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Ovonic Signs $108M Agreement with Advanced Green Technologies

United Solar Ovonic LLC, a wholly owned subsidiary of Energy Conversion Devices, Inc. (NASDAQ: ENER) has signed a three-year distributor agreement with Advanced Green Technologies, Inc. for $108 Million of Photovoltaic (PV) products. A unit of Advanced Roofing, Inc., Advanced Green Technologies is offering sustainable building integrated solutions and renewable energy products for commercial and residential roofing applications using UNI-SOLAR® products. California and 12 other states have recently embraced energy efficiency initiatives and renewable energy policies in efforts to reduce greenhouse gas emissions. “We are convinced that our relationship with Advanced Green Technologies will further successful installations of building integrated solar power systems and demonstrate the use of UNI-SOLAR® products for improved energy self-reliance,” said Subhendu Guha, President and Chief Operating Officer of United Solar Ovonic. Unlike traditional crystalline technology, which typically uses heavy glass panels, UNI-SOLAR® products are flexible, durable, lightweight, and easy to install. Because of these characteristics, UNI-SOLAR® triple-junction products offer the ideal solution for both grid-connected and off-grid solar electric systems. Independent studies in Europe and elsewhere have shown that triple-junction products deliver more energy per rated power than the conventional crystalline products. Website: [sorry this link is no longer available]     

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Praxair Authorizes $1B Share Repurchase

The board of directors of Praxair, Inc. (NYSE: PX) has authorized the repurchase of up to $1 billion of its common stock, reflecting the company’s strong balance sheet and growing free-cash-flow generation from operations. “This share repurchase program reflects the confidence we have in the long-term growth prospects for our business, and our commitment to increasing shareholder value,” said Steve Angel, chairman and chief executive officer. “Our first priority will continue to be investing in profitable growth projects; however, due to our high return on capital, we expect to generate increasing levels of cash flow.” The share repurchases are expected to be completed over the next two years. Share purchases may take place from time to time on the open market or through negotiated transactions, subject to market and business conditions. The purchases will be financed by available cash and debt. This program replaces the repurchase program in effect since 1997 which has been used primarily to offset the dilutive effect of shares issued under employee stock benefit plans and the dividend reinvestment and stock purchase plan. The board of directors also has declared a quarterly dividend of 30 cents per share, unchanged from the previous quarter. The dividend is […]

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