JA Solar just announced that it has obtained 2 loans with a combined worth of RMB 620 million (about $90.8 million). The loans have a three-year term and were obtained from Export-Import Bank of China. The interest rate was not specified, but it is below China’s benchmark rate.
In a press release, Baofang Jin, executive chairman of JA Solar, commented on the loans:
“We are pleased to receive continued support from tier-1 domestic Chinese banks. … Read the rest
Well, here’s some good news for Ener1 and Think: Think’s electric drivetrain, which is powered by Ener1’s lithium-ion batteries, has been selected by Zero Sports of Japan to help them convert Japan Post’s fleet to electric vehicles. Think’s drivetrain is being used to turn existing gasoline trucks into electric vehicles. Japan Post plans to convert 25% of its fleet to run entirely on electricity.
In a company press release, Ener1 CEO and Chairman Charles … Read the rest
UQM Technologies just announced that they have signed a 10-year agreement to provide UQM® PowerPhase®100 electric propulsion systems to Coda Automotive. Under the agreement, Coda will purchase 20,000 propulsion systems in the first two years, to be used in the company’s upcoming 4-door, 5-passenger, all-electric sedan. The sedan will be released in California in the middle of next year. It has a 5 star crash rating and can travel 90 to 120 miles on a … Read the rest
Suntech is out with yet another press release highlighting another partnership, but it’s important to realize this is part of the overall 1.8GW announced a few weeks ago.. It appears the company issued a generalized statement of partnerships and is now following that up with more specifics. Considering the stock is up 8 straight days and touching new 09 highs today, the campaign is working.
Suntech (STP) and China Energy Consveration Investment Corp (CECIC) announced … Read the rest
Wedbush Morgan isn’t as optimistic on SunPower (SPWRA) as FBR Capital was this morning. The firm is downgrading SPWRA following earnings from Outperform to Neutral.
Hat tip to StreetInsider.com for the following analyst comment:
“Downgrading shares of SunPower to Neutral from Outperform due to continued industry headwinds and recent share price appreciation. Q2 results beat our revenue estimates by $35.2 million and EPS by $0.03. Company affirms 2009 guidance but provides no support for … Read the rest
Evergreen Solar just announced the successful installation of a 100KW system to provide power for Boston Sand and Gravel. The system, which utilizes 500 Evergreen Solar panels and Solectria Renewable Inverter and custom engineered mounting system , provides enough energy to meet two thirds of the energy needs for the company’s maintenance facility. The installation is expected to pay for itself in 5 1/2 years.
In a company press release, executives from both companies … Read the rest
China Sunergy (CSUN) is out with some positive comments about the most recent quarter, saying that solar cell shipments have slightly exceeded the previously announced guidance of 35 – 40MW and gross margins are expected to be closer to 9% rather than the low single digits. They also expect a return to profitability.
Said CEO Dr. Allen Wang, ”We have experienced a steady monthly improvement in our operational and financial performance during the quarter.”
The … Read the rest
Here are some analysts calls on SPWRA and WFR following last nights earnings reports.
FBR upgraded Sunpower (SPWRA) from Market Perform to Outperform and doubled the price target from $20 to $40. The firm noted that while while earnings were a mixed (beat on revenues, but lower margins), the upgrade is driven by increased business prospects in the rooftop solar market, which SPWRA’s will capitalize on. They expect funding for larger ground mounted systems … Read the rest
LDK Solar (LDK) is out with an update tonight on results of the 2nd quarter. The company sees Q2 revenues in the range of $225 – 235 million which is about inline with the analyst estimates and slightly above its previous estimated range. However, the company expects to post a sizable loss of $180 – 200 million in the quarter mainly due to inventory write downs of $150 – 160 million. They are estimating shipments … Read the rest
MEMC Electronics beat analyst estimates after the bell today reporting an EPS of .03 (estimates called for break even) on revenues of $283 million (estimates called for $231 million), but the stock is off after hours. This is another situation where analysts came in with very low expectations, so beating doesn’t necessarily mean the company is in great shape.
MEMC’s profits plunged 96% compared to the year ago quarter, while revenues plunged 47%, so not … Read the rest