Aspire Week in Review For The Week Ended August 14, 2009

Aug 17, 2009
Author: SCP Editor

Aspire Week in Review – Week Ended August 14, 2009 

The IEA raised its forecasts this week on global oil demand for FY09 and FY10, driven by increasing demand in China, increasing its FY09 forecast by 190,000 barrels a day to 83.9 million barrels a day and adding 70,000 barrels a day to its 2010 forecast of demand.

And the EIA reported in its Short Term Energy Outlook this week that it expects world oil consumption to grow yearover year in the fourth quarter of 2009, the first such growth in five quarters. Overall, global oil consumption is projected to decline by 1.7 million bbl/d in 2009, then rise by 940,000 bbl/d in 2010. And the EIA projects WTI crude oil prices, which averaged $100 per barrel in 2008, to average $60 per barrel in 2009 before recovering to an average of about $72 per barrel in 2010

At a briefing this week, the Beijing Municipal Development and Reform Commission said that Beijing will triple the use of renewable energy by 2010 from 2005, increasing its contribution to 4% of the city’s total consumption and 6% by 2020.

In the U.S., this week’s main event took place in Las Vegas at the National Clean Energy Summit where Al Gore, T. Boone Pickens, Bill Clinton, Harry Reid (S-NV) made arguments for the advancement of alternative energy and the green collar workforce.

The broader markets took a breather this week, with the DJIA, Nasdaq and S&P 500 all giving up some ground, but only slightly (each closed down less than 1%). Only the biofuels group and energy management group outperformed this week on our focus list:

·         Biofuels Group – closed up 1% on the week, and up 45% YTD;

·         Energy Management Group – closed up 1% on the week, and up 59% YTD;

·         Energy Storage Group – closed down 2% on the week, and up 24% YTD;

·         Geothermal Group – closed down 1% on the week, and up 77% YTD;

·         Upstream Solar Group – closed down 1% on the week, and down 7% YTD;

·         Midstream Solar Group – closed down 5% on the week, and up 25% YTD;

·         Downstream Solar & Developers Group – flat on the week, and down 6% YTD;

·         Solar Equipment & Systems Group – down 2% on the week, and up 32% YTD;

·         Water Treatment & Infrastructure Group – down 3% on the week, and down 4% YTD; and

·         Wind Energy Group – down 3% on the week, and up 28% YTD.  

  Friday's Close 1/2/2009 Open Price YTD % Change
DJIA 9321.4 8772.25 6.3%
Nasdaq 1985.52 1578.87 25.8%
S&P 500 1004.09 902.99 11.2%

 Biofuels and Biomass 

The U.S. Department of Agriculture said it is expecting the second largest corn crop on record and the biggest soybean crop in history. It estimates soybean production at 3.2 billion bushels, up 8% Y/Y, while corn production is forecast to increase at 12.8 billion bushels, up 5% Y/Y.

The U.S. Navy, Biodiesel Industries and Aerojet successfully demonstrated the ARIES Biodiesel System, which is an automated, portable biodiesel production unit that can be remotely controlled. According to the consortium, ARIES enables one data center to remotely operate hundreds of scalable facilities integrated with next generation feedstock cultivation, and “as the world’s largest consumer of diesel fuel, the implications for the Navy and DoD are clear.”


BP and Martek Biosciences signed a joint development agreement to work on the production of microbial oils for biofuels. BP will contribute up to $10 million to the initial phase of collaboration.


Poet LLC said this week that development of non-corn-based biofuels will halt if the EPA doesn’t raise the amount ethanol that can blended into gasoline to 15%.


Novozymes A/S said it is slowing expansion in the ethanol market citing lower demand. It is cutting plans to double its capacity at its Nebraska enzyme plant and is reducing investment at a new facility in China.


And Royal Dutch Shell Plc pulled out of a German solar-panel venture with Cie. De Saint-Gobain SA in order to focus on developing biofuel.


Rocky Mountain Sustainable Enterprises signed a three-year supply agreement to supply up to 4.5 million gallons of biodiesel per year to Gray Oil Company. The estimated value of the contract is $45 million.


A 55MW biomass cogen plant at Simpson Tacoma Kraft’s pulp and paper mill has reached commercial operation. The plant generates power from a combination of wood-based biomass and wood lignin recovered from the pulping process. Iberdrola Renewables purchases the renewable electricity from Simpson, and manages the transmission and delivery to the Sacramento Municipal Utility District in California. The facility cost about $90 million to build.


In Columbia, ethanol production in June increase by 16.1% on a Y/Y basis to 28.78 million liters. From January through June, Columbia produced 152.2 million liters of ethanol, a 3.4% increase over the first half of 2008.


Datagro reported that in the second half of July, anhydrous and hydrous ethanol production fell by 32.51% and 18.60% respectively.


Ethanol at the consumer level between August 2 and 8 averaged R$ 1.438 per liter in Brazil, up 0.35% over the previous week. According to Datagro, the estimated proportion of the flex fleet that uses ethanol (hydrous) was 92.66% in June vs. 88.08% in May and 85.54% in June, 2008.


The price of ethanol fell in Säo Paulo for the August 3 through 7, with a liter of anhydrous selling at R$ 0.8094, down 0.10% W/W, 1.74% M/M and 5.72% Y/Y.


BioFuel (Nasdaq:BIOF) reported Q2 revenues of $106.5 million, compared with $292 million for the same period last year, and a net loss of $6.5 million, or $0.28 per share, compared with net income of $948 thousand last year.


China Bio Energy (Nasdaq:CBEH) reported an 11.6% Y/Y increase Q2 revenues of $65.2 million. Sales volume for biodiesel production was 17,352 tons, compared to 17,837 tons last year. Net income for Q2 was $8.8 million, or $0.25 per diluted share, compared with net income of about $8.3 million last year. Management reaffirmed FY09 guidance of at least $240.7 million and net income of at least $33.7 million. It expects to add 50,000 tons of incremental biodiesel production capacity during Q4.


China Clean Energy (CCGY.OB) reported a 22.3% Y/Y decline in revenue to $4.3 million, but 51.8% higher than Q109. Biodiesel sales volume was 1,493 tons in Q2, compared with 1,036 tons in Q1 (no biodiesel sales last year). ASPs for biodiesel were RMB 3,780 in Q2, while ASPs for specialty chemicals were RMB 8,766. Sales volumes of specialty chemicals were 2,655 tons in Q2, compared with 1,782 tons the prior quarter. Net loss for Q2 was $76,832, or $0.002 per share, compared with a profit of $557,690 for the same period last year.


Cosan (NYSE:CZZ) reported Q1 income of R$ 337.3 million ($184.9 million), compared with a net loss of $R 58.1 million on net sales of $R 3.57 billion from $R 639.6 million.


GreenHunter (NYSE:GRH) reported Q2 revenues of $1.7 million, compared to revenues of $468 thousand last year, and net income of $4.45 million, or $0.13 per diluted share, compared to a net loss of $7.3 million last year. The main contribution net income this quarter came from $9.3 million in recoveries from hurricane repairs and losses. The stock was up 63% this week.


Gushan (NYSE:GU) reported a 57.2% Y/Y decrease in revenues for Q2, and down 37.3% sequentially to RMB 170.9 million ($25 million). Net loss was RMB 111.9 million ($16.4 million), compared with net income of RMB 120.8 million in Q2 last year and a net loss of RMB 2.3 million in Q109. Sales volume of biodiesel decreased by 33.1% Y/Y and 36.6% Q/Q, while the ASP of decreased by 33.3% Y/Y and 1.1% sequentially. Annual biodiesel production capacity increased by 50,000 tons Y/Y to 340,000 tons.

In terms of guidance, management expects the 2H09 to “continue to be challenging for Gushan’s business operations.” They said that two new production plants representing 30,000 tons annual biodiesel capacity are now complete, while a 50,000 ton expansion of the Shanghai plant is expected to be complete in Q3. Management expects that the new plant in Sichuan with annual capacity of 50,000 tons is on target to begin production in the first half of 2010. It is targeting annual production of 450,000 tons, or about 135 million gallons by the end of 2009 and 500,000 tons or about 150 million gallons by the first half of 2010.


Verenium (Nasdaq:VRNM) reported Q2 revenues of $16.3 million, compared with $18.3 million for the same period last year, and a net loss of $20 million, or $0.22 per share, compared with a net loss of $15.4 million last year. From a cash on hand perspective, the company ended the Q2 with $14.8 million and said, subsequent to June 30, it received a payment of $14 million from BP as part of the Galaxy Biofuels Joint Development Agreement.

Carbon, Clean Tech and Carbon Change

The pace is picking up in terms of rhetoric ahead of December’s UN climate change conference where countries around the world will meet to determine whether a global agreement post Kyoto is possible. UN Secretary General Ban Ki-moon said this week that “The world has less than 10 years to halt the global rise in greenhouse gas emission if we are to avoid catastrophic consequences for people and the planet.”


New Zealand’s government said this week, contingent on a global agreement being in place; it would target carbon emissions cuts by 10 to 20% by 2020.


While counties in the EU have pledged to a 20% cut on 1990 emissions by 2020, and then set a target for an 80% cut by 2050. The U.S., in a best case scenario, would pass a bill to cut GHGs by 17% on 2005 levels by 2020. And China, as well as India, leads the chorus of developing nations arguing that developed countries should be doing the heavy lifting, but not to ask them to encumber their own respective economic growth with constraints. China is on record saying that Europe and the U.S. should commit to 40% cuts against 1990 levels by 2020.


And critics of the climate bill legislation working its way through Congress say that a U.S. bill is worthless without China being on board. Not a positive outlook.


Duke Energy signed an agreement with China Huaneng Group wherein the companies will share information on renewable energy and clean tech with the goal of reducing CO2. The agreement is non-exclusive and Duke anticipates entering similar agreements with other Chinese companies.


General Motors has pulled out of the End of Life Vehicle Solutions Corp. (ELVS), a partnership that collects toxic parts from recycled vehicles to prevent mercury pollution, as the pace of trade-in and recycling under the “cash-for-clunkers” campaign is increasing the need for the group’s presence.  With unpaid dues owing to ELVS of about $700,000 to $1 million, GM rationalizes its departure stating that it is no longer makes vehicles with mercury switches and is not responsible for the older vehicles – its old company, which is still under bankruptcy supervision is. The AP reported this week that of the 36 million mercury switches used in trunk convenience lights and antilock brakes in vehicles built in the 1980s and 1990s, more than half of them are in GM vehicles built before 2000. Given that GM is now 60.8% owned by the U.S. Government, this is going to be an interesting development to watch, in terms of whether sufficient pressure can be put on the Obama administration to wield some influence here, and if not, a measure of inconsistency coming from the Obama administration’s commitment to the environment.

Ohio Edison Company has agreed in a consent decree to repower one of its coal-fired plants (R.E. Burger Units 4 and 5) using primarily biomass fuels. Burger will be the largest coal-fired electric utility plant in the country to repower with renewable biomass fuels and the first such plant at which greenhouse gas emissions will be reduced under a Clean Air Act consent decree. Following a year of initial operation and optimization, the Burger plant will be subject to enforceable emissions rates for SO2, NOx and particulate matter (PM). Reductions from current levels of SO2 emissions are expected to be as much as 14,000 tons a year; for NOx, as much as 1,300 tons a year; and for PM, as much as 700 tons a year.  


ADA-ES (Nasdaq:ADES) reported Q2 revenues of $4.7 million, compared with $3.8 million for the same period last year. $4.3 million came from the mercury emission control segment. The company posted a net loss for the quarter of $1.6 million, or 0.24 per diluted share, compared with a net loss of $138 thousand last year. Management said that last week it submitted a proposal to the DOE that could lead to $100 to $200 million in funding to scale up its CCS technology.


Fuel Tech (Nasdaq:FTEK) reported a slight Y/Y increase in Q2 revenue to $18.9 million from $18.7 million for the same period last year, and a net loss of $278 thousand, or $0.01 per diluted share, compared with net income of $447 thousand for the same period last year. The company’s Air Pollution Control technology segment posted a 12% Y/Y decline in Q2 revenues to $9.2 million, while FUEL CHEM® revenues were $9.7 million, up 17% Y/Y. Management didn’t provide any guidance.

Energy Management  

Echelon (Nasdaq:ELON) traded up 40% Monday morning after it announced a LT agreement with Duke Energy to supply its Networked Energy Services (NES) system for Duke’s smart grid program.


Duke is planning to launch a five-year mass deployment of smart grid technology later this year in Ohio which will include more than 700,000 smart meters. It is seeking approval from the Indiana Utility Regulatory Commission to install its smart grid technology as well, which would include about 800,000 smart meters. Plans are also underway to bring its smart grid technology to North Carolina, South Carolina and Kentucky.


Interestingly, Duke also announced this week that it is getting more proactive in terms of extending its reach into China, through an information sharing agreement with China Huaneng Group. It remains to be seen whether Echelon might be able to ride Duke’s coat tails into China as well, but the inference doesn’t seem to us to be unreasonable.


Echelon’s initial order under the Duke agreement is about $15.8 million with deliveries expected to being at the end of the quarter. According to Echelon, full deployment of the NES system to Ohio and Indian would represent revenue to Echelon of more than $150 million.


Echelon just reported Q2 revenues of $22.6 million, of which $10 million came from the NES division. Management provided guidance of revenue in a range of $21 to $23 million, with NES accounting for about 45%. We looked to Global Hunter’s Justin Cable’s recent update report (published July 31) to check his estimates for Echelon on the year, and he is forecasting revenues of $88.8 million, and a net loss of $0.92 per share.


At a $468 million market cap this morning, the stock is trading at about 5.27x Cable’s forecasted revenues, which seems a bit expensive. Granted, revenue estimates are likely to be adjusted higher, but in our opinion, the full value of an Ohio deployment is already priced into the stock.


The upside that we see in the stock will come from announcements of an engagement with Duke into Indiana, North Carolina, South Carolina and Kentucky….and perhaps China? In any case, it is good to see Echelon finally gaining traction in the smart grid sector and are more inclined at this point to accumulate the stock on broader market weakness and a pullback in the stock price (perhaps in the $8-$9 range).

ICF Resources Inc. said it received two, three-year contracts valued at $34 million to develop and implement energy- efficiency programs for residential and small business customers for two private U.S.-based utilities. The company said it will design incentive programs and retrofit packages for existing homes and identify strategies for saving energy. It also will help develop incentives and provide marketing support through retailers to encourage consumers to buy lighting, appliances, electronics and other equipment that are more energy efficient. Earnings 

Power Efficiency (PEFF.OB) reported Q2 sales of $75 thousand, compared with revenues of $164 thousand for Q2 last year and a net loss of $178 thousand, with no earnings/loss per share, compared with a net loss of $1 million last year.

Energy Storage 

Lux Research said that so far in 2009, battery companies have received over $600 million in venture capital funding, compared with $478 million garnered for 2008, and it predicted that the energy storage market will grow to become a $60 billion industry by 2013.


Coulomb Technologies said the Metropolitan Government of Nashville and Davidson County, Tennessee is installing and deployment its ChargePoint™ Networked Charging Stations for PHEVs. Also this week, Coulomb and smart grid company GridPoint unveiled the first grid-enabled smart charging stations for PHEVs.


General Motors Company is investing $43 million into a Michigan facility to manufacture li-ion battery packs for the Chevy Volt and other EVs.

Recent Battery Project Funding Announcements

·         Entek - (Johnson Controls) $299 million for "Production of nickel-cobalt-metal battery cells and packs, as well as production of battery separators (by partner Entek) for hybrid and electric vehicles."

·         A123 Systems - $249 million for "Manufacturing of nano-iron phosphate cathode powder and electrode coatings; fabrication of battery cells and modules; and assembly of complete battery pack systems for hybrid and electric vehicles."

·         Dow Koam - $161 million "Production of manganese oxide cathode / graphite lithium-ion batteries for hybrid and electric vehicles."

·         Compact Power - (on behalf of LG Chem) $151 million "Production of lithium-ion polymer battery cells for the GM Volt using a manganese-based cathode material and a proprietary separator."

·         EnerDel - $118 million "Production of lithium-ion cells and packs for hybrid and electric vehicles. Primary lithium chemistries include: manganese spinel cathode and lithium titanate anode for high power applications, as well as manganese spinel cathode and amorphous carbon for high energy applications."

·         Saft America - $95 million "Production of lithium-ion cells, modules, and battery packs for industrial and agricultural vehicles and defense application markets. Primary lithium chemistries include nickel-cobalt-metal and iron phosphate."

  • Exide Technologies and Axion Power - $34 million, for "Production of advanced lead-acid batteries, using lead-carbon electrodes for micro and mild hybrid applications."


Hydrogenics (Nasdaq:HYGS) reported Q2 revenues of $5.5 million, compared with revenues of $8.7 for the same period last year, and a net loss of $6 million, or $0.07 per share, compared with a net loss of $4.3 million last year.

Axion Power reported Q2 revenues of $277 thousand, up 58% Y/Y and a net loss of $2.5 million, or $0.10 per share, compared with a net loss of $3.2million last year.

EVs, Hybrids and PHEVs 

GM said this week that its Chevy Volt EV should get 230 miles per gallon in city driving. The Volt is powered by an electric motor and a battery pack with a 40-mile range, and aided by an internal combustion engine which generates electricity to expand the range. The first generation Volt is anticipated to cost about $40,000.


Tesla’s Elon Musk said this week that it is planning an electric SUV and a ‘third-generation’ car that will sell for less than $30,000. The Roadster is currently being produced at a rate of 1,000 annually, and the company plans to produce 20,000 Model S sedans annually.


Zenn Motor Company Inc. (TSXV:ZNN) reported Q3 revenues of $300 thousand, compared with $962 thousand for the same period last year, and posted a loss of $2.6 million, or $0.08 per share, compared with a $1.9 million loss last year. Management said the company has invested $5 million into EEStor, Inc., raising its stake in the business to 10.7%.


PT Pertamina said it could spend up to $3 billion in geothermal development in Indonesia. It has plans to develop 1,000MW of geothermal over the next five years, and will be looking for commercial loans of $800 million to $1 billion. Within this year and 2010 it is planning to spend up to $400 million to drill 35 new geothermal wells.

Smart Grid & Transmission

The U.S. Department of Energy has received more than 400 proposals for economic stimulus grants to deploy smart electric grid systems.

Progress Energy said it has applied for $200 million in federal infrastructure funds in support of the company's investment in an electric Smart Grid in the Carolinas and Florida. It submitted its application to the U.S. Department of Energy (DOE), which will award $4.5 billion in Smart Grid grants nationwide as part of the American Recovery and Reinvestment Act of 2009. In its announcement, it said it is already investing a planned $320 million in Smart Grid to enhance the electricity delivery system at the company's two electric utilities: Progress Energy Carolinas and Progress Energy Florida. If approved, the $200 million DOE grant would be shared equally on Smart Grid projects in the Carolinas and Florida and would advance additional Smart Grid investments.

NV Energy Inc. is applying for $138 million in federal stimulus money to help build a "smart grid" infrastructure. Michael Yackira, NV Energy president and chief executive officer, said the company's Advanced Service Delivery Project would involve upgrading Nevada's energy system and electric and natural gas meters. If the grant is approved, Yackira said the statewide project will be implemented over the next two years and eventually link 1.45 million electric and gas meters across the company's 54,600-square-mile service territory.


The European PV Industry Association said this week that the 40% CAGR which the global PV market has enjoyed is likely to slow in 2009 as a consequence of the global recession and Spain’s capped subsidy program (it installed 2.5GW last year, out of 5.5GW installed worldwide).


iSuppli reported that PV module production will reach capacity of 7.5GW in 2009, but installations will only reach 3.9GW. It also said that module prices could decline 25% this year if the inventory build continues, which it believes will, and won’t return to ‘normal’ conditions until 2012.


DisplaySearch said solar cell manufacturing capacity  this year will grow by 56%, reaching 17GW, growing to 42GW by 2013 – at a rate of 49% per year. Meanwhile it expects demand for panels to contract this year by 17%.

Emerging Energy Research reported this week that Spain is driving concentrated solar power market growth with 30 projects and 1,500 MW currently under construction. Anticipated changes to Spain's feed-in tariff has contributed to the current surge in CSP development activity.  In the US, CSP development activity is scaling outside the once-dominated California market into states such as Nevada, Arizona, Colorado, New Mexico, and Texas.

Energy Conversion Devices (Nasdaq:ENER) signed a multi-year supply agreement with Mercury Solar Systems – financial terms not disclosed.  

NV Energy and Renewable Ventures signed a PPA for the sale of energy produced from a 26MW DC solar plant built near Apex, Nevada. The project is set for completion by the end of 2010. Terms of the PPA, system integrator, and type of PV system to be deployed haven’t been disclosed.


Sunstroom Energy said it is building a 50MW  Thermostroom 1 solar thermal plant in the Extremadura province of Spain. Sunstroom plans to raise more than €300 million to build the plan, which is expected to take about two years to complete.

Tokuyama (4043.T) is doubling planned capacity of a new poly plant in Malaysia to 6000MT. Full capacity is expected in 2013. Construction of the plant is expected to cost about ¥65 billion.  Tokuyama’s cumulative capacity, upon completion of this plant is expected to be 14,200MT annually.


Trina Solar (NYSE:TSL) was selected by Renewable Ventures to supply modules for a 2MW PV project in Fort Collins, Colorado at Colorado State University. Shipments have already commenced. AMEC is constructing the solar array which is being developed under a 20-year PPA with Renewable Ventures. The project is being financed under Renewable Ventures’ $200 million Solar Fund V.


Stock Watch


 LDK Solar (NYSE:LDK) reported for Q2 and the results were pressured by a $175.8 million write-down which drove operating margin to a negative 102.9% and a net loss to $216.9 million. We expected the write-down given the fact that at the Q1 call management said its poly inventory was priced at about $150/kg and poly prices were then trading at about $75/kg. After the write-down, its inventory is priced at $80/kg while poly prices are at about $60-65/kg, so there is still going to be some margin pressure here, but the write-down will at least get the business back in place to start showing some margin improvement going forward.


While we are long-term extremely bullish on LDK’s vertically integrated model and its ability to cope with pricing pressures based on sheer scale, the challenge is getting to that point without completely destroying the balance sheet and managing to do so without continuing to miss guidance. There is good reason to be concerned about these caveats.


In January, management did warn that it expects FY09 results to be impacted by lower ASPs and lower wafer shipment volumes. Its updated outlook for FY09 was:


·         Revenue in a range of $2.3 billion to $2.5 billion

·         Wafer shipments in a range of 1.57GW to 1.67GW

·         Annualized wafer production capacity to be 2.3GW b the end of FY09

·         Gross margin between 22% and 27%; and

·         Production between 3,000MT and 5,000MT of poly


At mid-year, the company has posted:


·         Revenue of $511.6 million

·         Wafer shipments of 437.7MW

·         Annualized wafer production capacity at about 1.5GW

·         Gross margin ranging from 2% in Q1 to -90% in Q2; and

·         Poly production of 125MT


Results as of the end of Q2 are nowhere close to where management guided back in January. Giving management the benefit of the doubt that Q1 was worse than anyone had expected it to be, management’s recalibrated guidance for Q2 back on July 24 was that it would post:


·         Q2 revenues in a range of $225 to $235 million

·         Wafer shipments between 230 and 240MW; and

·         A write-down of $150 to $160 million


The results came closer, but still depress. Revenues came in at $228 million (the low side of guidance), wafer shipments came in at 231.7MW (the low side of guidance) and the write-down was about $16 million more than the high side of guidance.

Meanwhile with $1.8 billion in debt ($1.2 billion short-term), it looks like the company is going to have to hustle to restructure its balance sheet, casting further uncertainty on the business in the near term. And management hasn’t exactly demonstrated lately an ability to nail its guidance, so there is a general believability factor.


So our outlook for the stock in the near-term is that it will underperform its peers until it works some of these issues out and/or trades to low enough levels where the multiples are attractive enough to mitigate the near-term risk.


Yesterday, in after hours trading the stock traded down to $9.40 (about 1.9x book), and at that level, the stock is trading at about an 11% discount to its peers on a price/book basis. And it is trading at 0.72x sales on a trailing 12-month basis. At our current (and lowered) FY09 revenue estimates for LDK of $1.04 billion, at $9.40 the stock is trading at 1.02x sales.


Given the fact that quality of revenues has been so poor (negative margins), it is reasonable to put more weight on the price-to-book side of the equation in terms of valuing the stock, and, we think the stock could slip back to a 1 to 1.5x price-to-book range in the near-term (especially if the broader markets pull back the way we think they could and should), which would put the stock in a range of $5 to $7.50.


In this range, given the company’s still leading position in the wafer markets, and opportunity to achieve sheer economies of scale and cost efficiencies through vertically integrating poly production into the process, we think the stock is attractive.

Downstream and Development Sierra Nevada Corp. has formed a joint venture with GA-Solar North America to design, build and install photovoltaic solar generation facilities.


Entech (ENSL.OB) reported Q2 revenues of $150 thousand, compared with $7.6 million for the same period last year, and a net loss of $4.3 million, or $0.02 per share, compared with a loss of $24 million last year.


ersol Solar (ES6.DE) reported a 43.9% Y/Y decline in Q2 revenue to €72.9 million and EBIT of €-10.6 million, compared with €22.4 million for the same period last year.  Management said expectations for FY09 are “significantly less than originally anticipated” and it is expecting revenue of less than €300 million and a negative EBIT.

JA Solar (Nasdaq:JASO) reported a 51.4% Y/Y decrease in Q2 revenues to RMB 600.7 million ($88 million), but up 159.3% sequentially. Gross margins for the quarter were 11.4%. Net loss was RMB 194.7 million ($28.5 million), or RMB 1.21 per diluted ADS ($0.18 per share), compared with net income of RMB 318.5 million last year. Management said it had $328.8 million in cash and equivalents at June 30, and didn’t provide any guidance.

LDK Solar (NYSE:LDK) reported sales of $228.3 million, compared with $283.3 million in Q109, and $441.7 million for the same period last year. Gross profit was a negative $205.5 million, compared to $4.9 million in Q1 and $112.3 million last year. The reason for such dismal GP was a $175.8 million write down on poly and a $16.7 million loss on firm purchase commitments of poly. Operating margin was a negative 102.9%, and net loss was $216.9 million, or ($2.03) per diluted ADS, compared with a net loss of $22.5 million, or ($0.21) per diluted ADS in Q1 and net income of $49.8 million last year.  Management guided Q3 revenues in a range of $240 to $270 million and wafer shipments between 260MW and 300MW, with module shipments between 10MW and 20MW.  

Phoenix Solar (PS4G.DE) reported Q2 revenues of €115.7 million for its Solar Group, an increase of 5% Y/Y, with EBIT of €0.1 million, compared with EBIT of €11.2 million last year.


Rene Sola (NYSE:SOL) reported a 22.7% sequential decrease and a 52.2% Y/Y decrease in revenue to $82.6 million. Gross margin for the quarter was 5.1%. The company reported a net loss of $3.6 million, or $0.03 per diluted share, compared with a net loss of 30 million in Q109 and net income of $23.3 million last year. Total solar product shipments in Q2 were 85.9MW (83.2MW of wafers and 2.7MW of modules). In terms of guidance, management expects revenues to increase by 60% to 70% sequentially in Q3, and it is maintaining its full year product shipment guidance of 450MW to 500MW, with revenues of $500 to $550 million.


Q-Cells (QCE.DE) reported 6-month sales of €366.2 million, from €579.5 million for the same period last year, and EBIT of €-47.6 million, compared with €119.1 million last year. Production volume was 272.2MWp.


Satcon (Nasdaq:SATC) reported a 31% Y/Y decline in revenues to $9.2  million, with flat gross margins and a net loss of $7.1 million, or $0.13 per diluted share, compared with a net loss of $9.1 million last year.


SMA Solar (S92 GY) said its sales could increase by about 7% to €730 million this year driven by a “noticeable recovery of the PV market.”


Solar Power (SOPW.OB) reported Q2 sales of $10.4 million, compared with $10 million for the same period last year, with gross margin of 14.9%. Net loss for Q2 was $1.6 million, or $0.04 per diluted share compared with a net loss of $1.9 million last year. Management revised its estimates to $60 to $70 million in revenues this year.


SolarWorld (SWV.DE) said its revenues for the first half of 2009 declined by 6% to €401.6 million, with an EBIT margin of 20.7%. It increased sales volume 26% Y/Y to 239MW.


Spire (Nasdaq:SPIR) reported Q2 revenues of $22.2 million, up 39% Y/Y, and a net loss of $4.6 million, or $0.55 per share, compared with a net loss of $269 for the same period last year.


Sunways AG reported a 38.4% Y/Y increase in sales to €89.8 million, with net income of €0.1 million, or €0.01 per diluted share, compared with $0.6 million last year.

Wind Energy  

Clipper Windpower announced two wind energy projects comprising Clipper 2.5MW Liberty turbines (cumulatively at 145MW)  were amongst projects for which $191 million in financing was announced by First Wind last month.


Nordex (NDXGk.F) has completed the 62.5MW Highland wind farm for EverPower Wind Holdings, which connects 25 2.5MW N90 turbines to the grid in Pennsylvania. The company also provided an update on manufacturing plans for the 2.5MW turbines in Arkansas, stating that nacelle production has commenced.

Vestas (VEWI.DE) said this week that it is ceasing production at its blade factory at the Isle of Wight and Southampton.

Germany’s Alpha Venture offshore wind farm, a €250 million joint venture owned by E.ON, Vattenfall Europe and EWE, has begun commissioning the first three of its twelve turbines. The target for starting each of the 5MW turbines is by the end of the year. The turbines are manufactured by Areva and REpower.


Zoltec (Nasdaq:ZOLT) reported a 32.6% Y/Y decline in Q3 revenue of $30.3 million, and a net loss of $1.4 million, compared with net income of $2.3 million for the same period last year.

 State and Federal Driven News 

Congress was not in session this week as both Senate and House members were focusing on either attack or defense strategies (depending on which partisan hat they wear) at so-called Town Hall meetings relating to health care responding to the Limbaugh/Palin-driven red herring argument that the Nazi Obama and death-panel advocating administration is dismantling the democratic system we have come to know and love. 

In a heated environment like this, our big concern is that advocates of the Waxman Markey bill and other alternative energy driven agendas on the Hill will begin to lose some of their political will to drive these policies through. Pace the four Dems this week, led by Senator Blanche Lincoln (D-AR) which said that the Senate should concentrate on renewable energy use instead of curbing carbon emissions. To try and accomplish both would just be too hard, apparently.


Well, from a political and re-election perspective Lincoln may be unfortunately correct.  As health care continues to heat up, more supporters of Cap and Trade will jump ship out of concern of getting embroiled in too many controversial issues simultaneously. To do so, may just be political suicide - so much for conviction.


Speaking of Palin, the Alaska legislature has overridden former Gov. Sarah Palin’s veto of stimulus money for energy efficiency. Palin had turned down the $28 million in financing this spring; it was the only portion of Alaska’s stimulus package allotment that she rejected. At the time, she cited concern that stipulations attached to the funds would obligate Alaska to enact more stringent building codes.


Even from Facebook, Palin did maintain some level of support heading into the vote: "I want to send a message to (U.S. House Speaker) Nancy Pelosi and the other busybodies in Washington, D.C., to keep their pea-picking hands off how we do things here in Alaska," said Rep. Bob Lynn, R-Anchorage.


In Maryland, the state received $21 million in additional funding for energy efficiency programs as part of the federal stimulus package. The money will help retrofit 2,750 homes of low-income Marylanders for energy efficiency, provide 1,700 grants for solar and geothermal systems in homes and provide low-interest loans to pay for residential and commercial energy improvements.


The Wyoming State Energy Office received over $11 million in federal stimulus funding  to promote energy efficiency in buildings and homes around the state.

Upgrades & Downgrades 

August 10 – American Water (NYSE:AWK) initiated at BUY with a $24 price target at Longbow.


August 10 – Wacker Chemie (WCHG.DE) downgraded to UNDERPERFORM from OUTPERFORM at Credit Suisse, with the price target lowered to €80 from €90. The firm cited concerns about Wacker’s rising exposure to the solar spot market.

August 10 – Aqua America (NYSE:WTR) initiated at NEUTRAL at Longbow.


August 10 – Trina Solar (NYSE:TSL) initiated at OVERWEIGHT at Piper Jaffray.


August 10 – Comverge (Nasdaq:COMV) rated OUTPERFORM at RBC Capital Markets and price target raised to $16 from $11.


August 11 – Real Goods Solar (Nasdaq:RSOL) initiated at BUY at Cantor Fitzgerald with $5 price target.

August 11 – Echelon (Nasdaq:ELON) upgraded to NEUTRAL from UNDERWEIGHT at Piper Jaffray.


August 11 – Clean Energy Fuels (Nasdaq:CLNE) rated BUY at Think Equity with a price target of $12. David Woodburn said cleaner emissions, lower fuel cost than diesel and government incentives…should continue to drive growth…”  Woodburn updated volume estimates and is keeping margin estimates the same going forward – FY09 EPS increased to ($0.22) from ($0.25) and FY10 estimate increases to $0.19 from $0.11


August 11 – PICO Holdings (Nasdaq:PICO) rated BUY at Think Equity with a $47 price target. David Woodburn said PICO’s Q2 press release and 10-Q provide several examples of both sides of its value investment efforts: new investments in water and real estate; and monetizations of UCP real estate assets (at greater than 46% IRR) and continued sale of Nevada land.

August 13 – Rene Sola (NYSE:SOL) upgraded to OUTPERFORM from NEUTRAL at Credit Suisse.

August 13 – Rene Sola (NYSE:SOL) downgraded to UNDERWEIGHT at Piper Jaffray.

August 13 – LDK Solar (NYSE:LDK) maintained at NEUTRAL at Cowen. Raj Seth said that the stock continues to look rich at 2.5x EV/revs and 2/2x P/TBV.


August 13 – JA Solar (Nasdaq:JASO) downgraded to EQUAL WEIGHT from OVERWEIGHT at Barclays.

August 13 – Q-Cells (QCE.DE) was cut to SELL from HOLD at SES Research GmbH after reporting earnings.


August 13 – Power Integrations (Nasdaq:POWI) upgraded to BUY from HOLD at Roth Capital with a price target of $35. Roth had previously rated POWI at HOLD with a $20 price target (5/8/09).

Finance and M&A 

A-Power (Nasdaq:APWR) signed an MOU to acquire 100% of Evatech in an all-cash $50 million transaction to be funded through government subsidies and loans. Subsidies are expected to account for 40% to 45% of the total purchase price. A definitive purchase agreement is expected to be signed by September and the transaction is expected to close by the end of November this year.

Areva said it will buy a unit of Prokon Nord Energiesyteme GmbH, a German manufacturer of rotor blades for offshore wind turbines. Terms were not disclosed.

Bakhu Holdings signed an MOU to acquire the assets and shares of Shenzhen Xinhonglian Solar Energy. SXSE will be eligible to receive 35% of Bakhu’s common stock.

Composite Technology Corporation (CPTC.OB) is selling substantially all of the operating assets and liabilities of DeWind, including its subsidiaries and certain assets of DeWind Ltd. to Daewoo Shipbuilding and Marine Engineering for about $49 million.

TMO Renewables Ltd, developer of a new process for converting biomass into fuel ethanol, has completed a round of financing worth GBP 11 million ($18.2 million) from institutional shareholders and private investors. The round included existing shareholders such as Jupiter Asset Management, Noble Group, RAB Capital and many of TMO’s retail investors, as well as new investors Presnow Limited, Diverso Management and Libra Advisors.

Zap (ZAAP.OB) raised $25 million from Cathaya Capital LP. Zap said it will use a portion of the funding to pursue longer-term contract production and assembly commitments and to accelerate deliveries of trucks and vans to fill fleet and government orders. The financing includes a private placement of 20 million shares of common stock for aggregate proceeds of $5 million and a secured loan facility of up to $10 million that will be advanced to Zap provided certain conditions are met. In connection with the financing, the investor also was issued warrants exercisable for up to sixteen million shares of common stock at 50 cents a share.

Research and Reports

Analysis of The Waxman-Markey Bill  “The American Clean Energy and Security Act of 2009” (H.R. 2454)  Using The National Energy Modeling System

In the interests of showing both sides of the debate, this report is anti-Waxman/Markey. It is sponsored by American Council for Capital Formation and the National Association of Manufacturers. Analysis Conducted by Science Applications International Corporation (SAIC)

The NEMS/ACCF-NAM 2 model study’s findings indicate substantial and growing impacts to consumers and the economy of meeting the increasingly stringent emission targets through 2030 established by H.R.2454. Among the NEMS/ACCF-NAM 2 study’s general findings are: U.S. economic growth slows; Industrial production begins to decline; Employment is negatively impacted; Energy prices rise; and Household income drops.  

Zogby Poll Reports 71% of Likely Voters Favor the American Clean Energy and Security Act

A majority of likely voters - 71% - favors the American Clean Energy and Security Act recently passed by the House of Representatives, and two-thirds (67%) believe Congress is either doing the right amount (22%) or should be doing more (45%) to address global warming, new Zogby International telephone poll shows.  Just 28% believe that Congress is doing too much.Favorable views for the bill were high among all age and income groups and even among Republicans, with 45% having a favorable view of the bill. Seventy-three percent of Independents and 89% of Democrats also took a favorable view of the American Clean Energy and Security Act.

The survey finds that two-thirds (68%) of likely voters believe a new American energy policy will not result in job losses, with a majority believing such efforts could instead bring about job growth. Respondents were asked how "efforts to reduce global warming and promote clean energy" will impact American jobs, and more than half (51%) believe this would lead to new job creation, while another 17% believe these efforts will not affect American jobs. Twenty-nine percent feel efforts to promote clean energy will cost American jobs. Those who believe these environmental efforts will create new American jobs outnumbered those who disagreed in all age and income groups. Among self-described political independents, 53% agreed that new jobs will be created, and only 24% thought jobs would be lost.When presented with arguments for and against the American Clean Energy and Security Act, including concerns about the impact of the legislation on energy prices, a majority (54%) believe the Senate should now take action, with two-fifths (41%) preferring that the Senate wait.  Fifty-four percent believe the Senate should take action on the bill because "we need a new energy plan right now that invests in American, renewable energy sources like wind and solar, in order to create clean energy jobs, address global warming and reduce our dependency on foreign oil." Forty-one percent believe that the Senate should instead wait because "the House energy bill is a hidden tax that will cost thousands of dollars every year in increased energy prices, weaken our economy further, and cause America to lose jobs to China and other countries."

Renewable Energy Transmission Initiative – Final Report

The initial conceptual transmission expansion plan presented in this report represents the consensus recommendation of a diverse set of stakeholders on two groups of major upgrades of the California grid, referred to here as Renewable Foundation lines and Renewable Delivery lines. These facilities increase the capacity of the grid, allowing energy to flow north or south as needed, and deliver energy to load centers. RETI has not evaluated the extent to which the existing grid can accommodate new sources of renewable generation. However, given the amount of renewable energy required to meet state goals in 2020, a number of these lines are likely to be required. Importantly, some are also are likely to be needed to meet growing energy demand regardless of generation source. Lines likely to be used no matter how the future unfolds—how population grows, energy efficiency savings accrue and generation develops—are referred to as least-regrets upgrades. They are so named because decision-makers who approve, and the customers who pay for, such infrastructure are unlikely to regret doing so. Identifying this set of least-regrets upgrades is a major outcome of RETI Phase 2 work. 

Aspire Weekly Group Performance

Biofuels 8/14/2009 8/10/2009 Change % Change YTD % 1/2/2009
Andersons 27.4 28.2 -0.8 -3% 11 67% 16.4
Archer Daniels Midland 27.87 28.63 -0.76 -3% -1.06 -4% 28.93
Aventine Renewable Energy 0.2 0.2 0 0% -0.48 -71% 0.68
BioFuel Energy 0.65 0.6 0.05 8% 0.25 63% 0.4
BlueFire Ethanol 0.96 1.03 -0.07 -7% 0.36 60% 0.6
China Bio Energy 6.92 6.32 0.6 9% 2.93 73% 3.99
China Clean Energy 0.64 0.58 0.06 10% 0.48 300% 0.16
Cosan 7.84 8 -0.16 -2% 4.2 115% 3.64
GreenHunter Energy 2.7 1.66 1.04 63% -2.22 -45% 4.92
Green Plains Renewable 7.57 7.75 -0.18 -2% 5.52 269% 2.05
Gushan 2.06 2.48 -0.42 -17% 0.14 7% 1.92
Metabolix 10.04 11.22 -1.18 -11% -2.68 -21% 12.72
Mission NewEnergy Ltd. 0.17 0.17 0 0% -0.05 -23% 0.22
New Generation Biofuels 0.86 0.98 -0.12 -12% -0.1 -10% 0.96
Pacific Ethanol 0.35 0.38 -0.03 -8% -0.1 -22% 0.45
Verenium 0.62 0.65 -0.03 -5% -0.37 -37% 0.99
Median 1% 45%
Energy Management 8/14/2009 8/10/2009 Change % Change YTD % 1/2/2009
Comverge 11.19 13.1 -1.91 -15% 6.19 124% 5
Echelon 9.99 9.5 0.49 5% 1.81 22% 8.18
EnerNOC 26.82 26.07 0.75 3% 19.32 258% 7.5
Itron 52.39 54.12 -1.73 -3% -11.84 -18% 64.23
Orion Energy 3.26 3.48 -0.22 -6% -2.13 -40% 5.39
Power Efficiency 0.17 0.14 0.03 21% -0.02 -11% 0.19
Power Integrations 32.34 29.44 2.9 10% 12.42 62% 19.92
PowerSecure 5.68 5.96 -0.28 -5% 2.38 72% 3.3
Median 1% 59%
Energy Storage 8/14/2009 8/10/2009 Change % Change YTD % 1/2/2009
Active Power 0.78 0.74 0.04 5% 0.46 144% 0.32
Altair Nano 0.92 0.94 -0.02 -2% -0.25 -21% 1.17
Ballard Power 1.78 1.8 -0.02 -1% 0.5 39% 1.28
China BAK Battery 3.09 3.25 -0.16 -5% 1.34 77% 1.75
Ener1 6.09 6.85 -0.76 -11% -1.2 -16% 7.29
Enersys 21.81 21.81 0 0% 10.81 98% 11
Fuel Cell Energy 3.79 3.96 -0.17 -4% -0.11 -3% 3.9
Hydrogenics 0.49 0.56 -0.07 -13% 0.05 11% 0.44
Maxwell Technologies 13.53 13.64 -0.11 -1% 8.45 166% 5.08
Mechanical Technology 0.8 0.7 0.1 14% -0.41 -34% 1.21
Plug Power 0.76 0.77 -0.01 -1% -0.26 -25% 1.02
Quantum Fuel Systems 0.64 0.66 -0.02 -3% -0.25 -28% 0.89
Ultralife Batteries 6.44 6.68 -0.24 -4% -7.14 -53% 13.58
Valence Technology 1.57 1.65 -0.08 -5% -0.3 -16% 1.87
Median -2% 24%
Geothermal 8/14/2009 8/10/2009 Change % Change YTD % 1/2/2009
Calpine 12.72 12.94 -0.22 -2% 5.35 73% 7.37
Magma Energy Corp. 1.85 1.91 -0.06 -3% 0.35 23% 1.5
Nevada Geothermal 0.65 0.63 0.02 3% 0.36 124% 0.29
Ormat Technologies 38.18 38.55 -0.37 -1% 6.39 20% 31.79
Polaris Geothermal 0.87 0.84 0.03 4% 0.56 181% 0.31
Raser Technologies 2.28 2.38 -0.1 -4% -1.52 -40% 3.8
US Geothermal 1.6 1.62 -0.02 -1% 0.73 84% 0.87
Median -1% 77%
Upstream Solar 8/14/2009 8/10/2009 Change % Change YTD % 1/2/2009
OCI Co. Ltd.        236,000        226,500 9500 4% 10000 4%   226,000.00
Hoku Scientific 1.82 2.07 -0.25 -12% -0.89 -33% 2.71
MEMC 16.82 17.37 -0.55 -3% 2.49 17% 14.33
PV Crystalox 86.3 85 1.3 2% -14.7 -15% 101
REC 45.65 46.2 -0.55 -1% -21.15 -32% 66.8
Tokuyama 746 717 29 4% -15 -2% 761
Wacker Chemie 87.5 87.2 0.3 0% 9.55 12% 77.95
Median -1% -7%
Midstream Solar 8/14/2009 8/10/2009 Change % Change YTD % 1/2/2009
Ascent Solar 6.83 7.2 -0.37 -5% 3.01 79% 3.82
Canadian Solar 16.54 18.31 -1.77 -10% 10.41 170% 6.13
China Sunergy 4.84 5.38 -0.54 -10% 0.82 20% 4.02
Energy Conversion Devices 13.35 13.59 -0.24 -2% -11.88 -47% 25.23
EPOD Solar 16 16 0 0% 0.25 2% 15.75
Ersol Solar 106 106 0 0% -2.18 -2% 108.18
Evergreen Solar 2 2.05 -0.05 -2% -1.27 -39% 3.27
First Solar 141.78 146.25 -4.47 -3% 4.78 3% 137
JA Solar 4.17 5.13 -0.96 -19% -0.15 -3% 4.32
Kyocera 81.45 80.72 0.73 1% 9.97 14% 71.48
LDK Solar 9.22 11.74 -2.52 -21% -4.12 -31% 13.34
Mitsubishi Electric 737 722 15 2% 158 27% 579
Motech Industries 107 104 3 3% 24.2 29% 82.8
Perfectenergy 0.28 0.3 -0.02 -7% -0.23 -45% 0.51
Powerfilm 24.5 23 1.5 7% -5.5 -18% 30
Q-Cells 12.68 13.01 -0.33 -3% -12.82 -50% 25.5
Rene Sola 5.38 5.72 -0.34 -6% 1.05 24% 4.33
Sharp 1,080 1,114 -34 -3% 405 60% 675
Sino-American Silicon 77.4 78.6 -1.2 -2% 5.4 8% 72
Solarfun 6.7 7.75 -1.05 -14% 1.62 32% 5.08
Solar Enertech 0.37 0.39 -0.02 -5% 0.16 76% 0.21
Solarworld 16.07 16.91 -0.84 -5% 0.47 3% 15.6
Sunpower 27.65 30.29 -2.64 -9% -9.54 -26% 37.19
Suntech 17.64 18.22 -0.58 -3% 5.84 49% 11.8
Trina Solar 28.31 29.06 -0.75 -3% 18.96 203% 9.35
Yingli Green Energy 12.43 13.41 -0.98 -7% 6.29 102% 6.14
Median -5% 25%
Downstream Solar & Developers 8/14/2009 8/10/2009 Change % Change YTD % 1/2/2009
Akeena Solar 1.21 1.26 -0.05 -4% -0.55 -31% 1.76
Carmanah Tech 0.93 0.86 0.07 8% 0.45 94% 0.48
Conergy 0.65 0.68 0 0% -0.38 -37% 1.03
Entech Solar 0.2 0.23 -0.03 -13% -0.1 -33% 0.3
IX Energy Holdings 0.12 0.14 -0.02 -14% -1.13 -90% 1.25
Acro Energy 0.32 0.29 0.03 10% -0.06 -16% 0.38
Phoenix Solar 35.4 38 -2.6 -7% 9.03 34% 26.37
Premier Power 4.03 3.76 0.27 7% -0.22 -5% 4.25
Real Goods Solar 2.96 2.71 0.25 9% -0.99 -25% 3.95
Solar Integrated Tech 6.75 7 -0.25 -4% -19.25 -74% 26
Solar Power 1.07 1.02 0.05 5% 0.57 114% 0.5
Median 0% -6%
Solar Equipment/Systems 8/14/2009 8/10/2009 Change % Change YTD % 1/2/2009
Amtech Systems 4.91 5.6 -0.69 -12% 1.22 33% 3.69
BTU International 6.55 5.97 0.58 10% 2.51 62% 4.04
Emcore 1.22 1.22 0 0% 0.15 14% 1.07
GT Solar 5.5 6.52 -1.02 -16% 2.57 88% 2.93
Spire 5.35 5.47 -0.12 -2% 0.15 3% 5.2
Satcon Technology 1.9 2.04 -0.14 -7% 0.37 24% 1.53
Median -2% 32%
Water Treatment & Infrastructure 8/14/2009 8/10/2009 Change % Change YTD % 1/2/2009
American Water Works 19.14 19.88 -0.74 -4% -1.99 -9% 21.13
Aqua America 16.78 17.45 -0.67 -4% -3.87 -19% 20.65
Cadiz 10.74 11.58 -0.84 -7% -1.78 -14% 12.52
Consolidated Water Co. 18.24 17.23 1.01 6% 5.69 45% 12.55
Energy Recovery 5.27 5.8 -0.53 -9% -1.22 -19% 6.49
Mueller Water Products 3.94 3.92 0.02 1% -4.46 -53% 8.4
Ocean Power Technologies 4.26 4.7 -0.44 -9% -2.34 -35% 6.6
Watts Water 28.16 28.02 0.14 0% 6.15 28% 22.01
York Water 16.04 16.55 -0.51 -3% 4.27 36% 11.77
Median -3% -4%
Wind 8/14/2009 8/10/2009 Change % Change YTD % 1/2/2009
A-Power Energy 10.05 10.63 -0.58 -5% 5.65 128% 4.4
American Superconductor 31.96 34.32 -2.36 -7% 15.61 95% 16.35
Acciona 89.35 88.05 1.3 1% -3 -3% 92.35
Broadwind Energy 8.56 9.86 -1.3 -13% 4.28 100% 4.28
Composite Technology 0.27 0.28 -0.01 -4% -0.025 -8% 0.295
Gamesa 15.44 15.16 0.28 2% 2.54 20% 12.9
Nordex 12.72 12.53 0.19 2% 2.47 24% 10.25
Otter Tail 24.23 24.44 -0.21 -1% 0.62 3% 23.61
REpower Systems AG 46.65 46.2 0.45 1% -67.05 -59% 113.7
Siemens 81.95 83 -1.05 -1% 6.29 8% 75.66
Suzlon 88.35 89.9 -1.55 -2% 17.35 24% 71
Vestas 53.6 50.05 3.55 7% 11.6 28% 42
Zoltek 8.89 10.2 -1.31 -13% 0.67 8% 8.22
Median -3% 28%

 About Aspire Clean Tech Communications, Inc.

Based in San Diego, Aspire Clean Tech Communications is dedicated to providing strategic consulting and communications services to businesses operating in the alternative energy and clean tech industries. Our commentary and outlook on the public markets and the alternative energy can be found on a daily basis at For more information about Aspire Clean Tech Communications, Inc., contact Todd M. Pitcher at 858-518-1387, or go to

This Aspire Week in Review was sponsored by Comanche Clean Energy, Inc., a leading Brazilian ethanol and biofuel firm bringing the lowest cost and most efficient alternative energy solutions to the world, IX Energy (IXEH.OB), providing turnkey renewable solutions to federal and commercial customers, EPOD Solar (ALRL.OB), a vertically integrated thin-film manufacturer and solar park developer, and Hayden Communications, Inc., Wall Street’s leading corporate communications firm. For more information about Comanche Clean Energy, IX Energy or EPOD Solar; contact Todd M. Pitcher at 760-798-4938. The Aspire Week in Review is brought to you by Small Cap Pulse the best source on the web for financial and economic commentary, stock analysis, and a fresh idea. To learn more about Small Cap Pulse, call 858-518-1387.


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