"Venture investment in energy technology firms reached new highs this year, more than tripling the investment recorded for 2005, according to data released Wednesday by Thomson Financial and the National Venture Capital Association." states an article in Fortune Small Business.
Straight.com has an article about investment in clean energy companies north of the border in British Columbia. Read the article here.
From the Red Herring comes a story about the World Economic Forum naming "startup technology companies that the international organization said have demonstrated visionary leadership and proven technology that could change business and society." See the World Economic Forum list here.
From Schott Solar, a press release indicates their support for the Club of Rome energy concept.
Today, the former President of The Club of Rome, Prince Hassan bin Talal from Jordan, presented the White Book "Clean Power from Deserts - The DESERTEC Concept for Energy, Water and Climate Security" from the Club of Rome's Trans-Mediterranean Renewable Energy Cooperation (TREC) initiative to the European Parliament in Brussels. According to the White Book, Europe should cooperate more closely with the Middle East and North Africa (MENA region), in order to combat climate change "in a way that is economically, technologically and politically feasible". Key technologies in the DESERTEC Concept are concentrating solar thermal power plants and high-voltage direct-current transmission lines for transporting clean electricity from the MENA region to Europe (see press release from the German Association CLUB OF ROME dated 11/27/2007 under http://www.desertec.org//).
As a leading manufacturer of solar receivers, SCHOTT supports this initiative from the Club of Rome. "Solar thermal power plants offer an excellent solution for industrial scale generating electricity in the sunniest regions of the earth. This technology is on its way to achieving its global breakthrough and is capable of contributing towards more climate-friendly power generation. In addition, it offers the opportunity to achieve infrastructural and energy-related advances and promote the economic development of the southern and eastern Mediterranean region," said Professor Udo Ungeheuer, Chairman of the Board of Management of SCHOTT, upon the presentation of the White Book in Brussels.
Receivers from SCHOTT Solarthermie in Mitterteich (Bavaria/ Germany) represent the heart of solar thermal parabolic trough power plants. These plants consist of a large field of trough-shaped parabolic mirrors that concentrate sunlight onto absorber tubes (receivers) located along the focal line. Concentrated solar radiation is converted into heat inside these specially coated receivers. Then, a special heat transfer fluid that reaches temperatures of up to 400° Celsius (over 750° F) flows through the receivers and is pumped to the main power plant generator. It then passes through heat exchangers, before it generates the steam needed to drive the turbines, as in conventional power plants.
The technology behind parabolic trough power plants has been proving itself in the Mojave Desert in California for more than 15 years. Now, even more efficient power plants of the second generation are being built. The "Nevada Solar One" parabolic trough power plant built by Acciona Energy North America, located in Boulder City, near Las Vegas, Nevada (USA), began supplying power to the grid in June. In the summer of 2008, Europe's first commercially operated parabolic trough power plant "AndaSol" located near Granada, in Andalusia / Spain, will join the grid. Receivers from SCHOTT were used in the "Nevada Solar One" power plant and are also being put to use in the "AndaSol" power plant. When it comes to receivers, SCHOTT clearly ranks as the global technology leader. The company is currently building a second manufacturing site for receivers in Spain.>
BusinessWeek, picking up a story from Spiegel Online, reports about a massive solar plant opening in Portugal. The plant in Serpa, in the southern part of Portugal, has "a capacity of 11 megawatts, and will deliver electricity to around 8,000 households." The plant was installed by PowerLight Corporation, the wholly owned subsidiary of SunPower, and financed by GE Energy Financial Services. Read the entire article here and press releases by PowerLight and GE Energy Financial Services.
SolarWorld AG again holds out prospect of double digit sales and profit growth
SolarWorld AG is continuing a path of growth in fiscal 2007. The Board of Management of the world leading PV group holds out the prospect of a 20 per cent growth in sales and operating profits in the current fiscal year in comparison with 2006 against the background of the rapidly progressing internationalization of its group-wide solar business. Accordingly, group sales will reach 620 million EUR, earnings before interest and taxes (EBIT) will go up to more than 140 million EUR and net income for the year – in each case excluding special effects – will amount to some 88 million EUR. The basis for comparison is the group operating result for 2006 adjusted for special effects and the Shell transaction which amounted to 118 million EUR before interest and taxes and to 73 million EUR after tax.
Foreign business rises to 50 per cent in first quarter – one billion sales target for 2009
The business outside Germany is getting continuously more important for SolarWorld AG. In the first quarter half of the sales were generated in countries outside Germany for the first time. Thus, the Group is continuing the trend of the previous year: In 2006 the share of foreign business rose to 43 per cent (previous year: 26 per cent). ”In the first quarter sales of our solar modules will be some 40 per cent higher than in the same quarter of the previous year”, says SolarWorld CEO and spokesman of the Board of Management Dipl.-Ing. Frank H. Asbeck by way of giving a first glimpse into the business of the current quarter.
The dynamic growth along the entire solar value chain will also continue in the years to come. 2009ff will see the SolarWorld Group breaking the one billion sales barrier for the first time. Annual total production of the Group will exceed the one Gigawatt mark in 2010ff. With this volume one million people can be equipped with a solar system that will supply them with PV power for a period of more than 25 years. This growth will be profitable against the backdrop of the growing worldwide demand and the increasing competitiveness of solar power. For the new production sites in the USA the CFO of Solarworld AG, Dipl.-Kfm. Philipp Koecke, already expects breakeven in 2007.
CEO Asbeck considers competitiveness to be attainable by 2015
“Solar energy is on the way to attaining full competitiveness with grid power in the next few years. This means that a major factor for a climate-friendly turning of the tide in the energy sector would be achieved“, says CEO Frank Asbeck. “Yet, in order to actually achieve this ‚Grid Parity’ the solar industry must continue to invest in the expansion of its capacities and also earn these investments“, the head of SolarWorld points out. “Because only mass production and efficiency improvements can make prices drop further. To this end local industry needs the continuation of the successful and reliable solar policy in Germany that sets reasonable economic background conditions in order to support the expansion of capacities in the future.”
Successful fiscal year 2006 marked by international growth
In 2006 the SolarWorld Group expanded and internationalized its business activities along the entire solar value chain in a profitable manner. In comparison with the previous year Group sales went up by 45 per cent to 515.2 (previous year: 356.0) million EUR. Earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 106 per cent to 223.3 (previous year: 108.3) million EUR and earnings before interest and taxes (EBIT) by 104 per cent to 180.7 (previous year: 88.6) million EUR. The 2006 Group result of 130.6 million EUR exceeded the value of the previous year (52.0 million EUR) by 151 per cent. The net income adjusted for major special effects was by 73 million EUR or 40 per cent higher than the level of the previous year. The Board of Management and the Supervisory Board will propose to the Annual General Meeting that dividend be increased to 0.20 (previous year: 0.125) EUR.
Even after the completion of the successful growth projects in 2006 the SolarWorld Group can look back on a sound balance sheet with a high level of equity capital and a healthy liquidity. In comparison with the previous year the free liquidity (securities and liquid funds) rose as per 31 December 2006 to 303.2 (previous year: 118.1) million EUR. The liquid funds more than cover the entire financial debts. As per the balance sheet date net liquidity amounted to 140.1 million EUR. The equity ratio reached 59.5 (previous year: 48.6) per cent. “With these sound indicators we are excellently prepared for further growth on the financial side“, characterizes CFO Philipp Koecke the financial condition of the Group.
Headcount in 2006 boosted by more than 75 per cent to 1,348 people
On the due date of 31 December the number of employees increased substantially as a result of the acquisition of new and the expansion of existing locations by 589 people to a total of 1,348 women and men. As one of the pioneering companies in Germany the Group operates a profit sharing scheme for its employees. On the basis of the program called Profit-Oriented Employee Participation (German acronym: GOMAB) the SolarWorld AG employees will again receive a high bonus for 2006. For example, this amounts to 7,200 EUR for an employee in wafer production.
About SolarWorld AG: The SolarWorld Group (ISIN: DE0005108401) is among the top trio of the solar power industry worldwide. The group is dedicated exclusively to the core business of solar energy, combining all stages of the solar value chain, from the raw material silicon to turn-key solar power plants. The company operates production facilities in Germany, Sweden and the USA. Among the currently most important sales markets are Germany, the United States and in the rest of Europe especially Spain. In addition, sales offices operate in South Africa and Singapore, completing the international alignment of the group. The responsibilities of these offices include the sale of rural solar power solutions that can make an important contribution to the fair and sustainable economic development of the southern hemisphere.
In Freiberg, Saxony, the group operates one of the world's most advanced integrated solar production facilities where the SolarWorld Group turns solar grade silicon into high quality solar wafers, solar cells and solar modules. SolarWorld AG offers a broad and diverse range of products from modules for on-grid and off-grid power generation all the way to a whole class of complete solar power systems for decentralized and centralized electricity generation. After the IPO at the end of 1999, the company developed within a few years to a fully integrated solar technology group, increasing its workforce to more than 1,350 employees by the beginning of 2007. SolarWorld AG is listed at the stock exchange in the technology index TecDAX, in the Dow Jones STOXX 600 as well as the international MSCI index and the sustainability index NAI.
SolarWorld Group signs new wafer deal for more than 180 million Euros
Term of twelve years
Deutsche Solar AG, a subsidiary of SolarWorld AG and one of the world’s largest manufacturers of silicon wafers for solar applications, has signed another long-term delivery contract. The customer is the Canadian company Canadian Solar Inc. (CSI), an international manufacturer of solar power modules, which operates production facilities in China. The order has a value of 180 million euros. The contract comes into effect immediately and runs for a twelve year period. The two companies have had successful business relations for two years now.
“The new contract with CSI underscores the importance of long-term external contracts for our wafer business,” says Dipl.-Ing. Frank H. Asbeck, Chairman of the Management Board of SolarWorld AG. “Our long-term strategic goal is to sell 50 per cent of the wafers made by Deutsche Solar AG to external customers. The other 50 per cent are to remain within the integrated production of our Group, ending up in complete solar power systems and kits. This additional contract brings the total of long-term orders for our international customers to about 2.5 billion euros. These are long-term export contracts which safeguard jobs in Germany and underline the leading role that Germany plays in the development of renewables. Our agreements are an example of the fact that the ‘green’ industry in Germany is well on the way to becoming another export heavyweight, ultimately taking its place alongside the automotive industry.”
Dr. Shawn Qu, Chairman and CEO of CSI, said, “Deutsche Solar AG is one of the biggest solar wafer companies in the world. Being able to secure the wafer supply contract will help enhance our ability to grow and to provide affordable, quality solar products to customers worldwide. This new contract further solidifies our long-term, mutually beneficial relationship.”
About SolarWorld AG: The SolarWorld AG Group (ISIN: DE00051080401) is among the three largest solar power companies in the world. The group is dedicated exclusively to the core business of solar energy, combining all stages of the solar value chain, from the raw material silicon to turn-key solar power plants. The company operates production facilities in Germany, Sweden and the USA. In the United States, SolarWorld AG is also the leading producer and provider of solar power technology. In addition, sales offices operate in Spain, South Africa and Singapore, completing the international alignment of the group. The responsibilities of the two latter offices include the sale of rural solar power solutions that make an important contribution to the sustainable economic development of the southern hemisphere.
In Freiberg, Saxony, the group operates the world's most advanced integrated solar production facilities where the SolarWorld Group turns solar grade silicon into high quality solar wafers, solar cells and solar modules. SolarWorld AG offers a diverse range of products from modules for grid-coupled and grid-independent power generation all the way to a whole class of complete solar power systems for decentralized and centralized electricity generation. After the IPO at the end of 1999, the company developed within a few years to a fully integrated solar technology group, increasing its workforce to more than 1,300 employees. SolarWorld AG is listed at the stock exchange in the technology index TecDAX, in the Dow Jones STOXX 600 as well as the international MSCI index, among others.
About Canadian Solar Inc.: Founded in 2001, Canadian Solar Inc. (CSI) is a standard solar module and specialty solar module and product company, serving customers located in various markets worldwide. CSI is incorporated in Canada and conducts all of its manufacturing operations in China. Backed by years of experience and knowledge in the solar power market and the silicon industry, CSI has become a major global provider of solar power products for a wide range of applications. For more information visit www.csisolar.com.
Solar EnerTech Inaugurates Joint R&D Lab With Shanghai University -- Reviews 2006 Year End
Solar EnerTech Corp. (OTCBB: SOEN) (the Company) is pleased to announce the inauguration of the much anticipated Joint R&D Lab facilities to be operated conjointly by both Solar EnerTech and Shanghai University during opening ceremonies held just prior to the Holiday Season.
A number of invited guests including Shanghai government officials, US Embassy Commercial Section officials, US and Canadian investment groups and media attended the opening ceremony. During the event Prof. Wang, Deputy President of Shanghai University, and Leo S. Young, president and CEO of Solar EnerTech, unveiled a nickel-plated plaque inscribed with the Joint R&D Lab's name in both English and Chinese.
The Joint Lab consists of three integrated research facilities located at the university's College of Science and Physics, as well as another at the College of Material Sciences, and lastly, at Solar EnerTech's production plant at Jinqiao Technology Park.
The planned areas of study include; (1) PV (photovoltaic) theory, thermo-physics, physics of materials and chemistry. (2) Research on efficient and ultra-efficient PV cells with high light-electricity conversion rates up to 20%-35%. (3) Environmentally friendly and high conversion-rate manufacturing technology of chemical compound film PV cell materials. (4) High-reliability, low-cost manufacturing technologies and equipment for thin film PV cells. (5) Key material development of new low-cost flexible film PV cells and non-vacuum technology. (6) Key technology and fundamental theory for third-generation PV cells.
The Joint Labs initiative comes as a direct outgrowth of California Governor Arnold Schwarzenegger's trade mission to Shanghai this past November. That mission focused on energy cooperation and provided the impetus that introduced Solar Enertech, a Silicon Valley-based company, towards founding its solar cell manufacturing plant in Shanghai. Management further determined to undertake a strategic R&D leadership role, aiming to increase its position in the development of future technologies and to develop a platform that could foster the participation of California-based Universities at some point in the future.
During the opening ceremonies, Solar EnerTech's CEO, Leo S. Young, emphasized the importance of the Joint Lab as a major attractant of qualified scientists and skilled technicians leading to the building of a human resource base of specialists for the solar industry. Professors are able to design their curriculum using advanced PV technology and equipment so that students can translate their first-hand knowledge on Solar EnerTech's experimental and production facilities towards the acquisition of valuable post-graduate experience. The joint initiative has already engaged, through an application and qualification process, eight Professors and more than twenty post-graduate students along with a large number of graduate students.
After guests and media observed Prof. Wang and Mr. Young conclude the contract-signing segment of the ceremonies, the visitors toured the Joint Lab's newly completed facilities. Many state-of-the-art items were on display including China's first 3DAP&TEM JEM-200CX analyzer, which examines nano particle components with its 3-D atomic probe and further analyzes how a given material's atomic arrangement can affect a solar cell's conversion rate. Also on exhibit was a brand new Laser Micro-Raman Spectroscope, which inspects semi-conductive materials and studies a variety of issues related to Si device fabrication. Dr. Ma, CTO of Solar EnerTech, very graciously conducted the tour and patiently explained the items of equipment one by one, including their research operations, and answered questions posed by the visitors.
US politicians and public officials were quick to demonstrate their support and commitment to renewable energy as Congresswoman Anna Eshoo (D-California) was the first to send a congratulatory message from Washington D.C. Other messages endorsing the initiative came from California Public Utilities Commission (CPUC) President Michael Peevey and Commissioner Rachelle Chong along with a message from the US Embassy. Event organizers also received faxed messages from Governor Arnold Schwarzenegger and Congressman Tom Lantos.
Solar Enertech plans to invest a total of $4 million dollars over the next five years in order to ensure the success of its newly created Joint R&D Lab. The program firmly places the Company at the forefront of PV research and development while offering significant strategic depth and singular advantages over its nearest competitors and further propels the Company towards a major role in the burgeoning solar energy industry.
Year End in Review
The Company is also pleased to provide a year-end report on the successful completion of key milestones the Company set out to achieve in 2006. Solar EnerTech has accomplished several critical objectives, significantly enhancing its ability to become a leading provider of solar photovoltaic cells in the thriving $11.2 billion solar power market. In recent months, Solar EnerTech successfully landed its first sales contract, began production of solar cells and modules at its new state-of-the-art manufacturing plant in Shanghai, opened a leading edge joint R&D center with Shanghai University, raised $5.6 million in funding, released a beta version of its power conditioning software, and laid the groundwork for an aggressive sales and marketing push in 2007.
In September Solar EnerTech made its first sale, executing a contract with Shangsheng Estate Development Co. of Shanghai to supply a 40kW solar module system worth approximately $350,000 at prevailing prices. The Company is tasked with the integration of the 40kW photovoltaic (PV) system into the flat-top roof and upper floors of the south and east façade of a new high-rise building under construction in Shanghai. Solar EnerTech will manufacture a Building Integrated Photovoltaic (BIPV) system, meaning the solar modules will integrate seamlessly into the building's original design. When PV panels are integrated during the construction phase, the incremental costs of the system are reduced and the building itself is provided with considerable cost-saving advantages such as reduced demand for peak electricity and reduced transmission losses. BIPV is one of the fastest-growing segments of the solar industry, and the Company plans to take advantage of this significant niche opportunity.
Achieving another major milestone, the Company began production of solar cells and modules at its leading edge manufacturing plant in Shanghai. Solar EnerTech began its solar cell and solar module production tests on November 23 as the first batch of solar modules rolled off its newly assembled production line. The Company celebrated this tremendous achievement by inviting Shanghai government officials to join the team members in witnessing the product launch. Guests and employees cheered as Solar EnerTech CEO Leo S. Young unveiled two dozen dark blue solar modules at the end of the Company's first production line. Each high conversion module represents 170 watts of quality-built solar electric power generating capability ready for delivery.
Solar EnerTech has taken major steps toward establishing a leadership role in solar technology research and development. As mentioned above, along with Shanghai University, the Company opened a Joint R&D Lab earlier this month. The solar technology lab consists of three integrated research facilities located at the university's College of Science and Physics, College of Material Sciences and at Solar EnerTech's production plant at Jinqiao Technology Park.
Also announced earlier this month, the Company raised $5.6 million in funding. Solar EnerTech intends to use the capital to complete its Shanghai-based manufacturing facility, acquire and install manufacturing equipment, fund its power conditioning software development and implement sales and marketing efforts to generate product sales. The funds were raised in December and consist of $5.1 million in equity private placements and $500,000 in convertible debentures which are convertible at a future date.
In related news, Solar EnerTech has engaged Knight Capital Markets LLC (KCM) on an advisory basis. KCM operates as a market-maker in the Nasdaq Intermarket(TM), the over-the-counter market for New York Stock Exchange and American Stock Exchange listed securities. The company is a broker-dealer registered with the SEC and a member of the Nasdaq Stock Exchange and NASD.
Accomplishing another strategic objective, the Company has beta-released its revolutionary power conditioning software. Solar EnerTech is developing proprietary software to enable alternative energy producers utilizing a variety of systems to generate and supply standardized electricity to commercial grid-based power distribution networks. The software is now in the active testing phase of the product lifecycle. The product employs proprietary algorithms to analyze real time data from key sensors and respond to system variables such as transients, harmonics, sags and swells of voltage fluctuation and phase imbalances, etc., in order to allow system integrators to treat the electrical output prior to commercial distribution. The Company is working to meet the increasing need to standardize the output of rapidly emerging and widely varying grid-bound renewable energy sources and provide a vital link between renewable energy generation and existing grid transmission providers.
Solar EnerTech will build on the accomplishments of 2006 to launch a major sales and marketing push. The Company operates a marketing, purchasing and distribution division in California's Silicon Valley. In October the Company sent a team of senior managers to California to analyze the regional and national solar industry marketplace, contact industry leaders, observe existing installations and showcase Solar EnerTech's ability to supply solar cells and modules. This month the Company announced that it will market its solar cell and panel products using the name "SolarE" as part of its brand identity.
Clean energy initiatives in the United States including the Federal Solar Energy Tax Credit Extension, the President's Solar America Initiative, California's One Million Solar Roof incentive program, and the bi-partisan congressional resolution establishing a "25% by 2025" renewable energy goal are spurring growth in the demand for solar power and opening up tremendous opportunity for Solar EnerTech to capture a healthy market share of the $11.2 billion solar industry. Solar EnerTech is extremely pleased to have reached such significant milestones in 2006 and looks forward to building on these accomplishments to achieve rapid growth in 2007.
About Solar EnerTech Corp. (OTCBB: SOEN)
Solar EnerTech is a photovoltaic (PV) solar energy cell manufacturing enterprise based in Shanghai, China where the Company is establishing a sophisticated 42,000-square foot manufacturing and research facility in Shanghai's Jinqiao Modern Science and Technology Park. Solar EnerTech plans to invest in PV cell research to develop higher efficiency cells and put the results of that research to use immediately in its manufacturing processes. Led by one of the industry's top scientists, the Company's R&D program will work to bring Solar EnerTech to the forefront of advanced solar technology research and production. The Company has also established a marketing, purchasing and distribution arm in Northern California's Silicon Valley.
Forward-Looking Statements
Except for statements of historical fact, the information presented herein may contain forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Solar EnerTech Corp. has little or no control.
On Behalf of the Board
Solar EnerTech Corp.
Leo Shi Young, President
BusinessWeek's has a piece about how "going green" in one's residence, through the use of renewable energy, has a rising cachet.
Is green the new black? Over one million U.S. households now warm their homes in the winter with heat from the earth instead of using furnaces or fuel lines. Elton John, Richard Branson—the chief executive of Virgin Airlines—and Paul Allen, co-founder of Microsoft (MSFT), use ground-source energy in their homes too.Even George W. Bush has a geothermal system in his vacation home in Crawford, Tex. Designed by architect David Heymann, Prairie Chapel Ranch captures solar energy and has a cistern that gathers rainwater and wastewater, purifies it, and then uses it to irrigate the greenery around the Presidential vacation home.
"...'We have this myopic vision in Vermont that it’s cloudy and solar doesn’t work in Vermont,' said Wolfe.
The two countries that are investing the most in solar power are Germany and Japan, he noted. And, Vermont receives 30 percent more sun than Germany. In fact, it receives 80 percent of the sun that Florida does.
'Too often people compare any given region’s solar resource to that of Southern California, and that’s problematic,' Wolfe said. 'There are only six places in the world that have the solar resource of Southern California.'
As with oil and coal resources, Wolfe said the United States has more solar resources than many countries. But, it is not yet fully utilizing its potential...
Recent Comments