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Private Investors, Gore Create New Pressure for Climate Change Action

Former US Vice President Al Gore says January 1st will be the launch of a campaign of “mass persuasion” to freeze carbon emissions. It will be modeled on the nuclear freeze movement of the 1980s, where a wide range of groups from entrepreneurs and activists to political leaders were involved. Gore made the announcement during a two-day Greentech Innovation Network meeting organized by Silicon Valley’s most powerful venture capital firm, Kleiner Perkins Caufield and Byers (KPCB). The group has decided to become involved on a national level, and is already talking with members of Congress. The objective of the 2-day meeting was to determine which policies and technologies could most effectively fight global warming. The Greentech Innovation Network, which consists of environmental entrepreneurs, policymakers and academics, helped convince California Gov. Arnold Schwarzenegger to sign the model carbons emission law, passed in September. Kleiner Perkins partner John Denniston said the group will help finance Gore’s political efforts. “If we put all our efforts on the parliaments, this will take decades,” said Iceland’s president, Olafur Ragnar Grimsson, a panelist at the meeting. “We need to build constructive alliances between the scientific community and the business community.” KPCB announced the inaugural winner of […]

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Debate in Minnesota Over Proposed Coal Plant Is National Test Case

The upcoming Minnesota Public Utilities Commission hearings on new coal plants are considered to be a national test on whether state regulators will allow utilities to build new coal plants in the face of financial risks to ratepayers and investors arising from increased global warming pollution. At issue is whether the Commission will approve construction of transmission lines associated with the Big Stone II coal plant, proposed to be built across the border in South Dakota but mainly intended to serve Minnesota consumers. The project cannot be built unless the seven utilities seeking to build it prove to the Commission that it is more cost-effective than efficiency investments or renewable energy technologies like wind power. Thus far, the Big Stone II utilities,­ like many utilities in the nation, have ignored the substantial financial risks associated with greatly increasing global warming emissions. Testimony by the Union of Concerned Scientists and other environmental NGOs shows the cost of Big Stone II could increase by 27-33 percent, or $95 million per year on average, when mid-range costs of expected federal carbon dioxide regulations are included. “Utilities are betting billions of dollars of ratepayer money on the reckless assumption that Big Stone II would […]

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Accelergy Secures Funding From Leading Investors

Accelergy Corporation has secured Series B financing from leading global investors Goldman Sachs, Sequoia Capital China and Lux Capital. Accelergy’s existing investors, Nth Power, Technology Partners, Mobius VC and Advent International also participated in the funding. Accelergy is a start-up that is developing advanced catalytic materials for energy firms. “The company’s strong leadership team, experience, and proprietary high throughput capabilities are leading factors in our investment decision,” said Raheel Zia, vice president at Goldman Sachs and member of Accelergy’s Board of Directors. “Accelergy is helping major global companies extend their research and development capabilities and shorten time to market throughout the entire development and commercialization process. We look forward to working with Accelergy to accelerate their growth.” Website: http://www.accelergy.com     

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Silicon Valley Solar to Supply 10MW

Silicon Valley Solar has secured a 10MW purchase order for the company’s Sol-X2, internal concentrator solar modules, valued in excess of $35 Million. Pacific Power Management of Auburn California, one of the state’s top solar system integrators, will begin taking delivery in Q1, 2008. The contract calls for linear shipments of modules over a three year period. SV Solar’s Sol-X2 products are high efficiency, low cost flat plate modules utilizing a unique “internal” concentrator. Sol-X2 modules require less than half the number of solar cells when compared to traditional solar modules, while producing equivalent or even higher power output. Solar cells currently account for up to 75% of the total module cost, and with the current shortage of refined silicon, are a limiting factor on the total production of solar modules. “We’ve been following the progress of SV Solar for some time,” said Dave Dwelle, co-principal of Pacific Power Management. “We knew their approach would deliver significant cost savings, but we were pleasantly surprised to see the performance they are getting relative to standard modules. In particular, Sol-X performance in a variety of mounting positions will give Pacific Power additional flexibility in many of our installations.” Since Sol-X2 utilizes a […]

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Western GeoPower, Sierra Geothermal Announce Financing

Western GeoPower Corp. (WGP.V; WE6.F), a has negotiated a non-brokered private placement for CDN $2.5 million through the sale of over 16 million units at $0.15. Each unit is comprised of one share and one share purchase warrant exercisable at a price of $0.25 per warrant share until December 30, 2008. The proceeds will be used to continue the development of Western GeoPower’s planned 25.5 megawatt power plant at The Geysers Geothermal Field, 75 miles north of San Francisco, California; to repay the outstanding $1 million balance against the Company’s credit facility; and for working capital. “The elimination of short-term debt and the contribution to working capital places the Company in a stable position to negotiate a power purchase agreement, to implement the environmental review and permitting process and to secure drilling and project financing,” said Kenneth MacLeod, President and CEO. “The permitting process will be significantly streamlined through the use of existing drill pads, roads and transmission infrastructure which supported the original 62 megawatt power plant operated by PG&E from 1979 to 1989.” The new power plant, to be named Western GeoPower Unit 1, is projected to commence commercial operations in late 2009, providing approximately 200,000 megawatt-hours per year […]

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