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GE Gets Aggressive on White LEDs

GE Consumer & Industrial’s has changed the name of its LED unit, GELcore, LLC to Lumination, LLC, symbolizing its intention to innovate and lead the way to general illumination with white, light-emitting diode (LED) solutions on a global scale in commercial, industrial and residential settings. “Our name change emphasizes an important element of our growth strategy,” states David Elien, president of Lumination. “Our focus since our inception has been lighting applications that leverage the benefits of LEDs to drive real value for customers. We remain committed to delivering best-in-class LED lighting solutions in key segments such as signage, architecture, transportation signals and retail display, while also setting our sights on global distinction in the emerging general illumination market segment.” Lumination, under its old name, brought its first white LED solutions to market with its Tetra® Power White LED solution for channel letter signage. Further progression toward white LED preeminence occurred when the company’s white LED refrigerated display case solution earned widespread acceptance. Eight of the top 10 U.S. supermarkets have reacted positively toward testing and use of the Lumination solution, and Wal-Mart Stores, Inc., committed late last year to install the company’s refrigerated display case solution in over 500 stores […]

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JA Solar IPO Raises $225M

Another Chinese solar company has gone public on the U.S. markets. JA Solar Holdings Co. Ltd. (Nasdaq: JASO) raised US$225 million in an IPO that was priced above a forecast range. The 15 million American depositary share (ADS) offering sold for $15 per share compared with a $12.50 to $14.50 forecast. Each ADS represents three common shares. JA Solar, which manufactures solar cells, has an initial market capitalization of about US$658 million. JA Solar is the fourth Chinese solar company to launch an IPO in the U.S., following Trina Solar Ltd. (Nasdaq: TSL), Solarfun Power Holdings Co. Ltd. (Nasdaq: SOLF) and Suntech (NYSE: STP).

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Suntech Announces US$300M Convertible Senior Notes Offering

Suntech Power Holdings Co., Ltd. (NYSE: STP) announced that it intends to offer an aggregate of US$300 million convertible senior notes due 2012, in a private offering to qualified institutional buyers. In some circumstances, the notes will be convertible into,at Suntech’s election, cash, American depositary shares (“ADSs”) representing Suntech’s ordinary shares or a combination of cash and ADSs. The interest rate, conversion price and other terms of the notes will be determined at the time of pricing of the offering. Suntech currently expects to use the net proceeds from the offering of the notes for the following purposes: approximately US$100 million to expand its manufacturing lines for the production of PV cells and modules and thin film modules and to enhance its research and development efforts; approximately US$50 million to purchase or prepay for raw materials; US$100 million to repay its one year, US$100 million-equivalent bridge loan it obtained in connection with its acquisition of MSK Corporation; and up to US$50 million for other general corporate purposes.

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Allianz Global Investors Launches Global EcoTrends Fund

Allianz Global Investors, the asset management arm of Allianz SE (NYSE: AZ), has launched the Allianz RCM Global Eco Trends Fund which invests in companies with exposure to “Eco-Sectors” including the EcoEnergy, Pollution Control and Clean Water sectors. “Protecting the environment is likely to be a major focus in the 21st century and many companies stand to benefit – both those that provide solutions to environmental problems and those that utilize those solutions,” said Bozena Jankowska, lead portfolio manager of the Allianz RCM Global EcoTrends Fund. The Fund offers access to three environment-related sectors: EcoEnergy – e.g., alternative energy and energy efficiency Pollution Control – e.g., environmental quality, waste management and recycling Clean Water – e.g., water treatment and supply RCM Capital Management LLC (RCM SF), also a subsidiary of Allianz SE, has been retained to manage the Fund’s assets, and RCM SF has in turn retained its affiliate, Allianz Global Investors Advisory GmbH (AGIA), to conduct the day to day portfolio management for the Fund. “In our opinion, the environment appears to be having a significant impact on businesses and financial markets, and population growth and industrialization are likely to put a strain on limited resources such as fossil […]

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ECO2 Plastics Closes $10M in Financing

ECO2 Plastics (formerly ITEC Environmental Group, ITEC.OB), announced it has closed a convertible debenture financing round of $10 million. ECO2 Plastics is now fully capitalized, having raised $13 million, $3 million of which was announced previously. The Financing included an investment by Roaring Fork Capital SBIC, L.P., and investments by a number of high net worth investors. The Financing will be used to ramp up the first recycling plant in Northern California to full-scale operation and begin development on a second plant in Southern California. ECO2 Plastics is pursuing a strategy of owning and operating plastic recycling plants worldwide. The Company’s proprietary technology positions ECO2 Plastics as the lowest cost, highest quality producer of recycled plastic flake in the industry. “With its unique technology, strong management team, compelling business model, and commitment to revolutionizing recycling, ECO2 Plastics is an outstanding addition to Roaring Fork’s portfolio of investments,” said Eugene McColley, co-founder and Managing Partner, Roaring Fork Capital Management. ECO2’s typical recycling plant can produce 9,000 lbs. of clean plastic flake per hour. A similarly sized water-based plant consumes up to 4,500 gallons of water per hour, twenty-four hours a day, seven days a week, then disposes the water, chemical contaminants, […]

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