Johnson Controls (JCI), a conglomerate involved in lithium battery production and building efficiency reported mixed earnings this morning posting an EPS 1 cent better than expectations at a loss of .16 share (it’s the 2nd straight quarter of losses) on revenues of 6.3 billion vs the consensus of 6.93 billion.
Here are some highlights regarding the green energy segments of its business:
Building Efficiency
– Excluding currency fluctuation, building efficiency sales were down 2% to … Read the rest
Johnson Controls, as part of its joint venture with Saft SA, just announced that it will build a lithium-ion battery plant in Holland, Michigan. The plant will built in an existing Johnson Controls Facility there and will provide jobs to 500 employees. Refurbishing the existing plant to handle manufacturing lithium-ion batteries is expected to cost about $220 million. Once completed, the plant will be able to produce 15 million lithium-ion battery cells. The company is … Read the rest
General Electric (GE) continues to invest in Michigan based, lithium ion batter maker A123 Systems, providing another $15 million in financing and gaining a seat on the board in exchange. This follows the recent announcement that A123 Systems was selected by Chrysler to develop lithium batteries for their line of electric vehicles due out in 2013.. assuming of course Chrysler stays in business or is bought out. GE now owns about 10% of A123 Systems … Read the rest
Valence Technology just announced that it has applied for $608 million worth of low-interest federal loans from the U.S. Energy Department’s Advanced Technology Vehicles Manufacturing Incentive. If it receives the loans, it plans to use them to build a $760 million manufacturing plant near Austin, Texas. The planned plant would be able to supply lithium batteries for over 250,000 electric and hyrbrid vehicles each year.
Robert Kanode, Valence’s president and CEO, commented on the loan … Read the rest
MDB Capital came out today and upgraded Ener1 (HEV) with a Buy rating and a price target of $5.50. They believe the shares are compelling down at these levels due to the pipeline of potential customers including the possible reemergence of Think Global later in the year.
“We are revising our earnings model and now anticipate revenues in 2009 of $41 million (roughly $28 million coming from Enertech) and $77.5 million in calendar 2010. With … Read the rest
According to GreenTech, Ener1 (HEV) which currently manufacturers lithium ion batteries for electric cars is expanding into other markets such as utility grade storage and military applications. The CEO said at the Jefferies Global Clean Technology conference that they are working with a few utilities on smaller power grid storage units. On the military side, the company is working on hybrid tanks and unmanned aerial vehicles with potential orders of $7 million.… Read the rest
Advanced Battery Tech (ABAT), which manufacturers lithium ion batteries for cell phones, computers and electric cars continues to report revenue and earnings growth in a tough environment but wasn’t able to match analyst expectations last quarter. The company reported earnings of .06/share in the 4th quarter, missing estimates by .02/share on revenues of 10.7 million. Revenues increased by 42% in 2008 over 07 levels, but that growth decelerated every quarter culminating in just 4% growth … Read the rest
Now that Congress has approved the economic stimulus package (aka the American Recovery & Reinvestment Act) with Obama expected to sign it into law on Tuesday I thought I’d give a run down of what’s in this bill related to green energy initiatives.
Overall, nearly 10% of the entire bill provides funding and tax credits for green energy related projects.
* $11 billion in spending and loan guarantees to build a “smart grid” to move … Read the rest
Ener1 (HEV), maker of lithium ion batteries has signed a memorandum of understanding with ITOCHU of Japan to outline a partnership that would introduce HEV products into the Japanese automotive marketplace. ITOCHU will serve as Ener1’s sales, marketing and development partner for both Japanese auto OEM’s and Tier One suppliers. The agreement also sets the stage for ITOCHU to introduce HEV batteries as an energy storage solution for the solar power market.
Enerdel has a new Chief Technology Officer, Cyrus Ashtiani. Ashtiani comes with a glowing set of qualifications: 14 years of experience, 11 patents in the industry, and a wealth of experience that includes putting the first lithium-ion battery into a hybrid vehicle.
From Ener1’s press release, here is Dr. Ashtiani commenting on why he’s joining forces with Ener1, as well as more information about his accomplishments: