"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.
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.
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