How to Invest in the Green Technology Revolution
Investors Tools to Become Educated in Solar, Wind and Green Stocks
POINT ROBERTS, WA and DELTA, BC –February 24, 2009 - www.RenewableEnergyStocks.com, a leading global investor and industry portal for the renewable energy sector within Investorideas.com, provides investors with tools and resources to participate and invest in the green technology revolution.
Investor Ideas has created a global directory of publicly traded green and renewable energy stocks in wind, solar, biofuel and other green sectors. Investor Ideas stock directories are one of several tools for independent investors to complete due diligence and research.
Renewableenergysstocks.com was one of the first online investor resources providing in-depth information on renewable energy and the public companies in the sector.
Renewable Energy Stock Directory:
http://www.investorideas.com/Companies/RenewableEnergy/Stock_List.asp
The directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM markets and other leading exchanges reflecting the global participation and growth in renewable energy and green stocks.
The RenewableEnergyStocks.com portal currently features a directory with info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Green Transportation, Wind Stocks and Green Infrastructure Stocks.
Green Investor Content:
Green IPO Watch: http://www.investorideas.com/IPO/green.asp
Solar Energy Perspectives with J. Peter Lynch: http://www.investorideas.com/RSS/feeds/PL.xml
Renewable Energy and GreenTech Business and Stock News RSS Feed: http://www.investorideas.com/RSS/feeds/RES.xml
Investorideas.com Green Investor Audio and Article Series
http://www.investorideas.com/gi/
InvestorIdeas.com has created a Green Investor Series of Podcasts & articles on green and renewable energy investing for Investing in a Better World! Follow well- known financial columnist Michael Brush, who also writes the Insiders Corner for Investorideas.com, in a series of audio interviews/Podcasts with some of the leading CEO's, investment banking and financial leaders in the sector. The Green Investor Podcasts can also be heard on Money Matters with Barry Armstrong, #1 Personal Finance Radio Show in Boston! www.WBNW1120.com.
Also Read energy writer Paulo Nery's new Green Investor column and gain insight into the sector.
For entrepreneurs, investors and funds, The Global Green Marketplace is a meeting place and network for green and renewable energy companies seeking funding /partners, management and investors providing venture capital and equity funding . View Marketplace: http://www.investorideas.com/marketplace/
About Our Green Investor Portals:
www.RenewableEnergyStocks.com® is one of several green investor portals within Investorideas.com and provides investors with stock news, exclusive articles and financial columnists, audio interviews, investor conferences, Blogs, and a directory of stocks within the renewable energy sector.
Visit the Investorideas.com Green Investor Portals: www.RenewableEnergyStocks.com ®, www.FuelCellCarNews.com ®, www.EnvironmentStocks.com, www.Water-Stocks.com and www.GreentechInvestor.com all within the Investorideas.com hub.
About InvestorIdeas.com:
Investorideas.com creates a meeting place for investing ideas to take form and come to life in an entrepreneurial environment, servicing the needs of small investors and start- up companies to large conglomerates! We cover multiple industry sectors but specialize in environmental and water.
Investorideas.com Membership- Green Stocks Directory
With markets and investor sentiment changing daily- it is more important than ever to stay on top of key trends! Gain Exclusive Insight on Leading Sectors, Global Trends, and Insider Trading Ideas, News, Articles and Investor Ideas Members only Restricted Content including the complete renewable energy stocks directory, water stocks directory, biotech and more.
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Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. Disclosure: Investorideas is compensated by featured companies, news submissions and online advertising. www.InvestorIdeas.com/About/Disclaimer.asp
For more information contact:
Dawn Van Zant 800.665.0411
Email: dvanzant@investorideas.com
Source: RenewableEnergyStocks.com
Tuesday, February 24, 2009
Monday, February 23, 2009
Clean Energy Infrastructure & Reducing Dependence on Oil Key to Economic Growth and Recovery
Clean Energy Infrastructure & Reducing Dependence on Oil Key to Economic Growth and Recovery Leaders Conclude
"National Clean Energy Project: Building the New Economy" Forum Proposes Principles for Energy Policy in the U.S.; Builds Momentum towards Clean Energy Legislation
WASHINGTON--Feb 23 2009 --Major leaders from government, business, labor and non-governmental organizations agreed today on four key recommendations to reform U.S. energy policy. These principles would boost new renewable energy production, transmission and distribution and reduce the nation's dependence on foreign oil. These leaders included Senate Majority Leader Harry Reid, Speaker of the House Nancy Pelosi, Secretary of Energy Steven Chu, Secretary of the Interior Ken Salazar, energy executive T. Boone Pickens, Center for American Progress Action Fund President John Podesta, and Vice President Al Gore among others.
The key principles include:
A national clean energy infrastructure is essential to drive economic recovery, create good jobs, increase national security, reduce oil use, and protect the global environment. A regional planning process can speed the siting and construction of new transmission lines that can deliver solar, wind, and geothermal electricity to meet growing demand for energy to power growth. “Smart grid” technology and distributed generation of renewable energy can increase the transmission efficiency, and provide new information and tools to consumers to reduce their energy use, save money on energy bills, and cut global warming pollution. Investments in new infrastructure to support clean domestic alternative transportation fuels, such as natural gas and advanced bio fuels, will cut America’s dependence on oil and reduce global warming pollution. Forum participants offered the following comments after the discussion in the National Clean Energy Project:
“Developing clean renewable energy is a matter of economic and national security, making the discussion we had today important for Nevada and the nation,” said Reid, who served as the event’s Honorary Chair. “Many of the stakeholders who play a key role in this movement were in the room today including elected officials, cabinet members, and leaders in industry, labor and the environment. I look forward to our continued partnership to change our nation’s energy policy in a way that creates jobs, protects consumers and the environment and provides reliable power that meets our growing needs.”
“President Obama put us on the right path with a recovery package that creates jobs through clean energy investments. The plan has unprecedented resources for efficiency, solar and wind power, clean domestic alternative transportation fuels, and a 21st century electricity grid infrastructure. Mapping the next steps to wire the U.S. for progress is what this day was all about,” said John Podesta, President of the Center for American Progress Action Fund. “Broad support for transmission and other infrastructure policies will enable businesses and government to make investments that create good jobs, boost economic growth, reduce energy use, and protect the Earth.”
“If we are serious about reducing our foreign oil dependency, we have to use clean domestic alternative transportation fuels such as natural gas and invest to transform power generation, distribution and transmission of renewable energy and focus on efficiency. These have to be the cornerstones of a new national energy policy,” said Mr. Pickens. “The National Clean Energy Project is a historic gathering of a group of leaders from across government, business, labor and the policy community and we are united in a commitment to developing a new national energy policy and to getting this job done. Now is the time to act on the momentum generated today and move forward with energy legislation that will reduce our dependence on foreign oil, create economic growth and make our nation safer.”
“The time has come to rethink and remake our energy future. That means building a new electric transmission system that is capable of bringing the power of renewable energy resources to American consumers, from the solar power of our southwestern deserts to the winds of the high plains to the geothermal resources of the Rocky Mountains and the Pacific northwest,” said Interior Secretary Salazar. “Today's gathering will help us assemble some of the best ideas for bringing our electric grid into the 21st century and for building the clean energy economy that we need.”
“It's clear from today's meeting that there is a growing consensus about the need to transform the way we use and produce energy," Energy Secretary Chu said. "Starting with the investments in the President's Recovery plan, and building on many of the good ideas discussed today, we can create millions of new jobs, free ourselves from the grip of foreign oil, and address the global climate crisis.”
The participants in events during the day included:
President Bill Clinton Vice President Al Gore Senate Majority Leader Harry Reid (D-NV), Honorary Chair Speaker of the House Nancy Pelosi (D-CA) Senator Tim Wirth, U.N. Foundation President, Moderator U.S. Secretary of Interior Ken Salazar U.S. Secretary of Energy Steven Chu Assistant to the President for Energy and Climate Change Carol Browner T. Boone Pickens, Chairman and Founder, BP Capital Management John Podesta, President and CEO Center for American Progress Action Fund Senate Energy and Natural Resources Committee Chair Jeff Bingaman (D-NM) Senate Appropriations Subcommittee on Energy and Water Chair Byron Dorgan (D-ND) House Select Committee on Energy Independence & Global Warming Chair Ed Markey (D-MA) Acting Federal Energy Regulatory Commission Chairman Jon Wellinghoff Former Governor George Pataki (R-NY) Lee Scott, Executive Committee Chairman, Board of Directors, Wal-Mart Stores, Inc. Mike Morris, Chairman, President and CEO, American Electric Power Michael Thaman, Chairman and CEO, Owens Corning Denise Bode, CEO, American Wind Energy Association Fred Butler, President, National Association of Regulatory Utility Commissioners Rick Fedrizzi, President and CEO, U.S. Green Building Council Van Jones, Founder and President, Green For All Robert Kennedy, Jr., Chairman, Waterkeeper Alliance and Senior Attorney, NRDC Carl Pope, CEO, Sierra Club Nat Simons, Sea Change Foundation Andy Stern, President, Service Employees International Union John J. Sweeney, President, AFL-CIO Rose McKinney James, Energy Foundation Board The 28 participants were together at the "National Clean Energy Project: Building the New Economy" Forum in Washington, DC today. It included remarks to the panelists from President Bill Clinton, former U.S. Senator and United Nations Foundation President Timothy Wirth, Honorary Chairman of the event, Senator Reid, Vice President Al Gore, as well as by business leader and clean energy advocate T. Boone Pickens and Center for American Progress Action Fund President John Podesta.
These speakers touched on key themes of the forum, including overcoming clean energy infrastructure challenges, and reducing America’s dependence on foreign oil. The roundtable discussion among the invited participants, moderated by Mr. Wirth, focused on guiding the transformation of our nation’s energy policies as essential to economic recovery and job creation.
There was a focus on:
modernizing the electricity grid to increase capacity for wind and solar power; integrating energy efficiency, distributed renewable generation, and “smart grid” technology into operation and regulation of our electricity system; and, reducing our nation’s dependence on foreign oil through natural gas, advanced bio fuels, plug-in hybrid cars and advanced batteries. About the National Clean Energy Project
Today’s event was convened by the Center for American Progress Action Fund. Senate Majority Leader Harry Reid was Honorary Chair. The forum grew out of the National Clean Energy Summit convened in 2008 by Sen. Reid, the Center for American Progress Action Fund, and the University Nevada Las Vegas. Today’s forum focused on modernizing and expanding the electricity grid, integrating energy efficiency and distributed generation into operation and regulation, rapidly increasing transmission capacity for renewable energy and reducing our nation’s dependence on foreign oil by using clean domestic alternative transportation fuels.
A video of the event and other information available at: www.nationalcleanenergyproject.org
Contact:Media:Whit Clay, 212-446-1864wclay@sloanepr.comorCenter for American Progress Action FundAnna Soellner, 202-492-2967Asoellner@americanprogressaction.org
--------------------------------------------------------------------------------Source: National Clean Energy Project
Published at The Investorideas.com Renewable Energy and GreenTech Business and Stock News RSS Feed: Subscribe : http://www.investorideas.com/RSS/feeds/RES.xml
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"National Clean Energy Project: Building the New Economy" Forum Proposes Principles for Energy Policy in the U.S.; Builds Momentum towards Clean Energy Legislation
WASHINGTON--Feb 23 2009 --Major leaders from government, business, labor and non-governmental organizations agreed today on four key recommendations to reform U.S. energy policy. These principles would boost new renewable energy production, transmission and distribution and reduce the nation's dependence on foreign oil. These leaders included Senate Majority Leader Harry Reid, Speaker of the House Nancy Pelosi, Secretary of Energy Steven Chu, Secretary of the Interior Ken Salazar, energy executive T. Boone Pickens, Center for American Progress Action Fund President John Podesta, and Vice President Al Gore among others.
The key principles include:
A national clean energy infrastructure is essential to drive economic recovery, create good jobs, increase national security, reduce oil use, and protect the global environment. A regional planning process can speed the siting and construction of new transmission lines that can deliver solar, wind, and geothermal electricity to meet growing demand for energy to power growth. “Smart grid” technology and distributed generation of renewable energy can increase the transmission efficiency, and provide new information and tools to consumers to reduce their energy use, save money on energy bills, and cut global warming pollution. Investments in new infrastructure to support clean domestic alternative transportation fuels, such as natural gas and advanced bio fuels, will cut America’s dependence on oil and reduce global warming pollution. Forum participants offered the following comments after the discussion in the National Clean Energy Project:
“Developing clean renewable energy is a matter of economic and national security, making the discussion we had today important for Nevada and the nation,” said Reid, who served as the event’s Honorary Chair. “Many of the stakeholders who play a key role in this movement were in the room today including elected officials, cabinet members, and leaders in industry, labor and the environment. I look forward to our continued partnership to change our nation’s energy policy in a way that creates jobs, protects consumers and the environment and provides reliable power that meets our growing needs.”
“President Obama put us on the right path with a recovery package that creates jobs through clean energy investments. The plan has unprecedented resources for efficiency, solar and wind power, clean domestic alternative transportation fuels, and a 21st century electricity grid infrastructure. Mapping the next steps to wire the U.S. for progress is what this day was all about,” said John Podesta, President of the Center for American Progress Action Fund. “Broad support for transmission and other infrastructure policies will enable businesses and government to make investments that create good jobs, boost economic growth, reduce energy use, and protect the Earth.”
“If we are serious about reducing our foreign oil dependency, we have to use clean domestic alternative transportation fuels such as natural gas and invest to transform power generation, distribution and transmission of renewable energy and focus on efficiency. These have to be the cornerstones of a new national energy policy,” said Mr. Pickens. “The National Clean Energy Project is a historic gathering of a group of leaders from across government, business, labor and the policy community and we are united in a commitment to developing a new national energy policy and to getting this job done. Now is the time to act on the momentum generated today and move forward with energy legislation that will reduce our dependence on foreign oil, create economic growth and make our nation safer.”
“The time has come to rethink and remake our energy future. That means building a new electric transmission system that is capable of bringing the power of renewable energy resources to American consumers, from the solar power of our southwestern deserts to the winds of the high plains to the geothermal resources of the Rocky Mountains and the Pacific northwest,” said Interior Secretary Salazar. “Today's gathering will help us assemble some of the best ideas for bringing our electric grid into the 21st century and for building the clean energy economy that we need.”
“It's clear from today's meeting that there is a growing consensus about the need to transform the way we use and produce energy," Energy Secretary Chu said. "Starting with the investments in the President's Recovery plan, and building on many of the good ideas discussed today, we can create millions of new jobs, free ourselves from the grip of foreign oil, and address the global climate crisis.”
The participants in events during the day included:
President Bill Clinton Vice President Al Gore Senate Majority Leader Harry Reid (D-NV), Honorary Chair Speaker of the House Nancy Pelosi (D-CA) Senator Tim Wirth, U.N. Foundation President, Moderator U.S. Secretary of Interior Ken Salazar U.S. Secretary of Energy Steven Chu Assistant to the President for Energy and Climate Change Carol Browner T. Boone Pickens, Chairman and Founder, BP Capital Management John Podesta, President and CEO Center for American Progress Action Fund Senate Energy and Natural Resources Committee Chair Jeff Bingaman (D-NM) Senate Appropriations Subcommittee on Energy and Water Chair Byron Dorgan (D-ND) House Select Committee on Energy Independence & Global Warming Chair Ed Markey (D-MA) Acting Federal Energy Regulatory Commission Chairman Jon Wellinghoff Former Governor George Pataki (R-NY) Lee Scott, Executive Committee Chairman, Board of Directors, Wal-Mart Stores, Inc. Mike Morris, Chairman, President and CEO, American Electric Power Michael Thaman, Chairman and CEO, Owens Corning Denise Bode, CEO, American Wind Energy Association Fred Butler, President, National Association of Regulatory Utility Commissioners Rick Fedrizzi, President and CEO, U.S. Green Building Council Van Jones, Founder and President, Green For All Robert Kennedy, Jr., Chairman, Waterkeeper Alliance and Senior Attorney, NRDC Carl Pope, CEO, Sierra Club Nat Simons, Sea Change Foundation Andy Stern, President, Service Employees International Union John J. Sweeney, President, AFL-CIO Rose McKinney James, Energy Foundation Board The 28 participants were together at the "National Clean Energy Project: Building the New Economy" Forum in Washington, DC today. It included remarks to the panelists from President Bill Clinton, former U.S. Senator and United Nations Foundation President Timothy Wirth, Honorary Chairman of the event, Senator Reid, Vice President Al Gore, as well as by business leader and clean energy advocate T. Boone Pickens and Center for American Progress Action Fund President John Podesta.
These speakers touched on key themes of the forum, including overcoming clean energy infrastructure challenges, and reducing America’s dependence on foreign oil. The roundtable discussion among the invited participants, moderated by Mr. Wirth, focused on guiding the transformation of our nation’s energy policies as essential to economic recovery and job creation.
There was a focus on:
modernizing the electricity grid to increase capacity for wind and solar power; integrating energy efficiency, distributed renewable generation, and “smart grid” technology into operation and regulation of our electricity system; and, reducing our nation’s dependence on foreign oil through natural gas, advanced bio fuels, plug-in hybrid cars and advanced batteries. About the National Clean Energy Project
Today’s event was convened by the Center for American Progress Action Fund. Senate Majority Leader Harry Reid was Honorary Chair. The forum grew out of the National Clean Energy Summit convened in 2008 by Sen. Reid, the Center for American Progress Action Fund, and the University Nevada Las Vegas. Today’s forum focused on modernizing and expanding the electricity grid, integrating energy efficiency and distributed generation into operation and regulation, rapidly increasing transmission capacity for renewable energy and reducing our nation’s dependence on foreign oil by using clean domestic alternative transportation fuels.
A video of the event and other information available at: www.nationalcleanenergyproject.org
Contact:Media:Whit Clay, 212-446-1864wclay@sloanepr.comorCenter for American Progress Action FundAnna Soellner, 202-492-2967Asoellner@americanprogressaction.org
--------------------------------------------------------------------------------Source: National Clean Energy Project
Published at The Investorideas.com Renewable Energy and GreenTech Business and Stock News RSS Feed: Subscribe : http://www.investorideas.com/RSS/feeds/RES.xml
Become an Investorideas.com Member
Gain Exclusive Insight on Leading Sectors, Global Trends, and Insider Trading Ideas, News, Articles and the complete renewable energy stocks directory.
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InvestorIdeas.com Disclaimer: Issuers of press releases and articles are solely responsible for the accuracy of the content
XsunX Highlights Key Provisions Benefiting the Solar Industry in the American Recovery and Reinvestment Act
XsunX Highlights Key Provisions Benefiting the Solar Industry in the American Recovery and Reinvestment Act
ALISO VIEJO, Calif., Feb. 23 - XsunX, Inc. (OTC Bulletin Board: XSNX), a solar technology company engaged in the build-out of its multi-megawatt thin film photovoltaic (TFPV) solar manufacturing facilities in Oregon, highlighted today key provisions of the $70 billion USD investment in renewable energy signed into law by President Barack Obama as part of the American Recovery and Reinvestment Act of 2009 which is designed to increase the use of renewable sources of energy, promote energy efficiency and transmission, improve financing options, and removes market barriers all of which are significant regulatory actions that may prove to be beneficial for XsunX and the renewable energy industry.
The bill provides $2.3 billion worth of energy related manufacturing investment tax credits (ITC) at a 30% rate to address current renewable energy credit market concerns. The bill also provides provisions in which developers can apply for grants of up to 30% of the total cost of eligible projects in lieu of the ITC. These credits and grants apply to projects creating or retooling manufacturing facilities to make components used to generate renewable energy. These are areas in which XsunX is already carrying out activities.
"Solar energy plays a significant aspect of the energy future president Barack Obama has cited in his commitment to generating millions of new green collar jobs while building a new energy economy built on clean energy manufactured and produced in America," commented Tom Djokovich, CEO of XsunX. "Similar to how the burst of the Internet bubble in 2000 did little to prevent the continued rapid adoption of pervasive and efficient new communication technologies, I believe that today's economic difficulties offset by the new administrations energy policies may allow for the continued rapid adoption of solar as a pervasive and efficient new energy source. At XsunX we remain focused on bringing about the completion of our initial manufacturing facilities in Portland, Oregon, so we may begin filling the orders we have received for our solar modules in 2009 and 2010," he concluded.
The following are highlights of legislation from the bill for renewable energy growth and in particular solar energy:
Subsidized Renewable Energy Financing means businesses and individuals can qualify for the full amount of the solar tax credit.
The Renewable Energy Loan Guarantee Program creates a temporary loan guarantee program for renewable energy projects, renewable energy manufacturing facilities and electric power transmission projects.
The Renewable Energy Manufacturing Investment Credit provides up to $2.3 billion to fund a 30 percent investment tax credit for manufacturing assets used to manufacture alternative energy.
New Clean Renewable Energy Bonds provides an additional $1.6 billion for bonds to finance facilities that generate electricity from renewable energy sources including solar.
Solar on Federal Property appropriates $5.5 billion for expenditures on federal buildings to increase energy efficiency, including installing solar energy equipment.
The legislation provides $30 billion in energy efficiency measures including the Smart Grid Investment Program to modernize the electricity grid for added reliability and efficiency.
Qualified Energy Conservation Bonds authorizes $2.4 billion in bonds to finance programs to reduce energy consumption by at least 20% and develop electricity from renewable energy sources.
Green Collar Jobs appropriates $500 million to fund job training programs in energy efficiency and renewable energy.
A complete copy of the American Recovery and Reinvestment Act of 2009 can be found at the following link, http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h1enr.pdf
For more information about XsunX, please visit www.XsunX.com .
For more information about XsunX, please visit XsunX Web site: http://www.XsunX.com
XsunX Web site: http://www.XsunX.com
Contact: For XsunX, Inc. Investor Relations Tel: (888) 797-4527
For XsunX, Inc. Media Relations Tel: (949) 330-8065
Safe Harbor Statement: Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate", "believe", "estimate", "may", "intend", "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
Source: XsunX, Inc.
XsunX, Inc. is a featured Company on Green Investor Portal RenewableEnergyStocks.com and Investorideas.com
For company showcase click here: http://www.renewableenergystocks.com/CO/XSNX/Default.asp
Disclaimer : http://www.investorideas.com/About/Disclaimer.asp
Investorideas.com Membership – Renewable Energy Stocks
With markets and investor sentiment changing daily- it is more important than ever to stay on top of key trends! Gain Exclusive Insight on Leading Sectors, Global Trends, and Insider Trading Ideas, News, Articles and Investor Ideas Members only Renewable Energy and Water Stock Directories. Learn more: - http://www.investorideas.com/membership/
ALISO VIEJO, Calif., Feb. 23 - XsunX, Inc. (OTC Bulletin Board: XSNX), a solar technology company engaged in the build-out of its multi-megawatt thin film photovoltaic (TFPV) solar manufacturing facilities in Oregon, highlighted today key provisions of the $70 billion USD investment in renewable energy signed into law by President Barack Obama as part of the American Recovery and Reinvestment Act of 2009 which is designed to increase the use of renewable sources of energy, promote energy efficiency and transmission, improve financing options, and removes market barriers all of which are significant regulatory actions that may prove to be beneficial for XsunX and the renewable energy industry.
The bill provides $2.3 billion worth of energy related manufacturing investment tax credits (ITC) at a 30% rate to address current renewable energy credit market concerns. The bill also provides provisions in which developers can apply for grants of up to 30% of the total cost of eligible projects in lieu of the ITC. These credits and grants apply to projects creating or retooling manufacturing facilities to make components used to generate renewable energy. These are areas in which XsunX is already carrying out activities.
"Solar energy plays a significant aspect of the energy future president Barack Obama has cited in his commitment to generating millions of new green collar jobs while building a new energy economy built on clean energy manufactured and produced in America," commented Tom Djokovich, CEO of XsunX. "Similar to how the burst of the Internet bubble in 2000 did little to prevent the continued rapid adoption of pervasive and efficient new communication technologies, I believe that today's economic difficulties offset by the new administrations energy policies may allow for the continued rapid adoption of solar as a pervasive and efficient new energy source. At XsunX we remain focused on bringing about the completion of our initial manufacturing facilities in Portland, Oregon, so we may begin filling the orders we have received for our solar modules in 2009 and 2010," he concluded.
The following are highlights of legislation from the bill for renewable energy growth and in particular solar energy:
Subsidized Renewable Energy Financing means businesses and individuals can qualify for the full amount of the solar tax credit.
The Renewable Energy Loan Guarantee Program creates a temporary loan guarantee program for renewable energy projects, renewable energy manufacturing facilities and electric power transmission projects.
The Renewable Energy Manufacturing Investment Credit provides up to $2.3 billion to fund a 30 percent investment tax credit for manufacturing assets used to manufacture alternative energy.
New Clean Renewable Energy Bonds provides an additional $1.6 billion for bonds to finance facilities that generate electricity from renewable energy sources including solar.
Solar on Federal Property appropriates $5.5 billion for expenditures on federal buildings to increase energy efficiency, including installing solar energy equipment.
The legislation provides $30 billion in energy efficiency measures including the Smart Grid Investment Program to modernize the electricity grid for added reliability and efficiency.
Qualified Energy Conservation Bonds authorizes $2.4 billion in bonds to finance programs to reduce energy consumption by at least 20% and develop electricity from renewable energy sources.
Green Collar Jobs appropriates $500 million to fund job training programs in energy efficiency and renewable energy.
A complete copy of the American Recovery and Reinvestment Act of 2009 can be found at the following link, http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h1enr.pdf
For more information about XsunX, please visit www.XsunX.com .
For more information about XsunX, please visit XsunX Web site: http://www.XsunX.com
XsunX Web site: http://www.XsunX.com
Contact: For XsunX, Inc. Investor Relations Tel: (888) 797-4527
For XsunX, Inc. Media Relations Tel: (949) 330-8065
Safe Harbor Statement: Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate", "believe", "estimate", "may", "intend", "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
Source: XsunX, Inc.
XsunX, Inc. is a featured Company on Green Investor Portal RenewableEnergyStocks.com and Investorideas.com
For company showcase click here: http://www.renewableenergystocks.com/CO/XSNX/Default.asp
Disclaimer : http://www.investorideas.com/About/Disclaimer.asp
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With markets and investor sentiment changing daily- it is more important than ever to stay on top of key trends! Gain Exclusive Insight on Leading Sectors, Global Trends, and Insider Trading Ideas, News, Articles and Investor Ideas Members only Renewable Energy and Water Stock Directories. Learn more: - http://www.investorideas.com/membership/
Thursday, February 19, 2009
Green Investor - Sector Close- Up of Green Stock Market Movers February 19, 2009
Green Investor - Sector Close- Up of Green Stock Market Movers February 19, 2009
POINT ROBERTS, Wash., Delta B.C., February 19, 2009 - www.InvestorIdeas.com, one of the first online investor resources for renewable energy and green stocks presents a sector close- up of green stock market movers for February 19, 2009.
First Solar, Inc. (NasdaqGS: FSLR) had gains of $2.08 (1.61%).
GWS Technologies, Inc. (OTCBB: GWSC ) was up $ 0.04 (12.12%).
GWSC recent news: read here
Mantra Venture Group Ltd. (OTCBB: MVTG, FSE: 5MV) was up $0.02 (8.70%).
Today’s MVTG news: read here
Spire Corporation (NasdaqGM: SPIR) was up $0.27 (4.08%)
SPIR news: read here
Sustainable Energy Technologies Ltd. (TSX VENTURE: STG) was up $ 0150 (10.00%).
Today in green news:
Excerpt of Transcript of Stephen Harper and Barack Obama Speech Thursday February 19, 2009
“Second, we are launching, as was mentioned, a new initiative to make progress on one of the most pressing challenges of our time: the development and use of clean energy.
How we produce and use energy is fundamental to our economic recovery, but also our security and our planet. And we know that we can't afford to tackle these issues in isolation.
And that's why we're updating our collaboration on energy to meet the needs of the 21st century.
The clean energy dialogue that we've established today will strengthen our joint research and development. It will advance carbon reduction technologies. And it will support the development of an electric grid that can help deliver the clean and renewable energy of the future to homes and businesses, both in Canada and the United States.
And through this example and through continued international negotiations, the United States and Canada are committed to confronting the threat posed by climate changed.”
http://www.globaltv.com/globaltv/national/story.html?id=1307360
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POINT ROBERTS, Wash., Delta B.C., February 19, 2009 - www.InvestorIdeas.com, one of the first online investor resources for renewable energy and green stocks presents a sector close- up of green stock market movers for February 19, 2009.
First Solar, Inc. (NasdaqGS: FSLR) had gains of $2.08 (1.61%).
GWS Technologies, Inc. (OTCBB: GWSC ) was up $ 0.04 (12.12%).
GWSC recent news: read here
Mantra Venture Group Ltd. (OTCBB: MVTG, FSE: 5MV) was up $0.02 (8.70%).
Today’s MVTG news: read here
Spire Corporation (NasdaqGM: SPIR) was up $0.27 (4.08%)
SPIR news: read here
Sustainable Energy Technologies Ltd. (TSX VENTURE: STG) was up $ 0150 (10.00%).
Today in green news:
Excerpt of Transcript of Stephen Harper and Barack Obama Speech Thursday February 19, 2009
“Second, we are launching, as was mentioned, a new initiative to make progress on one of the most pressing challenges of our time: the development and use of clean energy.
How we produce and use energy is fundamental to our economic recovery, but also our security and our planet. And we know that we can't afford to tackle these issues in isolation.
And that's why we're updating our collaboration on energy to meet the needs of the 21st century.
The clean energy dialogue that we've established today will strengthen our joint research and development. It will advance carbon reduction technologies. And it will support the development of an electric grid that can help deliver the clean and renewable energy of the future to homes and businesses, both in Canada and the United States.
And through this example and through continued international negotiations, the United States and Canada are committed to confronting the threat posed by climate changed.”
http://www.globaltv.com/globaltv/national/story.html?id=1307360
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Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising. www.InvestorIdeas.com/About/Disclaimer.asp
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Wednesday, February 18, 2009
Suntech Reports Fourth Quarter and Full Year 2008 Financial Results-Full year 2008 total shipments of solar products grew 36.0% year-over-year
Suntech Reports Fourth Quarter and Full Year 2008 Financial Results-Full year 2008 total shipments of solar products grew 36.0% year-over-year to 497.5 MW.
SAN FRANCISCO and WUXI, China, Feb. 18 2009- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest photovoltaic (PV) module manufacturer, today announced financial results for the fourth quarter and full year ended December 31, 2008.
Fourth Quarter 2008 Financial Highlights(1)
-- Total net revenues grew 4.2% year-over-year to $414.4 million.
-- GAAP gross margin was 0.6% and non-GAAP(2) gross margin was 0.9%. Excluding the provision for inventory and purchase commitments, adjusted non-GAAP consolidated gross margin in the fourth quarter was 13.1%.
-- GAAP net loss was $65.9 million, or negative $0.42 per diluted American Depository Share (ADS). On a non-GAAP basis, Suntech's net loss was $42.4 million, or negative $0.27 per diluted ADS. Each ADS represents one ordinary share.
-- Net debt decreased by $273.7 million to $1,117.8 million as of December 31, 2008.
Full Year 2008 Financial Highlights(1)
-- Total net revenues grew 42.7% year-over-year to $1,923.5 million.
-- Full year 2008 total shipments of solar products grew 36.0% year-over-year to 497.5 MW.
-- GAAP gross margin was 17.8% and non-GAAP(2) gross margin was 18.2%.
-- GAAP net income for the full year was $111.0 million or $0.66 per ADS. On a non-GAAP basis, Suntech's net income for the full year was $149.7 million or $0.89 per diluted ADS.
-- Achieved 1GW solar cell and module production capacity."Customer recognition of Suntech's high performance and premium quality modules enabled us to deliver close to 500MW in the full year 2008 and extend our position as a world leader in solar," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "During 2008, we bolstered our on-the-ground customer service and support capability by opening branches in key markets and hiring experienced solar professionals, achieved 1GW production capacity, and demonstrated our strength in solar innovation with the successful commercialization of our Pluto technology."
"We believe that we are now in a position to service all avenues of solar demand globally, including residential roof-top, commercial roof-top, ground mounted and utility scale. In particular, our continued investment in the U.S. should position us for strong growth in that key market and its burgeoning utility-scale segment via our systems integration unit, Suntech Energy Solutions, and our project development joint venture, Gemini Solar."
"Despite the challenging market conditions, we are confident that we are well positioned to expand our market share in 2009. We believe that the project financing environment is improving and will continue to do so as the year progresses, leading to further growth of the solar industry. We are confident that Suntech's reputation as a global solar leader will benefit us as more and more customers realize the value in partnering with a company that offers stability, first class service, industry-leading scale, superior technology, quality and a broad product portfolio," added Dr. Shi.
RECENT BUSINESS HIGHLIGHTS
Silicon Procurement -- Suntech and MEMC Electronic Materials amended their 10-year silicon wafer supply agreement. As amended, the dollar value of silicon wafer purchases from MEMC remains unchanged, but a volume increase and a price reduction for 2009 have been effectuated.
-- Suntech acquired a minority stake in Asia Silicon Co. Ltd, an independent polysilicon producer, for a total cash consideration of approximately $8.1 million. Suntech previously entered into an agreement to purchase up to $1.5 billion high purity polysilicon from Asia Silicon over a seven-year period. Polysilicon cost decreases to less than $40 per kilogram during the term of the agreement.
Notable PV Projects -- Suntech was chosen to design and construct a BIPV system totaling 3MW on the China and Theme Pavilions at the World Expo Shanghai 2010. The project will be the largest BIPV installation in China.
-- Suntech supplied 5MW of Suntech solar panels for the largest solar plant in the Middle East, a 10MW solar electricity system to power Masdar City, the world's first carbon neutral city being built in Abu Dhabi, United Arab Emirates. The solar system is being built and designed by leading Abu Dhabi based solar power system integrator, Enviromena Power Systems.
Product Offering Expansion -- Suntech entered into an exclusive agreement giving Suntech rights related to the worldwide manufacturing, distribution and marketing of Applied Solar's building integrated solar roof tile product, SolarBlend(TM), and roof membrane product, SolarEze(TM). The agreements combine Suntech's industry-leading products with Applied Solar's innovative BIPV applications to provide a more comprehensive set of product offerings to the residential and commercial market.
U.S. Dealer Network -- Suntech continued expanding its dealer network of residential rooftop installers and integrators in the U.S. Currently, Suntech's network includes over 100 dealers, up from 30 at the end of the third quarter of 2008.
Technology -- Suntech has a fully operational 34MW Pluto PV cell line and is in the process of adding another 68MW of Pluto capacity. Suntech expects to receive industry certification for Pluto PV modules in the second quarter of 2009 and targets shipments of more than 50MW of Pluto modules in 2009.
-- The Pluto high efficiency technology consistently achieves conversion efficiencies of close to 17% on multi-crystalline PV cells and close to 19% on mono-crystalline PV cells. Suntech anticipates that the higher conversion efficiencies will improve power output by up to 12% above conventional screen-printed PV cells, enable improved space utilization and reduce installation and other balance of system costs.
Convertible Senior Note Repurchase -- Through December 31, 2008, Suntech repurchased $93.8 million aggregate principal amount of its 0.25% Convertible Senior Notes due 2012 for cash consideration of $61.0 million. As a result, Suntech realized a net gain of approximately $31.1 million.
Capital and Credit Facilities -- Suntech had approximately $2.4 billion of approved credit lines to be used for fixed asset purchase, working capital or trade financing as of December 31, 2008. Of these credit facilities approximately $1.2 billion had been drawn down as of December 31, 2008. Suntech expects that its capital will be sufficient to cover its capital expenditures in 2009 while maintaining adequate working capital to support its operations.
Fourth Quarter 2008 Results
Net Non-GAAP Non-GAAP Revenues Gross Profit Gross Margin
(in $ % of Net (in $ millions) Revenues millions) (%)
Standard PV Modules $382.6 92.3 % $11.4 3.0 % Others $31.8 7.7 % ($7.8) (24.0%) Total Net Revenues $414.4 100 % $3.6 0.9 %
Provision for inventory and purchase commitment $50.7 12.2 % Adjusted Non-GAAP Gross Profit $54.3 13.1 %
Total net revenues for the fourth quarter of 2008 were $414.4 million, a decrease of 30.3% from $594.4 million in the third quarter of 2008. The sequential decrease in revenues was primarily due to a decrease in shipments and the average selling price of PV products.
Non-GAAP gross profit for the fourth quarter of 2008 was $3.6 million, compared to $129.7 million for the third quarter of 2008.
Fourth quarter of 2008 non-GAAP consolidated gross margin was 0.9%, compared to 21.8% in the third quarter of 2008. Gross margin decreased from the third quarter of 2008 primarily due to a sequential decrease in the average selling price of PV products and a provision for inventory and purchase commitments of $50.7 million in total, reflecting the rapid decrease in the silicon and module prices in the fourth quarter. The provision for inventory and purchase commitments had a 12.2% negative impact on margins. Excluding the provision for inventory and purchase commitments, adjusted non- GAAP consolidated gross margin in the fourth quarter was 13.1%, and adjusted non-GAAP net income margin was 2.0%.
Non-GAAP operating expenses in the fourth quarter of 2008 totaled $41.9 million or 10.1% of total net revenues, compared to $37.1 million or 6.2% of total net revenues in the third quarter of 2008. The increase was primarily due to an increase in provisions for doubtful debts and additional compensation expenses attributable to employees at Suntech Energy Solutions, which was acquired during the fourth quarter.
Non-GAAP loss from operations for the fourth quarter of 2008 was $38.2 million, compared to income from operations of $92.6 million in the third quarter of the 2008. Non-GAAP operating margin was negative 9.2% in the fourth quarter of 2008, compared to positive 15.6% in the third quarter of 2008.
Net interest expense was $8.0 million in the fourth quarter of 2008 compared to net interest expense of $7.9 million in the third quarter of 2008.
In January 2009, Suntech adopted Financial Accounting Standards Board Staff Position No. APB 14-1, Accounting for Convertible Debt Instruments that may be Settled in Cash Upon Conversion ("FSP APB 14-1"). The Company is currently assessing the impact of adopting FSP APB 14-1, which the Company believes will be material to its results of operations. FSP APB 14-1 requires that the liability and equity components of convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) be separately accounted for in a manner that reflects an issuer's nonconvertible debt borrowing rate.
Foreign currency exchange loss was $3.2 million in the fourth quarter of 2008, compared to a loss of $16.6 million in the third quarter of 2008. The decrease was primarily due to a revaluation gain from the depreciation of net liabilities denominated in CNY in the fourth quarter of 2008. The exchange gain was largely offset by the revaluation loss resulting from the significant depreciation of net assets denominated in EUR.
Net other expenses increased to $19.7 million in the fourth quarter of 2008 from $3.2 million in the third quarter of 2008. The increase in net other expenses was primarily due to an investment impairment of $48.8 million for Suntech's investments in Hoku and Nitol, which was partially offset by a net gain of $31.1 million from the repurchase of the Convertible Senior Notes at a discount.
Non-GAAP net loss for the fourth quarter of 2008 was $42.4 million, or negative $0.27 per diluted ADS, compared to non-GAAP net income of $60.3 million, or $0.35 per diluted ADS in the third quarter of 2008.
On a GAAP basis, for the fourth quarter of 2008 gross profit was $2.3 million. Consolidated gross margin was 0.6% for the fourth quarter of 2008.
On a GAAP basis, operating expenses for the fourth quarter of 2008 were $46.2 million or 11.1% of total net revenues. Loss from operations was $43.8 million for the fourth quarter of 2008. Net loss for the fourth quarter of 2008 was $65.9 million, or negative $0.42 per diluted ADS.
In the fourth quarter of 2008, capital expenditures, which were primarily related to expanding production capacity and constructing Suntech's production facilities, totaled $109.1 million. Depreciation and amortization expenses totaled $11.6 million.
Cash and cash equivalents increased to $507.8 million as of December 31, 2008 from $394.6 million as of September 20, 2008. The increase was mainly due to the accelerated collection of VAT recoverable and the liquidation of short- term investments. The increase was partially offset by the cash payments for the repurchase of the Convertible Senior Notes and repayment of bank borrowings. As a result of the foregoing, the net debt balance decreased from $1,391.5 million as of September 30, 2008 to $1,117.8 million as of December 31, 2008.
Restricted cash was $70.7 million as of December 31, 2008.
Inventory totaled $231.9 million as of December 31, 2008 compared to $247.9 million as of September 30, 2008. The decrease was primarily caused by the inventory provision.
Value-added tax recoverable totaled $75.7 million as of December 31, 2008, compared to $201.8 million as of September 30, 2008. The decrease was mainly due to the accelerated collection of some value-added tax recoverable in the fourth quarter of 2008.
Full Year 2008 Results
Net Non-GAAP Non-GAAP Revenues Gross Profit Gross Margin
(in $ % of Net (in $ millions) Revenues millions) (%)
Standard $1,785.8 92.8 % $343.8 19.3 % PV Modules Others $137.7 7.2 % $5.7 4.1 % Total Net $1,923.5 100 % $349.5 18.2 % Revenues
Total net revenues for the full year 2008 were $1,923.5 million, representing a 42.7% increase from 2007.
On a non-GAAP basis, the full year 2008 gross profit was $349.5 million, an increase of 22.7% year-over-year. 2008 consolidated gross margin was 18.2% compared to 21.1% in 2007. Income from operations was $205.7 million compared to $215.1 million in 2007. Net income was $149.7 million or $0.89 per diluted ADS, compared to non-GAAP net income of $201.0 million or $1.19 per diluted ADS in the full year 2007.
On a GAAP basis, for the full year 2008 gross profit was $342.9 million, an increase of 25.1% year-over-year. 2008 gross margin was 17.8% compared to 20.3% in 2007. Income from operations was $182.5 million, a decrease of 0.8% year-over-year. Net income was $111.0 million, a decrease of 35.2% year-over- year, or $0.66 per diluted ADS, compared to net income of $171.3 million or $1.02 per diluted ADS in the full year 2007.
In the full year 2008, capital expenditures, which were primarily related to expanding production capacity and constructing Suntech's production facilities, totaled $347.9 million. Depreciation and amortization expenses totaled $39.3 million.
Business Outlook
Based on current operating conditions, Suntech expects revenues for the first quarter of 2009 to be in the range of $340 million to $380 million, assuming an exchange rate of $1.28 U.S. dollars to the Euro in the first quarter 2009. GAAP consolidated gross margin in the first quarter of 2009 is expected to be in the range of 12% to 15%.
Suntech expects full-year 2009 shipments of more than 800MW. Suntech intends to hold PV cell production capacity at 1GW in 2009 until credit market visibility improves. Suntech expects capital expenditures of approximately $100 million in 2009. The majority of 2009 capital expenditures will be utilized to retrofit existing production capacity to the high efficiency Pluto technology and the completion of the thin film facility.
Fourth Quarter and Full Year 2008 Conference Call Information
Suntech management will host a conference call today, Wednesday, February 18, 2009 at 8:00 a.m. Eastern Time (which corresponds to 9:00 p.m. Beijing/Hong Kong time and 1:00 p.m. Greenwich Mean Time on February 18, 2009) to discuss the Company's results.
To access the conference call, please dial +1-617-786-2963 (for U.S. callers) or +852-3002-1672 (for international callers) and ask to be connected to the Suntech earnings conference call. A live and archived webcast of the conference call will be available on Suntech's website at http://www.suntech-power.com under Investor Center: Financial Events.
A telephonic replay of the conference call will be available until March 4, 2009 by dialing +1-617-801-6888 (passcode: 58672451).
About Suntech
Suntech Power Holdings Co., Ltd. (NYSE: STP) is the world's leading solar energy company as measured by production output of solar modules. Suntech designs, develops, manufactures, and markets premium-quality, high-output, cost-effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's patent-pending Pluto technology for crystalline silicon solar cells improves power output by up to 12% compared to conventional production methods.
Suntech also offers one of the broadest ranges of building-integrated solar products under the MSK Solar Design Line(TM). Suntech designs and delivers commercial and utility scale solar power systems through its wholly owned subsidiaries Suntech Energy Solutions and Suntech Energy Engineering and will own and operate projects greater than 10 megawatts in the United States through Gemini Solar Development Company, a joint venture with MMA Renewable Ventures. With regional headquarters in China, Switzerland and San Francisco and sales offices worldwide, Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. For more information, please visit http://www.suntech-power.com .
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements, and includes our ability to grow in the United States and in the utility scale segment, our ability to expand our market share in 2009, whether the project financing environment will improve in 2009, our ability to receive industry certification of Pluto and total shipment of Pluto modules 2009, our ability to repurchase or refinance the convertible senior notes, estimated Q1 2009 revenue and gross margin, and estimated full year 2009 shipments and capital expenditures. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward- looking statements. Further information regarding these and other risks is included in Suntech's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Suntech does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
financial tables and full release visit http://www.suntech-power.com .
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SAN FRANCISCO and WUXI, China, Feb. 18 2009- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest photovoltaic (PV) module manufacturer, today announced financial results for the fourth quarter and full year ended December 31, 2008.
Fourth Quarter 2008 Financial Highlights(1)
-- Total net revenues grew 4.2% year-over-year to $414.4 million.
-- GAAP gross margin was 0.6% and non-GAAP(2) gross margin was 0.9%. Excluding the provision for inventory and purchase commitments, adjusted non-GAAP consolidated gross margin in the fourth quarter was 13.1%.
-- GAAP net loss was $65.9 million, or negative $0.42 per diluted American Depository Share (ADS). On a non-GAAP basis, Suntech's net loss was $42.4 million, or negative $0.27 per diluted ADS. Each ADS represents one ordinary share.
-- Net debt decreased by $273.7 million to $1,117.8 million as of December 31, 2008.
Full Year 2008 Financial Highlights(1)
-- Total net revenues grew 42.7% year-over-year to $1,923.5 million.
-- Full year 2008 total shipments of solar products grew 36.0% year-over-year to 497.5 MW.
-- GAAP gross margin was 17.8% and non-GAAP(2) gross margin was 18.2%.
-- GAAP net income for the full year was $111.0 million or $0.66 per ADS. On a non-GAAP basis, Suntech's net income for the full year was $149.7 million or $0.89 per diluted ADS.
-- Achieved 1GW solar cell and module production capacity."Customer recognition of Suntech's high performance and premium quality modules enabled us to deliver close to 500MW in the full year 2008 and extend our position as a world leader in solar," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "During 2008, we bolstered our on-the-ground customer service and support capability by opening branches in key markets and hiring experienced solar professionals, achieved 1GW production capacity, and demonstrated our strength in solar innovation with the successful commercialization of our Pluto technology."
"We believe that we are now in a position to service all avenues of solar demand globally, including residential roof-top, commercial roof-top, ground mounted and utility scale. In particular, our continued investment in the U.S. should position us for strong growth in that key market and its burgeoning utility-scale segment via our systems integration unit, Suntech Energy Solutions, and our project development joint venture, Gemini Solar."
"Despite the challenging market conditions, we are confident that we are well positioned to expand our market share in 2009. We believe that the project financing environment is improving and will continue to do so as the year progresses, leading to further growth of the solar industry. We are confident that Suntech's reputation as a global solar leader will benefit us as more and more customers realize the value in partnering with a company that offers stability, first class service, industry-leading scale, superior technology, quality and a broad product portfolio," added Dr. Shi.
RECENT BUSINESS HIGHLIGHTS
Silicon Procurement -- Suntech and MEMC Electronic Materials amended their 10-year silicon wafer supply agreement. As amended, the dollar value of silicon wafer purchases from MEMC remains unchanged, but a volume increase and a price reduction for 2009 have been effectuated.
-- Suntech acquired a minority stake in Asia Silicon Co. Ltd, an independent polysilicon producer, for a total cash consideration of approximately $8.1 million. Suntech previously entered into an agreement to purchase up to $1.5 billion high purity polysilicon from Asia Silicon over a seven-year period. Polysilicon cost decreases to less than $40 per kilogram during the term of the agreement.
Notable PV Projects -- Suntech was chosen to design and construct a BIPV system totaling 3MW on the China and Theme Pavilions at the World Expo Shanghai 2010. The project will be the largest BIPV installation in China.
-- Suntech supplied 5MW of Suntech solar panels for the largest solar plant in the Middle East, a 10MW solar electricity system to power Masdar City, the world's first carbon neutral city being built in Abu Dhabi, United Arab Emirates. The solar system is being built and designed by leading Abu Dhabi based solar power system integrator, Enviromena Power Systems.
Product Offering Expansion -- Suntech entered into an exclusive agreement giving Suntech rights related to the worldwide manufacturing, distribution and marketing of Applied Solar's building integrated solar roof tile product, SolarBlend(TM), and roof membrane product, SolarEze(TM). The agreements combine Suntech's industry-leading products with Applied Solar's innovative BIPV applications to provide a more comprehensive set of product offerings to the residential and commercial market.
U.S. Dealer Network -- Suntech continued expanding its dealer network of residential rooftop installers and integrators in the U.S. Currently, Suntech's network includes over 100 dealers, up from 30 at the end of the third quarter of 2008.
Technology -- Suntech has a fully operational 34MW Pluto PV cell line and is in the process of adding another 68MW of Pluto capacity. Suntech expects to receive industry certification for Pluto PV modules in the second quarter of 2009 and targets shipments of more than 50MW of Pluto modules in 2009.
-- The Pluto high efficiency technology consistently achieves conversion efficiencies of close to 17% on multi-crystalline PV cells and close to 19% on mono-crystalline PV cells. Suntech anticipates that the higher conversion efficiencies will improve power output by up to 12% above conventional screen-printed PV cells, enable improved space utilization and reduce installation and other balance of system costs.
Convertible Senior Note Repurchase -- Through December 31, 2008, Suntech repurchased $93.8 million aggregate principal amount of its 0.25% Convertible Senior Notes due 2012 for cash consideration of $61.0 million. As a result, Suntech realized a net gain of approximately $31.1 million.
Capital and Credit Facilities -- Suntech had approximately $2.4 billion of approved credit lines to be used for fixed asset purchase, working capital or trade financing as of December 31, 2008. Of these credit facilities approximately $1.2 billion had been drawn down as of December 31, 2008. Suntech expects that its capital will be sufficient to cover its capital expenditures in 2009 while maintaining adequate working capital to support its operations.
Fourth Quarter 2008 Results
Net Non-GAAP Non-GAAP Revenues Gross Profit Gross Margin
(in $ % of Net (in $ millions) Revenues millions) (%)
Standard PV Modules $382.6 92.3 % $11.4 3.0 % Others $31.8 7.7 % ($7.8) (24.0%) Total Net Revenues $414.4 100 % $3.6 0.9 %
Provision for inventory and purchase commitment $50.7 12.2 % Adjusted Non-GAAP Gross Profit $54.3 13.1 %
Total net revenues for the fourth quarter of 2008 were $414.4 million, a decrease of 30.3% from $594.4 million in the third quarter of 2008. The sequential decrease in revenues was primarily due to a decrease in shipments and the average selling price of PV products.
Non-GAAP gross profit for the fourth quarter of 2008 was $3.6 million, compared to $129.7 million for the third quarter of 2008.
Fourth quarter of 2008 non-GAAP consolidated gross margin was 0.9%, compared to 21.8% in the third quarter of 2008. Gross margin decreased from the third quarter of 2008 primarily due to a sequential decrease in the average selling price of PV products and a provision for inventory and purchase commitments of $50.7 million in total, reflecting the rapid decrease in the silicon and module prices in the fourth quarter. The provision for inventory and purchase commitments had a 12.2% negative impact on margins. Excluding the provision for inventory and purchase commitments, adjusted non- GAAP consolidated gross margin in the fourth quarter was 13.1%, and adjusted non-GAAP net income margin was 2.0%.
Non-GAAP operating expenses in the fourth quarter of 2008 totaled $41.9 million or 10.1% of total net revenues, compared to $37.1 million or 6.2% of total net revenues in the third quarter of 2008. The increase was primarily due to an increase in provisions for doubtful debts and additional compensation expenses attributable to employees at Suntech Energy Solutions, which was acquired during the fourth quarter.
Non-GAAP loss from operations for the fourth quarter of 2008 was $38.2 million, compared to income from operations of $92.6 million in the third quarter of the 2008. Non-GAAP operating margin was negative 9.2% in the fourth quarter of 2008, compared to positive 15.6% in the third quarter of 2008.
Net interest expense was $8.0 million in the fourth quarter of 2008 compared to net interest expense of $7.9 million in the third quarter of 2008.
In January 2009, Suntech adopted Financial Accounting Standards Board Staff Position No. APB 14-1, Accounting for Convertible Debt Instruments that may be Settled in Cash Upon Conversion ("FSP APB 14-1"). The Company is currently assessing the impact of adopting FSP APB 14-1, which the Company believes will be material to its results of operations. FSP APB 14-1 requires that the liability and equity components of convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) be separately accounted for in a manner that reflects an issuer's nonconvertible debt borrowing rate.
Foreign currency exchange loss was $3.2 million in the fourth quarter of 2008, compared to a loss of $16.6 million in the third quarter of 2008. The decrease was primarily due to a revaluation gain from the depreciation of net liabilities denominated in CNY in the fourth quarter of 2008. The exchange gain was largely offset by the revaluation loss resulting from the significant depreciation of net assets denominated in EUR.
Net other expenses increased to $19.7 million in the fourth quarter of 2008 from $3.2 million in the third quarter of 2008. The increase in net other expenses was primarily due to an investment impairment of $48.8 million for Suntech's investments in Hoku and Nitol, which was partially offset by a net gain of $31.1 million from the repurchase of the Convertible Senior Notes at a discount.
Non-GAAP net loss for the fourth quarter of 2008 was $42.4 million, or negative $0.27 per diluted ADS, compared to non-GAAP net income of $60.3 million, or $0.35 per diluted ADS in the third quarter of 2008.
On a GAAP basis, for the fourth quarter of 2008 gross profit was $2.3 million. Consolidated gross margin was 0.6% for the fourth quarter of 2008.
On a GAAP basis, operating expenses for the fourth quarter of 2008 were $46.2 million or 11.1% of total net revenues. Loss from operations was $43.8 million for the fourth quarter of 2008. Net loss for the fourth quarter of 2008 was $65.9 million, or negative $0.42 per diluted ADS.
In the fourth quarter of 2008, capital expenditures, which were primarily related to expanding production capacity and constructing Suntech's production facilities, totaled $109.1 million. Depreciation and amortization expenses totaled $11.6 million.
Cash and cash equivalents increased to $507.8 million as of December 31, 2008 from $394.6 million as of September 20, 2008. The increase was mainly due to the accelerated collection of VAT recoverable and the liquidation of short- term investments. The increase was partially offset by the cash payments for the repurchase of the Convertible Senior Notes and repayment of bank borrowings. As a result of the foregoing, the net debt balance decreased from $1,391.5 million as of September 30, 2008 to $1,117.8 million as of December 31, 2008.
Restricted cash was $70.7 million as of December 31, 2008.
Inventory totaled $231.9 million as of December 31, 2008 compared to $247.9 million as of September 30, 2008. The decrease was primarily caused by the inventory provision.
Value-added tax recoverable totaled $75.7 million as of December 31, 2008, compared to $201.8 million as of September 30, 2008. The decrease was mainly due to the accelerated collection of some value-added tax recoverable in the fourth quarter of 2008.
Full Year 2008 Results
Net Non-GAAP Non-GAAP Revenues Gross Profit Gross Margin
(in $ % of Net (in $ millions) Revenues millions) (%)
Standard $1,785.8 92.8 % $343.8 19.3 % PV Modules Others $137.7 7.2 % $5.7 4.1 % Total Net $1,923.5 100 % $349.5 18.2 % Revenues
Total net revenues for the full year 2008 were $1,923.5 million, representing a 42.7% increase from 2007.
On a non-GAAP basis, the full year 2008 gross profit was $349.5 million, an increase of 22.7% year-over-year. 2008 consolidated gross margin was 18.2% compared to 21.1% in 2007. Income from operations was $205.7 million compared to $215.1 million in 2007. Net income was $149.7 million or $0.89 per diluted ADS, compared to non-GAAP net income of $201.0 million or $1.19 per diluted ADS in the full year 2007.
On a GAAP basis, for the full year 2008 gross profit was $342.9 million, an increase of 25.1% year-over-year. 2008 gross margin was 17.8% compared to 20.3% in 2007. Income from operations was $182.5 million, a decrease of 0.8% year-over-year. Net income was $111.0 million, a decrease of 35.2% year-over- year, or $0.66 per diluted ADS, compared to net income of $171.3 million or $1.02 per diluted ADS in the full year 2007.
In the full year 2008, capital expenditures, which were primarily related to expanding production capacity and constructing Suntech's production facilities, totaled $347.9 million. Depreciation and amortization expenses totaled $39.3 million.
Business Outlook
Based on current operating conditions, Suntech expects revenues for the first quarter of 2009 to be in the range of $340 million to $380 million, assuming an exchange rate of $1.28 U.S. dollars to the Euro in the first quarter 2009. GAAP consolidated gross margin in the first quarter of 2009 is expected to be in the range of 12% to 15%.
Suntech expects full-year 2009 shipments of more than 800MW. Suntech intends to hold PV cell production capacity at 1GW in 2009 until credit market visibility improves. Suntech expects capital expenditures of approximately $100 million in 2009. The majority of 2009 capital expenditures will be utilized to retrofit existing production capacity to the high efficiency Pluto technology and the completion of the thin film facility.
Fourth Quarter and Full Year 2008 Conference Call Information
Suntech management will host a conference call today, Wednesday, February 18, 2009 at 8:00 a.m. Eastern Time (which corresponds to 9:00 p.m. Beijing/Hong Kong time and 1:00 p.m. Greenwich Mean Time on February 18, 2009) to discuss the Company's results.
To access the conference call, please dial +1-617-786-2963 (for U.S. callers) or +852-3002-1672 (for international callers) and ask to be connected to the Suntech earnings conference call. A live and archived webcast of the conference call will be available on Suntech's website at http://www.suntech-power.com under Investor Center: Financial Events.
A telephonic replay of the conference call will be available until March 4, 2009 by dialing +1-617-801-6888 (passcode: 58672451).
About Suntech
Suntech Power Holdings Co., Ltd. (NYSE: STP) is the world's leading solar energy company as measured by production output of solar modules. Suntech designs, develops, manufactures, and markets premium-quality, high-output, cost-effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's patent-pending Pluto technology for crystalline silicon solar cells improves power output by up to 12% compared to conventional production methods.
Suntech also offers one of the broadest ranges of building-integrated solar products under the MSK Solar Design Line(TM). Suntech designs and delivers commercial and utility scale solar power systems through its wholly owned subsidiaries Suntech Energy Solutions and Suntech Energy Engineering and will own and operate projects greater than 10 megawatts in the United States through Gemini Solar Development Company, a joint venture with MMA Renewable Ventures. With regional headquarters in China, Switzerland and San Francisco and sales offices worldwide, Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. For more information, please visit http://www.suntech-power.com .
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements, and includes our ability to grow in the United States and in the utility scale segment, our ability to expand our market share in 2009, whether the project financing environment will improve in 2009, our ability to receive industry certification of Pluto and total shipment of Pluto modules 2009, our ability to repurchase or refinance the convertible senior notes, estimated Q1 2009 revenue and gross margin, and estimated full year 2009 shipments and capital expenditures. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward- looking statements. Further information regarding these and other risks is included in Suntech's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Suntech does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
financial tables and full release visit http://www.suntech-power.com .
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Suntech Reports Fourth Quarter and Full Year 2008 Financial Results-Full year 2008 total shipments of solar products grew 36.0% year-over-year
Suntech Reports Fourth Quarter and Full Year 2008 Financial Results-Full year 2008 total shipments of solar products grew 36.0% year-over-year to 497.5 MW.
SAN FRANCISCO and WUXI, China, Feb. 18 2009- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest photovoltaic (PV) module manufacturer, today announced financial results for the fourth quarter and full year ended December 31, 2008.
Fourth Quarter 2008 Financial Highlights(1)
-- Total net revenues grew 4.2% year-over-year to $414.4 million.
-- GAAP gross margin was 0.6% and non-GAAP(2) gross margin was 0.9%. Excluding the provision for inventory and purchase commitments, adjusted non-GAAP consolidated gross margin in the fourth quarter was 13.1%.
-- GAAP net loss was $65.9 million, or negative $0.42 per diluted American Depository Share (ADS). On a non-GAAP basis, Suntech's net loss was $42.4 million, or negative $0.27 per diluted ADS. Each ADS represents one ordinary share.
-- Net debt decreased by $273.7 million to $1,117.8 million as of December 31, 2008.
Full Year 2008 Financial Highlights(1)
-- Total net revenues grew 42.7% year-over-year to $1,923.5 million.
-- Full year 2008 total shipments of solar products grew 36.0% year-over-year to 497.5 MW.
-- GAAP gross margin was 17.8% and non-GAAP(2) gross margin was 18.2%.
-- GAAP net income for the full year was $111.0 million or $0.66 per ADS. On a non-GAAP basis, Suntech's net income for the full year was $149.7 million or $0.89 per diluted ADS.
-- Achieved 1GW solar cell and module production capacity."Customer recognition of Suntech's high performance and premium quality modules enabled us to deliver close to 500MW in the full year 2008 and extend our position as a world leader in solar," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "During 2008, we bolstered our on-the-ground customer service and support capability by opening branches in key markets and hiring experienced solar professionals, achieved 1GW production capacity, and demonstrated our strength in solar innovation with the successful commercialization of our Pluto technology."
"We believe that we are now in a position to service all avenues of solar demand globally, including residential roof-top, commercial roof-top, ground mounted and utility scale. In particular, our continued investment in the U.S. should position us for strong growth in that key market and its burgeoning utility-scale segment via our systems integration unit, Suntech Energy Solutions, and our project development joint venture, Gemini Solar."
"Despite the challenging market conditions, we are confident that we are well positioned to expand our market share in 2009. We believe that the project financing environment is improving and will continue to do so as the year progresses, leading to further growth of the solar industry. We are confident that Suntech's reputation as a global solar leader will benefit us as more and more customers realize the value in partnering with a company that offers stability, first class service, industry-leading scale, superior technology, quality and a broad product portfolio," added Dr. Shi.
RECENT BUSINESS HIGHLIGHTS
Silicon Procurement -- Suntech and MEMC Electronic Materials amended their 10-year silicon wafer supply agreement. As amended, the dollar value of silicon wafer purchases from MEMC remains unchanged, but a volume increase and a price reduction for 2009 have been effectuated.
-- Suntech acquired a minority stake in Asia Silicon Co. Ltd, an independent polysilicon producer, for a total cash consideration of approximately $8.1 million. Suntech previously entered into an agreement to purchase up to $1.5 billion high purity polysilicon from Asia Silicon over a seven-year period. Polysilicon cost decreases to less than $40 per kilogram during the term of the agreement.
Notable PV Projects -- Suntech was chosen to design and construct a BIPV system totaling 3MW on the China and Theme Pavilions at the World Expo Shanghai 2010. The project will be the largest BIPV installation in China.
-- Suntech supplied 5MW of Suntech solar panels for the largest solar plant in the Middle East, a 10MW solar electricity system to power Masdar City, the world's first carbon neutral city being built in Abu Dhabi, United Arab Emirates. The solar system is being built and designed by leading Abu Dhabi based solar power system integrator, Enviromena Power Systems.
Product Offering Expansion -- Suntech entered into an exclusive agreement giving Suntech rights related to the worldwide manufacturing, distribution and marketing of Applied Solar's building integrated solar roof tile product, SolarBlend(TM), and roof membrane product, SolarEze(TM). The agreements combine Suntech's industry-leading products with Applied Solar's innovative BIPV applications to provide a more comprehensive set of product offerings to the residential and commercial market.
U.S. Dealer Network -- Suntech continued expanding its dealer network of residential rooftop installers and integrators in the U.S. Currently, Suntech's network includes over 100 dealers, up from 30 at the end of the third quarter of 2008.
Technology -- Suntech has a fully operational 34MW Pluto PV cell line and is in the process of adding another 68MW of Pluto capacity. Suntech expects to receive industry certification for Pluto PV modules in the second quarter of 2009 and targets shipments of more than 50MW of Pluto modules in 2009.
-- The Pluto high efficiency technology consistently achieves conversion efficiencies of close to 17% on multi-crystalline PV cells and close to 19% on mono-crystalline PV cells. Suntech anticipates that the higher conversion efficiencies will improve power output by up to 12% above conventional screen-printed PV cells, enable improved space utilization and reduce installation and other balance of system costs.
Convertible Senior Note Repurchase -- Through December 31, 2008, Suntech repurchased $93.8 million aggregate principal amount of its 0.25% Convertible Senior Notes due 2012 for cash consideration of $61.0 million. As a result, Suntech realized a net gain of approximately $31.1 million.
Capital and Credit Facilities -- Suntech had approximately $2.4 billion of approved credit lines to be used for fixed asset purchase, working capital or trade financing as of December 31, 2008. Of these credit facilities approximately $1.2 billion had been drawn down as of December 31, 2008. Suntech expects that its capital will be sufficient to cover its capital expenditures in 2009 while maintaining adequate working capital to support its operations.
Fourth Quarter 2008 Results
Net Non-GAAP Non-GAAP Revenues Gross Profit Gross Margin
(in $ % of Net (in $ millions) Revenues millions) (%)
Standard PV Modules $382.6 92.3 % $11.4 3.0 % Others $31.8 7.7 % ($7.8) (24.0%) Total Net Revenues $414.4 100 % $3.6 0.9 %
Provision for inventory and purchase commitment $50.7 12.2 % Adjusted Non-GAAP Gross Profit $54.3 13.1 %
Total net revenues for the fourth quarter of 2008 were $414.4 million, a decrease of 30.3% from $594.4 million in the third quarter of 2008. The sequential decrease in revenues was primarily due to a decrease in shipments and the average selling price of PV products.
Non-GAAP gross profit for the fourth quarter of 2008 was $3.6 million, compared to $129.7 million for the third quarter of 2008.
Fourth quarter of 2008 non-GAAP consolidated gross margin was 0.9%, compared to 21.8% in the third quarter of 2008. Gross margin decreased from the third quarter of 2008 primarily due to a sequential decrease in the average selling price of PV products and a provision for inventory and purchase commitments of $50.7 million in total, reflecting the rapid decrease in the silicon and module prices in the fourth quarter. The provision for inventory and purchase commitments had a 12.2% negative impact on margins. Excluding the provision for inventory and purchase commitments, adjusted non- GAAP consolidated gross margin in the fourth quarter was 13.1%, and adjusted non-GAAP net income margin was 2.0%.
Non-GAAP operating expenses in the fourth quarter of 2008 totaled $41.9 million or 10.1% of total net revenues, compared to $37.1 million or 6.2% of total net revenues in the third quarter of 2008. The increase was primarily due to an increase in provisions for doubtful debts and additional compensation expenses attributable to employees at Suntech Energy Solutions, which was acquired during the fourth quarter.
Non-GAAP loss from operations for the fourth quarter of 2008 was $38.2 million, compared to income from operations of $92.6 million in the third quarter of the 2008. Non-GAAP operating margin was negative 9.2% in the fourth quarter of 2008, compared to positive 15.6% in the third quarter of 2008.
Net interest expense was $8.0 million in the fourth quarter of 2008 compared to net interest expense of $7.9 million in the third quarter of 2008.
In January 2009, Suntech adopted Financial Accounting Standards Board Staff Position No. APB 14-1, Accounting for Convertible Debt Instruments that may be Settled in Cash Upon Conversion ("FSP APB 14-1"). The Company is currently assessing the impact of adopting FSP APB 14-1, which the Company believes will be material to its results of operations. FSP APB 14-1 requires that the liability and equity components of convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) be separately accounted for in a manner that reflects an issuer's nonconvertible debt borrowing rate.
Foreign currency exchange loss was $3.2 million in the fourth quarter of 2008, compared to a loss of $16.6 million in the third quarter of 2008. The decrease was primarily due to a revaluation gain from the depreciation of net liabilities denominated in CNY in the fourth quarter of 2008. The exchange gain was largely offset by the revaluation loss resulting from the significant depreciation of net assets denominated in EUR.
Net other expenses increased to $19.7 million in the fourth quarter of 2008 from $3.2 million in the third quarter of 2008. The increase in net other expenses was primarily due to an investment impairment of $48.8 million for Suntech's investments in Hoku and Nitol, which was partially offset by a net gain of $31.1 million from the repurchase of the Convertible Senior Notes at a discount.
Non-GAAP net loss for the fourth quarter of 2008 was $42.4 million, or negative $0.27 per diluted ADS, compared to non-GAAP net income of $60.3 million, or $0.35 per diluted ADS in the third quarter of 2008.
On a GAAP basis, for the fourth quarter of 2008 gross profit was $2.3 million. Consolidated gross margin was 0.6% for the fourth quarter of 2008.
On a GAAP basis, operating expenses for the fourth quarter of 2008 were $46.2 million or 11.1% of total net revenues. Loss from operations was $43.8 million for the fourth quarter of 2008. Net loss for the fourth quarter of 2008 was $65.9 million, or negative $0.42 per diluted ADS.
In the fourth quarter of 2008, capital expenditures, which were primarily related to expanding production capacity and constructing Suntech's production facilities, totaled $109.1 million. Depreciation and amortization expenses totaled $11.6 million.
Cash and cash equivalents increased to $507.8 million as of December 31, 2008 from $394.6 million as of September 20, 2008. The increase was mainly due to the accelerated collection of VAT recoverable and the liquidation of short- term investments. The increase was partially offset by the cash payments for the repurchase of the Convertible Senior Notes and repayment of bank borrowings. As a result of the foregoing, the net debt balance decreased from $1,391.5 million as of September 30, 2008 to $1,117.8 million as of December 31, 2008.
Restricted cash was $70.7 million as of December 31, 2008.
Inventory totaled $231.9 million as of December 31, 2008 compared to $247.9 million as of September 30, 2008. The decrease was primarily caused by the inventory provision.
Value-added tax recoverable totaled $75.7 million as of December 31, 2008, compared to $201.8 million as of September 30, 2008. The decrease was mainly due to the accelerated collection of some value-added tax recoverable in the fourth quarter of 2008.
Full Year 2008 Results
Net Non-GAAP Non-GAAP Revenues Gross Profit Gross Margin
(in $ % of Net (in $ millions) Revenues millions) (%)
Standard $1,785.8 92.8 % $343.8 19.3 % PV Modules Others $137.7 7.2 % $5.7 4.1 % Total Net $1,923.5 100 % $349.5 18.2 % Revenues
Total net revenues for the full year 2008 were $1,923.5 million, representing a 42.7% increase from 2007.
On a non-GAAP basis, the full year 2008 gross profit was $349.5 million, an increase of 22.7% year-over-year. 2008 consolidated gross margin was 18.2% compared to 21.1% in 2007. Income from operations was $205.7 million compared to $215.1 million in 2007. Net income was $149.7 million or $0.89 per diluted ADS, compared to non-GAAP net income of $201.0 million or $1.19 per diluted ADS in the full year 2007.
On a GAAP basis, for the full year 2008 gross profit was $342.9 million, an increase of 25.1% year-over-year. 2008 gross margin was 17.8% compared to 20.3% in 2007. Income from operations was $182.5 million, a decrease of 0.8% year-over-year. Net income was $111.0 million, a decrease of 35.2% year-over- year, or $0.66 per diluted ADS, compared to net income of $171.3 million or $1.02 per diluted ADS in the full year 2007.
In the full year 2008, capital expenditures, which were primarily related to expanding production capacity and constructing Suntech's production facilities, totaled $347.9 million. Depreciation and amortization expenses totaled $39.3 million.
Business Outlook
Based on current operating conditions, Suntech expects revenues for the first quarter of 2009 to be in the range of $340 million to $380 million, assuming an exchange rate of $1.28 U.S. dollars to the Euro in the first quarter 2009. GAAP consolidated gross margin in the first quarter of 2009 is expected to be in the range of 12% to 15%.
Suntech expects full-year 2009 shipments of more than 800MW. Suntech intends to hold PV cell production capacity at 1GW in 2009 until credit market visibility improves. Suntech expects capital expenditures of approximately $100 million in 2009. The majority of 2009 capital expenditures will be utilized to retrofit existing production capacity to the high efficiency Pluto technology and the completion of the thin film facility.
Fourth Quarter and Full Year 2008 Conference Call Information
Suntech management will host a conference call today, Wednesday, February 18, 2009 at 8:00 a.m. Eastern Time (which corresponds to 9:00 p.m. Beijing/Hong Kong time and 1:00 p.m. Greenwich Mean Time on February 18, 2009) to discuss the Company's results.
To access the conference call, please dial +1-617-786-2963 (for U.S. callers) or +852-3002-1672 (for international callers) and ask to be connected to the Suntech earnings conference call. A live and archived webcast of the conference call will be available on Suntech's website at http://www.suntech-power.com under Investor Center: Financial Events.
A telephonic replay of the conference call will be available until March 4, 2009 by dialing +1-617-801-6888 (passcode: 58672451).
About Suntech
Suntech Power Holdings Co., Ltd. (NYSE: STP) is the world's leading solar energy company as measured by production output of solar modules. Suntech designs, develops, manufactures, and markets premium-quality, high-output, cost-effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's patent-pending Pluto technology for crystalline silicon solar cells improves power output by up to 12% compared to conventional production methods.
Suntech also offers one of the broadest ranges of building-integrated solar products under the MSK Solar Design Line(TM). Suntech designs and delivers commercial and utility scale solar power systems through its wholly owned subsidiaries Suntech Energy Solutions and Suntech Energy Engineering and will own and operate projects greater than 10 megawatts in the United States through Gemini Solar Development Company, a joint venture with MMA Renewable Ventures. With regional headquarters in China, Switzerland and San Francisco and sales offices worldwide, Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. For more information, please visit http://www.suntech-power.com .
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements, and includes our ability to grow in the United States and in the utility scale segment, our ability to expand our market share in 2009, whether the project financing environment will improve in 2009, our ability to receive industry certification of Pluto and total shipment of Pluto modules 2009, our ability to repurchase or refinance the convertible senior notes, estimated Q1 2009 revenue and gross margin, and estimated full year 2009 shipments and capital expenditures. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward- looking statements. Further information regarding these and other risks is included in Suntech's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Suntech does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
financial tables and full release visit http://www.suntech-power.com .
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SAN FRANCISCO and WUXI, China, Feb. 18 2009- Suntech Power Holdings Co., Ltd. (NYSE: STP), the world's largest photovoltaic (PV) module manufacturer, today announced financial results for the fourth quarter and full year ended December 31, 2008.
Fourth Quarter 2008 Financial Highlights(1)
-- Total net revenues grew 4.2% year-over-year to $414.4 million.
-- GAAP gross margin was 0.6% and non-GAAP(2) gross margin was 0.9%. Excluding the provision for inventory and purchase commitments, adjusted non-GAAP consolidated gross margin in the fourth quarter was 13.1%.
-- GAAP net loss was $65.9 million, or negative $0.42 per diluted American Depository Share (ADS). On a non-GAAP basis, Suntech's net loss was $42.4 million, or negative $0.27 per diluted ADS. Each ADS represents one ordinary share.
-- Net debt decreased by $273.7 million to $1,117.8 million as of December 31, 2008.
Full Year 2008 Financial Highlights(1)
-- Total net revenues grew 42.7% year-over-year to $1,923.5 million.
-- Full year 2008 total shipments of solar products grew 36.0% year-over-year to 497.5 MW.
-- GAAP gross margin was 17.8% and non-GAAP(2) gross margin was 18.2%.
-- GAAP net income for the full year was $111.0 million or $0.66 per ADS. On a non-GAAP basis, Suntech's net income for the full year was $149.7 million or $0.89 per diluted ADS.
-- Achieved 1GW solar cell and module production capacity."Customer recognition of Suntech's high performance and premium quality modules enabled us to deliver close to 500MW in the full year 2008 and extend our position as a world leader in solar," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "During 2008, we bolstered our on-the-ground customer service and support capability by opening branches in key markets and hiring experienced solar professionals, achieved 1GW production capacity, and demonstrated our strength in solar innovation with the successful commercialization of our Pluto technology."
"We believe that we are now in a position to service all avenues of solar demand globally, including residential roof-top, commercial roof-top, ground mounted and utility scale. In particular, our continued investment in the U.S. should position us for strong growth in that key market and its burgeoning utility-scale segment via our systems integration unit, Suntech Energy Solutions, and our project development joint venture, Gemini Solar."
"Despite the challenging market conditions, we are confident that we are well positioned to expand our market share in 2009. We believe that the project financing environment is improving and will continue to do so as the year progresses, leading to further growth of the solar industry. We are confident that Suntech's reputation as a global solar leader will benefit us as more and more customers realize the value in partnering with a company that offers stability, first class service, industry-leading scale, superior technology, quality and a broad product portfolio," added Dr. Shi.
RECENT BUSINESS HIGHLIGHTS
Silicon Procurement -- Suntech and MEMC Electronic Materials amended their 10-year silicon wafer supply agreement. As amended, the dollar value of silicon wafer purchases from MEMC remains unchanged, but a volume increase and a price reduction for 2009 have been effectuated.
-- Suntech acquired a minority stake in Asia Silicon Co. Ltd, an independent polysilicon producer, for a total cash consideration of approximately $8.1 million. Suntech previously entered into an agreement to purchase up to $1.5 billion high purity polysilicon from Asia Silicon over a seven-year period. Polysilicon cost decreases to less than $40 per kilogram during the term of the agreement.
Notable PV Projects -- Suntech was chosen to design and construct a BIPV system totaling 3MW on the China and Theme Pavilions at the World Expo Shanghai 2010. The project will be the largest BIPV installation in China.
-- Suntech supplied 5MW of Suntech solar panels for the largest solar plant in the Middle East, a 10MW solar electricity system to power Masdar City, the world's first carbon neutral city being built in Abu Dhabi, United Arab Emirates. The solar system is being built and designed by leading Abu Dhabi based solar power system integrator, Enviromena Power Systems.
Product Offering Expansion -- Suntech entered into an exclusive agreement giving Suntech rights related to the worldwide manufacturing, distribution and marketing of Applied Solar's building integrated solar roof tile product, SolarBlend(TM), and roof membrane product, SolarEze(TM). The agreements combine Suntech's industry-leading products with Applied Solar's innovative BIPV applications to provide a more comprehensive set of product offerings to the residential and commercial market.
U.S. Dealer Network -- Suntech continued expanding its dealer network of residential rooftop installers and integrators in the U.S. Currently, Suntech's network includes over 100 dealers, up from 30 at the end of the third quarter of 2008.
Technology -- Suntech has a fully operational 34MW Pluto PV cell line and is in the process of adding another 68MW of Pluto capacity. Suntech expects to receive industry certification for Pluto PV modules in the second quarter of 2009 and targets shipments of more than 50MW of Pluto modules in 2009.
-- The Pluto high efficiency technology consistently achieves conversion efficiencies of close to 17% on multi-crystalline PV cells and close to 19% on mono-crystalline PV cells. Suntech anticipates that the higher conversion efficiencies will improve power output by up to 12% above conventional screen-printed PV cells, enable improved space utilization and reduce installation and other balance of system costs.
Convertible Senior Note Repurchase -- Through December 31, 2008, Suntech repurchased $93.8 million aggregate principal amount of its 0.25% Convertible Senior Notes due 2012 for cash consideration of $61.0 million. As a result, Suntech realized a net gain of approximately $31.1 million.
Capital and Credit Facilities -- Suntech had approximately $2.4 billion of approved credit lines to be used for fixed asset purchase, working capital or trade financing as of December 31, 2008. Of these credit facilities approximately $1.2 billion had been drawn down as of December 31, 2008. Suntech expects that its capital will be sufficient to cover its capital expenditures in 2009 while maintaining adequate working capital to support its operations.
Fourth Quarter 2008 Results
Net Non-GAAP Non-GAAP Revenues Gross Profit Gross Margin
(in $ % of Net (in $ millions) Revenues millions) (%)
Standard PV Modules $382.6 92.3 % $11.4 3.0 % Others $31.8 7.7 % ($7.8) (24.0%) Total Net Revenues $414.4 100 % $3.6 0.9 %
Provision for inventory and purchase commitment $50.7 12.2 % Adjusted Non-GAAP Gross Profit $54.3 13.1 %
Total net revenues for the fourth quarter of 2008 were $414.4 million, a decrease of 30.3% from $594.4 million in the third quarter of 2008. The sequential decrease in revenues was primarily due to a decrease in shipments and the average selling price of PV products.
Non-GAAP gross profit for the fourth quarter of 2008 was $3.6 million, compared to $129.7 million for the third quarter of 2008.
Fourth quarter of 2008 non-GAAP consolidated gross margin was 0.9%, compared to 21.8% in the third quarter of 2008. Gross margin decreased from the third quarter of 2008 primarily due to a sequential decrease in the average selling price of PV products and a provision for inventory and purchase commitments of $50.7 million in total, reflecting the rapid decrease in the silicon and module prices in the fourth quarter. The provision for inventory and purchase commitments had a 12.2% negative impact on margins. Excluding the provision for inventory and purchase commitments, adjusted non- GAAP consolidated gross margin in the fourth quarter was 13.1%, and adjusted non-GAAP net income margin was 2.0%.
Non-GAAP operating expenses in the fourth quarter of 2008 totaled $41.9 million or 10.1% of total net revenues, compared to $37.1 million or 6.2% of total net revenues in the third quarter of 2008. The increase was primarily due to an increase in provisions for doubtful debts and additional compensation expenses attributable to employees at Suntech Energy Solutions, which was acquired during the fourth quarter.
Non-GAAP loss from operations for the fourth quarter of 2008 was $38.2 million, compared to income from operations of $92.6 million in the third quarter of the 2008. Non-GAAP operating margin was negative 9.2% in the fourth quarter of 2008, compared to positive 15.6% in the third quarter of 2008.
Net interest expense was $8.0 million in the fourth quarter of 2008 compared to net interest expense of $7.9 million in the third quarter of 2008.
In January 2009, Suntech adopted Financial Accounting Standards Board Staff Position No. APB 14-1, Accounting for Convertible Debt Instruments that may be Settled in Cash Upon Conversion ("FSP APB 14-1"). The Company is currently assessing the impact of adopting FSP APB 14-1, which the Company believes will be material to its results of operations. FSP APB 14-1 requires that the liability and equity components of convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) be separately accounted for in a manner that reflects an issuer's nonconvertible debt borrowing rate.
Foreign currency exchange loss was $3.2 million in the fourth quarter of 2008, compared to a loss of $16.6 million in the third quarter of 2008. The decrease was primarily due to a revaluation gain from the depreciation of net liabilities denominated in CNY in the fourth quarter of 2008. The exchange gain was largely offset by the revaluation loss resulting from the significant depreciation of net assets denominated in EUR.
Net other expenses increased to $19.7 million in the fourth quarter of 2008 from $3.2 million in the third quarter of 2008. The increase in net other expenses was primarily due to an investment impairment of $48.8 million for Suntech's investments in Hoku and Nitol, which was partially offset by a net gain of $31.1 million from the repurchase of the Convertible Senior Notes at a discount.
Non-GAAP net loss for the fourth quarter of 2008 was $42.4 million, or negative $0.27 per diluted ADS, compared to non-GAAP net income of $60.3 million, or $0.35 per diluted ADS in the third quarter of 2008.
On a GAAP basis, for the fourth quarter of 2008 gross profit was $2.3 million. Consolidated gross margin was 0.6% for the fourth quarter of 2008.
On a GAAP basis, operating expenses for the fourth quarter of 2008 were $46.2 million or 11.1% of total net revenues. Loss from operations was $43.8 million for the fourth quarter of 2008. Net loss for the fourth quarter of 2008 was $65.9 million, or negative $0.42 per diluted ADS.
In the fourth quarter of 2008, capital expenditures, which were primarily related to expanding production capacity and constructing Suntech's production facilities, totaled $109.1 million. Depreciation and amortization expenses totaled $11.6 million.
Cash and cash equivalents increased to $507.8 million as of December 31, 2008 from $394.6 million as of September 20, 2008. The increase was mainly due to the accelerated collection of VAT recoverable and the liquidation of short- term investments. The increase was partially offset by the cash payments for the repurchase of the Convertible Senior Notes and repayment of bank borrowings. As a result of the foregoing, the net debt balance decreased from $1,391.5 million as of September 30, 2008 to $1,117.8 million as of December 31, 2008.
Restricted cash was $70.7 million as of December 31, 2008.
Inventory totaled $231.9 million as of December 31, 2008 compared to $247.9 million as of September 30, 2008. The decrease was primarily caused by the inventory provision.
Value-added tax recoverable totaled $75.7 million as of December 31, 2008, compared to $201.8 million as of September 30, 2008. The decrease was mainly due to the accelerated collection of some value-added tax recoverable in the fourth quarter of 2008.
Full Year 2008 Results
Net Non-GAAP Non-GAAP Revenues Gross Profit Gross Margin
(in $ % of Net (in $ millions) Revenues millions) (%)
Standard $1,785.8 92.8 % $343.8 19.3 % PV Modules Others $137.7 7.2 % $5.7 4.1 % Total Net $1,923.5 100 % $349.5 18.2 % Revenues
Total net revenues for the full year 2008 were $1,923.5 million, representing a 42.7% increase from 2007.
On a non-GAAP basis, the full year 2008 gross profit was $349.5 million, an increase of 22.7% year-over-year. 2008 consolidated gross margin was 18.2% compared to 21.1% in 2007. Income from operations was $205.7 million compared to $215.1 million in 2007. Net income was $149.7 million or $0.89 per diluted ADS, compared to non-GAAP net income of $201.0 million or $1.19 per diluted ADS in the full year 2007.
On a GAAP basis, for the full year 2008 gross profit was $342.9 million, an increase of 25.1% year-over-year. 2008 gross margin was 17.8% compared to 20.3% in 2007. Income from operations was $182.5 million, a decrease of 0.8% year-over-year. Net income was $111.0 million, a decrease of 35.2% year-over- year, or $0.66 per diluted ADS, compared to net income of $171.3 million or $1.02 per diluted ADS in the full year 2007.
In the full year 2008, capital expenditures, which were primarily related to expanding production capacity and constructing Suntech's production facilities, totaled $347.9 million. Depreciation and amortization expenses totaled $39.3 million.
Business Outlook
Based on current operating conditions, Suntech expects revenues for the first quarter of 2009 to be in the range of $340 million to $380 million, assuming an exchange rate of $1.28 U.S. dollars to the Euro in the first quarter 2009. GAAP consolidated gross margin in the first quarter of 2009 is expected to be in the range of 12% to 15%.
Suntech expects full-year 2009 shipments of more than 800MW. Suntech intends to hold PV cell production capacity at 1GW in 2009 until credit market visibility improves. Suntech expects capital expenditures of approximately $100 million in 2009. The majority of 2009 capital expenditures will be utilized to retrofit existing production capacity to the high efficiency Pluto technology and the completion of the thin film facility.
Fourth Quarter and Full Year 2008 Conference Call Information
Suntech management will host a conference call today, Wednesday, February 18, 2009 at 8:00 a.m. Eastern Time (which corresponds to 9:00 p.m. Beijing/Hong Kong time and 1:00 p.m. Greenwich Mean Time on February 18, 2009) to discuss the Company's results.
To access the conference call, please dial +1-617-786-2963 (for U.S. callers) or +852-3002-1672 (for international callers) and ask to be connected to the Suntech earnings conference call. A live and archived webcast of the conference call will be available on Suntech's website at http://www.suntech-power.com under Investor Center: Financial Events.
A telephonic replay of the conference call will be available until March 4, 2009 by dialing +1-617-801-6888 (passcode: 58672451).
About Suntech
Suntech Power Holdings Co., Ltd. (NYSE: STP) is the world's leading solar energy company as measured by production output of solar modules. Suntech designs, develops, manufactures, and markets premium-quality, high-output, cost-effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's patent-pending Pluto technology for crystalline silicon solar cells improves power output by up to 12% compared to conventional production methods.
Suntech also offers one of the broadest ranges of building-integrated solar products under the MSK Solar Design Line(TM). Suntech designs and delivers commercial and utility scale solar power systems through its wholly owned subsidiaries Suntech Energy Solutions and Suntech Energy Engineering and will own and operate projects greater than 10 megawatts in the United States through Gemini Solar Development Company, a joint venture with MMA Renewable Ventures. With regional headquarters in China, Switzerland and San Francisco and sales offices worldwide, Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. For more information, please visit http://www.suntech-power.com .
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements, and includes our ability to grow in the United States and in the utility scale segment, our ability to expand our market share in 2009, whether the project financing environment will improve in 2009, our ability to receive industry certification of Pluto and total shipment of Pluto modules 2009, our ability to repurchase or refinance the convertible senior notes, estimated Q1 2009 revenue and gross margin, and estimated full year 2009 shipments and capital expenditures. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward- looking statements. Further information regarding these and other risks is included in Suntech's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Suntech does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
financial tables and full release visit http://www.suntech-power.com .
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Monday, February 16, 2009
Investorideas.com Green Investor Content of Green Investor Audio Series, Renewable Energy Stocks Directory adds New Green Jobs Listings
Investorideas.com Green Investor Content of Green Investor Audio Series, Renewable Energy Stocks Directory adds New Green Jobs Listings
POINT ROBERTS, Wash. February 16, 2008 - www.InvestorIdeas.com, one of the first online investor resources providing in-depth information on renewable energy, greentech and water, has added a new section for the global green investment community for “Green Jobs”.
Resumes can be posted on request for no charge and companies can publish job and career listings for a fee.
Green Jobs at Investor Ideas - http://www.investorideas.com/Jobs/
The Green Investor Audio series, hosted by well- known financial columnist Michael Brush, who also writes the Insiders Corner for Investorideas.com, is a series of audio interviews/Podcasts with some of the leading CEO's, investment banking and industry leaders in the sector.
Investorideas.com Green Investor Audio Series
http://www.investorideas.com/gi/
Michael Brush writes a weekly market column for MSN Money. Mr. Brush has also covered business and investing for the New York Times, Money magazine and the Economist Group.
Michael also writes the Insiders Corner Exclusively for Investorideas.com.
About Our Green Investor Portals:
www.RenewableEnergyStocks.com is one of several green investor portals within Investorideas.com and provides investors with stock news, exclusive articles and financial columnists, audio interviews, investor conferences and a directory of stocks within the renewable energy sector.
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The Global Green Marketplace at Investorideas.com – a meeting place for investors and business in cleantech: http://www.investorideas.com/marketplace/.
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Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising. www.InvestorIdeas.com/About/Disclaimer.asp
For Additional Information:
Dawn Van Zant: 800-665-0411 - dvanzant@investorideas.com
Source – Investorideas.com
POINT ROBERTS, Wash. February 16, 2008 - www.InvestorIdeas.com, one of the first online investor resources providing in-depth information on renewable energy, greentech and water, has added a new section for the global green investment community for “Green Jobs”.
Resumes can be posted on request for no charge and companies can publish job and career listings for a fee.
Green Jobs at Investor Ideas - http://www.investorideas.com/Jobs/
The Green Investor Audio series, hosted by well- known financial columnist Michael Brush, who also writes the Insiders Corner for Investorideas.com, is a series of audio interviews/Podcasts with some of the leading CEO's, investment banking and industry leaders in the sector.
Investorideas.com Green Investor Audio Series
http://www.investorideas.com/gi/
Michael Brush writes a weekly market column for MSN Money. Mr. Brush has also covered business and investing for the New York Times, Money magazine and the Economist Group.
Michael also writes the Insiders Corner Exclusively for Investorideas.com.
About Our Green Investor Portals:
www.RenewableEnergyStocks.com is one of several green investor portals within Investorideas.com and provides investors with stock news, exclusive articles and financial columnists, audio interviews, investor conferences and a directory of stocks within the renewable energy sector.
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Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising. www.InvestorIdeas.com/About/Disclaimer.asp
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Sunday, February 15, 2009
Market and Solar Stocks Outlook for 2009
Market and Solar Stocks Outlook for 2009
Feb 15, 2009Renewable and Solar Energy Perspectives with J. Peter Lynchhttp://www.renewableenergystocks.com/PL/Exclusively for InvestorIdeas.com and Renewableenergystocks.com
One of the most disconcerting things facing investors in 2008 was the “crazy” market and the violent swings BOTH ways that seemed to go on throughout the year. With that in mind I decided to do some research on where 2008 stood in annals of stock market history.
A Little History on the broad Stock Market
As most everyone knows 2008 was certainly one of the worst years in history for the stock market in general. In fact, the Dow Jones was down 31.1% for the year, which ranks as the 6th worst year in history. I always find it informative and interesting look at history to give me a broader perspective when such a significant event occurs.
full article - http://www.renewableenergystocks.com/PL/news/021509a.asp
Feb 15, 2009Renewable and Solar Energy Perspectives with J. Peter Lynchhttp://www.renewableenergystocks.com/PL/Exclusively for InvestorIdeas.com and Renewableenergystocks.com
One of the most disconcerting things facing investors in 2008 was the “crazy” market and the violent swings BOTH ways that seemed to go on throughout the year. With that in mind I decided to do some research on where 2008 stood in annals of stock market history.
A Little History on the broad Stock Market
As most everyone knows 2008 was certainly one of the worst years in history for the stock market in general. In fact, the Dow Jones was down 31.1% for the year, which ranks as the 6th worst year in history. I always find it informative and interesting look at history to give me a broader perspective when such a significant event occurs.
full article - http://www.renewableenergystocks.com/PL/news/021509a.asp
Saturday, February 14, 2009
Green IPO Watch at Renewableenergystocks.com; Changing World Technologies IPO Postponed
Green IPO Watch at Renewableenergystocks.com; Changing World Technologies IPO Postponed
POINT ROBERTS, WA and DELTA, BC— Feb 14, 2009 - www.RenewableEnergyStocks.com,
a leading investor news and research portal for the renewable energy sector within Investorideas.com,
reports the Changing World Technologies IPO of 2, 750,000 shares has been postponed due to market conditions. The stock had been assigned trading symbol ( CWL )on the NYSE Alternext.
About Changing World Technologies:
Changing World Technologies, Inc. sells renewable diesel fuel oil and organic fertilizers which it produces from animal and food processing waste using its proprietary Thermal Conversion Process (“TCP”). TCP can convert a broad range of organic wastes (“feedstock”), including animal and food processing waste, trap and low-value greases, mixed plastics, rubber and foam, into CWT’s products. TCP emulates the earth’s natural geological and geothermal processes that transform organic material into fuels through the application of water, heat and pressure in various stages.
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Investing in Renewable Energy Stocks and Water Stocks
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Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising. Disclosure:
www.InvestorIdeas.com/About/Disclaimer.asp
For more information contact:
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POINT ROBERTS, WA and DELTA, BC— Feb 14, 2009 - www.RenewableEnergyStocks.com,
a leading investor news and research portal for the renewable energy sector within Investorideas.com,
reports the Changing World Technologies IPO of 2, 750,000 shares has been postponed due to market conditions. The stock had been assigned trading symbol ( CWL )on the NYSE Alternext.
About Changing World Technologies:
Changing World Technologies, Inc. sells renewable diesel fuel oil and organic fertilizers which it produces from animal and food processing waste using its proprietary Thermal Conversion Process (“TCP”). TCP can convert a broad range of organic wastes (“feedstock”), including animal and food processing waste, trap and low-value greases, mixed plastics, rubber and foam, into CWT’s products. TCP emulates the earth’s natural geological and geothermal processes that transform organic material into fuels through the application of water, heat and pressure in various stages.
Subscribe to the Green IPO Watch News Feed: http://www.investorideas.com/RSS/feeds/GreenIPO.xml
About Our Green Investor Portals:
www.RenewableEnergyStocks.com® is one of several green investor portals within Investorideas.com and provides investors with stock news, exclusive articles and financial columnists, audio interviews, investor conferences and a directory of stocks within the renewable energy sector.
Renewable Energy and GreenTech Business and Stock News at Investorideas.com
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Publish green business and financial news:
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About InvestorIdeas.com:
Investor Ideas was one of the first online investor resources providing in-depth information on renewable energy, greentech and water sectors. InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering over thirty industry sectors and global markets including China, India, Middle East and Australia.
Investing in Renewable Energy Stocks and Water Stocks
Become an Investorideas.com Member
Gain Exclusive Insight on Leading Sectors, Global Trends, and Insider Trading Ideas, News, Articles and Investor Ideas Members only Restricted Content including the complete renewable energy stocks and water stocks directory .Learn more: - click here http://www.investorideas.com/membership/
Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising. Disclosure:
www.InvestorIdeas.com/About/Disclaimer.asp
For more information contact:
Dawn Van Zant 800.665.0411
Email: dvanzant@investorideas.com
Friday, February 13, 2009
Investor Ideas Green Stocks Market Movers February 13, 2009
Investor Ideas Green Stocks Market Movers February 13, 2009
POINT ROBERTS, Wash., Delta B.C., February 13, 2009 - www.InvestorIdeas.com, a leading investor research resource reports on market movers for February 13, 2009. With overall markets volatile and down for the day Green stock gainers included :
Mantra Venture Group Ltd. (OTCBB: MVTG, FSE: 5MV)
IX Energy Holdings, Inc. (OTC BB: IXEH)
CECO Environmental Corp. (NasdaqGM: CECE),
UQM TECHNOLOGIES, INC. (NYSE Alternext US: UQM)
First Solar, Inc. (NasdaqGS: FSLR),
Energy Conversion Devices, Inc. (NasdaqGS: ENER)
Sustainable Energy Technologies Ltd. (TSX VENTURE:STG)
NASDAQ gainers overall included Deltek, Inc.(NasdaqGS: PROJ), BigBand Networks, Inc.(NasdaqGM: BBND), MidWestOne Financial Group, Inc(NasdaqGS: MOFG) and Coinstar, Inc.(NasdaqGS: CSTR).
Renewable Energy Stocks Directory -
With markets and investor sentiment changing daily- it is more important than ever to stay on top of key trends! Gain Exclusive Insight on Leading Sectors, Global Trends, and Insider Trading Ideas, News, Articles and Investor Ideas Members only Stock Directories: renewable energy stocks, water stocks, biotech stocks, defense stocks.
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Investorideas.com Green Investor Audio Series
http://www.investorideas.com/gi/
About Our Green Investor Portals:
www.RenewableEnergyStocks.com is one of several green investor portals within Investorideas.com and provides investors with stock news, exclusive articles and financial columnists, audio interviews, investor conferences and a directory of stocks within the renewable energy sector.
Renewable Energy and GreenTech Business and Stock News RSS Feed:
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Subscribe to Free Newsletter and Green News Alerts:
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Invest Ideas is one of the first online investor resources providing in-depth information on renewable energy, greentech and water sectors. InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering over thirty industry sectors and global markets including China, India, Middle East and Australia.
Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising. www.InvestorIdeas.com/About/Disclaimer.asp
MVTG: http://www.investorideas.com/About/News/Clientspecifics.asp
For Additional Information:
Dawn Van Zant: 800-665-0411 - dvanzant@investorideas.com
Source – Investorideas.com
POINT ROBERTS, Wash., Delta B.C., February 13, 2009 - www.InvestorIdeas.com, a leading investor research resource reports on market movers for February 13, 2009. With overall markets volatile and down for the day Green stock gainers included :
Mantra Venture Group Ltd. (OTCBB: MVTG, FSE: 5MV)
IX Energy Holdings, Inc. (OTC BB: IXEH)
CECO Environmental Corp. (NasdaqGM: CECE),
UQM TECHNOLOGIES, INC. (NYSE Alternext US: UQM)
First Solar, Inc. (NasdaqGS: FSLR),
Energy Conversion Devices, Inc. (NasdaqGS: ENER)
Sustainable Energy Technologies Ltd. (TSX VENTURE:STG)
NASDAQ gainers overall included Deltek, Inc.(NasdaqGS: PROJ), BigBand Networks, Inc.(NasdaqGM: BBND), MidWestOne Financial Group, Inc(NasdaqGS: MOFG) and Coinstar, Inc.(NasdaqGS: CSTR).
Renewable Energy Stocks Directory -
With markets and investor sentiment changing daily- it is more important than ever to stay on top of key trends! Gain Exclusive Insight on Leading Sectors, Global Trends, and Insider Trading Ideas, News, Articles and Investor Ideas Members only Stock Directories: renewable energy stocks, water stocks, biotech stocks, defense stocks.
Become an InvestorIdeas.com -Learn more: http://www.investorideas.com/membership/
Investorideas.com Green Investor Audio Series
http://www.investorideas.com/gi/
About Our Green Investor Portals:
www.RenewableEnergyStocks.com is one of several green investor portals within Investorideas.com and provides investors with stock news, exclusive articles and financial columnists, audio interviews, investor conferences and a directory of stocks within the renewable energy sector.
Renewable Energy and GreenTech Business and Stock News RSS Feed:
http://www.investorideas.com/RSS/feeds/RES.xml
Subscribe to Free Newsletter and Green News Alerts:
http://www.investorideas.com/Resources/Newsletter.asp
About InvestorIdeas.com:
Invest Ideas is one of the first online investor resources providing in-depth information on renewable energy, greentech and water sectors. InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering over thirty industry sectors and global markets including China, India, Middle East and Australia.
Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising. www.InvestorIdeas.com/About/Disclaimer.asp
MVTG: http://www.investorideas.com/About/News/Clientspecifics.asp
For Additional Information:
Dawn Van Zant: 800-665-0411 - dvanzant@investorideas.com
Source – Investorideas.com
Wednesday, February 11, 2009
Green IPO Watch at Renewableenergystocks.com; Open IPO for Changing World Technologies
Green IPO Watch at Renewableenergystocks.com; Open IPO for Changing World Technologies
POINT ROBERTS, WA and DELTA, BC— Feb 11, 2009 - www.RenewableEnergyStocks.com,
a leading investor news and research portal for the renewable energy sector within Investorideas.com,
reports on Changing World Technologies Open IPO of 2, 750,000 shares.
The offering is an Open IPO Auction. The company will be traded on NYSE Alternext, symbol CWL.
The lead manager is WR Hambrecht with co-manager ThinkEquity LLC. The shares will be priced between $8.00- $12.00, with pricing Thurs, Feb 12, 2009.
Prospectus link- http://www.wrhambrecht.com/ind/auctions/openipo/cwl/cwl_prospectus.pdf
More info- http://www.wrhambrecht.com/ind/auctions/openipo/cwl/index.html
About Changing World Technologies:
Changing World Technologies, Inc. sells renewable diesel fuel oil and organic fertilizers which it produces from animal and food processing waste using its proprietary Thermal Conversion Process (“TCP”). TCP can convert a broad range of organic wastes (“feedstock”), including animal and food processing waste, trap and low-value greases, mixed plastics, rubber and foam, into CWT’s products. TCP emulates the earth’s natural geological and geothermal processes that transform organic material into fuels through the application of water, heat and pressure in various stages.
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Investing in Renewable Energy Stocks and Water Stocks
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Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising. Disclosure:
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For more information contact:
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Email: dvanzant@investorideas.com
POINT ROBERTS, WA and DELTA, BC— Feb 11, 2009 - www.RenewableEnergyStocks.com,
a leading investor news and research portal for the renewable energy sector within Investorideas.com,
reports on Changing World Technologies Open IPO of 2, 750,000 shares.
The offering is an Open IPO Auction. The company will be traded on NYSE Alternext, symbol CWL.
The lead manager is WR Hambrecht with co-manager ThinkEquity LLC. The shares will be priced between $8.00- $12.00, with pricing Thurs, Feb 12, 2009.
Prospectus link- http://www.wrhambrecht.com/ind/auctions/openipo/cwl/cwl_prospectus.pdf
More info- http://www.wrhambrecht.com/ind/auctions/openipo/cwl/index.html
About Changing World Technologies:
Changing World Technologies, Inc. sells renewable diesel fuel oil and organic fertilizers which it produces from animal and food processing waste using its proprietary Thermal Conversion Process (“TCP”). TCP can convert a broad range of organic wastes (“feedstock”), including animal and food processing waste, trap and low-value greases, mixed plastics, rubber and foam, into CWT’s products. TCP emulates the earth’s natural geological and geothermal processes that transform organic material into fuels through the application of water, heat and pressure in various stages.
Subscribe to the Green IPO Watch News Feed: http://www.investorideas.com/RSS/feeds/GreenIPO.xml
About Our Green Investor Portals:
www.RenewableEnergyStocks.com® is one of several green investor portals within Investorideas.com and provides investors with stock news, exclusive articles and financial columnists, audio interviews, investor conferences and a directory of stocks within the renewable energy sector.
Renewable Energy and GreenTech Business and Stock News at Investorideas.com
http://www.investorideas.com/RSS/feeds/RES.xml
Publish green business and financial news:
http://www1.investorideas.com/NewsUploader/Default.aspx
About InvestorIdeas.com:
Investor Ideas was one of the first online investor resources providing in-depth information on renewable energy, greentech and water sectors. InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering over thirty industry sectors and global markets including China, India, Middle East and Australia.
Investing in Renewable Energy Stocks and Water Stocks
Become an Investorideas.com Member
Gain Exclusive Insight on Leading Sectors, Global Trends, and Insider Trading Ideas, News, Articles and Investor Ideas Members only Restricted Content including the complete renewable energy stocks and water stocks directory .Learn more: - click here http://www.investorideas.com/membership/
Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising. Disclosure:
www.InvestorIdeas.com/About/Disclaimer.asp
For more information contact:
Dawn Van Zant 800.665.0411
Email: dvanzant@investorideas.com
Monday, February 09, 2009
SSLR: $100 Billion Energy Stimulus Thrusts Alternative Energy to the Top
SSLR: $100 Billion Energy Stimulus Thrusts Alternative Energy to the Top
SAN ANTONIO----Sunrise Solar Corp. (OTCBB:SSLR). The U.S. government is set to spend nearly $100 billion to push America’s energy industry toward solar and other clean energy sources as part of its energy stimulus. The nearly $800 billion stimulus bill, working its way through the House and Senate, contains tax incentives for solar installation as well as incentives for job creation in solar energy companies.
The combination of this two prong stimulus for solar is expected to make solar a strong growth sector in the next two years as businesses and homeowners take advantage of these tax incentives. The current proposal includes incentives for manufactures as well as a 30% tax credit for solar energy installation. The current cap on this tax credit would be removed under the current proposal.
“We are excited to see the push to drive investment in solar energy at the top of American agenda,” noted Eddie Austin, Chairman and CEO of Sunrise Solar Corp. “Experts expect this to stimulate rapid growth in solar power as consumers and businesses see these grants and tax credits as a great opportunity to go green on a budget.”
Rep. Mike Thompson, of Montana, stated, “The solar energy tax provisions I authored will make it easier for businesses and homeowners to have solar panels installed. This has the twin benefits of creating green jobs while at the same time reducing our dependence on foreign oil.”
With groups like SunPower (NASDAQ:SPWRA) building a new 25-megawatt plant for Florida Power & Light Company and San Francisco’s Pacific Gas & Electric (NYSE:PCG) which has announced plans to add 106.8 MW of solar thermal-biofuel hybrid power to its renewable energy portfolio, solar is moving into the mainstream of America’s energy equation.
About Sunrise Solar Corporation
Sunrise Solar Corporation intends to commercialize and distribute cutting edge alternative solar energy technologies and equipment. Sunrise also intends to capitalize on its institutional knowledge of emerging alternative energy technologies to develop comprehensive alternative energy plans. Sunrise Solar common stock is traded under the symbol SSLR. For more information please visit http://www.sunrisesolarcorp.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
Contacts Sunrise Solar CorporationEddie Austin, 210-881-0850
Published at The Investorideas.com Renewable Energy and GreenTech Business and Stock News RSS Feed: Subscribe : http://www.investorideas.com/RSS/feeds/RES.xml
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SAN ANTONIO----Sunrise Solar Corp. (OTCBB:SSLR). The U.S. government is set to spend nearly $100 billion to push America’s energy industry toward solar and other clean energy sources as part of its energy stimulus. The nearly $800 billion stimulus bill, working its way through the House and Senate, contains tax incentives for solar installation as well as incentives for job creation in solar energy companies.
The combination of this two prong stimulus for solar is expected to make solar a strong growth sector in the next two years as businesses and homeowners take advantage of these tax incentives. The current proposal includes incentives for manufactures as well as a 30% tax credit for solar energy installation. The current cap on this tax credit would be removed under the current proposal.
“We are excited to see the push to drive investment in solar energy at the top of American agenda,” noted Eddie Austin, Chairman and CEO of Sunrise Solar Corp. “Experts expect this to stimulate rapid growth in solar power as consumers and businesses see these grants and tax credits as a great opportunity to go green on a budget.”
Rep. Mike Thompson, of Montana, stated, “The solar energy tax provisions I authored will make it easier for businesses and homeowners to have solar panels installed. This has the twin benefits of creating green jobs while at the same time reducing our dependence on foreign oil.”
With groups like SunPower (NASDAQ:SPWRA) building a new 25-megawatt plant for Florida Power & Light Company and San Francisco’s Pacific Gas & Electric (NYSE:PCG) which has announced plans to add 106.8 MW of solar thermal-biofuel hybrid power to its renewable energy portfolio, solar is moving into the mainstream of America’s energy equation.
About Sunrise Solar Corporation
Sunrise Solar Corporation intends to commercialize and distribute cutting edge alternative solar energy technologies and equipment. Sunrise also intends to capitalize on its institutional knowledge of emerging alternative energy technologies to develop comprehensive alternative energy plans. Sunrise Solar common stock is traded under the symbol SSLR. For more information please visit http://www.sunrisesolarcorp.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
Contacts Sunrise Solar CorporationEddie Austin, 210-881-0850
Published at The Investorideas.com Renewable Energy and GreenTech Business and Stock News RSS Feed: Subscribe : http://www.investorideas.com/RSS/feeds/RES.xml
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Wednesday, February 04, 2009
Air Products and Alter NRG Sign JDA on Renewable Energy Projects
Air Products and Alter NRG Sign JDA on Renewable Energy Projects
LEHIGH VALLEY, Pa., Feb. 4 2009 -- Air Products (NYSE: APD) and Alter NRG Corp. (TSX: NRG) today announced the signing of a Joint Development Agreement (JDA) to pursue renewable energy opportunities in North America and Europe. The non-exclusive agreement gives Air Products the right to license and incorporate Alter NRG's proprietary Westinghouse Plasma Gasification technology for use in renewable energy projects. Air Products will initially focus on developing energy facilities that will use various forms of renewable feedstock to generate syngas, a mixture of hydrogen and carbon monoxide, for power, heat or steam generation.
The agreement includes provisions for the two companies to collaborate on the integration of Alter NRG's plasma gasification technology with the balance of equipment, including Air Products' oxygen enrichment and syngas treatment technology, necessary to construct renewable energy facilities.
"We have been looking at various technologies that meet our renewable energy technology strategy and are pleased to enter into this JDA with Alter NRG. We believe our capabilities fit nicely with Alter NRG's and their gasification technology meets our requirements of being both sufficiently proven and of a scale suitable for industrial energy production. This agreement will help Air Products move towards its objective of providing sustainable energy by turning renewable feedstock into an energy generating solution," said Kevin Murphy, director, Gasification Business Development at Air Products.
Mark Montemurro, President and CEO of Alter NRG comments that, "Having Air Products as a strategic collaborator provides many benefits. As a Fortune 500 Company, they have the capability - both financially and operationally - to construct commercial facilities. As a leader in industrial gases, equipment, and engineering, they provide synergistic equipment and expertise to reduce overall operational and construction risk. The combination of the Westinghouse Plasma Technology with Air Products experience and operation capabilities provides for exciting opportunities ahead."
About Air Products
Air Products (NYSE: APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. Air Products has annual revenues of over $10 billion, operations in more than 40 countries, and 21,000 employees around the globe. For more information, visit www.airproducts.com.
About Alter NRG
Alter NRG is pursuing alternative energy solutions to meet the growing demand for environmentally responsible energy in world markets. The Company's vision is to be a senior energy producer by becoming the world's leading supplier of plasma gasification technology and developing environmentally sustainable and economically viable gasification projects. The Company's objective is to further commercialize the Westinghouse Plasma technology, a wholly owned subsidiary, to provide renewable and clean energy solutions from a wide variety of feedstock, and providing a wide variety of energy outputs - including hydrogen, liquid fuels like diesel, and ethanol, power, and syngas.
***NOTE: This release may contain forward-looking statements. Actual results could vary materially, due to changes in current expectations.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
Advisory Respecting Forward-Looking Statements:
This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "confident", "might" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to the following: the timing and amount of estimated production; ability to finance the project, costs of production; capital expenditures; construction time lines; currency exchange rate fluctuations; environmental risks; unanticipated reclamation expenses; risk of obtaining regulatory approvals; engineering and design risk; fluctuation in commodity prices, operational challenges and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release.
The Company cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking information and statements contained in this news release speak only as of the date of this news release, and the Company assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.
Published at The Investorideas.com Renewable Energy and GreenTech Business and Stock News RSS Feed: Subscribe : http://www.investorideas.com/RSS/feeds/RES.xml
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LEHIGH VALLEY, Pa., Feb. 4 2009 -- Air Products (NYSE: APD) and Alter NRG Corp. (TSX: NRG) today announced the signing of a Joint Development Agreement (JDA) to pursue renewable energy opportunities in North America and Europe. The non-exclusive agreement gives Air Products the right to license and incorporate Alter NRG's proprietary Westinghouse Plasma Gasification technology for use in renewable energy projects. Air Products will initially focus on developing energy facilities that will use various forms of renewable feedstock to generate syngas, a mixture of hydrogen and carbon monoxide, for power, heat or steam generation.
The agreement includes provisions for the two companies to collaborate on the integration of Alter NRG's plasma gasification technology with the balance of equipment, including Air Products' oxygen enrichment and syngas treatment technology, necessary to construct renewable energy facilities.
"We have been looking at various technologies that meet our renewable energy technology strategy and are pleased to enter into this JDA with Alter NRG. We believe our capabilities fit nicely with Alter NRG's and their gasification technology meets our requirements of being both sufficiently proven and of a scale suitable for industrial energy production. This agreement will help Air Products move towards its objective of providing sustainable energy by turning renewable feedstock into an energy generating solution," said Kevin Murphy, director, Gasification Business Development at Air Products.
Mark Montemurro, President and CEO of Alter NRG comments that, "Having Air Products as a strategic collaborator provides many benefits. As a Fortune 500 Company, they have the capability - both financially and operationally - to construct commercial facilities. As a leader in industrial gases, equipment, and engineering, they provide synergistic equipment and expertise to reduce overall operational and construction risk. The combination of the Westinghouse Plasma Technology with Air Products experience and operation capabilities provides for exciting opportunities ahead."
About Air Products
Air Products (NYSE: APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. Air Products has annual revenues of over $10 billion, operations in more than 40 countries, and 21,000 employees around the globe. For more information, visit www.airproducts.com.
About Alter NRG
Alter NRG is pursuing alternative energy solutions to meet the growing demand for environmentally responsible energy in world markets. The Company's vision is to be a senior energy producer by becoming the world's leading supplier of plasma gasification technology and developing environmentally sustainable and economically viable gasification projects. The Company's objective is to further commercialize the Westinghouse Plasma technology, a wholly owned subsidiary, to provide renewable and clean energy solutions from a wide variety of feedstock, and providing a wide variety of energy outputs - including hydrogen, liquid fuels like diesel, and ethanol, power, and syngas.
***NOTE: This release may contain forward-looking statements. Actual results could vary materially, due to changes in current expectations.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
Advisory Respecting Forward-Looking Statements:
This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "confident", "might" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to the following: the timing and amount of estimated production; ability to finance the project, costs of production; capital expenditures; construction time lines; currency exchange rate fluctuations; environmental risks; unanticipated reclamation expenses; risk of obtaining regulatory approvals; engineering and design risk; fluctuation in commodity prices, operational challenges and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release.
The Company cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking information and statements contained in this news release speak only as of the date of this news release, and the Company assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.
Published at The Investorideas.com Renewable Energy and GreenTech Business and Stock News RSS Feed: Subscribe : http://www.investorideas.com/RSS/feeds/RES.xml
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Monday, February 02, 2009
Applied Materials Announces Preliminary First Quarter Results
Applied Materials Announces Preliminary First Quarter Results
SANTA CLARA, Calif.--Feb 2 2009 --Applied Materials, Inc. (Nasdaq:AMAT) today announced preliminary results for its first fiscal quarter ended January 25, 2009.
The company expects a net loss in the range of $0.09 to $0.11 per share for the first fiscal quarter, which includes the following charges that decreased earnings per share by $0.09: 1] a restructuring charge of approximately $133 million (or $0.06 per share) associated with a cost reduction program announced on November 12, 2008; 2] a provision of $48 million (or $0.02 per share) for doubtful accounts receivable related to certain customers’ deteriorating financial condition in the challenging economic and industry environment; and 3] additional inventory charges of $20 million (or $0.01 per share) due to a decline in demand for semiconductor and display products. On November 12, 2008, the company provided a target of earnings per diluted share for the first fiscal quarter in the range of $0.00 to $0.04. This target did not include the above charges, which could not be estimated or were not known at that time.
Net sales for the first fiscal quarter are expected to be approximately $1.33 billion, down 35 percent from the fourth quarter of fiscal 2008, and at the low end of the previously provided target range of down 25 to 35 percent.
The company intends to continue implementing cost reduction programs, including shutdowns and additional restructuring activities, as appropriate for the unprecedented business conditions.
On February 10, 2009, Applied Materials will announce its first fiscal quarter results and hold its regularly scheduled conference call beginning at 1:30 p.m. Pacific Standard Time. A webcast of the conference call will be available to all interested parties on Applied Materials’ Web site at http://www.appliedmaterials.com under the “Investors” section.
This press release contains certain forward-looking statements, including those relating to expected results for the first fiscal quarter and cost reduction programs. These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including but not limited to: possible adjustments to financial results as Applied completes its regular closing process for the first fiscal quarter; uncertain global economic and industry conditions; Applied’s ability to maintain effective cost controls and timely align its cost structure with business conditions; and other risks described in Applied’s SEC filings, including its reports on Forms 10-K, 10-Q and 8-K. All forward-looking statements are based on management’s estimates, projections and assumptions as of the date hereof. The company undertakes no obligation to update any forward-looking statements.
Applied Materials, Inc. (Nasdaq:AMAT) is the global leader in Nanomanufacturing Technology™ solutions with a broad portfolio of innovative equipment, service and software products for the fabrication of semiconductor chips, flat panel displays, solar photovoltaic cells, flexible electronics and energy efficient glass. At Applied Materials, we apply Nanomanufacturing Technology to improve the way people live. Learn more at www.appliedmaterials.com.
Contacts Applied Materials, Inc.David Miller, 408-563-9582 (editorial/media)Michael Sullivan, 408-986-7977 (financial community)
Published at The Investorideas.com Renewable Energy and GreenTech Business and Stock News RSS Feed: Subscribe : http://www.investorideas.com/RSS/feeds/RES.xml
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SANTA CLARA, Calif.--Feb 2 2009 --Applied Materials, Inc. (Nasdaq:AMAT) today announced preliminary results for its first fiscal quarter ended January 25, 2009.
The company expects a net loss in the range of $0.09 to $0.11 per share for the first fiscal quarter, which includes the following charges that decreased earnings per share by $0.09: 1] a restructuring charge of approximately $133 million (or $0.06 per share) associated with a cost reduction program announced on November 12, 2008; 2] a provision of $48 million (or $0.02 per share) for doubtful accounts receivable related to certain customers’ deteriorating financial condition in the challenging economic and industry environment; and 3] additional inventory charges of $20 million (or $0.01 per share) due to a decline in demand for semiconductor and display products. On November 12, 2008, the company provided a target of earnings per diluted share for the first fiscal quarter in the range of $0.00 to $0.04. This target did not include the above charges, which could not be estimated or were not known at that time.
Net sales for the first fiscal quarter are expected to be approximately $1.33 billion, down 35 percent from the fourth quarter of fiscal 2008, and at the low end of the previously provided target range of down 25 to 35 percent.
The company intends to continue implementing cost reduction programs, including shutdowns and additional restructuring activities, as appropriate for the unprecedented business conditions.
On February 10, 2009, Applied Materials will announce its first fiscal quarter results and hold its regularly scheduled conference call beginning at 1:30 p.m. Pacific Standard Time. A webcast of the conference call will be available to all interested parties on Applied Materials’ Web site at http://www.appliedmaterials.com under the “Investors” section.
This press release contains certain forward-looking statements, including those relating to expected results for the first fiscal quarter and cost reduction programs. These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including but not limited to: possible adjustments to financial results as Applied completes its regular closing process for the first fiscal quarter; uncertain global economic and industry conditions; Applied’s ability to maintain effective cost controls and timely align its cost structure with business conditions; and other risks described in Applied’s SEC filings, including its reports on Forms 10-K, 10-Q and 8-K. All forward-looking statements are based on management’s estimates, projections and assumptions as of the date hereof. The company undertakes no obligation to update any forward-looking statements.
Applied Materials, Inc. (Nasdaq:AMAT) is the global leader in Nanomanufacturing Technology™ solutions with a broad portfolio of innovative equipment, service and software products for the fabrication of semiconductor chips, flat panel displays, solar photovoltaic cells, flexible electronics and energy efficient glass. At Applied Materials, we apply Nanomanufacturing Technology to improve the way people live. Learn more at www.appliedmaterials.com.
Contacts Applied Materials, Inc.David Miller, 408-563-9582 (editorial/media)Michael Sullivan, 408-986-7977 (financial community)
Published at The Investorideas.com Renewable Energy and GreenTech Business and Stock News RSS Feed: Subscribe : http://www.investorideas.com/RSS/feeds/RES.xml
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