Markets, the rest being a combination of contribution to equity by Clenergen Corporation, USA and private placement of shares before floatation. Post closure of the public offering, the shares of Clenergen India will be listed for trading on the National Stock Exchange of India Limited (NSE) and the Bombay Stock Exchange Limited (BSE).
ICICI Securities Limited (I-Sec), part of the ICICI Bank's financial services conglomerate, has agreed to act as a Lead Merchant Banker (private equity placement, pre-IPO and the public floatation of Clenergen India). I-Sec is one of India's premier merchant bankers and has successfully handled many of the largest public flotations in India.
I-Sec has a presence in over 75 Indian cities and leverages on the network of its over 250 branches and its trading portal www.icicidirect.com is India's largest online trading portal with 19 million registered users.
The proposed public flotation is being planned to hit the Indian markets in March 2010.
About Clenergen Corporation. Clenergen Corporation is a publicly listed company on the OTC stock market (symbol CRGE). Clenergen develops Clean Energy Generation projects to address the requirement for renewable and sustainable supplies of electricity. Clenergen installs and operates Distribution Environmental Power Systems (DEPS) and applies Plant Science to the cultivation of proprietary biomass feedstocks in order to provide sustainable supplies of clean energy to regional, independent clients and national grids.
Notice regarding forward looking statements
This press release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to our ability to generate renewable electricity on a large scale and to establish our company as one of the leading biomass energy generating companies globally.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with clean technologies; changes in the operating costs and changes in economic conditions and conditions in clean technologies. These forward-looking statements are made as of the date of this press release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our current and periodic reports filed from time-to-time with the Securities and Exchange Commission.
Green Energy investors can research stocks with the Renewable Energy Stocks Directory, one of the most comprehensive directories online. The directory has close to 900 stocks and new stocks are added each month for investors following the sector. The complete renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
Directory:
Sunday, November 08, 2009
Green IPO Watch at Renewableenergystocks.com: New Wind Turbine Manufacturer GC China Turbine Corp. (OTCBB: GCHT)
Green IPO Watch at Renewableenergystocks.com: New Wind Turbine Manufacturer GC China Turbine Corp. (OTCBB: GCHT)
POINT ROBERTS, WA - November 9 2009 - www.RenewableEnergyStocks.com,
a leading investor news and research portal for the renewable energy sector within Investorideas.com,
reports wind turbine manufacturer GC China Turbine Corp. (OTCBB: GCHT) goes public in reverse merger.
GC China Turbine Corp. Announces Close of Financing and Completion of Reverse Acquisition –
Company Now Moves Ahead as a Major Wind Turbine Manufacturer
NEW YORK, NY--- November 5, 2009 - GC China Turbine Corp. (OTCBB: GCHT) is pleased to announce that pursuant to the previously announced Share Exchange Agreement the company is now the 100% owner of GC Nordic Group and has become a leading manufacturer of state-of-the-art 2-bladed wind turbines based in China.
The consummation of the share exchange transaction was contingent on a minimum equity financing of US$ 8,000,000. Clarus Capital Limited acted as lead placement agent assisting notable clean energy advocates Longboard Capital Advisors LLC in their participation as lead investors together with the support of Southridge Investment Group LLC's clean energy practice and network of renewable energy Investors across the USA and Northern Europe as well as the welcome efforts of many other qualified co-investors.
The financing was over-subscribed resulting in the purchase of 6,400,000 shares of common stock. Additionally, a debt financing transaction closed with Clarus Capital Limited in the amount of US$ 1,000,000, convertible into the Company's common stock at US$ 2.00 per share. The current investment along with the previously announced US$ 10 million round provides the Company with a combined capital raise of US$ 19 million for the issuance of an aggregate total of 18,900,000 shares.
The management of GC China Turbine Corp. is very pleased by the Company's ability to readily access investment capital and is further excited by its early stage sales performance and future growth opportunities. Recent contract announcements amounting to nearly US$ 128 million in sales and plans for the rapid development of newer and significantly more powerful turbines provides a strong fundamental platform from which to capitalize on GC China's innovative technology and unique market position. With the conclusion of the share exchange transaction and financing the Company now has the ability to forge ahead with strategic plans to solidify its position as a leading manufacturer in the rapidly growing and government mandated wind power energy sector in China.
Further details regarding the Company and details of the share exchange, debt and equity financing agreements along with further information about the business, financial condition and management of GC China and related parties are filed as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.
About Longboard Capital Advisors LLC (www.longboardcapital.net)
Longboard Capital Advisors invest in clean energy businesses. The company was created in 2006 when it became clear that one of the most effective ways to accelerate the move to cleantech and institute change would be to help capitalize cleantech companies that address global warming and security issues head on. Staying ahead of complex developments in clean technologies and markets allows Longboard Capital to provide focused investment advice to clients worldwide.
About Southridge Investment Group LLC (www.southridgellc.com)
Southridge Investment Group LLC is a full service registered broker dealer and investment banking firm authorized to do business in all 50 states. The investment banking practice focuses on the sponsorship needs of small, medium and emerging growth companies as well as the needs of both institutional and individual investors interested in that segment of the market. The firm offers a full range of corporate finance services, including underwritings, M & A, financial advisory, valuations and private placements.
About GC China Turbine Corp. (OTCBB: GCHT)
GC China is a leading manufacturer of state-of-the-art 2-bladed wind turbines based in Wuhan City of Hubei Province, China. The Company holds a license to manufacture a groundbreaking technology which meets rigorous requirements for low-cost and high reliability. The technology was developed through a 10 year European research project costing over US$ 75 million. GC China's launch product is a 1.0 megawatt ("MW") utility scale turbine with designs for a 2.3MW and 3.0MW utility scale turbine in development. The Company's initial efforts have been rewarded with contracts of approximately US$ 128 million to-date.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
www.gcchinaturbine.com
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POINT ROBERTS, WA - November 9 2009 - www.RenewableEnergyStocks.com,
a leading investor news and research portal for the renewable energy sector within Investorideas.com,
reports wind turbine manufacturer GC China Turbine Corp. (OTCBB: GCHT) goes public in reverse merger.
GC China Turbine Corp. Announces Close of Financing and Completion of Reverse Acquisition –
Company Now Moves Ahead as a Major Wind Turbine Manufacturer
NEW YORK, NY--- November 5, 2009 - GC China Turbine Corp. (OTCBB: GCHT) is pleased to announce that pursuant to the previously announced Share Exchange Agreement the company is now the 100% owner of GC Nordic Group and has become a leading manufacturer of state-of-the-art 2-bladed wind turbines based in China.
The consummation of the share exchange transaction was contingent on a minimum equity financing of US$ 8,000,000. Clarus Capital Limited acted as lead placement agent assisting notable clean energy advocates Longboard Capital Advisors LLC in their participation as lead investors together with the support of Southridge Investment Group LLC's clean energy practice and network of renewable energy Investors across the USA and Northern Europe as well as the welcome efforts of many other qualified co-investors.
The financing was over-subscribed resulting in the purchase of 6,400,000 shares of common stock. Additionally, a debt financing transaction closed with Clarus Capital Limited in the amount of US$ 1,000,000, convertible into the Company's common stock at US$ 2.00 per share. The current investment along with the previously announced US$ 10 million round provides the Company with a combined capital raise of US$ 19 million for the issuance of an aggregate total of 18,900,000 shares.
The management of GC China Turbine Corp. is very pleased by the Company's ability to readily access investment capital and is further excited by its early stage sales performance and future growth opportunities. Recent contract announcements amounting to nearly US$ 128 million in sales and plans for the rapid development of newer and significantly more powerful turbines provides a strong fundamental platform from which to capitalize on GC China's innovative technology and unique market position. With the conclusion of the share exchange transaction and financing the Company now has the ability to forge ahead with strategic plans to solidify its position as a leading manufacturer in the rapidly growing and government mandated wind power energy sector in China.
Further details regarding the Company and details of the share exchange, debt and equity financing agreements along with further information about the business, financial condition and management of GC China and related parties are filed as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.
About Longboard Capital Advisors LLC (www.longboardcapital.net)
Longboard Capital Advisors invest in clean energy businesses. The company was created in 2006 when it became clear that one of the most effective ways to accelerate the move to cleantech and institute change would be to help capitalize cleantech companies that address global warming and security issues head on. Staying ahead of complex developments in clean technologies and markets allows Longboard Capital to provide focused investment advice to clients worldwide.
About Southridge Investment Group LLC (www.southridgellc.com)
Southridge Investment Group LLC is a full service registered broker dealer and investment banking firm authorized to do business in all 50 states. The investment banking practice focuses on the sponsorship needs of small, medium and emerging growth companies as well as the needs of both institutional and individual investors interested in that segment of the market. The firm offers a full range of corporate finance services, including underwritings, M & A, financial advisory, valuations and private placements.
About GC China Turbine Corp. (OTCBB: GCHT)
GC China is a leading manufacturer of state-of-the-art 2-bladed wind turbines based in Wuhan City of Hubei Province, China. The Company holds a license to manufacture a groundbreaking technology which meets rigorous requirements for low-cost and high reliability. The technology was developed through a 10 year European research project costing over US$ 75 million. GC China's launch product is a 1.0 megawatt ("MW") utility scale turbine with designs for a 2.3MW and 3.0MW utility scale turbine in development. The Company's initial efforts have been rewarded with contracts of approximately US$ 128 million to-date.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
www.gcchinaturbine.com
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GC China Turbine Corp. (OTCBB: GCHT) Announces Close of Financing and Completion of Reverse Acquisition
Company Now Moves Ahead as a Major Wind Turbine Manufacturer
NEW YORK, NY- November 5, 2009 - GC China Turbine Corp. (OTCBB: GCHT) is pleased to announce that pursuant to the previously announced Share Exchange Agreement the company is now the 100% owner of GC Nordic Group and has become a leading manufacturer of state-of-the-art 2-bladed wind turbines based in China.
The consummation of the share exchange transaction was contingent on a minimum equity financing of US$ 8,000,000. Clarus Capital Limited acted as lead placement agent assisting notable clean energy advocates Longboard Capital Advisors LLC in their participation as lead investors together with the support of Southridge Investment Group LLC's clean energy practice and network of renewable energy Investors across the USA and Northern Europe as well as the welcome efforts of many other qualified co-investors.
The financing was over-subscribed resulting in the purchase of 6,400,000 shares of common stock. Additionally, a debt financing transaction closed with Clarus Capital Limited in the amount of US$ 1,000,000, convertible into the Company's common stock at US$ 2.00 per share. The current investment along with the previously announced US$ 10 million round provides the Company with a combined capital raise of US$ 19 million for the issuance of an aggregate total of 18,900,000 shares.
The management of GC China Turbine Corp. is very pleased by the Company's ability to readily access investment capital and is further excited by its early stage sales performance and future growth opportunities. Recent contract announcements amounting to nearly US$ 128 million in sales and plans for the rapid development of newer and significantly more powerful turbines provides a strong fundamental platform from which to capitalize on GC China's innovative technology and unique market position. With the conclusion of the share exchange transaction and financing the Company now has the ability to forge ahead with strategic plans to solidify its position as a leading manufacturer in the rapidly growing and government mandated wind power energy sector in China.
Further details regarding the Company and details of the share exchange, debt and equity financing agreements along with further information about the business, financial condition and management of GC China and related parties are filed as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.
About Longboard Capital Advisors LLC (www.longboardcapital.net)
Longboard Capital Advisors invest in clean energy businesses. The company was created in 2006 when it became clear that one of the most effective ways to accelerate the move to cleantech and institute change would be to help capitalize cleantech companies that address global warming and security issues head on. Staying ahead of complex developments in clean technologies and markets allows Longboard Capital to provide focused investment advice to clients worldwide.
About Southridge Investment Group LLC (www.southridgellc.com)
Southridge Investment Group LLC is a full service registered broker dealer and investment banking firm authorized to do business in all 50 states. The investment banking practice focuses on the sponsorship needs of small, medium and emerging growth companies as well as the needs of both institutional and individual investors interested in that segment of the market. The firm offers a full range of corporate finance services, including underwritings, M & A, financial advisory, valuations and private placements.
About GC China Turbine Corp. (OTCBB: GCHT)
GC China is a leading manufacturer of state-of-the-art 2-bladed wind turbines based in Wuhan City of Hubei Province, China. The Company holds a license to manufacture a groundbreaking technology which meets rigorous requirements for low-cost and high reliability. The technology was developed through a 10 year European research project costing over US$ 75 million. GC China's launch product is a 1.0 megawatt ("MW") utility scale turbine with designs for a 2.3MW and 3.0MW utility scale turbine in development. The Company's initial efforts have been rewarded with contracts of approximately US$ 128 million to-date.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARDGC China Turbine Corp.- - - - - - - - - - - - - - - - - -Marcus Laun, DirectorFor more information visit our website at www.gcchinaturbine.com
Green Energy investors can research stocks with the Renewable Energy Stocks Directory, one of the most comprehensive directories online. The directory has close to 900 stocks and new stocks are added each month for investors following the sector. The complete renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
Directory:
NEW YORK, NY- November 5, 2009 - GC China Turbine Corp. (OTCBB: GCHT) is pleased to announce that pursuant to the previously announced Share Exchange Agreement the company is now the 100% owner of GC Nordic Group and has become a leading manufacturer of state-of-the-art 2-bladed wind turbines based in China.
The consummation of the share exchange transaction was contingent on a minimum equity financing of US$ 8,000,000. Clarus Capital Limited acted as lead placement agent assisting notable clean energy advocates Longboard Capital Advisors LLC in their participation as lead investors together with the support of Southridge Investment Group LLC's clean energy practice and network of renewable energy Investors across the USA and Northern Europe as well as the welcome efforts of many other qualified co-investors.
The financing was over-subscribed resulting in the purchase of 6,400,000 shares of common stock. Additionally, a debt financing transaction closed with Clarus Capital Limited in the amount of US$ 1,000,000, convertible into the Company's common stock at US$ 2.00 per share. The current investment along with the previously announced US$ 10 million round provides the Company with a combined capital raise of US$ 19 million for the issuance of an aggregate total of 18,900,000 shares.
The management of GC China Turbine Corp. is very pleased by the Company's ability to readily access investment capital and is further excited by its early stage sales performance and future growth opportunities. Recent contract announcements amounting to nearly US$ 128 million in sales and plans for the rapid development of newer and significantly more powerful turbines provides a strong fundamental platform from which to capitalize on GC China's innovative technology and unique market position. With the conclusion of the share exchange transaction and financing the Company now has the ability to forge ahead with strategic plans to solidify its position as a leading manufacturer in the rapidly growing and government mandated wind power energy sector in China.
Further details regarding the Company and details of the share exchange, debt and equity financing agreements along with further information about the business, financial condition and management of GC China and related parties are filed as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.
About Longboard Capital Advisors LLC (www.longboardcapital.net)
Longboard Capital Advisors invest in clean energy businesses. The company was created in 2006 when it became clear that one of the most effective ways to accelerate the move to cleantech and institute change would be to help capitalize cleantech companies that address global warming and security issues head on. Staying ahead of complex developments in clean technologies and markets allows Longboard Capital to provide focused investment advice to clients worldwide.
About Southridge Investment Group LLC (www.southridgellc.com)
Southridge Investment Group LLC is a full service registered broker dealer and investment banking firm authorized to do business in all 50 states. The investment banking practice focuses on the sponsorship needs of small, medium and emerging growth companies as well as the needs of both institutional and individual investors interested in that segment of the market. The firm offers a full range of corporate finance services, including underwritings, M & A, financial advisory, valuations and private placements.
About GC China Turbine Corp. (OTCBB: GCHT)
GC China is a leading manufacturer of state-of-the-art 2-bladed wind turbines based in Wuhan City of Hubei Province, China. The Company holds a license to manufacture a groundbreaking technology which meets rigorous requirements for low-cost and high reliability. The technology was developed through a 10 year European research project costing over US$ 75 million. GC China's launch product is a 1.0 megawatt ("MW") utility scale turbine with designs for a 2.3MW and 3.0MW utility scale turbine in development. The Company's initial efforts have been rewarded with contracts of approximately US$ 128 million to-date.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARDGC China Turbine Corp.- - - - - - - - - - - - - - - - - -Marcus Laun, DirectorFor more information visit our website at www.gcchinaturbine.com
Green Energy investors can research stocks with the Renewable Energy Stocks Directory, one of the most comprehensive directories online. The directory has close to 900 stocks and new stocks are added each month for investors following the sector. The complete renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
Directory:
Friday, November 06, 2009
Solar Stocks News - STR Holdings, Inc. Prices Its Initial Public Offering
Solar Stocks News - STR Holdings, Inc. Prices Its Initial Public Offering
NFIELD, Conn.--Nov 6 --STR Holdings, Inc. (NYSE: 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 (800) 221-1037; or Goldman, Sachs & Co., Attention: Prospectus Department, 85 Broad Street, New York, New York 10004; telephone (866) 471-2526 (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.
Investors: STR Holdings, Inc.Joseph Radziewicz
Controller and Principal Accounting Officer (860) 749-8371 (860) 749-8371
Green Energy investors can research stocks with the Renewable Energy Stocks Directory, one of the most comprehensive directories online. The directory has close to 900 stocks and new stocks are added each month for investors following the sector. The complete renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
Directory:
NFIELD, Conn.--Nov 6 --STR Holdings, Inc. (NYSE: 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 (800) 221-1037; or Goldman, Sachs & Co., Attention: Prospectus Department, 85 Broad Street, New York, New York 10004; telephone (866) 471-2526 (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.
Investors: STR Holdings, Inc.Joseph Radziewicz
Controller and Principal Accounting Officer (860) 749-8371 (860) 749-8371
Green Energy investors can research stocks with the Renewable Energy Stocks Directory, one of the most comprehensive directories online. The directory has close to 900 stocks and new stocks are added each month for investors following the sector. The complete renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
Directory:
Tuesday, November 03, 2009
Biomass News - PSCW Approves Application for Largest Biomass Plant in Midwest
PSCW Approves Application for Largest Biomass Plant in Midwest
ASHLAND, Wis.----The Public Service Commission of Wisconsin (PSCW) has unanimously approved Xcel Energy’s (NYSE: XEL) application to install biomass gasification technology at its Bay Front Power Plant in Ashland, Wis. When completed, the project will convert the plant’s remaining coal-fired unit to biomass gasification technology, allowing it to use 100 percent biomass in all three boilers and making it the largest biomass plant in the Midwest. Currently, two of the three operating units at Bay Front use biomass as their primary fuel to generate electricity.
The project, estimated at $58.1 million, will require additional biomass receiving and handling facilities at the plant, an external gasifier, minor modifications to the plant’s remaining coal-fired boiler and an enhanced air quality control system. The total generation output of the plant is not expected to change significantly as a result of the project.
“We appreciate the PSCW’s fair and thorough review of the application and believe that their decision recognizes the benefits of this project to provide environmentally-responsible, cost-effective energy to our customers and communities,” said Mike Swenson, president and CEO, Northern States Power Company-Wisconsin, an Xcel Energy. “The Bay Front project demonstrates our continuing commitment to the environment and a clean energy future. We’re helping our customers and communities practice sustainability while increasing local economic development.”
Through its purchases of wood residues and related services, the Bay Front Power Plant has a $20 million annual economic impact on a six-county region around Ashland. That economic impact will increase as the plant purchases more wood residues from area contractors.
The Bay Front Power Plant was originally constructed and began operation in 1916. In 1960, it operated five boilers and six turbines. Since then, two of the boilers, and three of the turbines, have been retired. The three remaining boilers feed into a combined steam header system that can support three turbine-generator sets.
In 2008, Xcel Energy installed NOx (nitrogen oxides) emission control equipment on the two boilers that primarily burn wood, allowing both to continue to operate into the foreseeable future. When evaluating various alternatives for the remaining boiler, which primarily burns coal, it was determined that expanding Bay Front as a biomass resource was preferred over incurring significant increases in coal costs, and also environmental compliance costs relating to the Clean Air Interstate Rule and regulations on mercury emissions.
In addition to reducing carbon dioxide emissions by switching from coal to biomass in the remaining unit, the project will drastically reduce other air emissions, including nitrogen oxides by more than 60 percent and sulfur dioxides and particulate matter by more than 80 percent.
The primary source of biomass at Bay Front is expected to be the lower quality, unused materials that are currently left in area forests following traditional harvests, such as treetops, logging slash, damaged trees, underutilized species, and the cull and mortality classed trees. Initial investigations conducted by Xcel Energy show more than ample supplies of this lower quality biomass within the area.
“We will require our contractors to use the sustainable harvesting guidelines as developed by the Wisconsin Council on Forestry and implemented by the Wisconsin Department of Natural Resources (WDNR),” Swenson said. “We will also continue to work closely with the WDNR and other local organizations to ensure the highest environmental standards are followed now and in the future when harvesting biomass in the region.”
Engineering, design and construction work is expected to begin in 2010 and the unit could be operational in late 2012.
Xcel Energy (NYSE: XEL) is a major U.S. electricity and natural gas company with regulated operations in 8 Western and Midwestern states. Xcel Energy provides a comprehensive portfolio of energy-related products and services to 3.4 million electricity customers and 1.9 million natural gas customers through its regulated operating companies. Holding company headquarters are located in Minneapolis. More information is available at www.xcelenergy.com.
Green Energy investors can research stocks with the Renewable Energy Stocks Directory, one of the most comprehensive directories online. The directory has close to 900 stocks and new stocks are added each month for investors following the sector. The complete renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
Directory:
ASHLAND, Wis.----The Public Service Commission of Wisconsin (PSCW) has unanimously approved Xcel Energy’s (NYSE: XEL) application to install biomass gasification technology at its Bay Front Power Plant in Ashland, Wis. When completed, the project will convert the plant’s remaining coal-fired unit to biomass gasification technology, allowing it to use 100 percent biomass in all three boilers and making it the largest biomass plant in the Midwest. Currently, two of the three operating units at Bay Front use biomass as their primary fuel to generate electricity.
The project, estimated at $58.1 million, will require additional biomass receiving and handling facilities at the plant, an external gasifier, minor modifications to the plant’s remaining coal-fired boiler and an enhanced air quality control system. The total generation output of the plant is not expected to change significantly as a result of the project.
“We appreciate the PSCW’s fair and thorough review of the application and believe that their decision recognizes the benefits of this project to provide environmentally-responsible, cost-effective energy to our customers and communities,” said Mike Swenson, president and CEO, Northern States Power Company-Wisconsin, an Xcel Energy. “The Bay Front project demonstrates our continuing commitment to the environment and a clean energy future. We’re helping our customers and communities practice sustainability while increasing local economic development.”
Through its purchases of wood residues and related services, the Bay Front Power Plant has a $20 million annual economic impact on a six-county region around Ashland. That economic impact will increase as the plant purchases more wood residues from area contractors.
The Bay Front Power Plant was originally constructed and began operation in 1916. In 1960, it operated five boilers and six turbines. Since then, two of the boilers, and three of the turbines, have been retired. The three remaining boilers feed into a combined steam header system that can support three turbine-generator sets.
In 2008, Xcel Energy installed NOx (nitrogen oxides) emission control equipment on the two boilers that primarily burn wood, allowing both to continue to operate into the foreseeable future. When evaluating various alternatives for the remaining boiler, which primarily burns coal, it was determined that expanding Bay Front as a biomass resource was preferred over incurring significant increases in coal costs, and also environmental compliance costs relating to the Clean Air Interstate Rule and regulations on mercury emissions.
In addition to reducing carbon dioxide emissions by switching from coal to biomass in the remaining unit, the project will drastically reduce other air emissions, including nitrogen oxides by more than 60 percent and sulfur dioxides and particulate matter by more than 80 percent.
The primary source of biomass at Bay Front is expected to be the lower quality, unused materials that are currently left in area forests following traditional harvests, such as treetops, logging slash, damaged trees, underutilized species, and the cull and mortality classed trees. Initial investigations conducted by Xcel Energy show more than ample supplies of this lower quality biomass within the area.
“We will require our contractors to use the sustainable harvesting guidelines as developed by the Wisconsin Council on Forestry and implemented by the Wisconsin Department of Natural Resources (WDNR),” Swenson said. “We will also continue to work closely with the WDNR and other local organizations to ensure the highest environmental standards are followed now and in the future when harvesting biomass in the region.”
Engineering, design and construction work is expected to begin in 2010 and the unit could be operational in late 2012.
Xcel Energy (NYSE: XEL) is a major U.S. electricity and natural gas company with regulated operations in 8 Western and Midwestern states. Xcel Energy provides a comprehensive portfolio of energy-related products and services to 3.4 million electricity customers and 1.9 million natural gas customers through its regulated operating companies. Holding company headquarters are located in Minneapolis. More information is available at www.xcelenergy.com.
Green Energy investors can research stocks with the Renewable Energy Stocks Directory, one of the most comprehensive directories online. The directory has close to 900 stocks and new stocks are added each month for investors following the sector. The complete renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
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