General Electric has laid off 85 workers at its solar panel plant in Newark, New Jersey, a workforce cut of about 30 percent. The plant also reduced production to a single shift. The layoffs were the result of the global economic credit crisis, which has made it more difficult for GE’s customers to get credit for solar projects.
In an article on Delaware Online, GE Energy Spokesman Tom Rumsey commented on the layoffs, saying
"It’s … Read the rest
Suntech just announced a research partnership with Swinburne University in Australia. Suntech’s CEO, Dr. Zhengrong Shi, and Swinburne’s Centre for Micro-Photonics Director, Professor Min Gu, will work together to develop more efficient "next generation" solar cells. To fund the project, the University will contribute 43 million worth of funding and Suntech will contribute another $3 million.
In an article from PV-Tech.org, Professor Gu described the potential benefits of the research:
… Read the restThe project will be based
MEMC Electronic Materials has laid off 200 employees in Missouri and Texas. The company will pay $2.5 million in severance-related charges in the second quarter as a result of the layoffs.
In a regulatory filing, the company commented on the purpose of the layoffs, saying
“The action was taken to better align the company’s workforce to current manufacturing needs as demand for semiconductors and semiconductor wafers has been significantly impacted by the current global economic … Read the rest
Hoku Materials, Inc. and Solarfun just announced a renegotiation of the polysilicon supply contract between the two companies. Solarfun was previously obligated to pay Hoku $18 million by March 31st, but the agreement has been changed so that Solarfun can pay in installments according to the following schedule: 1) $5 million paid on March 30; 2) $8 million in July $2009; 3) $5 million to paid in installments of $1 million each during August and … Read the rest
In an article released this morning entitled "Nightfall Comes To Solar Land," Bill Alpert of Barron’s predicts that the massive drop in silicon prices over the past year, combined with cooling demand for solar energy, will have a negative impact on the solar industry in general, particularly thin-film manufacturers like First Solar (FSLR) and Energy Conversion Devices (ENER). These two companies based their business models on a market in which there was not enough … Read the rest
According to StreetInsider.com, Collins Stewart is downgrading FSLR this morning to Hold from Buy. It’s basically a valuation call after a big run in the stock. They said…
“Due to the price increase seen in recent sessions, FSLR has reached a point where we find the risk/reward more balanced for investors. With yesterday’s rally, the shares are now within 16% of our $175 price target and trading at 22.5x our FY09 EPS forecast of … Read the rest
A couple of analyst notes out this morning on Sunpower (SPWRA) according to StreetInsider.com.
Collins Stewart has initiated coverage on Sunpower with a Sell rating and a price target of $20 due to the following:
– rapid price deterioration
– trading at premium valuation relative to its peers
– production costs higher than competitors
– key financial metrics related to asset and capital efficiency below that of peers
Broadpoint downgraded to Neutral and lowered … Read the rest
First Solar just announced that it will work with Tri-State Generation and Transmission Association to build a 30-MW solar power plant in Colfax County in northeastern New Mexico. The 5,000 solar modules will produce enough energy to power approximately 9,000 houses, and the plant is expected to be online by the end of next year. Tri-State Generation and Transmission Association has entered a 25-year purchase agreement for power to be produced at the plant, which … Read the rest
After more than 6 six years, First Solar (FSLR) has produced a total of 1GW of its thin film solar modules with 500MW of that being produced in just the past 8 months. The company announced it will soon have the capacity to produce more than 1GW every year which is the equivalent of an averaged sized nuclear plant. A remarkable achievement for a company still in its infancy but emerging as a clear leader … Read the rest
Evergreen Solar just announced a new partnership agreement with RMT, Inc. Under the terms of the agreement, the two companies will work together to market utility-scale solar projects to electric companies and project developers.
The companies will place bids jointly for these types of projects. RMT will handle engineering, procurement and construction and Evergreen Solar will supply solar panels for the projects. So far, the two companies have bid on more than 400 MW worth … Read the rest