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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 […]

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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]     

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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.

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Computer Industry Launches Climate Savers Computing Initiative

Intel Corp (Nasdaq: INTC) and Google Inc. (Nasdaq: GOOG) joined with Dell, EDS, the Environmental Protection Agency (EPA), HP, IBM, Lenovo, Microsoft, PG&E, World Wildlife Fund (WWF) and more than 25 other organizations to launch the Climate Savers Computing Initiative. The coalition has set aggressive energy efficiency targets for computers and components worldwide. Its goal is to achieve efficiencies of 90% by 2010, up from 50% today for computers and 66% for servers. By 2010, the Climate Savers Computing Initiative will cut greenhouse gas emissions in an amount equal to removing more than 11 million cars from the road or shutting down 20, 500-megawatt coal-fired power plants — a significant step in reducing the emissions affecting our planet, said Pat Gelsinger, senior vice president and general manager of Intel’ Digital Enterprise Group. The coalition is asking businesses and individuals around the world to join with them to institute better power management of their computing equipment and tp purchase energy-efficient computers. Initial companies who intend to participate in the initiative represent both the demand and supply side of the computer industry, including computer manufacturers and chip makers, as well as environmental groups, energy companies, retailers, government agencies and more. The group […]

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