Auriga is out maintaining its Buy rating on both Solarfun (SOLF) and JinkoSolar (JKS) and has raised the price targets for both.
Price target for SOLF goes from $9 to $13. “We have increased confidence that management will expand capacity meaningfully in 2011 and are modeling 979MW of shipments versus year-end capacity of 1,250MW… Our findings appear to be corroborated by the July 19 press release where the company announced plans to increase cell capacity… Read the rest
JinkoSolar just announced that it has signed a new supply agreement to provide Enfinity Asia Pacific Limited with 24MW of PV modules. Shipments have already started and will continue through the end of the year.
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In a press release, Xiande Li, Chairman of the Board of Directors at JinkoSolar, commented on the agreement:
“Our solar module supply agreement with Enfinity is a testament to the … Read the rest
Merriman Curhan Ford is out this morning maintaining its Neutral rating on Cree Inc (CREE). Hat tip to Street Insider for the analyst comment:
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“We expect Cree to report June quarter upside when it reports F4Q10 earnings on August 10. While strong end market general lighting demand will likely drive revenue upside, we believe its near-peak 48% gross margin levels are unlikely to be sustainable with increasing … Read the rest
Solarfun just announced that it has been granted a credit facility worth RMB 6 Billion (or an equal amount of foreign currency if desired) from the Nanjing branch of the Bank of Shanghai. The term is 5 years and the Bank of Shanghai must review and approve each drawdown individually.
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In a press release, Gareth Kung, Chief Financial Officer of Solarfun, explained the significance of the … Read the rest
Canadian Solar just announced that the 1 MW solar energy project it built in Saxony with Green City Energy was completed in a record time of 2 months of construction. The system consists of panels installed on 16 rooftops, covering a surface area of 17,000 square meters. Since the project was finished before June 30th, it is exempt from the reductions in feed-in tariffs for PV systems.
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According to Notable Calls, UBS is expecting a big order for both Veeco Instruments (VECO) and Aixtron (AIXG) from Chinese LED manufacturer Elec-Tech based on discussions with industry contacts. It looks like from the post that the orders would be placed this quarter, but not ship and be recognized as revenue until sometime next year. Still just a rumor at this point, but great news if true. UBS reiterates its Buy rating on both … Read the rest
Arima Optoelectronics, an LED manufacturer in Taiwan, purchased several Metal Organic Chemical Vapor Deposition (MOCVD) Systems last quarter according to a press release this morning. The two companies have worked together in the past and this expands their relationship. No word on the financials of this deal.
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Marco Kuo, President of Arima Optoelectronics, said, “We have selected Veeco’s MOCVD systems because of our experience with their … Read the rest
Solarfun Power (SOLF) announced plans this morning to increase manufacturing capacity by 50MW and to convert 160MW of its cell manufacturing lines to high efficiency selective emitter technology with both expected to be completed within about six months. The increase in capacity will be achieved by good old fashioned “debottlenecking” and get the company to a total capacity of 550MW by early next year. They also announced that new manufacturing facilities are under construction and … Read the rest
These rumors began to surface more than a month ago and they are swirling again. No official announcement has been made, but according to an unidentified source Tesla Motors (TSLA) and Toyota (TM) have signed an agreement to begin developing an electric version of both the RAV4 and Lexus RX SUV’s to go on sale sometime in 2012. It’s believed the two companies have been working on this for some time and that Tesla has … Read the rest
Shares of Verenium (VRNM) nearly doubled at the open this morning before giving much of it back after it was announced that BP would purchase their cellulosic biofuels business for $98 million which includes facilities in Jennings, LA and San Diego, California. Verenium retains its commercial enzyme business and retains the right to develop its own cellulosic enzyme program, select R&D capabilities and access to select biofuel technology developed by BP.
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