Xcel Energy (XEL) To Repower Colorado Coal Plants At A Cost Of $1.3B
Per Reuters, Xcel Energy announced yesterday that it is planning to invest $1.3B to repower and retrofit coal plants in Colorado, in order to comply with the state’s Clean Air Clean Jobs Act. The $1.3B investment is expected to be $225 million less than the cost of retrofitting all of its Colorado plants to comply.
As part of the plan, Xcel plans to do the following:
Retire 186MW of coal-fired power at its Valmont plant by the end of 2017
Retire 717MW of coal-fired power at its Cherokee plant by the end of 2022
Repower the Cherokee plant with 883MW of natural gas power generation
Switch its Arapahoe Unit Four plant from coal to natural gas
Begin using modern emission control technology at its Pawnee and Hayden plants
Dick Kelly, Xcel Energy chairman and CEO, made the following comments about the plan to Reuters:
"Over the next several years, the U.S. Environmental Protection Agency will require the state of Colorado to comply with a series of regulatory mandates unprecedented in the history of the Clean Air Act. We believe our proposal is the best way to meet new environmental requirements in a manner that preserves reliability and minimizes customer costs."
Altairnano (ALTI) Announces New Application Kit For OEMs
Hoping to increase adoption of its lithium-titanate battery systems, Altairnano just announced the release of an application kit that will allow OEMs to test the product in simulated real-world operating conditions.
The application kit will consist of a 50 ampere-hour battery module, connection and control unit and a netbook computer for controlling and monitoring the system. It will allow OEMs to test a variety of voltage and amperage configurations.
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In a press release, Terry Copeland, Altairnano President and CEO, commented on the news:
"We have received great interest from customers who want to apply our products in a broad range of applications, and we believe this Application Kit will enhance their ability to create innovative solutions and quickly demonstrate the unique value of our battery technology. The tougher the application and duty cycle, the better our batteries perform."
Energy Focus (EFOI) Announces $2.8M In New Lighting Retrofit Contracts
Energy Focus announced this morning that Stones River Companies, LLC, its lighting retrofit division, has snagged $2.8 million in new lighting energy services contracts. The 7 new contracts announced today include upgrading the lighting at multiple locations of a major healthcare system, upgrading lighting in three elementary school districts and upgrading the lighting at four fortune 500 industrial facilities.
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In a press release, Rob Wilson, VP of Stones River Companies, commented on the new contracts:
"The new projects show just how broad the opportunity for savings through the implementation of energy efficient lighting is including a broad range of public and private sector locations. All seven projects are expected to be substantially completed before the end of the year.”
Veeco (VECO) Sells Metrology Business To Bruker Corporation
Veeco Instruments just announced that it will be selling its metrology business, Veeco Metrology, to Bruker Corporation in order to focus on building its LED, solar and data storage businesses.
In a press release, John R. Peeler, Veeco’s Chief Executive Officer, explained the rationale for selling Veeco Metrology:
“We believe the sale of Metrology will allow us to accelerate our progress developing new products, gaining share, and aligning with key customers in markets with large growth opportunities, including several "clean tech" markets. The sale is also expected to give us additional financial flexibility to pursue acquisitions and expand customer support for our growing Asia business.”
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Bruker will pay $229 million in cash for Veeco Metrology, and Veeco will get $160 million after taxes and fees. For accounting purposes, Veeco will consider the sale a "discontinued operation" effective August 15. They’ve updated their guidance as follows to reflect this:
3rd quarter 2010 revenue from continuing operations: $255-280 million
GAAP earnings per share: $1.45 to $1.72
Non-GAAP earnings per share: $1.13 and $1.33.
2010 revenues from continuing operations: approximately $1 billion
Fuel Systems Solutions (FSYS) Acquiring Productive Concepts International For $11.1M
Fuel Systems Solutions just announced that it is in the pr0cess of purchasing Productive Concepts International’s alternative fuel vehicle business for $11.1 million, expanding its US automotive OEM market penetration. The purchase includes $975,000 in assumed debt and is expected to be complete within the next 30 days, after which Productive Concepts International will become Fuel Systems Solutions’ subsidiary.
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In a press release, Matthew Beale, president, chief financial officer and secretary of Fuel Systems Solutions, commented on the acquisition:
"The strategic fit between PCI and IMPCO is excellent. The combined business will be positioned to offer OEM and fleet customers a fully-integrated package including systems and vehicle modification. We see PCI as a platform for delivering the DOEM model we have deployed successfully internationally in the growing North American market. In addition to an impressive set of systems integration capabilities, PCI brings to our group a talented management team and a strong revenue pipeline. This transaction clearly demonstrates our commitment to building the leading alternative fuels platform in the North American market."
General Electric (GE) Acquires Energy Control Systems To Enhance Smart Grid Offerings
General Electric announced this morning that it has acquired SNC-Lavalin’s Energy Control Systems business as well as its network management and control software. Energy Control Systems’ software is used to improve the efficiency and reliability of the electric power grid, so this acquisition will enhance GE’s smart grid-related offerings.
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In a press release, Bob Gilligan, vice president–digital energy for GE Energy Services, commented on the acquisition:
"ECS software empowers everyone along the energy value chain to do a better job with how they handle electricity. By adding the flow of information to the flow of power, we can help utilities be more reliable and efficient. We can help consumers understand and manage their electricity usage. And we can help regulators and governments devise strategies to improve how to cost-effectively ensure reliable energy for everyone who needs it. That’s the power of the new grid GE is building today."
PowerSecure (POWR) Snags 10M In New Business
PowerSecure just announced that it has received $10 million worth of new orders for its Interactive Distributed Generation smart grid power systems and utility infrastructure projects. The contracts include a contract with a major retailer that will provide recurring revenue, along with contracts to install Interactive Distributed Generation systems in data centers, hospitals, municipal buildings, and manufacturing facilities.
$8 million of the new orders is for Interactive Distributed Generation systems, while the remaining $2 million is for utility infrastructure. Project-based revenue is expected to be recorded during the second of half of this year. Revenue from recurring contracts will be recorded starting in the second half of this year with recurring revenues until 2015.
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In a press release, Sidney Hinton, CEO of PowerSecure, commented on the news:
"We are very pleased to announce these new business awards. We are thrilled to report that another major retailer is deploying its first group of IDG systems, and we look forward to proving our value to earn the opportunity to expand our relationship with this new customer. We are committed to exceeding the expectations of our utility partners and customers and delivering them strong returns on investment on all of the projects we announced today."
EMCORE (EMKR) And San’an Optoelectronics Begin Joint Venture To Produce Concentrator PV Products
EMCORE just announced that it has entered into a joint venture with San’an Optoelectronics to develop, manufacture and distribute concentration photovoltaic receivers, modules and systems. EMCORE will own 40% of the JV company, which will be called Suncore Photovoltaics Co., Ltd. San’an Optoelectronics will own the remaining 60%. The new company will set up its manufacturing facilities in Wuhu City, China, to take advantage of incentives provided by the city government.
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In a press release, Hong Q. Hou, President and CEO of EMCORE, commented on the joint venture:
“The formation of this joint venture represents a significant step in EMCORE’s business strategy towards introducing CPV products for terrestrial solar power applications in one of the fastest growing solar power markets. By commercializing EMCORE’s terrestrial Gen-III CPV systems through this low-cost manufacturing base, we believe EMCORE will be in position to gain significant advantages over competing terrestrial solar technologies. Furthermore, the joint venture provides an ideal platform to penetrate China’s emerging renewable energy market."
Ocean Power Technologies (OPTT) Awarded GBP 1.5 Million Grant To Improve PowerBuoy
Ocean Power Technologies just announced that it has been granted GBP 1.5 million by the South West of England Regional Development Agency to develop a new, improved 500 KW PowerBuoy.
Ocean Power Technologies will collaborate with A&P Falmouth and the Peninsula Research Institute for Marine Renewable Energy on the new PowerBuoy design, increasing output from 150kw to 500kw and making other improvements.
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In a press release, Angus Norman, Chief Executive Ocean Power Technologies, Ltd., commented on the award:
"This award is a mark of the commitment and strong relationships among OPT, its partners and SWRDA to establish the South West of England as one of the world’s leading centers for marine energy with the Wave Hub as its focal point. It will enable OPT to accelerate the development of its next generation PowerBuoy, which we believe will be competitive in large production volumes with fossil fuel-based energy. It also will help to boost Britain’s renewable sector in the long term."
A-Power (APWR) Subsidiary Partners With Baoding Huide
A-Power Energy Generation Systems announced yesterday that its subsidiary, Shenyang Lucky Wind Power Equipments, has entered a partnership with Baoding Huide Wind Power Engineering. The companies will work together on production and research and development, as well as pooling resources and exploring new business opportunities together.
In a press release, Jinxiang Lu, chairman and CEO of A-Power, commented on the partnership:
"We are very excited to partner with Baoding Huide as we continue to enhance our efforts in renewable energy development. This partnership is reflective of an ongoing movement towards a cleaner, no-emission and more energy efficient environment in China, the US and worldwide. The partnership will enhance A-Power’s wind business with Baoding Huide’s assembling facility of wind turbine equipment. We look forward to capitalizing on the opportunities available in China, US and elsewhere to meet the growing demand for wind power."
