SUNTECH POWER HOLDINGS – Reports on 2nd Q results and Raises Guidance for 3rd Q
Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world’s leading manufacturers of photovoltaic (PV) cells and modules, is trading up 12.01% following the Company’s August 20, 2008 announcement of its second quarter 2008 financial results. Additionally, the company raised guidance for its third quarter 2008 results in the same announcement.
Second Quarter 2008 Highlights(1)
– Second quarter 2008 total net revenues grew 51.3% year-over-year to
$480.2 million.
– Consolidated gross margin increased to 24.1% for the second quarter
2008 compared to 20.3% for the second quarter 2007. Non-GAAP(2) gross
margin reached 24.7% for the second quarter 2008, compared with 21.1%
for the second quarter 2007.
– Net income for the second quarter 2008 was $65.2 million or $0.38 per
diluted American Depository Share (ADS). On a non-GAAP basis,
Suntech’s net income for the second quarter 2008 was $71.3 million or
$0.41 per diluted ADS. Each ADS represents one ordinary share.
– Suntech’s PV cell production capacity was 660MW at the end of the
second quarter 2008. The Company is on track to reach 1GW PV cell
production capacity by the end of 2008.
– Due to robust demand coupled with strong execution, Suntech has raised
full year 2008 revenue guidance from a range of $1.9 billion to $2.1
billion to a range of $2.05 billion to $2.15 billion. Suntech also
increased full year 2008 PV product shipment target from 530MW to
approximately 550MW.
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ENER1 – Appoints their Chairman of the Board as new CEO
Ener1, Inc, (Amex: HEV) is trading down .55% following the Company’s August 20, 2008 announcement that Charles Gassenheimer, Chairman of the lithium-ion automotive battery manufacturer assumed the role of Chief Executive Officer. Company founder and former CEO Dr. Peter Novak moved into the new position of Chief Technology Officer and President. Dr. Novak will oversee the further development of Ener1 subsidiaries, NanoEner and EnerFuel, while continuing to provide technical leadership for Ener1′s advanced automotive battery division, EnerDel.
“I am pleased to hand over the chief executive title to Charles, who has steadily proven his ability to lead this company to fulfill its potential as a world industry leader,” Dr. Novak said. “The market opportunity has grown tremendously in business scale and complexity over the years and we are now prepared to take full advantage of it.” To read the entire story, click here:
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QUANTUM FUEL SYSTEMS TECHNOLOGIES WORLDWIDE INC – Announces Single Source Funding of $19.1 Million
Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) is trading down 3.52% following the Company’s August 20, 2008 announcement that it has entered into a definitive agreement with a single institutional investor to sell 9,000,000 units, with each unit consisting of one share of common stock and a warrant to purchase 1.5 shares of common stock (together, a “unit”). The purchase price is $2.12 per unit, for aggregate proceeds of $19.1 million, before deducting placement agent fees and estimated offering expenses. The purchase price represents a 10 percent premium from the August 19, 2008 closing bid price of $1.93. The warrants are immediately separable from the units, and will be immediately exercisable and will expire on August 25, 2015. The exercise price for the warrants will be $4.00 per share, subject to certain anti-dilution provisions. All of the units are being offered under an effective shelf registration statement previously filed with the Securities and Exchange Commission. To read the entire story, click here:
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PLUG POWER INC – Sells First Fuel Cell Powered Battery Back-up for Wireless Carrier in Connecticut
Plug Power Inc. (NasdaqGM:PLUG), a leader in providing clean, reliable energy solutions, is trading up 5.49% following the Company’s August 20, 2008 announcement that it has successfully commissioned the first backup power fuel cell for a wireless application in Connecticut. The 5kW GenCore(r) hydrogen fuel cell was purchased by T-Mobile, a national wireless carrier, and will provide proven and reliable backup power for a T-Mobile cell tower in Storrs, Connecticut.
The GenCore installation, located on Connecticut State property at the University of Connecticut campus, was approved by the Connecticut Siting Council (“CSC”) as a viable source of backup power for T-Mobile’s cell tower. Unique only to Connecticut, the CSC must approve all applications for tower sites in the state. To read the entire story, click here:
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JUHL WIND INC – Announces Initial Stages of Three New Wind Farm Projects
Juhl Wind Inc. (OTCBB: JUHL), the Leader in Community Wind Power, is trading flat on extremely light volume following the Company’s August 20, 2008 announcement regarding three new wind farm projects recently started with owner groups in various regions of Minnesota. Feasibility study agreements were recently signed with a group of owners in Thief River Falls, MN (a potential 20 MW project) and with the St. Peter Regional Treatment Center, St. Peter, MN (up to a 5 MW project). A feasibility and development agreement was signed with a group of farmer owners for a 5 to 10 MW project in Granite Falls, MN. To read the entire story, click here:
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SOLAR THIN FILMS INC - Inks Cross Marketing Agreement
Solar Thin Films, Inc. (OTC BB:SLTN), a developer, manufacturer and marketer of manufacturing equipment for the production of “thin-film” amorphous silicon photovoltaic modules, has entered into a strategic alliance and cross license agreement with Amelio Solar Inc.
Under this agreement Solar Thin Films will market and sell photovoltaic products using copper indium gallium diselenide (CIGS) technology developed and commercialized by Amelio Solar, and has rights to manufacture PV module manufacturing equipment using CIGS technology subject to certain terms and agreements.
Concurrent with the strategic alliance and cross license agreement, the company has signed a stock purchase agreement to arrange for the sale of an aggregate of 18.0 million shares of common stock owned by the Kiss family. The strategic alliance, cross license and stock purchase agreements are expected to close simultaneously on or about November 30, 2008 coincident with a capital markets transaction currently contemplated by the company. To read the entire story, click here:
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