Key Highlights:
Begins in 2012
Credits issued representing 90% of all emissions per sector
Eliminates 273 million metric tonnes of CO2 by 2020 (ie. 1990 levels by 2020)
Saturday, October 30, 2010
CARB releases AB32 Draft
State unveils new rule for battling climate change
Key Highlights:
Begins in 2012
Credits issued representing 90% of all emissions per sector
Eliminates 273 million metric tonnes of CO2 by 2020 (ie. 1990 levels by 2020)
Key Highlights:
Begins in 2012
Credits issued representing 90% of all emissions per sector
Eliminates 273 million metric tonnes of CO2 by 2020 (ie. 1990 levels by 2020)
Friday, October 22, 2010
Deutche Bank Bullish on China Solar - Suntech, RenaSola, Trina, Yingli
Deutsche Bank Remains Bullish on China Solar Energy Sector: Upgrades Suntech Power (STP) to Buy
9:41 am ET 10/19/2010 - StreetInsider
Deutsche Bank upgrades Suntech Power (NYSE: STP) from Hold to Buy. Deutsche analyst says, "We expect the leading China solar PV manufacturers to report strong sets of results in 3Q10E and 4Q10E, and believe this momentum should be further extended beyond 2010 due to a more stable module ASP outlook in 1Q11 qoq. Module ASP may start to drop in 2Q11E but we think this risk is likely to be overcome by the ongoing effort to reduce manufacturing costs. The sector trades at an inexpensive valuation of 5-7x 2011E P/E; we reiterate Buy on ReneSola (NYSE: SOL), Trina (NYSE: TSL) and Yingli (NYSE: YGE), and upgrade Suntech to Buy." "We remain bullish on ReneSola despite the 66% increase in share price in the past three months. We reiterate Buy on Trina mainly on its manufacturing cost leadership. We also like Yingli but see possible near-term pressure on 3Q10E gross margins due to the additional ramp-up cost from its polysilicon facility and new production lines. We upgrade Suntech as we believe the stock now offers an attractive risk-adjusted reward return after a year of share underperformance and expect the company to secure new wafer capacity in the near term." To see all the upgrades/downgrades on shares of STP, visit our Analyst Ratings page.Shares are trading at $9.27, down $0.27 (-2.86%) this morning.
Barclays - Trina, RenaSola Top Picks
Barclays on Clean Technology: SPI Preview - Case for Multiple Expansion; TSL & SOL Top Picks
1:39 pm ET 09/24/2010 - StreetInsider
Barclays on Clean Technology: SPI Preview - Case for Multiple Expansion
Barclays analyst says, "Solar companies will be hosting investor meetings at the Solar Power International conference in LA next month (Oct 12-14). We maintain positive bias on stocks heading into the conference. Although stocks have bounced off the May lows, several stocks are still down year to date and are trading at single digit multiples on conservative street estimates. Solar sector performance has historically been strong during the seasonally stronger period for industry fundamentals. We expect this trend to continue in 2010. We see an increasingly stronger case for multiple expansion as the upcycle extends into 2011 and street estimates edge higher. Trina Solar (NYSE: TSL), RenaSola (NYSE: SOL) remain our top picks."
Barclays analyst says, "Solar companies will be hosting investor meetings at the Solar Power International conference in LA next month (Oct 12-14). We maintain positive bias on stocks heading into the conference. Although stocks have bounced off the May lows, several stocks are still down year to date and are trading at single digit multiples on conservative street estimates. Solar sector performance has historically been strong during the seasonally stronger period for industry fundamentals. We expect this trend to continue in 2010. We see an increasingly stronger case for multiple expansion as the upcycle extends into 2011 and street estimates edge higher. Trina Solar (NYSE: TSL), RenaSola (NYSE: SOL) remain our top picks."
Tuesday, October 19, 2010
33% RPS for CA by 2020
ARB News Release
SACRAMENTO - Today California took a decisive step toward a clean energy future by setting in place a standard that one-third of the electricity sold in the state in 2020 come from clean, green sources of energy.
California commits to more clean, green energy
New standard: 33% of electricity from renewable sources by 2020
SACRAMENTO - Today California took a decisive step toward a clean energy future by setting in place a standard that one-third of the electricity sold in the state in 2020 come from clean, green sources of energy.
California Cleantech Attacked by Prop 23
Cleantech Blog: California Cleantech Attacked by Prop 23
A recent UC study reported that California’s successful efforts to become cleaner have already created 1.5 million jobs with a total payroll of over $45 billion.
A recent UC study reported that California’s successful efforts to become cleaner have already created 1.5 million jobs with a total payroll of over $45 billion.
why Ontario should care about Prop 23
Clean Break » Blog Archive » Guest Post: Ontario Eco Commissioner Gord Miller on California’s Prop 23 and why Ontario should care
OK, so what do the vagaries and uncertainties surrounding an election in California have to do with Ontario? Simple. Both Ontario and California are key members of the Western Climate Initiative (WCI), a collaboration of seven US states and four Canadian provinces.
WCI’s goal is to reduce greenhouse gas (GHG) emissions 15 per cent below 2005 levels by 2020 through a number of initiatives, the most important of which is a cap-and-trade system. Currently, two U.S. states (California and New Mexico) and three Canadian provinces (Ontario, Quebec and British Columbia) have passed the necessary enabling legislation required for the development of a cap-and-trade program. But, while Ontario has its enabling legislation in place (see Pricing Carbon: Can a Cap-and-Trade System Deliver the Tonnes from the ECO’s latest Annual Report) it has yet to publicly announce the specific design elements of its cap-and-trade program. It must do this through public consultation and the posting of its final decision on the Environmental Registry.
Losing California would be a major blow to the WCI and possibly to carbon trading systems elsewhere in North America, such as the Regional Greenhouse Gas Initiative and the Midwestern Greenhouse Gas Accord, and quite possibly to the developing international carbon market. Why? Because as California goes, so goes the rest of the U.S., the second largest carbon emitter after China and the third-largest emitter of GHGs on a per capital basis (just behind Australia and, yes, Canada). Without California’s leadership, the development of a North American-wide effort to put a price on carbon would likely be delayed for years.
As shown in the first chart below, California’s GHG emissions represent just over half of those WCI members ready to launch the trading system in January 2012, with a total of just under 480 million tonnes (Mt) of GHGs. Adding New Mexico brings the U.S. tally to almost two-thirds of the five jurisdictions’ emissions. Ontario is the next largest emitter at 190 Mt. Elections will also be held in New Mexico on November 2 and indications are it may withdraw from the WCI cap-and-trade provisions, too.
OK, so what do the vagaries and uncertainties surrounding an election in California have to do with Ontario? Simple. Both Ontario and California are key members of the Western Climate Initiative (WCI), a collaboration of seven US states and four Canadian provinces.
WCI’s goal is to reduce greenhouse gas (GHG) emissions 15 per cent below 2005 levels by 2020 through a number of initiatives, the most important of which is a cap-and-trade system. Currently, two U.S. states (California and New Mexico) and three Canadian provinces (Ontario, Quebec and British Columbia) have passed the necessary enabling legislation required for the development of a cap-and-trade program. But, while Ontario has its enabling legislation in place (see Pricing Carbon: Can a Cap-and-Trade System Deliver the Tonnes from the ECO’s latest Annual Report) it has yet to publicly announce the specific design elements of its cap-and-trade program. It must do this through public consultation and the posting of its final decision on the Environmental Registry.
Losing California would be a major blow to the WCI and possibly to carbon trading systems elsewhere in North America, such as the Regional Greenhouse Gas Initiative and the Midwestern Greenhouse Gas Accord, and quite possibly to the developing international carbon market. Why? Because as California goes, so goes the rest of the U.S., the second largest carbon emitter after China and the third-largest emitter of GHGs on a per capital basis (just behind Australia and, yes, Canada). Without California’s leadership, the development of a North American-wide effort to put a price on carbon would likely be delayed for years.
As shown in the first chart below, California’s GHG emissions represent just over half of those WCI members ready to launch the trading system in January 2012, with a total of just under 480 million tonnes (Mt) of GHGs. Adding New Mexico brings the U.S. tally to almost two-thirds of the five jurisdictions’ emissions. Ontario is the next largest emitter at 190 Mt. Elections will also be held in New Mexico on November 2 and indications are it may withdraw from the WCI cap-and-trade provisions, too.
Climate Compass | Blog of the Pew Center on Global Climate Change
Climate Compass | Blog of the Pew Center on Global Climate Change
The panel of expert witnesses advised the Committee that if the United States wants to be a leader in clean energy, it needs to foster innovation by extending successful programs like tax credits, loan guarantees and grants, and adopt a renewable energy standard (RES). Tom Carbone, Chief Executive Officer of Nordic Windpower, said firms like his need clear market signals, such as a price on carbon or a RES, so they can respond to market demand.
Michael Liebreich, Chief Executive of Bloomberg New Energy Finance, emphasized the importance of market signals. Under an RES, the government would require that a certain percentage of utilities’ power plant capacity or generation come from renewable sources by a given date, and mechanisms such as credit trading would allow flexibility in meeting this requirement. However, the RES needs both to be ambitious and to have stiff penalties for noncompliance in order to be successful. Such a policy solution could help create the market demand clean energy firms need to establish footholds and ultimately achieve significant, self-reinforcing growth.
The panel of expert witnesses advised the Committee that if the United States wants to be a leader in clean energy, it needs to foster innovation by extending successful programs like tax credits, loan guarantees and grants, and adopt a renewable energy standard (RES). Tom Carbone, Chief Executive Officer of Nordic Windpower, said firms like his need clear market signals, such as a price on carbon or a RES, so they can respond to market demand.
Michael Liebreich, Chief Executive of Bloomberg New Energy Finance, emphasized the importance of market signals. Under an RES, the government would require that a certain percentage of utilities’ power plant capacity or generation come from renewable sources by a given date, and mechanisms such as credit trading would allow flexibility in meeting this requirement. However, the RES needs both to be ambitious and to have stiff penalties for noncompliance in order to be successful. Such a policy solution could help create the market demand clean energy firms need to establish footholds and ultimately achieve significant, self-reinforcing growth.
Monday, October 18, 2010
The Solar Module Market: Concerns Ahead « TechPulse 360
The Solar Module Market: Concerns Ahead « TechPulse 360
Sales in other European countries, Italy, Spain and the Czech Republic, are moving ahead in advance of tariff cuts of their own. This is leading prices to be stable and wafer prices to even climb a bit. According to Y. Edwin Mok, an analyst at Needham & Co., crystalline cell pricing has risen to $1.35 a watt, compared with $1.25 a watt or so in the first quarter.
This could help vendors such as SunPower, JA Solar and Suntech Power Holdings.
The danger is that this year’s strength will turn into next year’s softness. The fear is especially high in Italy and Spain, which are facing large tariff cuts, says Mok. German installations could decline as well, he adds.
Mok is not alone in his assessment. John Hardy at Gleacher & Company said he expects the world’s largest module maker, First Solar, to post better-than-expected second-quarter sales later this month and speak favorably about the rest of the year.
“The big industry test is coming” in the first quarter of 2011, he says. That’s when sales could slump and another rapid decline in prices could spark worries of another 2009.
Sales in other European countries, Italy, Spain and the Czech Republic, are moving ahead in advance of tariff cuts of their own. This is leading prices to be stable and wafer prices to even climb a bit. According to Y. Edwin Mok, an analyst at Needham & Co., crystalline cell pricing has risen to $1.35 a watt, compared with $1.25 a watt or so in the first quarter.
This could help vendors such as SunPower, JA Solar and Suntech Power Holdings.
The danger is that this year’s strength will turn into next year’s softness. The fear is especially high in Italy and Spain, which are facing large tariff cuts, says Mok. German installations could decline as well, he adds.
Mok is not alone in his assessment. John Hardy at Gleacher & Company said he expects the world’s largest module maker, First Solar, to post better-than-expected second-quarter sales later this month and speak favorably about the rest of the year.
“The big industry test is coming” in the first quarter of 2011, he says. That’s when sales could slump and another rapid decline in prices could spark worries of another 2009.
Can SolarReserve Top BrightSource? « TechPulse 360
Can SolarReserve Top BrightSource? « TechPulse 360
SolarReserve is one of the few next-generation solar-thermal vendors with field experience.
The company has the exclusive rights to the molten-salt technology United Technologies’ Pratt &Whitney RocketDyne tested at Solar Two in the California desert during the 1990s.
“We consider that to be a strong competitive advantage,” says Tom Georgis, vice president of development.
It also is a critical reason why the Santa Monica company believes its plants will match or top the efficiency of BrightSource’s Ivanpah. And the experience is at the foundation of SolarReserve’s belief it will find financing, despite the reluctance of private lenders.
SolarReserve is among the most promising of a new wave of solar-thermal developers. Instead of replying on parabolic mirrors, like the SEGS operating in the Southwest desert, these entrepreneurs hope to prove technologies just now moving from the drawing board to large scale deployment: ground-mounted heliostats, heat-concentrating towers, high operating temperatures and storage mechanisms, such as molten salt.
The company’s proposed plants (two in the United States and one in Spain) use as many as 17,000 heliostats to reflect sunlight to receivers atop of 653-foot towers. There the sunlight transfers heat to molten salt, warming the sodium and potassium mixture to 1,050 degrees Fahrenheit, after which it is transferred to a storage tank where it loses no more than 1 degree a day. (BrightSource also anticipates more than 1,000-degree temperatures at Ivanpah.) The superheated liquid is channeled to a heat exchanger where it boils water and powers a turbine.
Solar Reserves claims high efficiencies for much of its operations. The transfer of sunlight to heated salt is 88 percent efficient and the storage tank maintains 98 to 99 percent of the thermal efficient of the molten salt. The weak link is the steam generation system: about 39 to 42 percent efficient. Improvements in turbine technology should raise this.
Altogether, a SolarReserve plant will have an efficiency of 18 to 19 percent, says Georgis. This compares favorably to the 18 percent efficiency BrightSource expects at Ivanpah. (The new generation of solar-thermal plant with concentrating towers and heliostats in general should achieve efficiencies of 17 percent to 20 percent, says Electric Power Research Institute Project Manager Cara Libby – well above the 13 to 15 percent of the older trough plants in the Southwest and Spain.)
SolarReserve also expects to rival BrightSource with its capacity factor, a measure of the amount of time a plant can achieve full output.
The California plant, outfitted with a 150-megawatt turbine, is designed to generate peak-period power for PG&E. Running an average of 8.5 hours a day, it should achieve a capacity factor of 34 percent by heating and storing salt in the mornings and using it to deliver power well into the evening.
BrightSource’s 392 megawatt Ivanpah is to have a capacity factor of 30 percent.
SolarReserve’s Nevada plant should do better. It will have a smaller 100-megawatt turbine and operate longer hours, earning a capacity factor of 53 percent. (The longer the operating hours and the smaller the turbine, the higher the capacity factor is likely to go.)
Despite the ability of the SolarReserve facilities to storage energy, the challenge will be finding financing. Without federal loan guarantees, most plants won’t stand a chance. But the company doesn’t appear ready to buy into the theory.
“It is certainly a challenging environment,” agrees Georgis. “But we are confident we will secure financing for our projects.”
SolarReserve has applied for Department of Energy loan guarantees and is quick to defend their role. “Having the DOE loan guarantees makes it easier to finance,” he says. The extensive government due diligence makes private lenders more comfortable and debt cheaper.
That’s why the industry let out a sigh of relief when Abengoa’s Solana plant near Phoenix won $1.45 billion of Energy Department loan guarantees in July – the first granted since BrightSource’s $1.37 billion package in February.
But SolarReserve appears willing to push ahead even without a government award. It hopes to break ground in both California and Nevada by the end of the year.
The company argues that utilities wouldn’t sign power purchase agreements if they didn’t value the power – a key proof-point with banks. It also largely dismisses increasing competition from solar panels.
Panels are easier to finance, quicker to permit and simpler to deploy. They also are less expensive. With the collapse of module pricing last year, panel costs fell to between $3.50 and $5.50 a watt from $6 or more, says Ted Sullivan, senior analyst at Lux Research. Costs of solar thermal remain largely unchanged at $7 to $8 a watt.
Still SolarReserve isn’t deterred. “It’s more competitive now, no question,” concedes Georgis. But “our power plants are not intermittent resources (and) we’re offering competitive pricing.”
So will the new generation of plants be successful? “It’s too early to say,” says Sullivan. “There have been a lot of plans out there, but nothing has been built on that scale.”
With many technologies showing promise, it will be interesting to see who goes first.
SolarReserve is one of the few next-generation solar-thermal vendors with field experience.
The company has the exclusive rights to the molten-salt technology United Technologies’ Pratt &Whitney RocketDyne tested at Solar Two in the California desert during the 1990s.
“We consider that to be a strong competitive advantage,” says Tom Georgis, vice president of development.
It also is a critical reason why the Santa Monica company believes its plants will match or top the efficiency of BrightSource’s Ivanpah. And the experience is at the foundation of SolarReserve’s belief it will find financing, despite the reluctance of private lenders.
SolarReserve is among the most promising of a new wave of solar-thermal developers. Instead of replying on parabolic mirrors, like the SEGS operating in the Southwest desert, these entrepreneurs hope to prove technologies just now moving from the drawing board to large scale deployment: ground-mounted heliostats, heat-concentrating towers, high operating temperatures and storage mechanisms, such as molten salt.
The company’s proposed plants (two in the United States and one in Spain) use as many as 17,000 heliostats to reflect sunlight to receivers atop of 653-foot towers. There the sunlight transfers heat to molten salt, warming the sodium and potassium mixture to 1,050 degrees Fahrenheit, after which it is transferred to a storage tank where it loses no more than 1 degree a day. (BrightSource also anticipates more than 1,000-degree temperatures at Ivanpah.) The superheated liquid is channeled to a heat exchanger where it boils water and powers a turbine.
Solar Reserves claims high efficiencies for much of its operations. The transfer of sunlight to heated salt is 88 percent efficient and the storage tank maintains 98 to 99 percent of the thermal efficient of the molten salt. The weak link is the steam generation system: about 39 to 42 percent efficient. Improvements in turbine technology should raise this.
Altogether, a SolarReserve plant will have an efficiency of 18 to 19 percent, says Georgis. This compares favorably to the 18 percent efficiency BrightSource expects at Ivanpah. (The new generation of solar-thermal plant with concentrating towers and heliostats in general should achieve efficiencies of 17 percent to 20 percent, says Electric Power Research Institute Project Manager Cara Libby – well above the 13 to 15 percent of the older trough plants in the Southwest and Spain.)
SolarReserve also expects to rival BrightSource with its capacity factor, a measure of the amount of time a plant can achieve full output.
The California plant, outfitted with a 150-megawatt turbine, is designed to generate peak-period power for PG&E. Running an average of 8.5 hours a day, it should achieve a capacity factor of 34 percent by heating and storing salt in the mornings and using it to deliver power well into the evening.
BrightSource’s 392 megawatt Ivanpah is to have a capacity factor of 30 percent.
SolarReserve’s Nevada plant should do better. It will have a smaller 100-megawatt turbine and operate longer hours, earning a capacity factor of 53 percent. (The longer the operating hours and the smaller the turbine, the higher the capacity factor is likely to go.)
Despite the ability of the SolarReserve facilities to storage energy, the challenge will be finding financing. Without federal loan guarantees, most plants won’t stand a chance. But the company doesn’t appear ready to buy into the theory.
“It is certainly a challenging environment,” agrees Georgis. “But we are confident we will secure financing for our projects.”
SolarReserve has applied for Department of Energy loan guarantees and is quick to defend their role. “Having the DOE loan guarantees makes it easier to finance,” he says. The extensive government due diligence makes private lenders more comfortable and debt cheaper.
That’s why the industry let out a sigh of relief when Abengoa’s Solana plant near Phoenix won $1.45 billion of Energy Department loan guarantees in July – the first granted since BrightSource’s $1.37 billion package in February.
But SolarReserve appears willing to push ahead even without a government award. It hopes to break ground in both California and Nevada by the end of the year.
The company argues that utilities wouldn’t sign power purchase agreements if they didn’t value the power – a key proof-point with banks. It also largely dismisses increasing competition from solar panels.
Panels are easier to finance, quicker to permit and simpler to deploy. They also are less expensive. With the collapse of module pricing last year, panel costs fell to between $3.50 and $5.50 a watt from $6 or more, says Ted Sullivan, senior analyst at Lux Research. Costs of solar thermal remain largely unchanged at $7 to $8 a watt.
Still SolarReserve isn’t deterred. “It’s more competitive now, no question,” concedes Georgis. But “our power plants are not intermittent resources (and) we’re offering competitive pricing.”
So will the new generation of plants be successful? “It’s too early to say,” says Sullivan. “There have been a lot of plans out there, but nothing has been built on that scale.”
With many technologies showing promise, it will be interesting to see who goes first.
Survival Path Seen For Amorphous Thin Film « TechPulse 360
Survival Path Seen For Amorphous Thin Film « TechPulse 360
Equipment supplier Oerlikon, on the other hand, is not balking. O’Brien says he expects the global production capacity of amorphous cells to someday rival that of cadmium telluride, presently the most popular thin-film technology. First Solar, the world’s largest solar producer and the only significant maker of cadmium telluride, has about 18 percent of the global solar market.
Amorphous production capacity from manufacturers, such as Sharp and Konica Minolta, will add up, says O’Brien.
Thin-film advocates, such as Oerlikon, argue that a lot of the expected cost reductions have already been wrung from crystalline-cell manufacturing. Price declines will eventually slow.
This will leave an opening for thin film. It is an opening Oerlikon hopes to capitalize on. The company says the cost of thin-film cells made with its equipment will drop to 70 cents a watt by the end of the year, from $1 at the year’s start and a $1.50 in 2008.
This may not enable them to catch those from First Solar, which early this year reached 81 cents. (First Solar is likely to offer a new benchmark when it releases quarterly earnings next week.) But O’Brien sees competition increasing and says more significant cost reductions are expected next year. He declined to offer a target.
He says Oerlikon was able to avoid Applied Materials’ fate by maintaining a technological advantage. First, the company’s micromorph tandem junction technology is generating module efficiencies of 8.5 to 9 percent, up from the 7 to 8 percent of a single junction cell.
Equipment supplier Oerlikon, on the other hand, is not balking. O’Brien says he expects the global production capacity of amorphous cells to someday rival that of cadmium telluride, presently the most popular thin-film technology. First Solar, the world’s largest solar producer and the only significant maker of cadmium telluride, has about 18 percent of the global solar market.
Amorphous production capacity from manufacturers, such as Sharp and Konica Minolta, will add up, says O’Brien.
Thin-film advocates, such as Oerlikon, argue that a lot of the expected cost reductions have already been wrung from crystalline-cell manufacturing. Price declines will eventually slow.
This will leave an opening for thin film. It is an opening Oerlikon hopes to capitalize on. The company says the cost of thin-film cells made with its equipment will drop to 70 cents a watt by the end of the year, from $1 at the year’s start and a $1.50 in 2008.
This may not enable them to catch those from First Solar, which early this year reached 81 cents. (First Solar is likely to offer a new benchmark when it releases quarterly earnings next week.) But O’Brien sees competition increasing and says more significant cost reductions are expected next year. He declined to offer a target.
He says Oerlikon was able to avoid Applied Materials’ fate by maintaining a technological advantage. First, the company’s micromorph tandem junction technology is generating module efficiencies of 8.5 to 9 percent, up from the 7 to 8 percent of a single junction cell.
First Solar’s Cautious Sales Outlook, Cost Improvement « TechPulse 360
First Solar’s Cautious Sales Outlook, Cost Improvement « TechPulse 360
On a conference call, it said:
*Module manufacturing costs fell to 76 cents a watt, down 5 cents from the first quarter. Annual throughput per line was up 6 percent to 59 megawatts and material costs were lower. The company’s target is to reach 52 cents to 63 cents a watt in 2014.
*Utility-scale projects are expected to increase. First Solar said it anticipates building 500 to 700 megawatts of projects in North America during 2011, up from 175 megawatts this year.
*Demand is expected to exceed supply in 2010. First Solar expects production capacity to be 2.2 gigawatts by 2012, up from 1.4 gigawatts this year. Module conversion efficiency was 11.2 percent in the second quarter compared with 11.1 percent in the first quarter.
On a conference call, it said:
*Module manufacturing costs fell to 76 cents a watt, down 5 cents from the first quarter. Annual throughput per line was up 6 percent to 59 megawatts and material costs were lower. The company’s target is to reach 52 cents to 63 cents a watt in 2014.
*Utility-scale projects are expected to increase. First Solar said it anticipates building 500 to 700 megawatts of projects in North America during 2011, up from 175 megawatts this year.
*Demand is expected to exceed supply in 2010. First Solar expects production capacity to be 2.2 gigawatts by 2012, up from 1.4 gigawatts this year. Module conversion efficiency was 11.2 percent in the second quarter compared with 11.1 percent in the first quarter.
SolarEdge PV Series A - Inverters
Venture Capital Access Online | Venture Capital News
The SolarEdge PV (Photovoltaic) power harvesting solution includes PowerBoxes, which are module-integrated power optimizers, solar inverters and a module-level PV monitoring portal. This unique solution enables production of up to 25% more energy from any PV installation and a faster return on investment. In the past year SolarEdge has expanded its product portfolio, established mass production lines and global delivery infrastructure, partnered with leading PV module manufacturers, integrators and distributors worldwide, and generated significant sales growth. This extraordinary momentum has strengthened SolarEdge’s position as the leader in PV power optimizing.
The SolarEdge PV (Photovoltaic) power harvesting solution includes PowerBoxes, which are module-integrated power optimizers, solar inverters and a module-level PV monitoring portal. This unique solution enables production of up to 25% more energy from any PV installation and a faster return on investment. In the past year SolarEdge has expanded its product portfolio, established mass production lines and global delivery infrastructure, partnered with leading PV module manufacturers, integrators and distributors worldwide, and generated significant sales growth. This extraordinary momentum has strengthened SolarEdge’s position as the leader in PV power optimizing.
Wednesday, October 13, 2010
Craton Equity Partners (LA)
Cleantech Blog: Craton Barreling Ahead
Being a senior advisor to the firm, I attended last week’s annual meeting of Craton Equity Partners, a cleantech private equity fund manager based in Los Angeles.
While cleantech in its focus, Craton doesn’t take on much technology risk. Rather, Craton generally invests in companies that have largely proven their technologies – or frankly don’t rely much on proprietary technologies – and are already generating substantial revenues, requiring growth capital to build out their business models into sizable scale.
This was illustrated by the stories told by three of Craton’s portfolio companies:
Along with these three presentations by portfolio company CEOs, the Craton senior partners provided their perspective on the state of the cleantech investment markets.
Of note, the Craton partners believe that the collapse of the credit markets over the past few years has yielded good opportunities for its fund to invest equity in companies – some of whom are generating tens of millions of dollars of revenues, and already profitable – that really ought to have been able to secure debt during more normal times, thereby generating attractive risk-return profiles upon which Craton could capitalize. Clearly, Craton was fortunate to have been focused on later-stage private equity opportunities, rather than earlier-stage venture capital opportunities, where the credit crunch has provided no such opening.
The recent addition of Kevin Wall to the Craton team, possessing significant high-level contacts around the world, reflects Craton’s view that many of the best growth and exit possibilities for cleantech in the coming years will occur internationally. This is a sad but entirely legitimate commentary on the state of the U.S. cleantech marketplace: if you want to really do well in cleantech investing in the next several years, you’re going to have to focus a lot of attention overseas.
Consistent with my personal experience, the Craton team noted that the key success factor for their portfolio companies continues to be management quality. Fortunately, they are seeing (as I am) an influx into cleantech of a greater quantity of better talent in the past few years. Of course, this is in part driven by deteriorating economic conditions and opportunities in other sectors of the economy. But, I also sense it’s because many capable people are increasingly drawn to cleantech for other intangible attractions. (I was recently on the phone with an old friend of mine who made a lot of money in real estate and didn’t find it challenging enough – so he’s moving into cleantech. Five years from now, I’m sure this friend of mine will not complain that making money in cleantech wasn’t sufficiently challenging!)
On the whole, it appears that Craton's first fund is doing generally well, and the firm is beginning to prepare for raising its second fund. The question will be whether Craton's good performance on paper (no liquidity events yet) will be able to overcome a very tough fund-raising environment. Given their strong relationships in the California marketplace – where cleantech has the most traction of anywhere in the U.S. – Craton's progress in the coming 12-24 months will be a good barometer of the health of the cleantech investing thesis in the U.S.
Being a senior advisor to the firm, I attended last week’s annual meeting of Craton Equity Partners, a cleantech private equity fund manager based in Los Angeles.
While cleantech in its focus, Craton doesn’t take on much technology risk. Rather, Craton generally invests in companies that have largely proven their technologies – or frankly don’t rely much on proprietary technologies – and are already generating substantial revenues, requiring growth capital to build out their business models into sizable scale.
This was illustrated by the stories told by three of Craton’s portfolio companies:
- Propel Fuels, which is developing a critical mass of biofuel retailing locations – by leasing space at existing gas stations, installing necessary equipment for biofuels, managing fuel delivery logistics, and retail marketing via co-branding – across California, with a view towards replicating this model in other geographic markets in the U.S.
- Petra Solar, which has standardized a photovoltaic product for installation on power poles, thereby enabling utilities to meet renewable portfolio standard requirements while also improving the quality and management of power throughout their distribution grids.
- GreenWave Reality, which is aiming to extend the smart-grid “beyond the meter” and into the home, via a centralized radio-broadcasting gateway at the service entrance and a variety of intelligence-enabled radio-controlled applications throughout the home to manage energy usage.
Along with these three presentations by portfolio company CEOs, the Craton senior partners provided their perspective on the state of the cleantech investment markets.
Of note, the Craton partners believe that the collapse of the credit markets over the past few years has yielded good opportunities for its fund to invest equity in companies – some of whom are generating tens of millions of dollars of revenues, and already profitable – that really ought to have been able to secure debt during more normal times, thereby generating attractive risk-return profiles upon which Craton could capitalize. Clearly, Craton was fortunate to have been focused on later-stage private equity opportunities, rather than earlier-stage venture capital opportunities, where the credit crunch has provided no such opening.
The recent addition of Kevin Wall to the Craton team, possessing significant high-level contacts around the world, reflects Craton’s view that many of the best growth and exit possibilities for cleantech in the coming years will occur internationally. This is a sad but entirely legitimate commentary on the state of the U.S. cleantech marketplace: if you want to really do well in cleantech investing in the next several years, you’re going to have to focus a lot of attention overseas.
Consistent with my personal experience, the Craton team noted that the key success factor for their portfolio companies continues to be management quality. Fortunately, they are seeing (as I am) an influx into cleantech of a greater quantity of better talent in the past few years. Of course, this is in part driven by deteriorating economic conditions and opportunities in other sectors of the economy. But, I also sense it’s because many capable people are increasingly drawn to cleantech for other intangible attractions. (I was recently on the phone with an old friend of mine who made a lot of money in real estate and didn’t find it challenging enough – so he’s moving into cleantech. Five years from now, I’m sure this friend of mine will not complain that making money in cleantech wasn’t sufficiently challenging!)
On the whole, it appears that Craton's first fund is doing generally well, and the firm is beginning to prepare for raising its second fund. The question will be whether Craton's good performance on paper (no liquidity events yet) will be able to overcome a very tough fund-raising environment. Given their strong relationships in the California marketplace – where cleantech has the most traction of anywhere in the U.S. – Craton's progress in the coming 12-24 months will be a good barometer of the health of the cleantech investing thesis in the U.S.
Petra Solar® - Intelligent Energy By Design - Home Page
Petra Solar® - Intelligent Energy By Design - Home Page
which has standardized a photovoltaic product for installation on power poles, thereby enabling utilities to meet renewable portfolio standard requirements while also improving the quality and management of power throughout their distribution grids.
which has standardized a photovoltaic product for installation on power poles, thereby enabling utilities to meet renewable portfolio standard requirements while also improving the quality and management of power throughout their distribution grids.
Cleantech Blog: Johnson Controls SAFT Lithium Batteries
Cleantech Blog: Johnson Controls SAFT Lithium Batteries
Since 2007, Ford and Johnson Controls have worked with leading electric utilities and EPRI. In 2007, Ford announced a partnership with Southern California Edison, the electric utility with the nation’s largest and most advanced electric vehicle fleet. The partnership is designed to explore ways to make plug-in hybrids more accessible to consumers, reduce petroleum-related emissions and understand issues related to connectivity between vehicles and the electric grid. For the 3-year study, Ford Escape Plug-in Hybrids have been heavily used. It will not be until 2012, that consumers can order plug-in hybrids from Ford.
Since 2007, Ford and Johnson Controls have worked with leading electric utilities and EPRI. In 2007, Ford announced a partnership with Southern California Edison, the electric utility with the nation’s largest and most advanced electric vehicle fleet. The partnership is designed to explore ways to make plug-in hybrids more accessible to consumers, reduce petroleum-related emissions and understand issues related to connectivity between vehicles and the electric grid. For the 3-year study, Ford Escape Plug-in Hybrids have been heavily used. It will not be until 2012, that consumers can order plug-in hybrids from Ford.
Clean Break » Blog Archive » Q-Cells and ATS Automation create Ontario JV to develop 64MW of solar
Clean Break » Blog Archive » Q-Cells and ATS Automation create Ontario JV to develop 64MW of solar
Q-Cells, one of the world’s largest solar PV providers, has inked a deal with ATS Automation Tooling Systems of Cambridge, Ont., to develop 64 megawatts worth of solar projects in Ontario already conditionally approved as part of the feed-in-tariff program. The two companies have formed a 50-50 joint venture called Ontario Solar PV Fields Inc. that is expected to begin construction in 2011. ATS will use Q-Cells’ PV cells in modules it will manufacture at its Photowatt Ontario facility in Cambridge, allowing the JV to qualify under 60 per cent local content requirements. “The Ontario market is projected to be one of the dominant solar markets in North America in 2011,” said Marc van Gerven, Q-Cells North American chief executive.
As I mentioned in a previous post, ATS is one of more than 10 companies that had annunced intentions to make solar modules in Ontario, adding up to more than 1,000 megawatts annually of local manufacturing capacity. ATS was promoting a dual strategy — producing both its own product as an Ontario extension of its France-based Photowatt business, and making modules for other companies under contract. This JV fits with the latter.
Q-Cells, one of the world’s largest solar PV providers, has inked a deal with ATS Automation Tooling Systems of Cambridge, Ont., to develop 64 megawatts worth of solar projects in Ontario already conditionally approved as part of the feed-in-tariff program. The two companies have formed a 50-50 joint venture called Ontario Solar PV Fields Inc. that is expected to begin construction in 2011. ATS will use Q-Cells’ PV cells in modules it will manufacture at its Photowatt Ontario facility in Cambridge, allowing the JV to qualify under 60 per cent local content requirements. “The Ontario market is projected to be one of the dominant solar markets in North America in 2011,” said Marc van Gerven, Q-Cells North American chief executive.
As I mentioned in a previous post, ATS is one of more than 10 companies that had annunced intentions to make solar modules in Ontario, adding up to more than 1,000 megawatts annually of local manufacturing capacity. ATS was promoting a dual strategy — producing both its own product as an Ontario extension of its France-based Photowatt business, and making modules for other companies under contract. This JV fits with the latter.
Clean Break » Blog Archive » Morgan Solar recruits eSolar CEO as its own
Clean Break » Blog Archive » Morgan Solar recruits eSolar CEO as its own
The folks over at Green Energy Reporter are reporting that eSolar’s founding chief executive Asif Ansari has decided to join Toronto-based Morgan Solar as its new CEO. I knew this deal was in the works, and apparently Ansari has been with the company now for a couple of weeks and plans to relocate his family from California to Toronto. It’s a good catch by the Morgan boys, who I’m betting will be making more news over the next couple of years. Ansari tells Green Energy Reporter, “I took a look at Morgan’s technology and I instantly understood that they had developed a game changer.” That’s the feeling I walked away with as well. It’s a great story unfolding.
The folks over at Green Energy Reporter are reporting that eSolar’s founding chief executive Asif Ansari has decided to join Toronto-based Morgan Solar as its new CEO. I knew this deal was in the works, and apparently Ansari has been with the company now for a couple of weeks and plans to relocate his family from California to Toronto. It’s a good catch by the Morgan boys, who I’m betting will be making more news over the next couple of years. Ansari tells Green Energy Reporter, “I took a look at Morgan’s technology and I instantly understood that they had developed a game changer.” That’s the feeling I walked away with as well. It’s a great story unfolding.
Clean Break » Blog Archive » Guest Post: Glen Estill on Ontario’s local content controversy
Clean Break » Blog Archive » Guest Post: Glen Estill on Ontario’s local content controversy
Japan is appealing Ontario’s Green Energy Act procurement policies to the World Trade Organization, on the basis that the Ontario content requirement violates international trade agreements. Japan’s interest is obvious. It is a major supplier of solar panels, with major brands such as Sanyo, Kyocera and Sharp playing a major role in the world markets. It will be interesting to see the interaction between Canada’s federal government and Ontario on this one. After all, the federal government doesn’t have jurisdiction over electricity procurement.
Japan is appealing Ontario’s Green Energy Act procurement policies to the World Trade Organization, on the basis that the Ontario content requirement violates international trade agreements. Japan’s interest is obvious. It is a major supplier of solar panels, with major brands such as Sanyo, Kyocera and Sharp playing a major role in the world markets. It will be interesting to see the interaction between Canada’s federal government and Ontario on this one. After all, the federal government doesn’t have jurisdiction over electricity procurement.
Clean Break » Blog Archive » Ontario to close four more coal-fired power units
Clean Break » Blog Archive » Ontario to close four more coal-fired power units
On Friday we’ll see four more coal-fired units totalling 2,000 megawatts closed in Ontario, part of the government’s commitment to phase out coal by 2014. Two 500 MW units at Lambton station and two 500 MW units at Nanticoke will be shut down ahead of an earlier schedule because of a combination of factors: lower electricity demand, increased natural gas capacity and a rise of wind, and to a lesser extent, solar power. Another plant, the smaller Atikokan station, will be converted to burning biomass.
On Friday we’ll see four more coal-fired units totalling 2,000 megawatts closed in Ontario, part of the government’s commitment to phase out coal by 2014. Two 500 MW units at Lambton station and two 500 MW units at Nanticoke will be shut down ahead of an earlier schedule because of a combination of factors: lower electricity demand, increased natural gas capacity and a rise of wind, and to a lesser extent, solar power. Another plant, the smaller Atikokan station, will be converted to burning biomass.
Clean Break » Blog Archive » Who knew? World’s largest solar PV plant is now in Ontario
Clean Break » Blog Archive » Who knew? World’s largest solar PV plant is now in Ontario
Sarnia solar power plant and that the facility now ranks as the largest solar PV plant in the world. The plant is owned by gas and pipeline giant Enbridge Inc. — you know, the guys who had the big oil spill in Michigan. The press release says it is an 80-megawatt plant, but over at PRResources.com it ranks the project first at 97 megawatts. Not sure what the deal is there. But even at 80 megawatts it’s still 33 per cent larger than the second-largest plant, which is in Olmedilla, Spain. The next largest in Canada, ranking 24th worldwide, is the 23.4 megawatt facility in Arnprior, Ontario.
Sarnia solar power plant and that the facility now ranks as the largest solar PV plant in the world. The plant is owned by gas and pipeline giant Enbridge Inc. — you know, the guys who had the big oil spill in Michigan. The press release says it is an 80-megawatt plant, but over at PRResources.com it ranks the project first at 97 megawatts. Not sure what the deal is there. But even at 80 megawatts it’s still 33 per cent larger than the second-largest plant, which is in Olmedilla, Spain. The next largest in Canada, ranking 24th worldwide, is the 23.4 megawatt facility in Arnprior, Ontario.
Clean Break » Blog Archive » Smart meters are here…. Get over it
Clean Break » Blog Archive » Smart meters are here…. Get over it
Ontario’s feed-in-tariff program has problems with its design and price structure, and that in some scenarios there are certainly better ways to reduce CO2 emissions and stimulate jobs. It’s a good program in principle, but delicate adjustments will be needed and much more emphasis must be placed on conservation and co-generation/CHP.
Ontario’s feed-in-tariff program has problems with its design and price structure, and that in some scenarios there are certainly better ways to reduce CO2 emissions and stimulate jobs. It’s a good program in principle, but delicate adjustments will be needed and much more emphasis must be placed on conservation and co-generation/CHP.
Finer System Level Details for the Comparison of Photovoltaic Technologies | Alternative Energy Stocks
Finer System Level Details for the Comparison of Photovoltaic Technologies | Alternative Energy Stocks
Flexible PV modules promise to be integrated into building materials, similar to the way United Solar, a division of Energy Conversion Devices (ENER), laminations have been used in single ply roofing and standing seam metal roofing. When a PV technology can reduce the structural balance of systems (BOS) cost there is an economy for the installation due to the lack of glass and the potential for true building integration. Look for CIGS companies like Miasolé, Global Solar Energy, Ascent Solar (ASTI), and Nuvosun to follow in SoloPower's footsteps in certifying the long-term performance and safety of high efficiency flexible PV modules for building integrated (BIPV) and other flexible applications.
Flexible PV modules promise to be integrated into building materials, similar to the way United Solar, a division of Energy Conversion Devices (ENER), laminations have been used in single ply roofing and standing seam metal roofing. When a PV technology can reduce the structural balance of systems (BOS) cost there is an economy for the installation due to the lack of glass and the potential for true building integration. Look for CIGS companies like Miasolé, Global Solar Energy, Ascent Solar (ASTI), and Nuvosun to follow in SoloPower's footsteps in certifying the long-term performance and safety of high efficiency flexible PV modules for building integrated (BIPV) and other flexible applications.
Tuesday, October 5, 2010
JA Solar (JASO) and LDK
View From the Turret: Crossroads Trading -- Seeking Alpha
Solar Strength
A number of key solar names were sharply higher last week as traders reacted to a few compelling themes:
JA Solar Holdings (JASO) is one of the many solar companies that is seeing a rebound in both revenue and earnings, and analysts have been increasing their expectations for the next two years.
With a stable balance sheet and a PE multiple that is still in the single digits, JASO could continue to rally for some time to come. I’m not interested in chasing the stock at these levels, but a pullback to near $7.50 or $8.00 along with a period of consolidation would have me much more interested in picking up a small position and then adding more exposure as the trend reasserts itself.
Solar Strength
A number of key solar names were sharply higher last week as traders reacted to a few compelling themes:
- LDK’s $8.9 billion dollar funding from China Development Bank has the industry hopeful that additional funding and liquidity will be available in the quarters to come.
- A sustained rally in the euro makes exports from Chinese manufacturing companies to European buyers more attractive.
JA Solar Holdings (JASO) is one of the many solar companies that is seeing a rebound in both revenue and earnings, and analysts have been increasing their expectations for the next two years.
With a stable balance sheet and a PE multiple that is still in the single digits, JASO could continue to rally for some time to come. I’m not interested in chasing the stock at these levels, but a pullback to near $7.50 or $8.00 along with a period of consolidation would have me much more interested in picking up a small position and then adding more exposure as the trend reasserts itself.
Monday, October 4, 2010
Walmart to Install Thin Film Solar Panels
Walmart to Install Thin Film Solar Panels
Walmart uses First Solar (CdTe) and MiaSole (CIGS) for its solar installations. The company notes an important decision in using this technology was its lower environmental life cycle cost, supporting my master's thesis on the lifecycle environmental impact of solar technologies.
Walmart uses First Solar (CdTe) and MiaSole (CIGS) for its solar installations. The company notes an important decision in using this technology was its lower environmental life cycle cost, supporting my master's thesis on the lifecycle environmental impact of solar technologies.
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