A few upgrades and downgrades to tell you about today..
Evergreen Solar (ESLR) upgraded from Sell to Hold by Citi
“With ESLR more clearly defining its exposure to a Lehman Bros. bankruptcy, the worst-case scenario is now well defined. The primary issue is dilution as ESLR might not recover funds on the issuance of ~30MM shares to LEH as part of a share lending agreement. Although ESLR may also be out the ~$40MM it has … Read the rest
Marketwire reports that Hoku has entered into a second contract with Tianwei New Energy Wafer Co, bringing it one step closer to funding the polysilicon plant it is constructing in Idaho. Hoku has also increased the capacity of the proposed plant, from 3,500 metric tons of polysilicon to 4,000.
Under the new contract with Tianwei, Tianwei will pay Hoku Energy an additional $227 million, more or less, for predetermined amounts of polysilicon, to be delivered … Read the rest
Hoku (HOKU) was up nearly 14% today and looks ready to attack the 200 day moving average around 8/share in the coming weeks following news that the company signed a $455 million supply contract with Solargiga Energy Holdings.
Under terms of the deal, Hoku will supply polysilicon to Solargiga over a 10 year period and up to $455 million may be payable to Hoku during the 10 year period, subject to product deliveries and … Read the rest
Hoku Materials, a subsidiary of Hoku Scientific, Inc, announced today that it will terminate supply contracts with two of its customers, Sanyo Electric Co and Global Expertise Wafer Division Ltd, in a bid to reallocate resources to other customers.
Hoku Materials, Inc makes and sells polysilicon for solar power. Recently, Hoku announced polysilicon purchase contracts worth more than $1 billion with three different companies. Hoku Materials has entered into agreements with Kinko Energy, Tianwei New … Read the rest
… Read the restMSN Money reports that on Thursday, Robert W. Stone, an analyst from Cowen and Co, released a report providing an upbeat analysis for solar energy stocks. Assuming a investment tax credit in the US for solar power, as well increased participation from utilities and the states, demand for solar should climb from 6 gigawatts in 2008 to 14 gigawatts in 2010. He also expects use of solar power to grow in Italy and France, and
Hoku Scientific (HOKU) ramped up 15% today and above the 50 day moving average on news of a big supply deal for solar grade polysilicon. HOKU will supply China based Kinko Energy with solar grade polysilicon over a 10 year period beginning in late 2009 with a value of approximately 300 million. The contract calls for an initial $10 million payment to HOKU and additional prepayments of 20 and 25 million over the next … Read the rest