Michael Kanellos 02 06 09, 3:06 PM

• 0
• Email
  • Recipient's Email Your Email Send me a copy

  • Thank you!
    Your article has been sent.

  • Error
    There was a problem sending your article.

• Share

Stimulus Deal Reached and Steve Chu Wants to Spend

The U.S. Senate came to a tentative deal on the Obama stimulus package today with more details expected to roll out over the next few days.

And for those of you prepping your applications for federal money, get cracking. Secretary of Energy Steve Chu says he wants to spend around half of the $30 to $40 billion coming to his department in the first year. He wants to cut the paperwork and streamline the process.

“I now have my advisers actually going down, rolling up their sleeves and saying ‘OK, let’s look at every detail … What is it that you’re requiring? Is this necessary?’ â€? Chu told the Wall Street Journal.

Don’t forget to insert how many jobs you are going to create.

Ucilia Wang 02 06 09, 11:15 AM

• 0
• Email
  • Recipient's Email Your Email Send me a copy

  • Thank you!
    Your article has been sent.

  • Error
    There was a problem sending your article.

• Share

Evergreen Solar’s Shares Continue to Slide

Evergreen Solar’s shares continued to get pummeled Friday as financial analysts questioned the company’s ability to survive.

The Marlboro, Mass.-based company (NSDQ: ESLR) posted losses for the fourth quarter and 2008, and its CEO Richard Feldt said yesterday the company is looking at contracting manufacturers to make solar cells and assemble them into panels. That change of strategy doesn’t sound so great to some of the analysts, who have cut their share price targets.

Evergreen’s stock slid nearly 15 percent to reach $1.90 per share in recent trading. The shares began falling after the company announced its earnings yesterday afternoon.

Evergreen is in the business of making silicon wafers, cells and panels. The company is proud to point out on its Website that it can do all three “under one roof for quality control.� It has had a tough time raising money to build its next factory, yet it needs the new capacity to deliver multibillion dollars worth of contracts over the next five years.

Outsourcing manufacturing would save the company millions, Feldt said.

His announcement over a conference call prompted a lot of questions from financial analysts, who tried to probe for details about the outsourcing costs and how this change would improve the company’s finances.

But Evergreen is only in discussions with contract manufacturers, so Feldt said he didn’t have details to offer. He said those manufacturers are looking for opportunities in the solar industry because their main business of producing electronics isn’t going so well.

Ucilia Wang 02 06 09, 10:44 AM

• 1
• Email
  • Recipient's Email Your Email Send me a copy

  • Thank you!
    Your article has been sent.

  • Error
    There was a problem sending your article.

• Share

1366 Technologies Puts Factory Project on Hold for Now

While we all wait for President Obama to fulfill his greentech pledges, many solar companies have been forced to change business plans and layoff employees. 1366 Technologies, a company we wrote about this week, also has suspended a plan to raise money and build its first commercial factory.

Back in October, the startup in Lexington, Mass., was looking to raise $50 million to build a factory capable of making 25 megawatts to 30 megawatts worth of crystalline silicon panels per year (see Green Light post).

Asked how that factory project is coming along this week, 1366 CEO Frank van Mierlo said the plan has been put on hold.

“The 25- to 30-megawatt was the plan before we had the financial meltdown,� van Mierlo said. “With the current climate, it’s better to continue to develop the technology and wait a little bit before trying to raise that kind of capital. The market is not helpful at the moment.�

He said when investors are more willing to open their wallets again, his company would consider building a 50- to 100-megawatt factory instead.

For now, 1366 is focusing on designing equipment capable of mass-producing solar cells. The company, which used technology first developed at MIT, said it aims to cut manufacturing costs by 25 percent by improving the cells’ ability to convert sunlight into electricity.

Ucilia Wang 02 06 09, 6:36 AM

• 0
• Email
  • Recipient's Email Your Email Send me a copy

  • Thank you!
    Your article has been sent.

  • Error
    There was a problem sending your article.

• Share

The Tale of Two Suntech Powers

There are two Suntech Power in the world, it turns out. But one of them has been barred from doing business, at least in Germany.

The Suntech Power Holdings Co. that is based in Wuxi, China and makes crystalline silicon panels said it just obtained a preliminary injunction against the Hong Kong-based Suntech Power Holding Co. and its two known distributors. The Hong Kong company and the distributors now can’t sell solar panels with the Suntech brand in Germany, which is one of the world's largest markets.

It wouldn’t be surprising to hear more about cases of trademark infringement or counterfeit solar panels as solar energy systems become more popular, thanks largely to generous government subsidies in places such as Germany, Spain and the United States.

There were reports of fake solar panels being sold in Uganda last year. Local retailers would change the labels of little-known brands to well-known ones, or they would alter other labels to claim a greater power output. Another news outlet said those panels originally came from China.