Evergreen Solar just announced a public offering of its common stock, worth $60 million. Piper Jaffray and Co is the underwriter for the offering, and Evergreen Solar intends to give them a 30-day option to buy an additional $9 million worth of stock.
Per a company press release, the money raised from the offering will be used to finance the plant Evergreen plans to build in Wuhan, China:
Evergreen Solar intends to use the … Read the rest
Raser Technologies (RZ) popped nearly 20% today once news was released that it will showcase the 100 mpg Electric Hummer H3 at the US Capitol tomorrow at 2pm EST, allowing members of Congress to test drive the vehicle. No way I’d let Barney Frank get behind the wheel of the Hummer, let alone a riding lawn mower. At any rate, should be a good photo op for Raser which will supply the power train for … Read the rest
Suntech (STP) announced today it will build the largest, grid connected rooftop solar system for Jiangsu Province in China which is expected to be completed by October. The 1.5MW rooftop system will be built in collaboration with Jiangsu Guoxin Asset Management Group and be eligible to receive the recently announced subsidy for rooftop solar systems.
”China’s new national solar subsidy should spark the growth of a strong domestic solar market enabling the gradual shift to … Read the rest
JA Solar (JASO) is down about 15% ahead of the bell today after reporting a much steeper loss than what analysts had expected. The company reported a quarterly loss of .18/share vs expectations of a .05 loss. Revenues were awful at $34 million which badly missed estimates of $112 million and represented a nearly 80% plunge from the year ago quarter.
“The first quarter of 2009 was the most challenging quarter for JA Solar since … Read the rest
Solarfun (SOLF) is up nearly 10% in premarket trading after reporting much better than expected earnings results. The company reported a loss .02/share vs the consensus estimates of a .17/share loss on revenues that were right about in line with estimates at $100 million. Considering the loss this quarter was considerably less than last quarters .40/share loss, perhaps the company is beginning to stabilize. However, the quarter represented the first quarter over quarter revenue decline … Read the rest
According to StreetInsider.com, Collins Stewart is maintaining its Sell rating on both Suntech Power (STP) and Solarfun (SOLF) but raising its price targets on both. It’s raising the price target on STP from $6.50 to $10 and raising the price target on SOLF to $3.
Suntech commentary:
Collins analyst says, “Our CY09 forecast calls for STP generate $1.73B in sales and EPS of $0.20, both of which are below the consensus of $1.86B and … Read the rest
Hat tip to StreetInsider.com for this alert today:
Collins Stewart doubled its price target on Trina Solar (TSL) from $11 to $22 and maintained its Buy rating saying, “A combination of factors drives the adjustment to our price target. Since we launched coverage, the prospect for China to become a significant consumer of solar modules has improved, as a limited solar subsidy program has been announced and more are expected in the months ahead. Valuations … Read the rest
Suntech Power (STP) announced today it will supply Switzerland’s Sunergic with crystalline solar PV modules for a 1MW project with a Swiss utility company. 1MW doesn’t sound like much but it’s a milestone for Switzerland and represents the largest solar project to date for the country.
“Switzerland has demonstrated a clear commitment to pursuing sustainable energy solutions and we are pleased to partner with Sunergic to bring solar into the mix,” said Jerry Stokes, Suntech’s … Read the rest
It was just days ago that the government announced its intention to revive the biofuels industry with the formation of the Biofuel Interagency. The help couldn’t come any faster for Pacific Ethanol (PEIX), the largest ethanol producer on the West Coast. While the company itself didn’t file bankruptcy, it did place four of its production plants in Chapter 11 bankruptcy protection which had defaulted on about a quarter of a billion in debt. Ethanol producers … Read the rest
Altair Nanotechnologies just announced a joint agreement with Amperex Technology to help speed up the development of lithium-titanate battery cells for commercial sale. According to the agreement, both companies will provide resources from their respective areas of expertise to engineer, design and test next-generation rechargeable battery cells. The companies will try to improve the performance of lithium-titanate battery cells by increasing cell energy and power density, and the resulting products are expected to be available … Read the rest