Aspire Week in Review – Week Ended March 13, 2009

Mar 16, 2009
Author: Administrator

The alt energyand clean tech markets rallied with the broader markets this week (downstreamsolar lagged), generally outperforming which is an indication that this groupmay be oversold on a relative basis - a conclusion that we readily affirmagainst a backdrop of unprecedented legislative support in the US and on aglobal basis:

• Biofuels Segment - Gained 16% on the week, down 31% YTD;
• Energy Management Segment - Gained 15% on the week, down 3% YTD;
• Energy Storage Segment - Gained 11% on the week, down 19% YTD;
• Geothermal Segment - Gained 16% on the week, down 1% YTD;
• Upstream Solar Segment - Gained 10% on the week, down 16% YTD;
• Midstream Solar Segment - Gained 14% on the week, down 31% YTD;
• Downstream Solar Segment - Gained 3% on the week, down 27% YTD;
• Solar Equipment/Systems Segment - Gained 5% on the week, down 11% YTD;
• Wind Segment - Gained 11% on the week, down 23% YTD;
• Water Infrastructure and Treatment Segment - Gained 14% on the week, down 23% YTD;

Another factor that has been influencing performance of alt energy stocks hasbeen low oil prices. While we aren't willing to concede the magnitude of impactlow oil prices have on demand for alt energy, it does play a very real role inbuilding political will on both sides of the aisle to support investment intothe sector. This is a phenomenon played out more on the GOP side of the aislethan the Democratic side, we think.

This week theInternational Energy Agency cut its estimate for global oil demand in 2009 by270,000 barrels a day to 84.4 million barrels per day, down 1.5% over 2008. Italso estimated that oil supply fell in February to 83.9 million barrels a day,down a million barrels a day from January and 3.4 million barrels per day on ayear-over-year basis. OPEC is widely expected to cut production further thisweekend, which should help to buoy prices against the IEA's reduced estimates.

Also this week, CleanEdge released its Clean Energy Trends 2009 report which shows that:

• Revenue growth among biofuels, wind and solar grew by 53% globally between 2007 and 2008, from $75.8 billion to $115.9 billion.
• New global investments (venture capital, project finance, public markets and R&D) increased by 4.7% to $155.4 billion (New Energy Finance).

Biofuels and Biomass

The EPA awarded a $225,000grant to TDA Research for the development of a process to produce biodieselform low-cost waste feedstock.

Michigan StateUniversity won a grant worth $1.4 million to establish a new biofuel researchprogram.

And the BiofuelsCenter of North Carolina approved 18 grants worth $2.77 million to acceleratebiofuels development in the state.

We have beencommenting in recent weeks that the EU is readying to hit the US with importfees on biodiesel, and this week it pulled the trigger. The EU's stance is thatUS biodiesel producers have been selling biodiesel at levels below the realcost of production, receiving federal tax credits and subsidies that areharming the EU industry.

Royal DutchShell and Codexis said they expanded an agreement to develop enzymes whichwould accelerate the commercialization of ‘next generation' biofuels.

Brazil

Datagro reportedthat in January, 71.16% of biodiesel production came from soybean oil, 24.54%came from tallow, 3.25% from cottonseed oil and 1.05% came from other fattymaterials. At present, 64 plants are allowed to produce biodiesel in Brazil.

The price ofethanol at the consumer level fell in the first week of March by 0.26% over theprior week. A liter averaged R$1.533. During the same period, a liter ofgasoline was sold at R$2.507.

Ethanol exportsin the Center-South region represented 61.7% of Brazilian exports in Februarywith a volume of 58.65 million liters, generating FOB revenue of $30.7 million.The North-Northeast region exported 36.36 million liters, generating FOB revenue of $23.45 million.

166.812 units offlex fuel units sold in February 2009, up 2% over the prior month. Flex fuelvehicles accounted for 87.18% of sales of light vehicles in February. Theworld's first flex-fuel motorcycle is scheduled to be launched later this monthin Brazil.

Earnings

Cosan (NYSE:CZZ)reported Q3 revenue of $1.1 billion which was a 192% Y/Y increase, with a netloss of $64.6 million. Gross margin improved for the quarter to 13.9% from 8.8%the prior year period. It sold 115.7 million gallons of ethanol for thequarter, 808.8 million tons of sugar, 228.3 million gallons of fuel and 4.1million gallons of lubes.

Carbon, Clean Tech and Climate Change

The EPA launched a review ofcoal ash storage facilities and intends to draft regulations for coal ash bythe end of the year. It is asking companies in the industry to provideinformation about contents, historic spills and a record of inspections atabout 300 coal ash storage ponds and landfills throughout the country. TheObama EPA is definitely operating with a different mandate that Bush's EPA.

Meanwhile about4,000 gallons of potentially toxic fly ash sludge spilled into the PotomacRiver when a pipeline ruptured at a coal-burning power plant.

The EPA alsoproposed a framework, under the Clean Air Act, for reported CO2 and other GHGsin the US. About 13,000 facilities, which make up about 85% to 90% of GHGs inthe US would be covered under the proposal. The first annual report would besubmitted to the EPA in 2011 for the calendar year 2010 (excepting vehicle andengine manufacturers which would be reporting for model year 2011).

BP ProductsNorth America is paying $785,662 to resolve Emergency Planning and CommunityRight-to-Know Act (EPCRA) violations at its Texas City, Texas, refinery. Thecompany will pay a $420,662 civil penalty and spend $365,000 on supplementalenvironmental projects in Texas City.

This week at theCongress on Climate Change, Terry Barker, director of the Center for ClimateChange Mitigation Research said that the global recession could cut GHG's by asmuch as 50% (the reduction during the Great Depression was estimated to be 35%).Predictably, the global carbon markets are slowing, after having posted 105%and 84% growth in 2007 and 2008, respectively.

The Maldivespresident said that the country will be the world's first carbon-neutralcountry, which makes sense for the government to be focused, since researchindicates that the 1,200 islands of the Maldives will be underwater if sealevels continue to rise.

Sweden isincreasing its taxes on cars that run on fossil fuels by up to 33% andexempting EVs for the first five years. The tax on auto emissions will apply toeach gram of CO2 emitted above the national standard of 120 grams (4.2 ounces)for each kilometer (0.62 mile) driven.

Energy Efficiency, Energy Management, Smart Gridsand Transmission

Several statesare receiving federal money for energy efficiency, including Virginia ($164million), Alabama ($127 million), Indiana ($200 million), Massachusetts ($177million) and  Michigan ($325million).

The AdvancedMetering Infrastructure (AMI) Security Task Force announced security standardsto help utilities procure and implement security measures in rolling out AMIinfrastructure. The securities requirements were developed by 11 leadingutilities and the DOE.

AmericanSuperconductor (Nasdaq:AMSC) received an order from Southern California Edisonfor its Distribution Static VAR Compensator, which SCE intends to use in its"Circuit of the Future" project.

Telvent(Nasdaq:TLVT) and Echelon (Nasdaq:ELON) continued promotion of their recentlyannounced "Pilot-in-a-Box" AMI program which is designed to integrated ELON'sNetworked Energy System smart meters with Telvent's AMI system software.

Earnings

Comverge(Nasdaq:COMV) reported a 40% Y/Y increase in revenues for FY08 to $77.2million, with a net loss of $94.1 million, or $4.45 per diluted share. The lossincludes a non-cash impairment charge related to goodwill and certainintangible assets related to an acquisition of Enerwise of $75.4 million. Excludingthat, net loss for the year was $19.7 million, or $0.93 per diluted share. Forthe Q4, revenues decreased by 5% to $33 million with net income of $6.1million, or $0.29 per diluted share, compared to net income of $7.6 million forthe same period last year. Management expects FY09 revenues to be greater than$90 million, with targets of 275MW additions of capacity under long-termcontracts, 225MW additions in open market programs and additions of $150million in estimated future revenue from long-term contracts. The companycurrently has 866MW under long-term contract with expected future revenues of$522 million.

PowerSecurereported FY08 revenues of $135.4 million, and net income of $10.6 million, or$0.63 per share diluted, compared with revenues of $111.1 and a net loss of$1.6 million, or $0.06 per diluted share for FY07. For the Q4, revenues were$26.3 million, down from $36.8 million for the same period last year, and netincome of $928 thousand, or $0.06 per diluted share compared with net income of$8.3 million, or $0.48 per diluted share for Q407. Revenue backlog as of December31, 2008 was $87 million.

Energy Storage

MIT researchershave made an advance in lithium battery technology that could substantiallyreduce the time required for recharging EVs. The technology, which is like a crystallizedcoating over the electrodes, could help a battery recharge in about fiveminutes, theoretically, but it is still years away from getting out of the lab.

Ballard Power'sCEO said this week that the company will likely continue to burn cash in 2009.The company announced a 3-year supply agreement with Baxi Innotech GmbH , whichwill exclusively purchase Ballard fuel cells through Phase 2 of the GermanCallux Project.

Hydrogenics(Nasdaq:HYGS) announced $1.8 million in orders for electrolyzers.

Earnings

Altair Nano(Nasdaq:ALTI) reported FY08 revenues of $5.7 million, down from $9.1 millionfor the prior year. Net loss was $29.1 million, or $0.34 per share,compared  with a net loss of $31.5million, or $0.45 per share for FY07.

FuelCell Energy(Nasdaq:FCEL) reported a 45% Y/Y increase in Q1 revenues for FY09 to $21.7million, with product sales up 95% to $19 million over the same period. Itreported a net loss of $20.7 million, or $0.30 per diluted share, compared to a$19.7 million net loss in Q1 FY08. Management said sales were driven by anincrease in production of MW-class power plants, and its backlog as of January31, 2009 was $70.9 million.

EVs, Hybrids and PHEVs

Honda's hybridInsight saw 18,000 orders in the last month in Japan, outpacing its target of5,000, and in February, it outpaced the Prius in registrations with 4,906,compared to Prius' 4,524. Toyota said its hybrid sales in the US have surpassedthe 1 million mark. The pace of sales is quickening - it took 7 years to reach500,000 unit sales but it only took 2 years to reach the second 500,000.

AT&T said itintends to invest up to $350 million over five years to buy more than 8,000Ford vans and trucks, to convert to run on compressed natural gas. It intendsto build 40 natural gas filling stations to support the fleet. It also said itis going to spend $215 million over 10 years to replace 7,100 passenger carswith hybrids and other fuel sources. Boone Pickens, heavily invested in naturalgas, applauded the move announcement by AT&T.

Think is openinga manufacturing plant in the US to produce 16,000 cars per year in phase 1,starting in 2010. First year volume is expected to be 2,500 units. Longer termplans call for a capacity of 60,000 EVs per year.

Geothermal

The GeothermalEnergy Association released a power production and development updatewhich shows that total installed capacity in the US is 3040.27MW, with up to5,487.4MW of new geothermal power capacity under development. The GEA estimatesthat between confirmed and unconfirmed projects there are a total of 126developing projects with a total capacity of up to 5,650.4MW. 

RaserTechnologies (NYSE:RZ) expects to begin transmission of about 7MW ofelectricity generated at its geothermal plant in Millard County, Utah, to theCity of Anaheim, California. The amount of power will increase to 10MW to 11MWover the next month or two. Anaheim is paying $78 per MWh for the electricity.

NewZealand-owned Mighty River Power is reportedly investing in geothermaldevelopment in Chile, which is home to more than 5% of the world's activevolcanoes.

The KenyaElectricity Generating Company has received a $300 million loan from the FrenchDevelopment Agency to develop a 35MW geothermal production facility. Theproject is also receiving funding from the World Bank, European Investment Bankand from KenGen. Kenya current has about 200MW installed capacity but itestimates that it has about 3,000MW in potential for geothermal power.

Hydropower

The $410 billionappropriations bill signed this week includes $40 million for the DOE'shydropower research and development program. Florida Atlantic University willreceive nearly $1.2 million from the federal government to research underwaterturbine feasibility in the Gulf Stream.

AmericanMunicipal Power and Voith Siemens Hydro signed a $122.9 million contract forthe manufacture of turbines and generators for a 105MW hydro project on theOhio River.

TheFederal Energy Regulatory Commission staff has issued a draft environmentalimpact statement recommending relicensing of the 724.74-MW Catawba-Watereehydroelectric project in North Carolina and South Carolina.

China GezhoubaGroup Corp. won a 1.14 billion renminbi (US$167 million) contract to build the510-MW Zangmu hydroelectric project in China's Tibet Autonomous Region.

India's NHPCplans to commission two projects this year that will increase its generationcapacity by more than 250MW - the 132MW Teesta hydro project and the 120MWSewa-II hydro project.

Mozambiqueplans to raise US$8.5 billion, largely from foreign investors, for a new2009-2013 Energy Strategic Plan to use more of its great hydropower potential.

Solar

Acciona (ANA.MC)started work on its 50MW concentrating solar plant in Majadas de Tiétar, Spain,which is its third in the country so far (totaling 150MW). Total investmentinto the plant is €237 million. It is planning two more 50MW CSP plants.

Advanced Energy(Nasdaq:AEIS) said it is cutting about 330 jobs, or about 22% of its workforce,which will result in annual salary expenses of about $8.2 million. Managementsaid it is enacting other spending cuts which are aimed at reducing expenses by$21 million over the next three quarters, and will lower breakeven to $55million by the end of the Q209.

Advanced SolarPhotonics LLC said it is building a $40 million 40MW module plant in Florida,which it expects to be operational later this year. And Ascent (Nasdaq:ASTI)announced that production has started at its CIGS module production line in Littleton,Colorado.

Hoku(Nasdaq:HOKU) announced a 10-year supply contract with Shanghai Alex New EnergyCo. and made a second amendment to an existing contract with Jiangxi JinkoSolar, reducing the amount of poly sold under the terms to $178 million from $298million, which reduces the prepayment obligation to $15 million from $20million. The Company said its agreement with New Energy Co. "recaptures" aportion of this poly capacity. Hoku will receive $7 million in prepayments fromNew Energy Co.

Pacific Crest'sMarch Bachman wrote this week that he expects Sempra to select First Solar foran additional 50MW that it intends to install.

LDK Solar(NYSE:LDK) and Q-Cells (QCE.DE) have asked Germany's Federal Cartel Office forpermission to form a joint venture.

SCHOTT Solar AGreported FY08 Y/Y sales growth of 70% to €482 million. It said it intendsfurther expansion of module manufacturing capacity in. Its PV segment isexpected to reach 360MW by the end of 2009 and its Concentrated Solar Power armis expected to expand to 1GWel.

Downstream andSolar Equipment

Amtech(Nasdaq:ASYS) announced $3 million in follow-on orders from two undisclosedAsian customers for its diffusion processing systems.

Clear SkiesSolar (CSKH.OB) announced an MOU signed for an $8 million, 2.1MW solar farm inBadger, California. The MOU was signed with Badger Creek Development, and theproject will be structured as a utility PPA. Frontier Renewables LLC for theengineering and construction. Clear Skies also announced completion of a123.9kW solar system at the McGowen Builders headquarters in East Rutherford,NJ.

Spire(Nasdaq:SPIR) said it failed to regain compliance with Nasdaq Stock Market andcould be facing a delisting. In order to have regained compliance it would needto have a market cap of at least $50 million as of March 3. Management said itis requesting a hearing. The stock closed on Friday at $4.67, with a $38.9million market cap. 

Earnings

ARTERSA reportedfor FY08 were €422 million, up 24.8% Y/Y. In 2008 it expanded commercializedpower to 111MWp, or 33% on a Y/Y basis. Management said it plans an expansionof production capacity from 100MWp to 300MWp.

Carmanah(CMH.TO) reported Q4 revenues of C$15.8 million, up 21% Y/Y, with gross marginof 33.8%, and net income of $0.8 million, (ex impact of goodwill and intangibleimpairment charge). It reported FY08 revenues of C$60.6 million, up 2% Y/Y,with gross margin of 34.3% and net income of $1.3 million (ex goodwill and intangibleimpairment charges), compared to a net loss of 6.9 million last year. 

JA Solarreported Q4 revenue of RMB979 million ($144 million), down 6.9% over the sameperiod last year. GM was 1%, compared with 21.2% last year. Net loss perdiluted ADS was RMB0.68 ($0.10), compared with net income per ADS of $0.64($0.09) last year. For the FY08, revenue was RMB 5.5 billion ($800 million), anincrease of 102.6% Y/Y, on total shipments of 277MW. GM was 18.2%, compared to22.3% in 2007. Net loss per diluted ADS in FY08 was RMB 2.31 ($0.34), comparedwith net income per diluted ADS of RMB 2.93 ($0.43) in FY07. Management expectsFY09 revenue to be in the range of RMB 5.66 billion ($830 million) to RMB 6.5billion ($952 million), with target production output of 500MW to 550MW.Nameplate production capacity is expected to be 875MW.

LDK Solar(NYSE:LDK) reported a 21.3% decline in Q4 sales on a sequential basis to $426.6million, and a 121% increase on a Y/Y basis. Gross profit in the Q4 wasnegative $126.8 million, impacted by an inventory write-down. Backing thewrite-down out, GP would have been $89.9 million for the quarter, or a GM of21.1%. However, with the write-down, GM in Q4 was a negative 29.7%. Net loss ofthe Q4 was $133.1 million, or $1.25 per diluted ADS, compared to net income of$88.4 million for the same period last year. For the FY08, revenue was $1.6billion, a 214% Y/Y increase. Gross profit was $173 million, representing GM of10.5%, down from 32.5% in FY07. Net income for the year was $154.7 million, or$1.42 per diluted ADS, compared to net income of $144.1 million in FY07. Interms of guidance, management said it expects Q1 revenue in the range of $240to $280 million with wafer shipments between 170MW and 200MW and gross marginbetween 3% and 6%. For the FY09, it expects revenue in a range of $1.4 billionto $1.8 billion, with wafer shipments in a range of 1.2GW and 1.45GW, grossmargin between 12% and 19% and poly production of between 2,000 and 3,000MT.

Real Goods Solar(Nasdaq:RSOL) reported a 107.3% Y/Y increase in revenue to $39.2 million forFY08, with a net loss of $28 million, or $1.86 per share, driven by a $27.2million non-cash charge related to the impairment of goodwill and otherintangible assets. Excluding that, net loss would have been $2.3 million, or$0.16 per share. Q4 revenue was $13.5 million, up 133.8% Y/Y, with a net lossof $27.4 million, or $1.53 per share. The revenue increases both for thequarter and the year were driven in large part by acquisitions of Marin Solar,Carlson Solar and Independent Energy Systems.

ReneSola(NYSE:SOL) Q4 revenue increased 65.2% Y/Y to $158.6 million. Gross margin wasnegative 82%, compared to positive 20.4% for the same period last year, beingnegatively impacted by an inventory write-down. Excluding the write-down, GMwas a positive 4.4% - still not great. Net loss in Q4 was $126.6 million,compared to a net profit of $17.4 million for the same period last year. In theprior quarter, net profit was $32.4 million, so conditions deteriorated rapidly.Q4 loss per diluted share was $0.92. FY08 revenue rose 169.3% Y/Y to $670.4million. GM for the year was negative 2.1%. Net loss for the year was $53.5million, compared to a profit of $42.9 million in 2007. Net loss per dilutedshare was $0.42. Management estimates FY09 revenue to be in the range of $650to $700 million and wafer shipments to be between 620MW and 670MW. The companyhas already sold 550MW  for FY09.It expects to reach manufacturing capacity of 825MW by July 2009. It is alsoprogressing with construction on its poly plant, phase 1 of which is expectedto hit mechanical completion by mid-2009.

Water & Sustainability

The world'slargest power gen-desalination plant is set to launch in Saudi Arabia in 2010.The plant will produce 2,750MW of electricity.

Earnings

Ocean PowerTechnologies (Nasdaq:OPTT) reported Q3 revenues of $1 million, down 28% Y/Y,with a net loss of $3.6 million, compared with a net loss of $4 million for thesame period last year. As of January 31, 2009, total cash, cash equivalents andinvestments were $85.6 million.

Wind

Timken signed a deal to sell gearbox bearingsto High Speed Gear Manufacturing Co., which is expected to be worth about $30million in revenue.

Utility Driven News

Connecticut Light & Power selectedAccenture to conduct its Plan-it-Wise Energy Program, which is a pilot programusing smart meters to test residential, commercial and industrial customers'interest in peak time-based energy rates.

Tampa Electric Co. signed a contract to buysolar form a 25MW facility which is in development in south-central Florida.

Federal and State Driven News

Maine Senators Olympia Snowe (R) and SusanCollins (R) and Delaware Senators Tom Carper (D) and Ted Kaufman (D) wrote aletter to Energy Secretary Steven Chu urging him to commit $400 million fromthe stimulus package to wind, and in particular, offshore wind.

Interior DepartmentSecretary Ken Salazar announced that the agency will increasingly focus onadvancing clean, renewable energy and addressing global warming. SecretarySalazar announced the formation of an energy and climate change task force toadvance the Interior Department's renewable energy agenda.

The California Energy Commission has begunreview on the first solar thermal-biomass hybrid electric generating facilityin the state - the 106.8MW San JoaquinSolar 1&2 power plant. The project will be comprised of-two hybrid plants with a solar field and abiomass facility capable of producing 53.4 MW net of solar electricity each.During nighttime and periods of cloud cover, the solar production will besupplemented by the biomass facility fueled by agricultural wood waste.

Florida's House Energy & Utility PolicyCommittee unanimously approved a bill on Tuesday which would remove the statesales tax on electric cars and give businesses using them a tax credit. Thebill would also provide a $2,000 rebate for the first 100 entities that installpublic recharging stations for EVs.  

In Michigan the House and Senate approvedanother $200 million in tax breaks to spur development of batteries for EVs.

Nevada's Senate is set to consider SB165, a bill that would require the statePublic Utilities Commission to revise its rules to ensure that its majorutility, NV Energy, would take into future carbon emissions prices in itslong-term planning. Companies will have to purchase credits to pay for theamount of CO2 emissions they are responsible for.

New Mexico's Senate approved a bill thatallows counties and cities to form renewable energy financing districts as aframework which enables individual property owners to finance renewable energyimprovements such as solar.

Oklahoma's House passed legislation tosupport the increase in vehicles running on CNG and will expand the number ofpublicly available fueling stations throughout the state.

Bills Introduced in the Senate

Senator ChuckSchumer introduced S. 548. A bill to amend the Public Utility RegulatoryPolicies Act of 1978 to establish a Federal energy efficiency resource standardfor retail electricity and natural gas distributors, and for other purposes; tothe Committee on Energy and Natural Resources.

Senator RichardLugar (R-IN) introduced S. 587. A bill to establisha Western Hemisphere Energy Cooperation Forum to establish partnerships withinterested countries in the hemisphere to promote energy security through theaccelerated development of sustainable biofuels production and energyalternatives, research, and infrastructure, and for other purposes; to theCommittee on Foreign Relations.

SenatorHarry Reid (D-NV) and John Ensign (R-NV) introduced S. 591. A bill to establisha National Commission on High-Level Radioactive Waste and Spent Nuclear Fuel,and for other purposes; to the Committee on Environment and Public Works.

Inthe House

The House ofRepresentatives passed the Water Quality Investment Act of 2009 (H.R. 1262)which requires utilities to notify health authorities of sewer overflows, andinvests $150 million annually to accelerate the cleanup of toxic hot spots inthe Great Lakes, as well as increasing federal investment in greeninfrastructure. The Senate is expected to begin consideration of its version ofthe bill in a few weeks.

Finance and M&A

Entech Solar(ENSL.OB) said it is effecting a $3 million common stock rights offering to itsshareholders for general corporate and working capital purposes. The rightswill have an exercise price of $0.1615, 85% of the closing price of the stockon March 12, 2009. Quercus Trust will backstop the rights offering bypurchasing on the same terms up to $764,000 of shares, in addition to the$1,236,000 of shares it has the right to purchase due to its ownership inEntech, which would total $2 million. The stock closed at $0.195 on Friday.

Premier Power(PPRW.OB) got a $3 million LOC from Guaranty Bank, which bears interest at theprime rate plus 1%, secured by personal guarantees of Dean Marks, his wife andBright Future Technologies LLC, a wholly owned subsidiary of Premier.

NorSun raised$72.33 million in a VC round led by Good Energies, and joined by Scatec AS andNorsk Hydro ASA. It also received a $94 million, five-year bank loan from DnBNOR and Nordea Bank Norway AS. Proceeds will be used to expand production ofsilicon ingots and wafers.

Craton EquityPartners has reportedly made an undisclosed capital investment into GridPoint.

Abitibi Bowateris selling its stake in a hydro facility for C$615 ($484 million) to helpreduce its debt.

Upgrades & Downgrades

• March 10 - Suntech Power (NYSE:STP) upgraded to MARKET WEIGHT at Thomas Weisel, with a price target of $6.
• March 11 - Comverge (Nasdaq:COMV) maintained at NEUTRAL at Cowen & Company. Cowen cut estimates on slower grown and lower margins in the residential and C&I segments. It noted also that advanced metering infrastructure (AMI) programs may provide some upside to the model.
• March 11 - Ormat (NYSE:ORA) rated OUTPERFORM at Arda Advisors, with target trading multiple of stock at 10 to 12x 2010EBITDA of $181.3 million.
• March 11 - SunPower (Nasdaq:SPWRA) rated UNDERPERFORM at Pacific Crest.
• March 11 - SunPower (Nasdaq:SPRWA) rated OUTPERFORM at Cowen & Company, with 2009/10E revenue and EPS both cut.
• March 11 - Phoenix Solar AG (PS4.DE) was raised to ACCUMULATE from HOLD at Equinet AG, citing improved financial conditions amongst clients.
• March 11 - Altair Nano (Nasdaq:ALTI) coverage discontinued at Global Hunter with price target lowered to $0.45 from $1.00.
• March 11 - Real Goods Solar (Nasdaq:RSOL) maintained at NEUTRAL at Global Hunter with price target lowered from $5 to $2.
• March 12 - SunPower (Nasdaq:SPWRA) cut to UNDERWEIGHT from OVERWEIGHT at Morgan Stanley.
• March 13 - DC Chemical (010060.KS) cut to UNDERWEIGHT from OVERWEIGHT at Morgan Stanley with price target lowered to 150,000 won from 320,000 won.
• March 13 - SunPower (Nasdaq:SPWRA) cut to MARKET PERFORM at William Blair.
• March 13 - Ocean Power Technologies (Nasdaq:OPTT) maintained at NEUTRAL at Global Hunter with no price target, given lack of visibility in growth and earnings potential.

Research & Reports

USGeothermal Power Production and Development Update - March 2009

The UnitedStates leads the world in online capacity of geothermal energy and continues tobe one of the principal countries to increase its geothermal growth. Further,in 2007 geothermal energy accounted for 4 % of renewable energy-basedelectricity consumption in the United States.1 As of March 2008, geothermalelectric power generation is occurring in eight U.S. states: Alaska,California, Hawaii, Idaho, Nevada, New Mexico, Utah and Wyoming. Other states,such as Oregon and Colorado, are soon to be added to the list. 

Aspire Indices Performance for the Week Ended March 13, 2009

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