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MEMC Q1 profit rises 100%

MEMC Electronic Materials Inc. (NYSE: WFR), a silicon manufacturer, reported that its first-quarter profit doubled on 29% revenue growth as it made its first shipments of its new solar wafers. The company reported profit of $134.7 million on revenue of $440.4 million, compared with profit of $67.3 million on revenue of $341.5 million in the same period of 2006. Analysts were expecting the company to earn $0.69 per share on $444 million in sales. Shares traded down sharply after market hours, as the current valuation requires the company to beat numbers just to stay in place. MEMC Chief Executive Nabeel Gareeb said, “We are pleased to have grown revenue by almost 5 percent over the previous quarter, despite some semiconductor application areas being weaker than anticipated. Solar demand, however, remained healthy.” For the second quarter, MEMC officials expect revenue between $460 million and $470 million.

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Color Kinetics Reports Q1 Results

Color Kinetics Incorporated (Nasdaq: CLRK), a leading innovator of LED lighting technologies, reports that revenues reached a record $18.8 million for the first quarter, an increase of 28% from Q106. GAAP net income was $1.5 million or $0.07 per fully diluted share, up 697% over net income of $188,000 or $0.01 per fully diluted share in the first quarter of 2006. “We’re very pleased to mark the start of our 10th year in business with another strong operational performance, reflecting continued revenue growth across multiple regions, strong margins, substantial momentum in licensing, and a rate of new intelligent LED lighting installations that we believe outpaces any other player,” said Bill Sims, President and CEO, Color Kinetics. “The public’s attention to lighting has perhaps never been greater, particularly with recent headlines and efforts to curb its contribution to energy strain. While LED technology has the potential to ultimately leapfrog conventional sources as the energy-efficient choice of the future, our success in the market points to the many other advantages that LED systems already deliver today; from reduced maintenance and longer lifespan to advanced digital control for both existing and entirely new lighting applications,” said Sims. “As LEDs continue their progression towards […]

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Millennium Cell Reports Q1 Results

Millennium Cell Inc. (NASDAQ: MCEL), a developer of hydrogen battery technology, reported a slightly lower net loss for the first quarter of $2.7 million ($0.05 per share), compared to $2.7 million ($0.06 per share) in Q106. Total revenue and cost reimbursements were $618,000, up from $438,000 in Q106, reflecting increased military development funding. “In the first quarter, We established pilot manufacturing capability for our Hydrogen on Demand® fuel cartridges, initiated new programs with our licensees for integrated power solutions and continued to attract government funding. Additionally, we recently signed a licensing agreement with Kuchera Defense Systems which will further our efforts towards commercialization of power source products comprised of PowerSkin(TM) fuel cells and Hydrogen on Demand® fuel cartridges,” said H. David Ramm, CEO. “Early in the quarter, we developed a pilot production line for our fuel cell cartridges in collaboration with The Dow Chemical Company and The Edison Welding Institute. Our focus is to develop manufacturing techniques and select materials that will achieve higher reliability and performance at a lower cost. We have recently received additional funding from the National Center for Manufacturing Sciences for the next phase of the project where we will continue to work with our partners […]

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Canada's to Build 40 MW Solar Farm

Energy Minister Dwight Duncan plans to make a major announcement today on 14 Canadian renewable energy projects. The 14 projects will add more than 107 MW to the provincial grid, and will include two new water power projects with Ontario First Nations. The largest project has been announced: Canada’s largest solar farm is being built near Sarnia, Ontario, a 40 MW farm consisting of over 1 million panels on the ground. The power will be sold to the provincial government. California-based OptiSolar is building the plant and plans to have electricity on the Ontario power grid by 2010. OptiSolar will be paid CAN 42 cents ($0.38)per kilowatt-hour for the solar power, almost quadruple the price for wind power.

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Kohl's Goes Solar in California

In the largest purchase and deployment of solar power by a single entity in U.S. history, Kohl’s Corp. announced it will buy solar for most of its California department stores. Kohl’s will purchase solar energy in a long term set price agreement from SunEdison, which will own, install and service the systems. Kohl’s electricity prices will drop as energy prices rise over the 20 year agreement. 62 out of the 80 Kohl’s stores in the state will get 2,340 solar panels on their roofs. Kohl’s solar deployment represents about 15% of California’s installations to date. When complete, Kohl’s solar deployment will represent about 1% of California’s 10-year objective.

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