American Superconductor Corp just announced that Hyundai Heavy Industries Co., Ltd. has placed a follow on order for 30 sets of electrical control systems to be used in AMSC’s 1.65 MW wind turbines. Hyundai also ordered electrical control systems for their own 2 MW turbine prototype from AMSC. All of the equipment ordered by Hyundai is scheduled to be shipped by May of next year.
In a press release, Timothy Poor, AMSC’s Senior Vice President … Read the rest
Rentech (RTK) is announcing this morning that they have signed a non-binding memorandum of understanding (MOU) with Beach Petroleum today to explore the development of a commercial scale manufacturing facility using Rentech’s technology to produce synthetic fuels from synthesis gas derived from Beach Petroleum’s gas resources.
Rentech’s proprietary technology converts syngas from fossil and biomass resources into hydrocarbons that can be refined into cleaner, synthetic fuels. Beach Petroleums expansive reserves in the South Australian Copper … Read the rest
China’s CSR Zhuzhou Electric Locomotive Research Institute Co., Ltd. (“CSR-ZELRI”) has just placed a follow-on order with American Superconductor Corp for $10 million worth of wind turbine core electrical components, according to this . CSR-ZELRI will use the parts to build turbines using the 1.65 MW wind turbine design it licensed from AMSC’s subsidiary, AMSC Windtec. This is the largest that CSR-ZELRI has placed thus far, bringing the total amount of orders placed with AMSC … Read the rest
Canadian Solar (CSIQ) reported a strong Q3 EPS this morning of $0.69 which was .14/share better than analyst estimates and a more than 50% increase over the year ago quarter. It’s also a new record for the company. Revenues were below the year ago quarter by about 15% at $213 million, but was better than what analysts expected.
The CEO said European demand remains strong and contributed greatly to the success in the quarter with … Read the rest
The US Renewable Energy Group and A-Power just signed a cooperation agreement to develop a new US wind turbine production and assembly plant. Once completed, the planned 3,200 square foot plant will be capable of producing 1,100 MW worth of advanced wind turbines every year.
The plant will employ 1,000 workers, as well as creating jobs in construction and in manufacturing the component parts of the wind turbines, which will be sourced here.
In a … Read the rest
Last night it was announced that Sunpower was investigating some accounting errors at its Philippine operations and this morning the downgrades are flowing.
Piper Jaffray downgraded from Overweight to Neutral and lowered the price target from $38 to $31.
Hat tip to StreetInsider.com for the analyst comments:
“SPWR announced accounting errors that may have underestimated costs in its Philippine manufacturing plant for both 2009 and 2008. The magnitude of the COGS understatement could be $14M … Read the rest
SunPower (SPWRA) said after the bell today that it’s investigating accounting errors related to its Philippine manufacturing operations and that its financial statements for 2008/2009 as well as guidance for this year can’t be relied on. The company hopes to provide an update within the next 30 days, but estimates that about 1 million in expenses were overstated in Q1, $14 million understated in Q2 and 2 million understated in Q3. Those aren’t huge numbers, … Read the rest
The CEO commented on the strong quarter..
“Our third quarter financial results are the result of a favorable market environment for our industry … Read the rest
Emcore just announced that they have a contract with Dutch Space to supply solar panels to power the Cygnus spacecraft. The spacecraft, which is being developed for NASA’s Commercial Resupply Service (CRS) project by Orbital Sciences Corp, should launch in 2011 and will be used to deliver cargo to the International Space Station.
The total value of Emcore’s contract with Dutch Space is over $15 million once all options are exercised. Emcore’s ZTJ solar cells … Read the rest
Suntech just announced that they will be building a PV module manufacturing plant in the vicinity of Phoenix, Arizona. Once complete, the plant will have a 30 MW capacity. The plant should start production in late 2010, and will help Suntech provide better service to its US customers. It will also make Suntech’s production process more environmentally friendly, as it will reduce the carbon dioxide emitted from shipping product overseas to the US.
In a … Read the rest