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PetroSun Starts Testing Algae-Based Biodiesel

PetroSun, Inc. (PSUD.PK) announced that its subsidiary, Algae BioFuels, will begin the field testing stage of the cultivation of algae for biodiesel production during the first quarter of 2007. The test site will be located in Arizona. Algae BioFuels will install a biodiesel refinery in Arizona after the successful completion of the field cultivation trials. The initial phase of the refining process will produce up to ten million gallons per year, to be increased after the initial phase of production and after refining has been evaluated. Algae BioFuels is also conducting a feasibility study of production and refinery sites in Australia and New Zealand. Independent studies demonstrate that algae is capable of producing over 30 times more oil per acre than corn, soy and other crops currently used to produce biofuels. The Office of Fuels Development, a division of the Department of Energy, funded a program from 1978 through 1996 under the National Renewable Energy Laboratory known as the “Aquatic Species Program”. The focus of this program was to investigate high-oil algae that could be grown specifically for the purpose of wide scale biodiesel production. Some species of algae are ideally suited for biodiesel production due to their high oil […]

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Suntech Announces Module Supply Deal

Suntech Power Holdings Co., Ltd. (NYSE: STP), a leading photovoltaic cells and module manufacturer, based in China, announced a multi-year contract to supply solar modules to a division of Sun Edison, LLC, North America’s largest solar energy service provider. The total value of the contract ranges from approximately $50 million to $90 million over the term of the contract. The contract is structured in a similar manner as Suntech’s long-term silicon supply agreement in order to enhance steady operating results. The United States has become one of the fastest growing markets for photovoltaic products due to recent initiatives by a number of states to promote the use of renewable energy sources. The California Solar Initiative, which aims to increase the amount of installed solar capacity on rooftops in the state by 3,000MW by 2017, is one of the most progressive. It is anticipated that the solar modules shipped under this contract will be used primarily in the California market. “This new relationship with SunEdison presents a strong step forward in our penetration of the rapidly growing U.S. solar market and our ongoing strategy to diversify our sales geographies,” said Dr. Zhengrong Shi, Suntech’s Chairman and CEO. “This multi-year supply contract […]

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Zoltek to Challenge Jury Verdicts

Carbon fiber maker Zoltek Companies, Inc. (Nasdaq: ZOLT) reported that it will challenge the verdicts handed down by a St. Louis jury in a lawsuit. The jury found that Zoltek breached its obligations under a supply agreement for carbon fiber, and ruled in favor of the plaintiffs on one count of damages of $21 million and on a second count of $15 million. Zoltek said it believes it has “strong legal grounds” to overturn these verdicts and will file post-trial motions challenging the decisions. Carbon fibers are used in aircraft brakes and sporting goods and have also become important in the manufacture of wind turbine blades.

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WorldWater & EMCORE Announce Strategic Partnership

WorldWater & Power Corp. (WWAT.OB), developer of proprietary solar water pumping systems, announced that EMCORE Corp. will purchase 26.5% on a fully diluted basis of WorldWater for $18 million in cash. In return, EMCORE will receive convertible preferred stock and warrants of WorldWater. They also announced the formation of a strategic alliance and supply agreement under which EMCORE is the exclusive supplier of high-efficiency multi-junction solar cells, assemblies and concentrator subsystems to WorldWater with a contract valued at up to $100 million over the next 3 years. On November 29, 2006, EMCORE invested $13.5 million in WorldWater, representing the first tranche of its $18 million investment. The investment of the remaining $4.5 million second tranche will occur once the definitive strategic agreement is signed and certain other conditions are met. The parties expect the execution of the definitive strategic agreement and second closing to occur before the end of the year. In connection with the investment, EMCORE will also gain two seats on WorldWater’s Board of Directors. “This strategic investment represents a shift in EMCORE’s terrestrial photovoltaic strategy by becoming, with WorldWater, a solution provider rather than just a component supplier. This investment will add strategic strength to both of […]

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