Aspire Week in Review - Week Ended July 2, 2010

Jul 06, 2010
Author: SCP Editor

Aspire Week in Review – Week Ended July 2, 2010

This newsletter has been critical of alt energy and clean tech lobby efforts, as well as those of advocates on Capitol Hill, to make the case for a substantive energy bill, countering opponents who frame the debate as jobs/economy vs. the environment/climate change.

Predictably, advocates continue to take two steps back for every glance forward. This week Senator Kerry (D-MA) opined that advocates would be willing to ‘scale back’ their plan in order to get some form (however watered down) of legislation through Congress. One of the key and damning concessions to a credible energy bill will likely be a price on carbon.

The debate was probably lost in the drawing room, when clean energy advocates embraced, or at least accepted the language, ‘carbon tax’. In this country, and in the current environment, there is probably no more vexing language than ‘tax’. It is the same kind of bad luck, or judgment that had advocates accepting other unfortunate language like ‘global warming.’

The bottom line is that Democrats are not exactly on the same page in support for a stronger-version (one that includes a price on carbon) of energy bill, while the GOP is pretty much unified in opposition. So if the Dems who are in favor, along with Obama, want to lock in any political victory on this front they will have to accept a totally diluted bill – a so-called ‘compromise.’

To be sure, this is not a debate that is exclusive to the U.S. It has basically been concluded on a global basis that there is a cost to legislating emissions reductions targets and that businesses when and where possible will pass those costs on to consumers. Case in point, Contact Energy Ltd., a New Zealand electricity company, said residential power prices will rise an average 3.2% because of the government’s emissions trading plan that takes effect this week.

This week Cleantech Group and Deloitte reported that clean technology venture investments in North America, Europe and China hit $2.02 billion in Q210, up 43% for the same time period in 2009, but slightly off the $2.04 billion reported for Q110. For the first half of 2010, investments were up 65% over the same period last year. Other key findings:

·         In 1H10, total announced capacity additions by U.S. utilities increased 197% compared to 2H09, from 1,393MW to 4,134MW, primarily driven by wind and solar.

·         Power purchase agreements increased 148% in 1H10, compared to 2H09, from 621MW to 1,539MW.

·         The leading sector in the quarter by amount invested was solar ($811 million), followed by biofuels ($302 million) and smart grid ($256 million).

·         North America accounted for 72% of the total VC investments, while Europe and Israel accounted for 24%, India 3%, and China for 2%.

·         North American companies raised $1.46 billion, down 11% from 1Q10 but up 47% from 2Q09.

·         European and Israeli companies raised $476 million in 54 disclosed rounds, up 48% (by amount) from 1Q10 and up 100% from 2Q09.

·         Chinese companies raised $30 million in 5 disclosed rounds.

·         Indian companies raised USD $59 million in 4 disclosed rounds.

·         There were 19 clean technology IPOs during the quarter, totaling $2.31 billion, up slightly from 18 IPOs in 4Q09, also totaling $2.31 billion.

·         Clean technology M&A totaled an estimated 160 transactions in 2Q10, of which totals were disclosed for 45 transactions totaling $6 billion.

Around the World

In Ecuador, the government and Deutsche Bank are collaborating to finance residential energy efficiency through the carbon market – distributing 6 million energy efficient light bulbs to 1.5 million poverty-level homes. Deutsche Bank said the project is expected to generate 440,000 tons of CO2 emissions reductions annually. Ecuador’s government sold the emissions reductions to Deutsche Bank under a forward contract and will use the proceeds to recover costs for the project.

In Germany, the Environment Minister Roettgen said this week Germany is setting up a $500 million fund to provide micro-finance loans to developing countries to emission reducing projects. Germany’s government-backed KfW banking group will manage the fund, which is starting out with $100 million in public funds and plans to raise additional capital.

In South Korea, the SK Group said this week that it plans to invest 17.5 trillion won ($14.3 billion) by 2020 in alternative energy and developing new technologies, adding that it will spend 4.5 trillion won on new business including solar cell and bio-fuel by 2020.

In the UK, David Kennedy, head of the Committee on Climate Change, said the country could miss emissions reductions targets unless action is taken in key areas. What appears to be the case in the UK, and likely on a global basis, is that the recession has created a perception that countries have been more effective in their measures to reduce emissions, but in reality, it just has to do with lower productivity and output.

Market Recap

The highly anticipated IPO for Tesla (Nasdaq;TSLA) was this week, with the stock opening at $19 and trading up to $30.42 before pulling back to close at $19.20 on Friday. It is a sexy car, and, along with Fisker (partly owned by Quantum (Nasdaq:QTWW)) the proxy for the U .S. EV market. Alt energy and clean tech stocks sold off this week with the broader markets.

Key issues remain concerns about demand in the context of still tight credit markets and whether economic headwinds will create project delays; uncertainty about a federal clean energy bill and concerns that when/if one finally gets passed, it might be substantially watered down; currency exchange rates, although the euro has been strengthening in the past few days; and on a broader basis, the potential for these groups to get further dragged down by broader market selloffs as the Street recalibrates.

As it stands, on YTD basis the alt energy and clean tech groups are pretty dramatically underperforming.

·         Biofuels Group – down 9% on the week, and down 26% YTD;

·         Clean Tech Group – down 8% on the week, and down 18% YTD;

·         Energy Management Group – down 6% on the week, and down 19% YTD;

·         Energy Recovery Group – down 3% on the week, and down 34% YTD;

·         Energy Storage Group – down 10% on the week, and down 27% YTD;

·         Geothermal Group – down 4% on the week, and down 33% YTD;

·         Rare Earth Minerals – down 7% on the week, and down 24% YTD;

·         Upstream Solar Group – down 3% on the week, and down 13% YTD;

·         Midstream Solar Group – down 2% on the week, and down 28% YTD;

·         Downstream Solar Group – down 5% on the week, and down 18% YTD;

·         Solar Equipment & Systems Group – down 4% on the week, and down 19% YTD;

·         Water Treatment & Infrastructure Group  – down 5% on the week, and down 18% YTD; and

·         Wind Energy Group – down 3% on the week, and down 29% YTD.  

Key Indices & ETFs	7/2/2010	6/28/2010	Change	%	Change YTD	%	1/4/2010
DJIA	9,686.48	10,143.05	-456.57	-4.50%	-744.21	-7.13%	10,430.69
Nasdaq	2,091.79	2,227.43	-135.64	-6.09%	-202.62	-8.83%	2,294.41
S&P 500	1,022.58	1,077.50	-54.92	-5.10%	-93.98	-8.42%	1,116.56
Wilder Hill New Energy Global	183.03	189.81	-6.78	-3.57%	-65.61	-26.39%	248.64
Claymore/Mac Global Solar Energy	6.74	6.93	-0.19	-2.74%	-3.61	-34.88%	10.35
First Trust ISE Global Wind Energy	9.99	10.41	-0.42	-4.03%	-5.19	-34.19%	15.18

Biofuels and Biomass

Both sides of the aisle in Congress are pointing fingers. Those in the GOP that support renewable of the $1/gallon federal biodiesel tax incentive complain that it could get passed if the Democrats just agreed to pay for it with offsetting savings (cut spending in other areas). They say they don’t want to run up the deficit any further. According to the CBO, the cost, as the proposed incentive is being positioned by the Democrats would add about $55 billion to the national debt over a decade. Priorities. Hasn’t the war been running about $10 billion a month, having exceeded $1 trillion at this point, and having been funded by debt? To be fair, the Blue Dog Dems are critical of the $55 billion price tag as well.

Elevance Renewable Sciences, Inc. entered into an agreement to form a joint venture with Wilmar International Limited to construct a world scale biorefinery using Elevance's proprietary biorefinery technology. It said the facility will begin with a capacity of 180kMT (approximately 400 million pounds) with the ability to expand up to 360kMT (approximately 800 million pounds) of products, and is expected to come online in 2011.  

Stellenbosch Biomass Technologies, which holds the rights to commercialize and adapt Mascoma’s latest conversion technology, launched this week in Sandton.

Fuel Ethanol Overview
	Production			Consumption
	Mbbl	MMgal	TBtu	Mbbl	MMgal	TBtu
2001	42028	1765	150	41445	1741	148
2002	50956	2140	182	49360	2073	176
2003	66772	2804	238	67286	2826	240
2004	81058	3404	289	84576	3552	301
2005	92961	3904	331	96634	4059	344
2006	116294	4884	414	130505	5481	465
2007	155263	6521	553	163945	6886	584
2008	221637	9309	790	230556	9683	821
2009	256149	10758	913	258271	10847	920
3 - Month Totals
2008	49112	2063	175	48742	2047	174
2009	57502	2415	205	56569	2376	202
2010	74964	3148	267	72072	3027	257
Source: EIA/Monthly Energy Review June 2010

 

Biodiesel Overview
	Production			Consumption
	Mbbl	MMgal	TBtu	Mbbl	MMgal	TBtu
2001	204	9	1	243	10	1
2002	250	10	1	385	16	2
2003	338	14	2	322	14	2
2004	666	28	4	640	27	3
2005	2162	91	12	2163	91	12
2006	5963	250	32	6204	261	33
2007	11662	490	62	8528	358	46
2008	18468	776	99	9842	413	53
2009	12847	540	69	8286	348	44
3 - Month Totals
2008	3459	145	19	1514	64	8
2009	2218	93	12	563	24	3
2010	2373	100	13	1173	49	6
* Less than 5 billion btu
Source: EIA/Monthly Energy Review June 2010

 Brazil

Datagro reported that the number of flex fuel vehicles licensed in June increased by 5.81% over May and represented about 85% of all vehicles sold in Brazil.

Feedstocks

Malaysian crude palm oil futures (July 2010)  hit a 7-1/2 month low on Friday losing 0.4% (10 ringgit) to 2335 ($722).

Carbon, Clean Tech and Climate Change

The U.S. Environmental Protection Agency said this week it is finalizing requirements under its national mandatory greenhouse gas reporting program for underground coal mines, industrial wastewater treatment systems, industrial waste landfills and magnesium production facilities. These source categories will begin collecting emissions data on January 1, 2011, with the first annual reports submitted to EPA on March 31, 2012.

ADA-ES (Nasdaq:ADES) said it has finalized its exclusive development and licensing agreement with Arch Coal for a technology to reduce combustion-related emissions of mercury and other metals from PRB coal. It will receive an upfront payment of $2 million and royalty payments that it said could amount to as much as $1 per ton of coal sold by Arch.

Energy Recovery

China Energy Recovery, Inc. (Pink Sheets: CGYV) announced an agreement with about $10 million with Wuxi Greenapple Chemical Industry Co., Ltd., to install a waste heat recovery system into WGCI’s new sulfuric acid plant located in Zhenjiang City, Jiangsu Province. The system is anticipated to be completed in the first half of 2011.

Energy Storage

Hydrogenics Corporation (Nasdaq:HYGS) was selected by Ontario's Independent Electricity System Operator to participate in the Alternative Technologies for Regulation Demonstration Project for utility-scale grid stabilization. Over a two month period, the load from a Hydrogenics HySTAT^TM electrolyzer will provide regulation services within Ontario's electricity market by responding to power signals from the IESO.

EVs, Hybrids and PHEVs

In China, a Shanghai government official said the Shanghai government will build 400 charging stations for electric vehicles this year, and will add SAIC Motor Corp.’s hybrid vehicles, Roewe 750, to its purchase list in a bid to raise awareness of alternative-energy vehicles. Chevrolet said it plans to produce 10,000 Volts by the end of the 2011 calendar year, and an additional 30,000 Volts during the 2012 calendar year, confirming that the first Volts available for retail sales will be sold in California, Washington, D.C., Austin, Texas and the New York City metropolitan area later this year. They are expected to arrive at dealerships in Michigan, New Jersey, Connecticut, as well as the balance of Texas and New York in the first quarter of 2011. Additional markets will be added as production volume increases during the second model year, with Volt available in all 50 states 12 to 18 months after the initial launch. It added that before receiving Volts for retail sales, dealers will be required to complete specialized sales and service training, and install 240-volt charging stations at their dealership.

Raser Technologies, Inc. (NYSE: RZ) and Hyundai Heavy Industries signed a Memorandum of Understanding  for the joint development of renewable energy and electric vehicles, with the first two projects intended to lead to a broader long-term relationship to develop renewable energy in the western U.S. utilizing Raser’s resource portfolio and HHI’s renewable energy equipment manufacturing capabilities.   The agreement also sets forth the first phase of commercial production of electric fleet vehicles utilizing HHI’s high tech engineering and manufacturing capability and Raser’s powertrain technology.

Geothermal

Magma Energy Corp. (TSX:MXY) said this week that it expects to increase its stake in HS Orka to 98.53% by the end of July.  It said HS Orka plans to expand Reykjanes output to 180MW in 2 phases pending permitting and new power purchase agreements with power off-takers. A 50MW (phase 1 expansion) is expected to come on-line in 2012, and an additional 30MW phase is scheduled for 2013. In addition to these expansion projects,  Magma said plans to develop additional resources to increase total production to 405 MW by 2016 is underway. The budget for the 50MW expansion is $116 million, of which $32 million has already been spent as of May 31. The remaining cost for the expansion is expected to be funded from HS Orka's cash on hand and by debt financing.

Ormat Technologies’ (NYSE: ORA) subsidiary Ormat International and JFE Engineering Corporation signed a Cooperation Agreement for implementing geothermal power plant projects in Japan on an Engineering Procurement and Construction basis utilizing Ormat's proprietary binary cycle ORMAT®  Energy Converters and Geothermal Combined Cycle Units. Ormat will supply the power generation equipment and related engineering and JFEE will handle the construction of the power plants and the related balance of plant, infrastructure and field surface facilities. JFEE shall also provide local maintenance services as may be required by clients.

U.S. Geothermal’s (AMEX:HTM) subsidiary, USG Oregon LLC acquired two underlying geothermal mineral ownership interests at the Neal Hot Springs project in eastern Oregon.

Solar

UpstreamHoku (Nasdaq:HOKU) said its subsidiary, Hoku Materials has amended its poly supply contract with Suntech (NYSE:STP), removing all milestones, adjusting the terms and rescheduling the initial shipment date.  In turn, Suntech is no longer obligated to pay the scheduled $30 million prepayment that was previously committed. But Hoku will retain the $2 million in prepayments that Suntech has already paid, which will be credited against future shipments of polysilicon. It qualified that these payments are separate from the $20 million that Suntech invested in Hoku's common stock through a private placement in early 2008.

MidstreamFirst Solar, Inc. (Nasdaq: FSLR) said it formed a utility systems business group to address the large-scale photovoltaic system solutions market and that Jens Meyerhoff, the company’s CFO,  will head the group up. It also said it will have power purchase agreements for 2.2 gigawatts of utility-scale solar projects in North America when the NextLight acquisition closes, which is expected in the current quarter (Cowen’s Rob Stone estimates this is about $7 billion in business).

Kyocera Corporation (NYSE:KYO) has started supplying solar modules for "Toyota Solar Panels," which are to be installed in recreational boats manufactured and sold by Toyota Motor Corporation, and can also be installed as an optional unit on recreational boats manufactured by other companies.

Solar Module Specifications
Output:		Maximum approx. 60W (solar module)
Conversion efficiency:		Maximum approx. 17.5% (solar cell)
Production bases:		Cells: Yohkaichi Plant (Shiga, Japan) Modules: Ise Plant (Mie, Japan)
Application:		Battery charging for boat's equipment

 Sharp (6753.T) signed an agreement with NED, the wholly owned independent power producer of Mitsubishi, to establish 73MW of thin-film solar power generation plants. The construction of the project will begin by the end of July 2010 for completion in 2011. The thin-film solar cell modules to be used in the plant will be supplied partially by Sharp's solar cell plant at Green Front Sakai in Sakai City, Osaka Prefecture, Japan, which began operation in March 2010.

SOLON SE and Saint-Gobain Building Distribution Deutschland GmbH announced a multi-year framework agreement to deliver more than 70MW of solar modules. Solon said Saint-Gobain is currently making a foray with its sales activities into the growth segment of photovoltaics. Using its own ‘Solarkauf’ brand SGBDD has developed a shop-in-shop concept that includes all PV products necessary to install a solar power system. It offers solar modules from SOLON in the segment for premium products. By the end of the year ‘Solarkauf’ shops will have been integrated into a total of 45 branches. This sounds similar to deals recently announced by Akeena (Nasdaq:AKNS) – but with a bit more stroke.

Concentrating Solar

President Obama said this week that the DOE has offered a conditional commitment for a $1.45 billion loan guarantee to Abengoa Solar that will support the construction and start-up of Solana, a 250MW CSP plant in Arizona.

eSolar and Babcock & Wilcox Power Generation Group were selected by the DOE to receive up to $10.8 million in funding for the design, construction and testing of a modular, baseload molten salt power plant using CSP. The project is expected to be complete by the end of 2012.

Downstream & Development Conergy

is building five solar facilities totaling 3.6MW at five beach resorts for BluSerena, an Italian hotel group. Three of the facilities are currently under construction.

Nautilus Solar Energy said it is going to finance the construction and operation of the first 3MW of a 3.5MW solar energy project on the rooftops and parking lots of William Paterson University in Wayne, NJ. The construction and term financing is provided, in part, through a $5 million, 10- year loan with New Jersey Economic Development Authority  and is expected to be on line this summer. Construction will be completed by SunDurance Energy.

Siliken Renewable Energy is teaming up with Pacific Blue Energy Corp. to build a 15MW solar facility near Flagstaff, Az. Pacific Blue will use Siliken photovoltaic modules for the project.  It said the site can support up to 20MW of solar

Solar Equipment & Systems

Amtech Systems, Inc. (Nasdaq:ASYS) said its solar subsidiary, Tempress Systems, Inc., has received approximately $20 million in new solar orders for its diffusion processing systems from two new customers and several existing customers in Asia.

Spire Corporation (Nasdaq: SPIR) was selected by the Department of Energy as the recipient of a Small Business Innovation Research grant to develop a light emitting diode based solar simulator which it said could provide advantages of accuracy, reliability, versatility and cost.

Earnings

Acro Energy (TSXV: ART) said it recorded gross revenues of $5.4 million for Q210, up 297% (helped by acquisitions) on a Y/Y basis (filing not yet available on Sedar), adding that it is entering the historically busy sales season in the third quarter with a backlog of approximately $5 million in committed, financed contracts.

LDK Solar (NYSE: LDK) said during the course of the preparation of its 2009 annual report, management determined that an additional provision for doubtful recoveries of approximately $12.6 million for its accounts receivable and prepayment to suppliers at December 31, 2009 is required to properly adjust previously announced preliminary unaudited financial results for the fourth quarter ended December 31, 2009.The additional provision for doubtful recoveries of accounts receivable and prepayments to suppliers was based on updated information about its customers' repayment ability and its suppliers' ability to honor existing contractual terms for delivery of products or refund of amounts paid.

ReneSola (NYSE:SOL) issued preliminary results. For Q210, it said total solar product shipments for Q2 2010 are expected to be in the range of 250MW to 260MW (up from previous guidance of 230MW to 250MW); net revenues for Q210 are expected to be in the range of $245 million to $255 million, (up from previous guidance of $230 million to $250 million); and  gross profit margin is expected to be in the range of 28% to 30% (up from previous guidance of 21% to 23%). For the 2H10, it expects total solar product shipments to be in the range of 600MW to 650MW. Net revenues are expected to be in the range of $550 million to $570 million and gross profit margin is expected to be between 28% and 30%.

Water Treatment & Infrastructure

Calgon Carbon Corporation (NYSE: CCC) was awarded a $2.4 million contract by the City of Cincinnati, Ohio, to provide an ultraviolet disinfection system for the Richard Miller Water Treatment Plant UV Disinfection Facility. Under the terms of the agreement, eight Sentinel® 48” Chevron reactors will be delivered in late 2011 and will treat up to 240 million gallons of drinking water per day. Two additional Sentinel Chevron 48 reactors have been included in plans to allow for future growth. Calgon said the Chevron 48 can disinfect up to 50 million gallons of drinking water per day.

Wind

Montana-Dakota Utilities Co. commissioned two new wind farms in Montana and North Dakota: the 19.5MW Cedar Hills wind farm near Rhame, North Dakota and a 10.5MW expansion to the Diamond Willow project near Baker, Montana.

GC China Turbine (GCHT.OB) signed a Wind Power Equipment Contract worth about $33.8 million for the China Guodian Inner Mongolia Xilinguolemeng Tianhe Wind Farm for its 49.3MW Phase 1 stage with the Tianhe Wind Power Development Co., Ltd . The contracted 50 wind turbine units are to be completely delivered before September of this year with all 50 units completed and connected to the local grid and commenced power generation by the end of this year.

State and Federal News

Lisa Murkowski (R-AK) continues to annoy. This time, “applauding” the Nuclear Regulatory Commission’s Atomic Safety and Licensing Board’s denial of the DOE’s motion to withdraw its application for a high-level nuclear waste repository at Yucca Mountain, Nevada. On March 3, 2010, the Department of Energy filed a motion with the Nuclear Regulatory Commission to withdraw the license application for a high-level nuclear waste repository at Yucca Mountain with prejudice. The President's fiscal year 2011 budget request eliminates funding for the Office of Civilian Radioactive Waste Management.In another blow to Obama’s credibility in moving his energy agenda forward, the Nuclear Regulatory Commission has ruled that Obama doesn’t have the power to kill the Yucca repository, overruling the act passed by Congress in 1982 that specified the mountain as the resting place for waste from nuclear power plants across America. Yucca Mountain is officially back on track as America’s nuclear waste repository.

 In the House

By Mr. BLUMENAUER (for himself, Mr. THOMPSON of California, Ms. BERKLEY, Ms. GIFFORDS, Mr. MCDERMOTT, and Mr. GARAMENDI):    H.R. 5612. A bill to amend the Internal Revenue Code of 1986 to temporarily increase the investment tax credit for geothermal energy property; to the Committee on Ways and Means.

By Mr. COSTA:    H.R. 5674. A bill to amend the Clean Air Act to require reductions in mercury emissions from electric utility steam generating units, and for other purposes; to the Committee on Energy and Commerce.

By Mr. INSLEE (for himself, Mr. BARTLETT, Mr. EHLERS, Mr. GRIJALVA, and Mr. HIGGINS):    H.R. 5692. A bill to amend the Public Utility Regulatory Policies Act of 1978 to promote energy independence and self-sufficiency by providing for the use of net metering by certain small electric energy generation systems, and for other purposes; to the Committee on Energy and Commerce.

By Mr. RYAN of Ohio (for himself and Ms. SUTTON):    H.R. 5705. A bill to amend the Internal Revenue Code of 1986 to increase the credit amount for 2- and 3-wheeled electric highway vehicles, and for other purposes; to the Committee on Ways and Means.  

Finance and M&A

China Sunergy (Nasdaq:CSUN) said it is renegotiating terms with two planned acquisitions -  CEEG Solar Science & Technology Co., Ltd. and CEEG New Energy Co., Ltd. citing concern over the two targeted companies' margin performance arises due to recent economic fluctuation.

Consert Inc raised $17.7 million in new VC funding from investors including Constellation Energy, GE Energy Financial Services, Qualcomm Ventures and Verizon Ventures.

FuelCell Energy, Inc. (Nasdaq:FCEL) completed its sale of 24 million shares of common stock at $1.25 per share in an underwritten public offering, resulting in proceeds to the Company of about $27.9 million. It said it intends to use the net proceeds from this offering for product development, project financing, expansion of manufacturing capacity, and general corporate purposes. Lazard Capital Markets LLC was the book-running manager and Canaccord Genuity Inc. was co-manager for the offering.

Hoku (Nasdaq:HOKU) announced a $28.3 million credit agreement with the New York branch of China Construction Bank,  which will be used toward completion of the development and construction of the polysilicon production plant under construction by, Hoku Materials, Inc., in Pocatello, Idaho. It has 90 days to borrow all $28.3 million that is available under the credit agreement, and must repay all borrowed amounts on June 14, 2012.

MEMC (NYSE:WFR) completed the acquisition of Solaicx for $66 million in cash, plus an additional amount in cash of approximately $10 million that is equal to amounts that have recently been invested in Solaicx by its existing security holders. It said the acquisition is expected to be accretive to earnings per share in 2011.

POET acquired the 90 million gallon-per-year ethanol plant located just outside Cloverdale, Ind. and previously operated by Altra Biofuels. It said that once open, the Cloverdale plant will be bring its annual ethanol production capacity at 1.7 billion gallons per year.

Solargen Energy (SLGE.PK) raised $4.1 million in financing from UMC Capital Corp. and Chinatrust Venture Capital Corp., issuing of 4,121,539 shares of the Company’s Series B Convertible Preferred Stock, at a price of $1.00 per share, plus warrants to purchase an additional 4,121,539 shares of Series B Convertible Preferred Stock, with an exercise price of $1.00 per share.

SunRun raised $55 million in Series C funding led by Sequoia Capital and joined by Accel Partners and Foundation Capital.

Tesla Motors Inc (Nasdaq:TSLA) raised about $226 million in its IPO this week, selling 13.3 million shares for $17 each.

Analyst Comments

June 28, 2010 –

·         Auriga’s Mark Bachman initiated coverage on Jinko Solar (NYSE:JKS) this morning at BUY with a $23 price target, commenting that the “shares are extremely underpriced.” Key Takeaways: Believes the manufacturing cost structure is not well understood; Trading at 3.4x FY11 EPS of $3.28 (discount to Chinese solar peers trading at an average of 11.4x); $23 price target based on multiple of 7x FY11 EPS estimate; Jinko’s model is almost 100% vertically aligned with both wafer and model manufacturing capacity expected to reach 500MW by the end of 2010, while cell capacity follows closely behind at 400MW. Bachman’s 2011 model assumes Jinko will increase capacity by 25% in 2011; Model assumes no revenue from the cell segment of the business starting in 3Q10. FY10 revenue model uses the following volume and pricing assumptions: 175MW of wafers at an average price of $0.81/W, 24MW of cells at $1.17/W, and 173MW of modules at $1.63/W. For 2011, model has wafers sales of 200MW at $0.74/W and module sales of 350MW at $1.47/W; Cost Structure: For polysilicon, use $53/kg through 2011 and usage of 6g/W; currently estimate non-silicon processing costs of $0.95/W in 1Q10, which decline to $0.84/W by 4Q10, and further to $0.73/W by 4Q11.

·         Lawrence Casse reiterated his BUY rating on Western Wind (WND.TSXV) today, citing a 1-year price target of $5.20. Key Takeaways: Buy recommendation and one-year target of $5.20 is based on a risk-adjusted NAV of some of the projects in WND’s portfolio; Amended 20-year PPA with Southern California Edison (estimated at $113/MWh) was approved by the California Public Utility Commission on June 24, 2010; Expect approval in about 60 days for a financing  of the 120MW wind project, located in Tehachapi, Ca. through 20-year senior debt (about $208 million) led by Manulife Financial as well as mezzanine debt from Rabobank Nederland (about $55 million).  The approval from the CPUC clears the way for the financing to proceed.  The project will be eligible for a cash grant of 30% of capital costs, provided construction begins in 2010; Status of Mesa and Steel Park:  The 11 MW Steel Park project (combined wind and solar), near Kingman, AZ., will likely also begin construction in 2010 and be eligible for the 30% cash grant.  The Mesa project (a re-powering of 30 MW in the San Giorgio pass which would replace older turbines) is dependent on completion of some engineering studies by SCE that would analyze its effect on the power grid. 

·         Iberdrola SA  was downgraded from BUY to NEUTRAL at UBS AG, citing the prospect of “regulatory risk” and “instability”.

·         Goldman Sachs’ Mark Weinkes initiated First Solar (Nasdaq:FSLR) at BUY with a $150 price target, citing increasing exposure to the U.S. utility scale market.

·         Weinkes rated SunPower (Nasdaq:SPWRA) at NEUTRAL with a $15  price target.

·         Weinkes rated MEMC (NYSE:WFR) at SELL with a $9 price target, citing sub-peer margin recovery, higher risk and lower expected return.

June 29, 2010 

·         Credit Suisse’s Darryl Cheng commented this morning on Taiwan’s solar sector,  noting a better-than-feared 2H10 demand outlook. He said he is “incrementally positive” on the sector due to overall positive feedback at Intersolar. Key Takeaways: German market doesn’t seem as week as expected into 2H10 despite mid-year FiT cuts; Most top-tier Asian manufacturers have indicated 2H10 capacities have been sold out; Taiwanese cell manufacturers have been running at full utilization since Q110 and are stepping up expansion plans; Expects potential upside to 2H10 shipment forecasts; Believes vertically integrated models are more competitive – estimating panel prices already at $1.5/Wp, compared to about $1.7/Wp at standalone firms; Thinks Q310 could show temporary softness based on perception/reaction to German FiT cuts, but will strengthen in Q410; Upgraded ratings on Motech from NEUTRAL to OUTPERFORM and on Gintech from NEUTRAL to OUTPERFORM

·         Credit Suisse’s Andrew Kuske commented after the close on Enbridge (ENB.TO), maintaining a NEUTRAL rating and price target at $50, stating that recent news flow is positive and “begins to highlight potentially favorable capital allocation prospects for the future.” Key Takeaways: Announced agreement between US affiliate and Renewable Energy Systems Americans wherein ENB will own and operate the 250MW Cedar Point Wind Energy Project, selling electricity under a 20-year PPA to Public Service Company of Colorado – is a positive; ENB’s RES alignment is creating multiple opportunities; Long-term utility or government-backed renewable power contracts tend to produce attractive returns; Beginning to demonstrate better track record for growth in renewable power; ENB  should deliver significant and visible growth over next few years; Price target based on implied 17.5x P/E multiple on FY11 EPS, dividend yield of 3.4% and 11x EV/EBITDA multiple.

June 30, 2010

·         Xinjiang Goldwind Science & Technology Co. (002202 CH) was raised to BUY from NEUTRAL at Goldman Sachs Group with a price target of 20 yuan. Franklin Chow said the company is well-positioned to benefit from the “robust growth” in China’s wind-power capacity and that a recent decline in the share price offers “attractive opportunity.”

July 1, 2010

·         Credit Suisse’s Satya Kumar weighed in on both First Solar (Nasdaq:FSLR) and the German solar market this morning, reiterating his OUTPERFORM rating on First Solar and a more reserved outlook for Germany’s solar market in 2011. Key Takeaways: Only about 328MW of installations in March of 2010, compared to about 386MW in the first two months; Q110 installs were up about 862% Y/Y but down about 69% over Q409; Expect significant increase in shipments in Q2 and 2H of 2010; Estimates of 5.5GW of installs in 2010, compared with consensus view of 6-7GW, estimating Germany demand of 4.95GW in 2011; FSLR – “Incrementally more confident” that permitting for Nextlight’s 230MW AV Solar Ranch 1 is on track and expects ground to break before year end; Remain comfortable with 600MW system shipment estimates for FY11; P/E based target price of $150 based on 20x CY10 EPS

·         Cowen’s Rob Stone commented on HOKU (Nasdaq:HOKU) this morning, maintaining a NEUTRAL rating on the stock, revising model to reflect slower ramp. Key Takeaways: Believes 1.6x book is fair value; Should have sufficient funds at this point (through $28.3M credit agreement with China Construction Bank and $20M received from China Merchant Bank) to start poly production at 2,500MT capacity. Estimates requirements for another $40-$50M to build out to full 4,000MT capacity; Cut  FY11-13 EPS to $(0.32), $0.09, and $0.23 on revenue of $61.5M, $190M and $217M; Expects first poly shipments in Sept quarter; Assuming full production (at 4,000MT) by the end of FY12

July 2, 2010

·         Cowen’s Rob Stone weighed in on First Solar (Nasdaq:FSLR) this morning, reiterating an OUTPERFORM rating on the stock noting potential for 30%+ upside relative to the market in 12 months. Key Takeaways: Bullish on appointment of Jens Meyerhoff to head new utility business group; Expects continued growth and development of pipeline – 2.2GW of projects signed represents about $7B in revenue; Cited progress with 500-700MW AC in 2011; Expects better local ASPs

·         Credit Suisse’s Satya Kumar commented on ReneSola (NYSE:SOL) this morning, maintaining OUTPERFORM rating and raising price target to $12 from $10. Key Takeaways: Pre-announcement of Q2 results  - upside to prior guidance on higher wafer demand, higher ASP and better execution lowering processing costs; Thinks solar wafer prices now at about $0.82/watt and will likely be flat in Q110, modeling prices to decline to about $0.64/watt ending 2011; Revised Q210 Rev/EPS est. to $250.7 million and $0.039, and CY10 Rev/EPS to $952.5 million and $1.26; Target price of $12 is about 10x CY11 EPS of about $1.26; Thinks SOL could be beneficiary of MEMC interest in signing tolling contracts

·         Satya Kumar maintained OUTPERFORM on SunPower (Nasdaq:SPWRA) this morning, citing implications of Woongjin Energy’s recent IPO in Korea. Key Takeaways: SunPower’s 42.06% stake in Woongjin is currently valued at 21% of SunPower’s market cap, making the SOTP argument for SunPower’s stock $2.50/share cheaper; IPO provides another way to value SPWR’s stake in WE and provides additional visibility to SPWR’s manufacturing costs ; Price target of $16.30

Research & Reports

Advanced Metering Initiatives and Residential Feedback Programs: A Meta-Review for Household Electricity-Saving Opportunities

A variety of new feedback initiatives – including real-time Web-based or in-home feedback devices and enhanced billing approaches – are making energy resources visible to residential consumers throughout the United States (and many other developed countries). These initiatives are opening the door to potential energy savings that, on average, have reduced individual household electricity consumption 4 to 12% across our multi-continent sample. In so doing, feedback is proving a critical first step in engaging and empowering consumers to thoughtfully manage their energy resources. On a national scale, our estimates indicate that feedback programs for the residential sector might generate electricity savings that range from as little as 0.4% to more than 6% of total residential electricity consumption. If broadly implemented throughout the United States using well-designed programs, residential sector feedback programs could provide the equivalent of 100 billion kilowatt-hours of electricity savings annually by 2030.  At this scale, such tools will enable aggregate residential sector energy savings that, in turn, provide a substantial contribution to U.S. energy security and climate goals as well as consumer pocketbook savings. 

Winds of Change: A Manufacturing Blueprint for the Wind Industry

A new report from the American Wind Energy Association (AWEA), BlueGreen Alliance and the United Steelworkers shows that the U.S. wind industry can create tens of thousands of additional jobs manufacturing wind turbines and components if the U.S. passes long-term policies that create a stable market for the domestic wind energy supply chain.

25x25 Meeting the Goal: A Progress Report

Between 2004 and 2009, renewable energy produced in the U.S. grew by about 23 percent. The clean energy sector set a record in May 2009, when renewable energy contributed 11.5 percent of all energy produced in the U.S, surpassing nuclear power.We’re moving forward steadily, but thousands of barrels of oil gushing from a runaway well in the Gulf of Mexico each day remind the nation that we have a moral obligation as well as an economic one to accelerate the development of alternative energy sources and reduce our dependence on petroleum.Clean energy generates more than power – it generates jobs. Research by the Pew Charitable Trust determined that clean energy jobs grew 9.1 percent, nearly triple the rate of growth of the total job market, between 1998 and 2007. By the end of that study period, the clean energy sector employed approximately 770,000 workers.

The Future of Industrial Biorefineries

In the United States, a recent report from Sandia showed that the US can produce 90 billion gallons of biofuels to replace oil (total use today is around 110 billion gallons). With improvements in mileage, that means that US could run solely on biofuel in 2030- 2050. The limitation is not the supply of biomass but, rather, a complete infrastructure built around oil, expected low oil prices at least between now and 2020 and a lack of political decisions. 

Primary Energy Production by Source (Quadrillion Btu)
		Fossil Fuels					Renewable Energy
		Coal	Natural Gas	Petroleum	Total	Nuclear	Hydro	Geothermal	Solar PV	Wind	Biomass	Total	TOTAL
2008 3-month total		5.882	5.779	2.705	14.366	2.097	0.603	0.086	0.023	0.127	0.953	1.793	18.256
2009 3 -month total		5.659	5.960	2.734	14.353	2.149	0.625	0.094	0.026	0.184	0.918	1.846	18.348
2010 3-month total		5.337	6.061	2.853	14.252	2.116	0.622	0.093	0.026	0.194	1.033	1.967	18.335
Source: EIA/Monthly Energy Review June 2010

 

Primary Energy Consumption by Source (Quadrillion Btu)
		Fossil Fuels					Renewable Energy
		Coal	Natural Gas	Petroleum	Total	Nuclear	Hydro	Geothermal	Solar PV	Wind	Biomass	Total	TOTAL
2008 3-month total		5.693	7.689	9.561	22.956	2.097	0.603	0.086	0.230	0.127	0.941	1.781	26.863
2009 3-month total		5.039	7.348	8.794	21.178	2.149	0.625	0.094	0.026	0.184	0.906	1.834	25.180
2010 3-month total		5.237	7.686	8.729	21.654	2.116	0.622	0.093	0.026	0.194	1.017	1.951	25.757
Source: EIA/Monthly Energy Review June 2010

 

Production Metrics					Consumption Metrics
RE Y/Y Gain/Loss		6.6%			RE Y/Y Gain/Loss		6.4%
RE as % of total		10.7%			RE as % of total		7.6%
Source: EIA/Monthly Energy Review June 2010

  Aspire Group Indices and Performance for the Week Ended July 2, 2010

	Change YTD %
Biofuels	-26.13%
Clean Tech	-18.26%
Energy Management	-19.16%
Energy (Waste Heat) Recovery	-33.58%
Energy Storage	-26.65%
Geothermal	-32.99%
Rare Earth Minerals	-23.97%
Upstream Solar	-12.57%
Midstream Solar	-27.62%
Downstream Solar & Developers	-18.31%
Solar Equipment/Systems	-19.21%
Water Treatment & Infrastructure	-17.94%
Wind	-28.97%
DJIA	-7.13%
Nasdaq	-8.83%
S&P 500	-8.42%
Wilder Hill New Energy Global	-26.39%
Claymore/Mac Global Solar Energy	-34.88%
First Trust ISE Global Wind Energy	-34.19%

  

Biofuels	7/2/2010	6/28/2010	Change	%	Change YTD	%	1/4/2010
Andersons	32.24	35.50	-3.26	-9%	6.23	24%	26.01
Archer Daniels Midland	25.50	26.34	-0.84	-3%	-5.98	-19%	31.48
BioFuel Energy	1.18	1.55	-0.37	-24%	-1.49	-56%	2.67
BlueFire Ethanol	0.20	0.21	-0.01	-5%	-0.8	-80%	1.00
China Integrated Energy	7.32	8.48	-1.16	-14%	0.21	3%	7.11
China Clean Energy	0.57	0.63	-0.06	-10%	0.07	14%	0.50
Cosan	9.85	10.04	-0.19	-2%	1.05	12%	8.80
GreenHunter Energy	0.90	1.00	-0.1	-10%	-0.44	-33%	1.34
Green Plains Renewable	9.90	11.75	-1.85	-16%	-5.19	-34%	15.09
Gushan	0.87	0.83	0.04	5%	-0.53	-38%	1.40
Mission NewEnergy	0.29	0.31	-0.02	-6%	-0.17	-37%	0.46
New Generation Biofuels	0.43	0.50	-0.07	-14%	-0.46	-52%	0.89
Pacific Ethanol	0.55	0.58	-0.03	-5%	-0.16	-23%	0.71
Verenium	2.36	2.65	-0.29	-11%	-2.14	-48%	4.50
Median				-9%		-26%

  

Clean Tech	7/2/2010	6/28/2010	Change	%	Change YTD	%	1/4/2010
Acorn Energy	5.32	5.07	0.25	5%	-2.17	-29%	7.49
ADA-ES	5.09	5.44	-0.35	-6%	-1.06	-17%	6.15
Calgon Carbon Corp	13.05	13.92	-0.87	-6%	-1.03	-7%	14.08
Capstone Turbines	0.95	1.10	-0.15	-14%	-0.33	-26%	1.28
CECO Environmental	4.68	5.00	-0.32	-6%	0.68	17%	4.00
Codexis*	7.87	9.01	-1.14	-13%	-5.13	-39%	13.00
Fuel Tech	6.14	6.99	-0.85	-12%	-2.16	-26%	8.30
Median				-8%		-18%
* IPO On April 22, 2010.

 

Energy Management	7/2/2010	6/28/2010	Change	%	Change YTD	%	1/4/2010
Comverge	8.78	9.65	-0.87	-9%	-2.52	-22%	11.30
Dais Analytic	0.25	0.30	-0.05	-17%	-0.06	-19%	0.31
Echelon	7.20	7.46	-0.26	-3%	-4.57	-39%	11.77
EnerNOC	30.26	31.67	-1.41	-4%	-0.79	-3%	31.05
ESCO Technologies	24.83	27.47	-2.64	-10%	-11.52	-32%	36.35
Itron	60.24	65.08	-4.84	-7%	-8.68	-13%	68.92
Johnson Controls	26.88	27.94	-1.06	-4%	-0.73	-3%	27.61
Lime Energy	3.15	3.40	-0.25	-7%	-1.38	-30%	4.53
Orion Energy	3.05	3.00	0.05	2%	-1.37	-31%	4.42
Power Efficiency	0.19	0.19	0.00	0%	-0.09	-32%	0.28
Power Integrations	32.02	32.39	-0.37	-1%	-4.73	-13%	36.75
PowerSecure	9.16	9.24	-0.08	-1%	1.87	26%	7.29
Median				-6%		-19%

  

Energy (Waste Heat) Recovery	7/2/2010	6/28/2010	Change	%	Change YTD	%	1/4/2010
AlterNRG	1.57	1.56	0.01	1%	-0.78	-33%	2.35
China Energy Recovery	0.51	0.50	0.01	2%	-0.49	-49%	1.00
China Recycling Energy Corp.	3.29	3.13	0.16	5%	-0.89	-21%	4.18
Smart Heat	5.34	6.66	-1.32	-20%	-9.51	-64%	14.85
Sofame	0.05	0.05	0.00	0%	0.01	25%	0.04
				-3%		-34%

 

Energy Storage	7/2/2010	6/28/2010	Change	%	Change YTD	%	1/4/2010
A-One Storage System	8.68	9.65	-0.97	-10%	-14.37	-62%	23.05
Active Power	0.83	0.81	0.02	2%	-0.27	-25%	1.10
Altair Nano	0.39	0.49	-0.1	-20%	-0.51	-57%	0.90
Ballard Power	1.61	1.65	-0.04	-2%	-0.34	-17%	1.95
C&D Technologies	0.90	0.99	-0.09	-9%	-0.71	-44%	1.61
China BAK Battery	1.61	1.83	-0.22	-12%	-1.29	-44%	2.90
ECOtality	5.00	5.75	-0.75	-13%	-0.5	-9%	5.50
Ener1	3.26	3.80	-0.54	-14%	-3.18	-49%	6.44
Enersys	21.32	23.23	-1.91	-8%	1.24	6%	20.08
Fuel Cell Energy	1.16	1.23	-0.07	-6%	-2.61	-69%	3.77
Hydrogenics*	3.90	4.10	-0.2	-5%	-5.85	-60%	9.75
Maxwell Technologies	11.11	12.45	-1.34	-11%	-7.03	-39%	18.14
Mechanical Technology	0.42	0.52	-0.10	-19%	-0.28	-40%	0.70
Plug Power	0.46	0.52	-0.06	-12%	-0.28	-38%	0.74
Polypore International	23.06	23.78	-0.72	-3%	11.01	91%	12.05
Quantum Fuel Systems	0.53	0.59	-0.06	-10%	-0.57	-52%	1.10
Ultralife Batteries	4.21	4.70	-0.49	-10%	-0.15	-3%	4.36
Valence Technology	0.66	0.82	-0.16	-20%	-0.29	-31%	0.95
Median				-10%		-27%
* Adjusted for share consolidation

 

Geothermal	7/2/2010	6/28/2010	Change	%	Change YTD	%	1/4/2010
Calpine	12.67	13.39	-0.72	-5%	1.59	14%	11.08
Magma Energy Corp.	1.29	1.40	-0.11	-8%	-0.54	-30%	1.83
Nevada Geothermal	0.57	0.67	-0.1	-15%	-0.43	-43%	1.00
Ormat Technologies	28.61	28.48	0.13	0%	-9.39	-25%	38.00
Ram Power*	2.36	2.47	-0.11	-4%	-1.87	-44%	4.23
Raser Technologies	0.53	0.54	-0.01	-2%	-0.67	-56%	1.20
US Geothermal	0.80	0.76	0.04	5%	-0.74	-48%	1.54
Median				-4%		-33%

 

Rare Earth Minerals	7/2/2010	6/28/2010	Change	%	Change YTD	%	1/4/2010
5N Plus	5.15	5.10	0.05	1%	-0.8	-13%	5.95
American Lithium	0.77	0.97	-0.2	-21%	0.19	33%	0.58
Avalon Rare Metals	1.99	2.26	-0.27	-12%	-0.97	-33%	2.96
Canada Lithium	0.53	0.52	0.01	2%	0.06	13%	0.47
Chemical & Mining Co. of Chile	33.16	33.94	-0.78	-2%	-4.91	-13%	38.07
Great Western Minerals	0.16	0.17	-0.01	-6%	-0.14	-47%	0.30
Lithium Corporation	0.41	0.43	-0.02	-5%	-0.54	-57%	0.95
Neo Material Technologies	3.58	3.75	-0.17	-5%	-1.08	-23%	4.66
Rare Element Resources	2.12	2.25	-0.13	-6%	-2.07	-49%	4.19
Rodinia Minerals	0.33	0.34	-0.01	-3%	-0.15	-31%	0.48
Western Lithium	0.83	0.99	-0.16	-16%	-0.62	-43%	1.45
Median				-7%		-24%

  

Upstream Solar	7/2/2010	6/28/2010	Change	%	Change YTD	%	1/4/2010
OCI Co. Ltd.	263,500.00	242,000.00	21500.00	9%	44500	20%	219,000
Hoku Scientific	3.28	3.40	-0.12	-4%	0.53	19%	2.75
MEMC	9.67	10.33	-0.66	-6%	-4.26	-31%	13.93
PV Crystalox	54.00	55.00	-1.00	-2%	-8	-13%	62.00
REC	14.80	17.40	-2.60	-15%	-23.09	-61%	37.89
Tokuyama	403.00	422.00	-19.00	-5%	-115	-22%	518.00
Wacker Chemie	119.50	120.40	-0.90	-1%	-1.15	-1%	120.65
Median				-3%		-13%

  

Midstream Solar	7/2/2010	6/28/2010	Change	%	Change YTD	%	1/4/2010
Ascent Solar	2.67	2.64	0.03	1%	-2.73	-51%	5.40
Canadian Solar	10.14	10.60	-0.46	-4%	-18.97	-65%	29.11
China Sunergy	3.76	3.74	0.02	1%	-0.98	-21%	4.74
Energy Conversion Devices	3.88	4.54	-0.66	-15%	-6.81	-64%	10.69
Evergreen Solar	0.64	0.76	-0.12	-16%	-0.9	-58%	1.54
First Solar	120.52	121.85	-1.33	-1%	-15.48	-11%	136.00
JA Solar	5.08	4.97	0.11	2%	-0.76	-13%	5.84
Jinko Solar Holdings**	10.21	11.00	-0.79	-7%	-0.79	-7%	11
Kyocera	80.28	84.10	-3.82	-5%	-9.79	-11%	90.07
LDK Solar	5.55	5.72	-0.17	-3%	-1.54	-22%	7.09
Mitsubishi Electric	696.00	740.00	-44.00	-6%	3	0%	693.00
Powerfilm	23.00	27.00	-4.00	-15%	-4	-15%	27.00
Q-Cells	5.32	5.61	-0.29	-5%	-6.27	-54%	11.59
Rene Sola	6.84	5.75	1.09	19%	1.91	39%	4.93
Sharp	918.00	985.00	-67.00	-7%	-262	-22%	1180.00
Solarfun	7.43	7.49	-0.06	-1%	-0.32	-4%	7.75
Solar Enertech	0.16	0.15	0.01	7%	-0.1	-38%	0.26
Solarworld	9.82	9.65	0.17	2%	-5.53	-36%	15.35
Sunpower	12.81	13.18	-0.37	-3%	-11.201	-47%	24.01
Suntech	9.39	9.47	-0.08	-1%	-7.53	-45%	16.92
Trina Solar*	19.28	18.50	0.78	4%	-9.22	-32%	28.50
Yingli Green Energy	11.12	10.76	0.36	3%	-4.94	-31%	16.06
Median				-2%		-28%
* Adjusted for 2:1 Forward-Split on January 20
** Jinko Solar IPO on May 14, 2010

 

Downstream Solar & Developers	7/2/2010	6/28/2010	Change	%	Change YTD	%	1/4/2010
Acro Energy	0.30	0.30	0.00	0%	0.00	0%	0.30
Akeena Solar	0.58	0.73	-0.15	-21%	-0.73	-56%	1.31
Carmanah Tech	0.67	0.65	0.02	3%	-0.18	-21%	0.85
Conergy	0.74	0.72	0.02	3%	0.08	12%	0.66
Envision Solar*	0.47	0.51	-0.04	-8%	0.12	34%	0.35
Phoenix Solar	30.61	31.40	-0.79	-3%	-11.32	-27%	41.93
Premier Power	1.40	1.60	-0.20	-13%	-1.35	-49%	2.75
Real Goods Solar	3.05	3.47	-0.42	-12%	-0.19	-6%	3.24
Solar Power	0.60	0.55	0.05	9%	-0.66	-52%	1.26
Median				-5%		-18%
* Envision began trading on May 3 after closing a reverse-merger transaction on the OTCBB.

 

Solar Equipment/Systems	7/2/2010	6/28/2010	Change	%	Change YTD	%	1/4/2010
Amtech Systems	8.59	8.75	-0.16	-2%	-2.36	-22%	10.95
Applied Materials	12.00	12.88	-0.88	-7%	-2.05	-15%	14.05
BTU International	5.73	5.40	0.33	6%	-1.06	-16%	6.79
Emcore	0.80	0.90	-0.1	-11%	-0.23	-22%	1.03
GT Solar	5.65	6.04	-0.39	-6%	0.04	1%	5.61
Oerlikon	4.38	4.80	-0.42	-9%	-28.56	-87%	32.94
Spire	3.74	3.49	0.25	7%	-1.61	-30%	5.35
Satcon Technology	2.84	2.99	-0.15	-5%	0.04	1%	2.8
STR Holdings	18.42	20.36	-1.94	-10%	2.52	16%	15.9
Median				-4%		-19%

 

Water Treatment & Infrastructure	7/2/2010	6/28/2010	Change	%	Change YTD	%	1/4/2010
American Water Works	20.03	21.02	-0.99	-5%	-2.38	-11%	22.41
Aqua America	17.56	17.39	0.17	1%	0.09	1%	17.47
Cadiz	12.15	13.25	-1.1	-8%	-0.02	0%	12.17
Consolidated Water Co.	11.34	12.05	-0.71	-6%	-3.17	-22%	14.51
Energy Recovery	3.90	3.83	0.07	2%	-2.99	-43%	6.89
Mueller Water Products	3.80	4.01	-0.21	-5%	-1.44	-27%	5.24
Ocean Power Technologies	5.14	5.54	-0.40	-7%	-3.99	-44%	9.13
Watts Water	28.21	30.59	-2.38	-8%	-3.06	-10%	31.27
York Water	13.96	14.91	-0.95	-6%	-0.73	-5%	14.69
Median				-5%		-18%

 

Wind	7/2/2010	6/28/2010	Change	%	Change YTD	%	1/4/2010
A-Power Energy	7.34	8.00	-0.66	-8%	-11.4	-61%	18.74
American Superconductor	26.84	29.14	-2.3	-8%	-14.71	-35%	41.55
Acciona	61.97	67.34	-5.37	-8%	-29.94	-33%	91.91
Broadwind Energy	2.79	2.31	0.48	21%	-5.4	-66%	8.19
China Wind Systems	4.46	4.48	-0.02	0%	-0.9	-17%	5.36
Gamesa	6.97	7.66	-0.69	-9%	-4.94	-41%	11.91
GC China Turbines	1.48	1.40	0.08	6%	-1.03	-41%	2.51
Juhl Wind	1.72	1.84	-0.12	-7%	-0.27	-14%	1.99
Nordex	7.38	7.87	-0.49	-6%	-3.04	-29%	10.42
Otter Tail	19.17	19.65	-0.48	-2%	-5.83	-23%	25.00
REpower Systems AG	120.00	119.80	0.2	0%	-6.4	-5%	126.40
Siemens	90.23	93.78	-3.55	-4%	-3.98	-4%	94.21
Suzlon	58.50	58.15	0.35	1%	-33	-36%	91.50
Vestas	34.79	36.28	-1.49	-4%	-8.03	-19%	42.82
Zoltek	8.63	9.94	-1.31	-13%	-1	-10%	9.63
Median				-3%		-29%

  Upcoming Events & Conferences

InterSolar North America
July 13-15, 2010

San Francisco, CAIntersolar North America stands out for its depth and diversity of content as well as its specific focus on photovoltaics and solar thermal technology. Dedicated to recruiting companies across the solar supply chain from around the world, Intersolar helps the industry improve global supply, distribution, training, regulation and business issues to accelerate market transformation and advance solar as a significant part of the global energy supply. Intersolar North America 2010 takes place from July 13-15 in San Francisco.

2010 SJF Summit on the New Green Economy 

September 14-15, 2010
Durham Marriott Convention Center

Durham, NCBuilding on last year’s successful Summit, this year’s gathering will focus on Accelerating Growth and Impact and will feature national keynotes and speakers, a central Cleantech CEO Panel, business and community success stories, tips on developing key strategic partnerships, structured networking, and practical strategies attendees can implement in their own businesses and communities 

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 www.smallcappulse.com.

For more information about Aspire Clean Tech Communications, Inc., contact Todd M. Pitcher at 760-798-4938, or go to www.aspirecleantech.com This Aspire Week in Review was sponsored by Mission NewEnergy (ASX:MBT), a vertically integrated global biodiesel producer, Dais Analytic Corporation (DLYT.OB), a clean-tech focused nanotechnology company developing and commercializing products for energy efficiency, water infrastructure and energy storage, Comanche Clean Energy, Inc., a leading Brazilian ethanol and biofuel firm bringing the lowest cost and most efficient alternative energy solutions to the world,  Envision Solar (EVSI.OB), solar integrated infrastructure building, project management and design, and International Fuel Technology (IFUE.OB), an advanced fuels company that has developed a multi-functional additive technology that is proven to enhance the combustion efficiency of liquid hydrocarbon fuels.

For more information about: Mission NewEnergy; Dais Analytic Corporation; Comanche Clean Energy; Envision Solar; and/or International Fuel Technology. 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.