FORD MOTOR COMPANY – Names New Volvo CEO
Ford Motor Company (NYSE: F) tis trading up 4.48% following the Company’s September 2, 2008 announcement of the appointment of Stephen Odell as president and chief executive officer of Volvo Car Corporation, replacing Fredrik Arp, who has decided to leave the company.
Effective Oct. 1, Odell, 53, will be responsible for Volvo’s global operations out of its headquarters in Gothenburg, Sweden, and lead the company’s drive toward sustained profitability through continued restructuring and the accelerated development of high-quality, fuel-efficient and safe vehicles in the premium end of the market.
Odell, who has played a key role in Ford of Europe’s resurgence as its chief operating officer, will report to Lewis Booth, executive vice president of Ford Motor Company and chairman of Volvo Car Corporation, who will continue to oversee the strategic direction of Volvo. Tp read the entire story, click here:
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RASER TECHNOLOGIES – Closes Financing Package
Raser Technologies, Inc. (NYSE Arca:RZ) is trading down .67% following the Company’s September 2, 2008 announcement of the closing of the initial funding under a definitive agreement that provides project financing and tax equity capital for Raser’s 10 megawatt (MW) Thermo geothermal power project near Beaver, Utah. The funding arrangement, which was entered into pursuant to the commitment letter Raser received earlier this year, provides non-recourse debt financing and tax equity capital to construct the Thermo geothermal power plant. Under this arrangement, the tax equity capital is provided by a tax equity partner in exchange for most of the tax benefits provided by the renewable energy project. To read the entire story, click here:
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USEC INC - Submits Second Part of DOE Loan Guarantee Application
USEC Inc. (NYSE:USU) is trading down 5.21% following the Company’s September 2, 2008 announcement that, on August 29, 2008, it submitted the second part of a two-part application for a loan guarantee from the U.S. Department of Energy (DOE) to fund construction of the American Centrifuge Plant in Piketon, Ohio. USEC submitted the first part on July 24, 2008.
DOE invited nuclear energy projects to submit loan guarantee applications on June 30, 2008. DOE had set a deadline of September 29, 2008, for part I applications and December 2, 2008, for part II applications for front-end nuclear fuel cycle facilities. The fiscal year 2008 consolidated appropriations act authorized DOE to issue $38.5 billion worth of loan guarantees through the end of fiscal year 2009, with $2 billion allocated for advanced “front-end” nuclear fuel cycle facilities. To read the entire story, click here:
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SUNTECH POWER HOLDINGS CO LTD. - Inks Another Polysilicon Supply Deal
Suntech Power Holdings Co., Ltd. (NYSE: STP ), one of the world’s leading manufacturers of photovoltaic (PV) cells and modules, is trading down 5.77% following the Company’s September 2, 2008 announcement that it has signed a definitive seven-year polysilicon supply agreement with DC Chemical Co. Ltd., a leading multinational chemicals producer headquartered in Seoul, South Korea. Under the terms of the agreement, DC Chemical will supply Suntech specified annual volumes of polysilicon with a total value of approximately $750 million from 2010 to 2016. To read the entire story, click here:
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CALPINE CORPORATION – Names New Interim Controller
Calpine Corporation (NYSE:CPN ) is trading down 2% following the Company’s September 2, 2008 announcement that that Kenneth A. Graves has been appointed Interim Corporate Controller and Principal Accounting Officer effective immediately. He will succeed Stephen F. Hodkinson who served as the Company’s Interim Corporate Controller and principal accounting officer. Mr. Hodkinson, whose services were provided pursuant to an agreement between the Company and AP Services, has returned to his responsibilities at AP Services.
“Ken’s extensive experience in public accounting, coupled with his responsibilities as Vice President of SEC Reporting and Technical Accounting, makes him particularly well-suited for his new expanded role,” said Zamir Rauf, Calpine’s Interim Chief Financial Officer. To read the entire story, click here:
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GUSHAN ENVIRONMENTAL ENERGY LIMITED – Issues Stock Options
Gushan Environmental Energy Limited (NYSE: GU), China’s largest producer of biodiesel as measured by annual production capacity, is trading down 2.43% following the Company’s September 2, 2008 announcement that the Board of Directors has granted share options to 27 individuals, including officers, employees and one director of the Company totaling 1,276,000 ordinary shares (638,000 American Depositary Shares) at an exercise price of USD5.30 per ordinary share (as adjusted to USD10.60 per ADS) of the Company on September 1, 2008. The options will vest one third 12 months from the date of grant, one third 24 months from the date of grant and the remaining one third 36 months from the date of grant. The options will expire ten years from the date of grant. The options have been granted pursuant to the Company’s share option scheme. The purpose of the option grants is to encourage the retention of personnel in a competitive market place. Together with those share options previously granted, there are 6,293,183 ordinary shares (3,146,592 ADSs) issuable upon exercise of outstanding share options and there are 8,484,667 ordinary shares (4,242,334 ADSs) available for future issuance upon the exercise of future grants under the share option scheme. To read the entire story, click here:
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