JV Forms BioCnergy Europa
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BioFuel Energy Lowers IPO Price
Biofuel Energy Corp. (Nasdaq: BIOF) went public Monday, raising $55 million for its ethanol business. The IPO price was cut to a maximum of $10.50 a share, down from the original $16-$18 per share. The number of shares sold was also cut by about 45 percent from the 9.5 million the company initially filed to sell. The offering price gives Biofuel Energy an initial market cap of about $340 million. The lower prices reflect the crowded ethanol market – and BIOF has no revenue. The company plans to use the proceeds to pay down debt and for construction costs for various plants. BioFuel Energy will also sell 4.25 million shares in a private placement to affiliates of Greenlight Capital Inc., Third Point LLC and its chairman, Thomas Eleman, making the total capital raise about $94 million. The company plans to build five large dry-mill ethanol plants on corn-belt sites where Cargill, Inc has a strong local presence and, in most cases, adjacent to grain storage facilities owned by or affiliated with them.
MEMC: Poised to Test Old Highs
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Hoku Inks Silicon Agreement with Suntech
Hoku Materials, a subsidiary of Hoku Scientific, Inc. (NasdaqGM:HOKU), which was established to manufacture polysilicon for the solar market, has signed a long term silicon supply agreement with China’s solar manufacturer Suntech Power Holdings Co., Ltd. (NYSE:STP). The 10-year, $678 million agreement begins in mid-2009 and is subject to the achievement of milestones. Hoku is building a plant capable of producing 2,000 metric tons of polysilicon per year in Pocatello, Idaho. In January, Hoku announced it signed a 7-year polysilicon supply contract with SANYO Electric Co., Ltd. for $370 million. About Hoku Scientific, Inc. Hoku Scientific develops and manufactures fuel cell membranes and membrane electrode assemblies for stationary (including residential and back-up power applications) and automotive proton exchange membrane fuel cells. It is expanding its business to manufacture polysilicon and install solar modules for the solar market. Website: [sorry this link is no longer available]
Weak Asia Policies Curb Green Power Growth
URL: http://www.planetark.com/dailynewsstory.cfm/newsid/42597/story.htm Website: http://www.planetark.com/dailynewsstory.cfm/newsid/42597/story.htm
Schwarzenegger Says Tailpipe Emissions Lawsuit Inevitable
URL: http://www.ens-newswire.com/ens/jun2007/2007-06-13-01.asp Website: http://www.ens-newswire.com/ens/jun2007/2007-06-13-01.asp
RPS Likely to be Voted on Today, Bush Says He'll Veto
Bush doesn’t like much about the The Renewable Fuels, Consumer Protection, and Energy Efficiency Act of 2007, likely to be voted on in the Senate today, and signalled he will likely veto the bill. He denounced the provision that would make gasoline price gouging illegal and the fact that it doesn’t open new offshore and Alaskan areas to oil and natural gas drilling to increase domestic supplies. Referring to the “NOPEC” amendment by Sen. Herb Kohl (D-WI), which would allow the Justice Department to take action against members of the Organization of Petroleum Exporting Countries for collusive practices in setting the price of oil, the White House said it would “harm U.S. interest abroad, discourage foreign investment in the U.S. economy,and could lead to retaliatory action, leading to a reduction in oil available to U.S. refiners. The White House said the language that would require vehicle fuel-efficiency standards to average 35 miles a gallon by 2020 for passenger cars and light trucks is “overly prescriptive” and would lead to regulatory uncertainty. About the provision that would make gasoline price gouging a federal crime, it said “The federal government has all the legal tools necessary to address price gouging,” and it […]
GT Solar Signs $39.5M Chinese Polysilicon Reactor Contract
PV equipment supplier GT Solar Inc., has signed a $39.5 million contract to sell polysilicon reactors and converters to Jiangsu Shunda Electronic Materials and Technology, based in China. GT’s reactors and silicon tetrachloride converters will allow Shunda to produce silicon feedstock for PV cells. Shunda’s President, Ni Yunda, said: “GT Solar has the expertise to provide the equipment for the production of ultra-pure polysilicon. Their support is a key part of our production plans.” Shunda Group produces single crystalline ingots, wafers, photovoltaic cells and modules. It plans to produce its own polysilicon in the near future, as well as becoming a major player in the photovoltaic market.
Zoltek Signs Long Term Supply Agreement With DeWind
Zoltek Companies Inc. (NasdaqGM:ZOLT) has signed a long-term strategic supply agreement with DeWind Inc. and DeWind Ltd of Luebeck, Germany (a subsidiary of Composite Technology Corporation). The expected sales volume is over US $30 million for the first three years of the contract. Zoltek will be the exclusive supplier of carbon fiber and carbon fiber materials to DeWind for the production of rotor blades for its most advanced turbines. “The agreement with DeWind represents another strong vote of confidence by a leading-edge wind energy company in the expanded use of carbon fiber. DeWind has been particularly innovative in its design of a high carbon fiber content blade resulting in a very light and stiff rotor integrated with a novel generator concept,’ said Zsolt Rumy, Zoltek CEO. The D8 turbine (2.0 MW) from DeWind is established in Europe as one of the most reliable and productive turbines in the industry. The new D8.2 represents yet another novel advancement with the WinDrive Hydrodynamic Gearbox enabling the use of a Synchronous Generator.
E-Ton Solar Buys U.S. Supplier for $153.7M
E-Ton Solar Tech Co. (3452.TWO), a leading Taiwan solar cell manufacturer, announced it would acquire US-based Adema Technologies, which makes solar components. E-Ton will pay US$153.7 million in cash and stock. The move is part of a vertical integration trend in the industry where solar panel makers combine with materials providers to ensure supply. “Through this acquisition, E-Ton Solar will be able to establish a stable long-term ingot supply base from Adema,” said Stephen Wu, E-Ton Solar founder and chairman. E-Ton expects the deal to close in the third quarter.
