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American Superconductor New Orders at $9M

American Superconductor Corporation (Nasdaq: AMSC), an energy technologies company, has announced in conjunction with the RBC Capital Markets 2006 Energy Conference, that its Power Electronic Systems business unit now has secured $9 million in new orders, which when combined with its existing backlog, are expected to yield more than $20 million in sales in the current fiscal year for this business unit. With $20 million in sales, Power Electronic Systems will achieve a key corporate benchmark by growing its revenues approximately 35 percent year over year. The business unit is also expected to be profitable at this level of revenues. New orders received this quarter are for D-VAR and PQ-IVR(TM) power electronics-based solutions for wind farms, electric utilities and the semiconductor manufacturing industry. “We are pleased to announce that we have now secured sufficient orders to accomplish our first key corporate benchmark of fiscal 2007 just two months into the year,” noted American Superconductor President and Chief Executive Officer Greg Yurek. “Thanks to the hard work of our sales force and the proven return-on-investment provided by our power quality and reliability solutions, Power Electronic Systems continues to build momentum in a variety of markets ranging from wind power to electric […]

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Senator Obama: Oil Industry Should Invest in Renewable Fuels

U.S. Senator Barack Obama (D-IL) has introduced legislation which would require oil companies – that earned more than a billion dollars in the first quarter of 2006 – to invest at least one percent of that into installing E85 or other alternative fuel pumps at gas stations across the U.S. It is estimated that Obama’s bill would create more than 7,000 new E85 pumps in the country. “For too long, American taxpayers have been forced to pay billions in subsidies to the very same record-profiting oil companies who now charge them record gas prices at the pump,” said Obama. “It’s time for the oil companies to give something back to America by investing just 1% of their record profits into the cheaper, cleaner renewable fuels like E85 that can finally free us from our dependence on Middle East oil,” the Senator added. The top five U.S. oil companies made $28.2 billion in profits in the first quarter of 2006, a 50% increase from 2004. Services stations that install alternative fuel pumps would be eligible to receive a tax credit of up to $30,000 to offset the cost of installation. This tax credit was championed by Senator Obama and became law […]

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EPA Challenges Green Power Partners to Do More

Because of increasing demand for large-scale green power purchases, the U.S. Environmental Protection Agency and Green Power Partnership members are raising the bar to maximize environmental benefits of purchasing green power from renewable sources of energy. Beginning in January 2007, the program will require partners to purchase 100 percent “new renewables” in meeting their minimum purchase requirements for membership. “Our nation is moving toward a clean, secure energy future under President Bush’s leadership by jumping off the treadmill of foreign energy dependency,” said EPA Administrator Stephen L. Johnson. “Voluntarily switching to renewable energy sources, EPA’s environmental partners are showing that it is easy and rewarding being green.” The more than 650 Green Power Partners are purchasing enough clean, renewable energy to power over 400,000 American homes each year. Green power is electricity generated from environmentally preferable renewable resources, such as solar, wind, geothermal, low-impact biomass, and low-impact hydro sources. New renewables are eligible renewable generating facilities placed in operation on or after January 1, 1997. The previous threshold for the minimum green power purchase benchmark was 50 percent “new” renewables. The Green Power Partnership encourages organizations to voluntarily purchase green power as a way to reduce the environmental impacts associated […]

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SunPower Prices Stock Offering

SunPower Corporation (Nasdaq: SPWR), a Silicon Valley-based manufacturer of high efficiency, commercially-available solar cells and solar panels, announced the pricing of a public offering of 7 million shares of its class A common stock at $29.50 per share. SunPower has granted the underwriters an option to purchase up to an additional 1,050,000 shares to cover overallotments, if any, which the underwriters may exercise within 30 days of the date of the final prospectus for the offering. SunPower anticipates that it will use the net proceeds of the offering for general corporate purposes, including working capital and capital expenditures, and potentially for further expansion of SunPower’s Philippines manufacturing facilities. In addition, SunPower may use proceeds of the offering for the acquisition of, or investment in, complementary businesses, technologies or other assets, and to invest in joint ventures. Any such transactions may be undertaken in furtherance of SunPower’s strategy to broaden its supply-chain opportunities, increase the efficiency of the downstream channel and reduce the cost of SunPower’s products delivered to end customers. SunPower may also use a portion of the proceeds for prepayments to vendors of polysilicon, ingots and wafers. Credit Suisse and Lehman Brothers are joint book-running managers for the offering […]

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