JP Morgan is out with a bearish call on solars this morning downgrading First Solar (FSLR) and Energy Conversion Devices (ENER) to Underweight and initiating coverage on Evergreen Solar (ESLR) with a Neutral.
Notable calls has all the details on the call, but here are some highlights:
– JP Morgan reiterates the same old concerns of supply and margin headwinds
– they like LED and wind energy better right now
– German tariff reset will … Read the rest
Energy Conversion Devices just announced that it has been selected to provide 2.4MWp of Uni-Solar laminates for rooftop installations on ProLogis warehouses in Portland, Gresham, and Clackamas in Oregon. This will be Energy Conversion Devices’ second project with ProLogis and Portland General Electric. The installations will be put in place during the spring and summer of this year.
In a press release, Mark Morelli, ECD’s president and CEO, commented:
“This announcement is another indication … Read the rest
Energy Conversion Devices (ENER) posted another big loss this morning as the red ink continues to flow. Taking out one time costs for the integration of Solar Integrated Tech, restructuring and inventory write offs, the company still reported a big loss of $25.6 million or a loss of $.56/share which is an increase from last quarter’s loss of .34. Wall St expected a loss of .43/share. On the bright side, the company did show sequential … Read the rest
Energy Conversion Devices’ subsidiary United Solar Ovonic just announced that it will be providing 25 MW of UNI-SOLAR® brand photovoltaic laminates to be used in Enel Green Power’s planned installations for CIS-Interporto di Nola in Italy.
The laminates will be installed on the rooftops of several buildings, and once they come online, they will produce 33 million kWh of power per year. That’s enough to power about 13,000 households, reducing annual CO2 emissions by … Read the rest
Energy Conversion Devices just announced that they will work with Enfinity Corporation to develop 10MW of rooftop solar power installations in Ontario, Canada through the province’s new feed-in-tariff program. Enfinity will lead rooftop acquisition, arrange construction debt and arrange take-out equity financing. Energy Conversion Devices will contribute UNI-SOLAR® photovoltaic laminates and new PowerTilt™ products via its subsidiary , United Solar Ovonic.
In a press release, Mark Morelli, ECD’s president and CEO, commented … Read the rest
Energy Conversion Devices just announced that it will build a 30MW solar laminate manufacturing facility in France. The company has not settled on a site yet, but is considering locating the facility in Alsace.
In a press release, Mark Morelli, ECD’s president and chief executive officer, explained the decision:
“France is one of the world’s fastest growing and most progressive solar markets. It has expressed its long-term support of alternative energy in the Grenelle … Read the rest
JANCO Partners has downgraded Energy Conversion Devices (ENER) from Market Perform to Sell today and lowered the price target to $8.75..
Hat tip to StreetInsider.com for the following analyst comment:
“We are downgrading the company’s stock as a result of the company’s restructuring plan and the 20% planned head count reduction. We see the layoffs as a sign from management that a rebound in demand is materializing slower than originally anticipated. Furthermore, we expect competition … Read the rest
There wasn’t going to be too much of a surprise in the Energy Conversion Devices (ENER) earnings report. The company has been struggling for a few quarters and that was going to continue. The company posted a record loss of .34/share on revenues of just $42.9 million. The revenue number missed analyst estimates of $56.4 million by a wide margin and represents a more than 60% plunge over the year ago quarter.
No word yet … Read the rest
Energy Conversion Devices just announced that their Uni-Solar Laminates have been selected by Austin Energy for a 136-kW rooftop solar installation at Austin Water Utility’s Glen Bell Service Center. The installation, the largest solar rooftop installation in Austin, will consist of 1,000 Uni-Solar laminates and cover 23,250 square feet of roof space.
In a press release, Mark Morelli, president and CEO of Energy Conversion Devices, commented on the project:
“The Glen Bell Service Center … Read the rest
Energy Conversion Devices just announced that it has been selected by Recurrent Energy to provide 4.8MW of its UNI-SOLAR photovoltaic (PV) laminates to be used on eight building rooftops at 2 business parks owned by Prologis in Spain. Energy Conversion Devices’ Solar Integrated subsidiary will provide development resources.
In a press release, Mark Morelli, Energy Conversion Device’s president and CEO, commented on the deal:
This new agreement is the first example of the benefits … Read the rest