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More Chinese Solar Firms File for IPOs

Two more Chinese solar companies, Yingli Green Energy Holding Co. Ltd and LDK Solar Co. Ltd, filed for U.S. IPOs late last week, for combined proceeds of about $750 million. The will join JA Solar (Nasdaq: JASO), Solarfun Power Holdings (Nasdaq: SOLF) and Suntech Power (NYSE: STP). The larger IPO is LDK Solar (NYSE: LDK), which hopes to raise up to $400 million on the NYSE. The company makes multicrystalline solar wafers -thin sheets of crystalline silicon – used to make solar cells. 31-year old CEO Xiaofeng Peng owns about 83% of the company, which reported $22 million in income on $73 million in sales in the first quarter. For the first quarter of 2006, LDK reported a loss of $440,000. Yingli Green Energy (NYSE: YGE), which designs and manufactures PV modules, plans to raise up to $350 million. Liansheng Miao, 50, the company’s chairman, owns about 57% of the company.

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New Water ETFs Hit the Market

Until now, there was only one fund through which investors could get exposure to the water industry – the $1.6 billion PowerShares Water Resources Portfolio (AMEX: PHO). The ETF includes water industry players that trade on U.S. exchanges and has had outstanding performance since its debut in December 2005. The group plans to roll out an international water ETF soon, but the competition is finally heating up. This week, two new water funds launched – the First Trust ISE Water Index Fund (AMEX: FIW) and Claymore S&P Global Water Index ETF (AMEX: CGW). First Trust is also U.S.-based, while the Claymore invests in companies globally. Claymore is based on the newly launched S&P Global Water Index, and has the best 1-, 3- and 5-year performance based on back-testing. There is a great deal of overlap in the companies held by the U.S. funds – 29 of the 36 components in the PowerShares fund also appear in the First Trust fund. PHO has more exposure to small caps, while First Trust is weighted slightly more toward large caps. Purchase Progressive Investor’s Special Report: Investing in Water, to learn about this important industry. Website: [sorry this link is no longer available]     

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FedEx Express, Azure Dynamics to Develop Hybrid Powertrain

Azure Dynamics Corp. (TSX: AZD; LSE: ADC) has signed an agreement with FedEx Express, a subsidiary of FedEx Corp. (NYSE: FDX) to develop gasoline parallel hybrid-electric powertrains for their delivery fleet. Azure will supply a parallel hybrid-electric test vehicle to FedEx Express for the Ford E-450 hybrid commercial delivery van development program. Once the development phase is completed, FedEx Express has committed to purchase a minimum of 20 pre-production parallel hybrid-electric Ford E-450 delivery vans to be delivered by May 2008. “These agreements with FedEx Express provide an opportunity for greater customer input in product development, as well as a high-profile, multinational fleet as a lead customer for the Ford E-450 parallel hybrid electric vehicle,” said Scott Harrison, CEO of Azure Dynamics. In 2004, FedEx Express introduced the FedEx OptiFleet E700, an environmentally-superior delivery truck, into its delivery fleet. With 93 hybrid-electric vehicles in service in North America that have traveled more than one million miles, FedEx Express has the largest fleet of hybrid-electric delivery vehicles of any transportation company in the U.S. About Azure Dynamics Azure Dynamics Corporation is a developer of hybrid electric and electric components and powertrain systems for commercial vehicles. Azure is strategically targeting the commercial […]

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XsunX Gets 25 MW Thin Films Solar Order

XsunX, Inc. (XSNX.OB), developer of advanced manufacturing systems and cell structures for solar energy, has received a 25 MW order from Lambda Energia S.A. de V.C. for thin film PV production equipment. The order is valued at over $41 million. The order will be delivered during 2008. Tom Djokovich, CEO of XsunX, said, “This license agreement and equipment sale with Lambda represents a significant milestone in the business development efforts of XsunX. The group that has formed Lambda has a track record of success in commercializing new technologies and we are anxious to begin working with them and supporting their efforts to bring thin film solar cell products to market. ” “Lambda Energia expects to achieve broad market success with the thin film solar products we will manufacture under license from XsunX,” stated Dr. Marco Adamo, President and founder of Lambda. “The demand for low cost solar products that can be easily integrated into buildings overwhelms the ability of suppliers to deliver these products,” Dr. Adamo continued, “and the thin film products that Lambda will produce using XsunX’s technologies are well suited to meet this demand.” About Lambda Based in Cuernavaca Mexico, Lambda with its mission to globally provide clean […]

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Canadian Solar Reports Q1 Results

Canadian Solar Inc. (Nasdaq; CSIQ), a Chinese solar manufacturer, reported preliminary unaudited Q1 financial results. Revenues almost doubled to $17.5 million, including $2.8 million silicon material sales, compared to $8.8 million for Q106. Net loss was almost cut in half to $3.9 million, or $0.14 per diluted share, compared to $7.1 million, or $0.46 per diluted share, for Q106. the first quarter of 2006. Dr. Shawn Qu, Chairman and CEO said, “Q1 developed as expected, with year-over-year revenue growth, an improvement in blended gross margin and stable pricing compared to Q4 2006. During the quarter, we took the opportunity to reorganize our supply chain to position the Company for success in 2007. In addition, we increased our sales contracts worldwide. The additional sales and marketing resources we added continue to pay off. We saw a clear trend of market demand moving towards high market reputation and financially strong module manufacturers, like CSI. This led to a much higher level of customer activity starting in March 2007, which we expect will further build throughout the year. CSI continues to ramp up its in-house solar cell manufacturing, while also maintaining long-term strategic purchasing from a few selected supply partners. We believe this […]

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Yahoo! Gets Going on Climate Campaign

Yahoo! Inc. (Nasdaq: YHOO) is in NYC’s Time Square today to kick of is greenest city in America search. Co-founder David Filo, joined by actor Matt Dillon and Global Green USA CEO Matt Petersen, are introducing “Be a Better Planet,” to empower Americans to take action against climate change. The winning city, which will be announced on June 8th, will be rewarded a fleet of hybrid taxi cabs or the equivalent cash donation, to be dedicated toward city greening projects. To kick off the program, Yahoo! will also donate a fleet of hybrid taxis to New York City, recently determined to produce 1% of all U.S. greenhouse gases. “Americans everywhere are taking notice of the increasingly dire predictions around global climate change,” said Yahoo!’s David Filo. “We want to make it easy for consumers to do something, as well as help them build enduring habits that can truly make a difference. We believe many small individual actions can add up to significant change.” Yahoo is also launching Yahoo! Green (http://green.yahoo.com), a new one-stop resource website for the environmentally-concerned. Its purpose is to inform and empower consumers with the latest news, tips, and ways to take action. The site features a […]

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