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Company Buys 7% Stake in Mechanical Technology

A Cayman Islands company has taken a 7.3 percent stake in Mechanical Technology Inc. (Nasdaq: MKTY) by purchasing 2.77 million shares. Mechanical Technology, based in Albany, N.Y., makes precision instruments and micro fuel cells. On Dec. 15 it the sale of about six million shares to three undisclosed investors for a total of $10.3 million. The proceeds will be used to continue development and commercialization of its Mobion fuel-cell technology. On Dec. 22, RG Capital Management of the Cayman Islands filed a statement with the SEC revealing its purchase of 2.77 million shares and warrants for an additional 1.38 million shares.

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California Utility Signs Biggest U.S. Wind Contract

Southern California Edison has signed the largest wind power contract in U.S. history with Alta Windpower Development LLC, based in Australia. The contract will double the amount of wind energy in So Cal’s portfolio, California’s second largest utility, bringing it to a total of 1,889 megawatts. So Cal Ed, a divisioin of Edison International (EIX.N) has contracted for a mimimum of 1,500 megawatts of wind power to be generated in California’s Tehachapi region. Wind turbines will be spread across more than 50 square miles -making it three times the size of the largest wind farm in the U.S. to date. Alta, which is a subsidiary of Allco Finance Group Ltd. (AFG.AX), will develop the project over the coming 5-10 years and will deliver power from the wind farms for 20 years. Allco Infrastructure Ltd, another division of Allco, will own and operate the big wind farm. So Cal, like other big utilities in California, signs long term power purchase agreements rather than building its own wind farms. Allco is a financial services company – its division Allco Infrastructure Ltd. and Alta Innovative Power Co. are also developing wind projects in New Zealand and Australia.

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The Festival of Energy-Efficient Lights

URL: http://www.washingtonpost.com/wp-dyn/content/article/2006/12/20/AR2006122001879.html Website: http://www.washingtonpost.com/wp-dyn/content/article/2006/12/20/AR2006122001879.html     

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Open Energy Acquires WaterEye

Open Energy Corporation (OTCBB: OEGY), a renewable energy company focused on the development of solar technologies that produce renewable energy, fresh water and related resources, signed an agreement to acquire privately-held WaterEye Corporation in an all stock transaction worth approximately $3 million. Open Energy plans to use the technology as part of its first commercial solar desalination plant in the first quarter of 2007. David Saltman, President and CEO of Open Energy said, “WaterEye has developed proprietary remote monitoring and display technology for water systems, with customers that include GE Water, Siemens, Dow, Dupont and Poseidon Resources. This same monitoring package will be important as we launch Suncone CSP systems next year.” Tom Wolfe commented: “The ability to use solar energy to desalinate water is very exciting. Up to 50% of the cost of producing potable water is directly attributable to energy consumption. Many areas of the world where fresh water is most needed lack access to grid power or simply can not afford the costs of diesel fuel. Once we demonstrate the capabilities of SunCone Desal, I think many organizations around the world will take notice.” Water Eye is headquartered in Grass Valley, California and provides secure ASP based […]

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