Trina Solar and Suntech Power Holdings have taken a combined $11.72 billion in loans from China Development Bank, according to Reuters. Suntech’s agreement with CDB will provide access to $7.33 billion in loans over a 5-year period. Trina Solar now has a loan agreement with CDB worth $4.40 billion that will last through 2015.
Both companies plan to use the loans for expansion.
For example, Trina Chief Financial Officer Terry Wang told Reuters,
“As … Read the rest
Solar analyst Mark Bachman of Auriga USA (formerly of Pacific Crest) initiated coverage of several solar stocks after the bell today. Hat tip to Street Insider for the following analyst comments:
Trina Solar (TSL) initiated at Buy with $34 price target (about 30% above current levels). More TSL analysis here
“We initiate coverage of Trina Solar with a Buy rating as the most under appreciated Chinese solar company we follow. While the stock is up … Read the rest
Converted Organics (COIN) is popping with good volume this morning after announcing that 1st quarter 2010 revenues have increased 65% over the year ago quarter. The company will announce official results in about a month. They also announced that their independent public accountant has removed the “going concern” statement.
COIN Prez Ed Gildea commented: “We are pleased with the significant progress our Company has demonstrated with our first quarter earnings and we are happy to … Read the rest
Applied Materials just announced the opening of its new global manufacturing hub in Singapore. The Singapore Operations Center will produce advanced semiconductor equipment and is Applied Materials’ first Asian facility of its type. Applied Materials chose Singapore in part because it is close to many of the company’s existing customers and suppliers, and it plans to eventually employ 800 people at the center.
In a press release, Mike Splinter, chairman and chief executive officer of … Read the rest
When I first started looking at solar stocks a few years ago, I assumed Canadian Solar was from Canada. Logical assumption, but this is a Chinese company that was doing business almost exclusively in China. It’s certainly more of a global company now and it can say it has a strong presence in Canada after announcing contract offers for 176MW in open field PV generation projects. The contracts were awarded as part of Ontario’s new … Read the rest
Advanced Battery Technologies just announced that it received $1.2 million worth of orders for new electric scooters at the company’s product promotion conference in China. The conference was held at the end of March. The $1.6 million figure is the total amount of the sales contracts signed with four different customers. The scooters will be delivered within the next year.
In a press release, Mr. Zhiguo Fu, CEO of ABAT, commented on the sales:
“The … Read the rest
Deutsche Bank is out with an upgrade of the most well known lithium battery maker here in the US. A123 Systems (AONE) gets an upgrade from Hold to Buy and a $17 price target. Hat tip to Street Insider for the following analyst comment:
“We believe that A123 Systems’ proprietary battery materials have broad applicability in a number of growing segments (including automotive, grid services, and consumer products), that the company’s recent steady cadence of … Read the rest
Zoltek (ZOLT) announced after the bell today that they will form a new subsidiary to speed the development of lightweight carbon fiber applications for the auto industry. No doubt an increasingly important industry as manufacturers look for ways to increase gas mileage to meet federal regulations in the next few years. More than a dozen existing Zoltek engineers will join two highly regarded experts to lead Zoltek Automotive. Dave Stewart, founder of Stewart Auto Research, … Read the rest
Under the Danyang City Electric Car Mandate, Wonder Auto Tech (WATG) has been selected to spearhead an electric vehicle project in Danyang City and will be responsible for manufacturing, developing and supplying Wonder Auto branded EV taxis, buses and electrical car components as well as electric charging stations around the city and neighboring regions.
Danyang City is an important auto hub in China and has ambitions to become EV central in China. The city will … Read the rest
Ocean Power Technologies (OPTT) has won a $1.5 million grant from the DOE to help develop the next generation PowerBuoy wave energy system, capable of producing more than triple the power of the current PowerBuoy system and with a much lower installation cost. The company received its first DOE grant in 2008 to help with the project in Reedsport, Oregon.
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CEO Charles Dunleavy commented: “OPT’s … Read the rest