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FuelCell Plant to Generate Base Load Electricity for CA. Navy Training Center

FuelCell Energy, Inc. (NasdaqNM:FCEL), a leading manufacturer of ultra-clean power generation plants for commercial and industrial customers, today announced the sale of a 500 kilowatt (kW) Direct FuelCell (DFC) power plant to LOGANEnergy for the US Navy for anticipated use at the U.S. Marine Corps Base, Camp Pendleton, in California. LOGANEnergy will install the power plant, consisting of two 250 kW DFC300MA(TM) units, to provide base load electricity and heat energy for a Bachelor Enlisted Quarters (BEQ) that houses over 200 Marines and a Mess Hall that serves over 400 personnel daily at Camp Pendleton. The power plant is scheduled to be up and running in late calendar year 2006. FuelCell Energy’s distribution partner LOGANEnergy will serve as prime contractor overseeing installation and operation of the DFC power plants and will also subcontract maintenance services to FCE under a multi-year service contract. The federal government will have the opportunity to purchase two additional units and raise the fuel cell capacity on the Base to 1 megawatt. The fuel cell installation may also be eligible to receive up to $1.25 million from the State of California Self Generation Incentive Program. Marine Corps Base, Camp Pendleton has always been proactive in energy […]

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Hoku Scientific, Inc. Reports 3rd Profitable Quarter Results

Hoku Scientific, Inc. (NasdaqNM:HOKU), a designer, developer and manufacturer of membrane electrode assemblies (MEAs) and non-fluorinated membranes for proton exchange membrane (PEM) fuel cells, announced its financial results for the second quarter ended September 30, 2005. Revenue for the quarter was $1.3 million, compared to none in the quarter ended September 30, 2004. Revenue for the six months ended September 30, 2005 was $2.4 million, compared to $100,000 for the same six month period in 2004. Total deferred revenue, which is attributable to contracts with Nissan Motor Co., Ltd. and the U.S. Navy, declined to $2.7 million at September 30, 2005 compared to $4.2 million at March 31, 2005 primarily due to the recognition of $1.3 million of deferred revenue related to contracts with Nissan Motor Co., Ltd. Net income for the quarter ended September 30, 2005 was $349,000, or $0.02 per diluted share, compared to a net loss of $799,000, or $0.15 per diluted share for the quarter ended September 30, 2004. Net income for the six months ended September 30, 2005 was $690,000, or $0.05 per diluted share, compared to a net loss of $1.5 million, or $0.29 per diluted share for the same six month period in […]

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Power Integrations Reports Results for Q3

Power Integrations (Nasdaq:POWI), the leader in high-voltage analog integrated circuits for power conversion, announced its financial results for the quarter ended September 30, 2005. The company reported record net revenues of $36.5 million, up 4 percent compared to the prior quarter and 11 percent from the year-ago quarter. Gross margin was 49.5 percent, up from 48.9 percent in the prior quarter and 47.8 percent in the year-ago quarter. Operating margin for the quarter was 15.0 percent, compared to 16.9 percent in the prior quarter and 17.8 percent in the year-ago quarter. The decline in operating margin was driven by patent-litigation expenses, which totaled $1.8 million in the third quarter, up from $0.8 million in the prior quarter and $0.2 million in the year-ago quarter. Net income for the quarter was $5.7 million, or $0.18 per diluted share, compared to $5.0 million or $0.16 per diluted share in the prior quarter and $5.7 million or $0.18 per diluted share in the year-ago quarter. Patent-litigation expenses reduced the company’s net income in the third quarter of 2005 by $0.05 per diluted share. The company’s effective tax rate for the third quarter was 12 percent, down from 24 percent in the prior quarter […]

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Natsource Closes Greenhouse Gas Credit Pool with $550 Million

Natsource LLC, a global provider of asset management services, transaction services and advisory and research services in emissions and renewable energy markets, announced that its wholly owned subsidiary Natsource Asset Management Corp. (NAMC) has closed the Greenhouse Gas Credit Aggregation Pool (GG-CAP), with total commitments of US$550 million from 26 participants. The GG-CAP is the first private-sector initiative to provide a cost-effective means for companies to meet requirements to reduce their greenhouse gas emissions under the European Union Emissions Trading Scheme and the Kyoto Protocol. “The closure of GG-CAP, the first private-sector credit aggregation pool, is a watershed in the development of the greenhouse gas market,” said Jack Cogen, president of Natsource LLC. “The participation of so many highly regarded companies from around the world demonstrates the viability of this approach for meeting emissions-reduction targets. We are proud of the confidence that these major corporations have shown in us.” The 26 participants in the program are among the largest consumer product, manufacturing, energy and utility companies in Europe, Japan, and North America, and have a combined market capitalization of more than US$300 billion. Participants include: The Chugoku Electric Power Co., Inc.; Cosmo Oil Co. Ltd.; Electricity Supply Board (Ireland); Endesa […]

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