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SatCon Announces $12M Financing Transaction

SatCon Technology Corporation (Nasdaq NM: SATC) has entered into a definitive agreement for a $12 million private placement with institutional investors. The transaction is expected to fund today. First Albany Capital served as the placement agent for the transaction. “We greatly appreciate the tremendous vote of confidence in SatCon that this financing represents from our new institutional investors,” stated David Eisenhaure, Chairman and CEO. “The capital infusion fulfills part of SatCon’s overall financing strategy and supports our plans for growth in our core businesses of developing and manufacturing alternative energy products, components for hybrid electric vehicles and advanced micro-electronics. Achieving this financing milestone will allow us to accelerate the expansion of our alternative energy stationary power business under the management of Clemens van Zeyl.” The Senior Secured Convertible Notes to be issued in the financing will bear interest at the higher of 7.0% per annum or the six-month LIBOR plus 3.5% and will be convertible into SATC common stock at a conversion price of $1.65 per share, which represents a premium of approximately 6% over the average closing price of the Company’s common stock for the last 5 trading days. Subject to certain conditions, the Company may elect to make […]

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EMCORE to Sell Electronic Materials Division

EMCORE Corporation (Nasdaq: EMKR) has agreed to sell the Company’s Electronic Materials & Device division (EMD) to IQE, plc (IQE). IQE, headquartered in Cardiff, Wales with United States operations in Bethlehem, Pa, will purchase the assets including inventory, fixed assets, and intellectual property of EMD for a total transaction value of $16 million. The transaction is subject to IQE shareholder approval authorizing the issuance and sale of additional shares of IQE and successful completion of a financing expected in mid-August. Closing is scheduled to occur immediately following completion of IQE’s financing. IQE was formed in May 1999 by the merger of two epitaxial wafer companies supplying electronic and optoelectronic materials produced using MOCVD (metal organic chemical vapor deposition) and MBE (molecular beam epitaxy) equipment platforms. EMD utilizes MOCVD technology developed by EMCORE to produce both GaAs and GaN based transistor wafers for use in power amplifiers and switches in GSM, CDMA multiband wireless handsets, Wi-MAX, Wi-Fi, cellular handsets, and in wireless LAN applications. IQE will continue to operate EMD in the Somerset, NJ facility. Approximately 50 employees will be transferred to IQE. “EMD has been an innovator in developing state of the art RF materials for over 10 years but […]

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Ormat Receives $4.4M Order for Germany Plant

An Ormat Technologies, Inc. subsidiary has entered into a contract valued at $4.4 million with Geo X GmbH of Ludwigshafen, Germany, for the supply of one ORMAT Energy Converter (“OEC”) for a geothermal power plant, located in Landau, Germany. The equipment is to be supplied and installed within 17 months from the date of signature of the contract. The construction of the pre-assembled OEC at the Geo X site in Landau will be undertaken by a third party under a consortium agreement with Ormat. “This is the first order we have received for a geothermal plant in Germany. Construction of three other geothermal projects in Europe is being completed in the Azores Islands, Portugal and in Turkey. Geothermal plants using Ormat equipment in Europe are in operation in the Azores Islands, Iceland and Austria,” said Lucien Y. Bronicki, chairman of the board and chief technology officer of Ormat Technologies. Mr. Bronicki continued, “Europe’s energy policy agenda, which seeks both energy independence and emission reduction, offers Ormat important opportunities and the potential for further growth in our products business. Ormat’s OECs and Recovered Energy Generation (“REG”) systems for energy intensive industries are optimal solutions that deliver clean, reliable and secure energy […]

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Green Energy Delivers UTCS Software

The Green Energy Resources (Other OTC:GRGR.PK) urban tree certification system (UTCS) software system is ready for market and will begin producing revenue in 2006. The UTCS software is a web-based, user-friendly software system that “certifies” environmentally “green”, sustainable wood biomasse for the Renewable energy industry. Wood fiber has potential application in over 60% of the total energy markets. UTCS tracks waste wood, currently untapped and uncalculated as marketable commodity. UTCS sources wood generated at the municipal level from the non-forest industry, such as land clearing, landfills, routine park and road maintenance, and storm damages. The UTCS software will compile a database of “cheap” wood, designed to capture the major market share in the US for Green Energy Resources. The strategy is to supply the rapidly emerging US ethanol and biodiesel markets with large volumes of wood fiber from cellulose. The wood fiber database would allow big energy manufacturers to rely on accurate data and long-term supplies to replace corn as the key supply ingredient for fuels. The US Department of Energy estimates ethanol and biodiesel will compose approximately 30% of the US transportations fuels by 2030. Green Energy Resources revenue projections for UTCS are based as few as 3000 US […]

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New Electric Car Mass-Market Approach

By Matthew L. Wald Washington, July 18 – In a new approach to making the electric car a mass-market product, a California company will unveil a model on July 20 that is very specialized, very expensive and very, very fast. Tesla Motors, a four-year-old Silicon Valley start-up, has raised $60 million and spent about $25 million developing a two-seat Roadster that will sell for $85,000 to $100,000. It goes from zero to 60 miles an hour in four seconds, “wicked fast,” said the company’s chairman, Martin Eberhard. Because it is an electric, the driver does not have to shift into second gear until the car hits 65, he said. The Roadster comes 10 years after the introduction of another two-seat electric car that was hailed as a breakthrough in technology, the EV-1 made by General Motors. While many environmentalists had hoped that would be the vanguard of a new trend, G.M. withdrew that car as the three-year leases expired, saying that its limited range – less than 100 miles – made it unmarketable. The recent movie “Who Killed the Electric Car?” argues that G.M. and California conspired to kill a vehicle that would have been popular. The EV-1 was leased […]

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