Aspire Week in Review – Week Ended March 20, 2009

Mar 22, 2009
Author: Administrator

The markets loststeam this week, with the DJIA gaining 0.8%, the S&P up 1.6% and the Nasdaqup 1.8%. In the alt energy and clean tech sectors (as measured by our indices),all groups except biofuels, midstream solar, downstream solar and solarequipment either matched the broader markets performance or beat it - which wasa welcome sign.

Energy storagecompanies performed the best, gaining 7% on the week, led by Ener1(Nasdaq:HEV), which was up 34%, China BAK Battery (Nasdaq:CBAK) which gained26%, and Ballard Power (Nasdaq:BLDP), which gained 23%.

  • Biofuels Group - lost 2% on the week, and is down 28% on the week;
  • Energy Management Group - gained 1% on the week, and is flat for the year-to-date;
  • Energy Storage Group - gained 7% on the week, and is down 14% year-to-date;
  • Geothermal Group - lost 4% on the week, and is down 6% year-to-date;
  • Upstream Solar Group - gained 1% on the week, and is down 15% year-to-date;
  • Midstream Solar Group - lost 1% on the week, and is down 31% year-to-date;
  • Downstream Solar Group - lost 5% on the week, and is down 22% year-to-date;
  • Solar Equipment and Systems Group - lost 9% on the week, and is down 15% year-to-date;
  • Water, Infrastructure and Sustainability Group - gained 1% on the week, and is down 21% year-to-date;
  • Wind Group - gained 4% on the week, down 19% year-to-date.

Energy storage companies dealing with electric vehicles as well as larger scalestorage for utilities and the smart grid have been getting a boost lately withObama's trip to California this past week where he toured an EV testingfacility and announced a $2.4 billion competitive grant to acceleratedevelopment.




Biofuels and Biomass

Enerkem said itis going to build a biofuel plant in northeast Mississippi which is expected toproduce 20 million gallons of ethanol per year. The cost for the plant is about$250 million.

GreenleafBiofuels LLC received a $1.3 million grant from the state of Connecticut tohelp fund the construction of a 6.7 million gallon per year biodiesel facility.The plant is expected to be completed by January 2010, using waste material asfeedstock.

Poet andMagellan Midstream Partners LP (NYSE:MMP) announced a JV to study thefeasibility of building a 1,700 mille dedicated ethanol pipeline with anestimated cost of more than $3.5 billion.

Royal DutchShell said its alternative energy strategy will focus more on biofuels thanwind or solar, and that it has made $1.7 billion in investments in alternativeenergy in the past five years - compared with $1.7 trillion in company salesand $126.8 billion in net profit over the same period.

Tate and Lylehas postponed construction on a 100 million gallon per year ethanol plant inIowa, citing challenging market conditions.

Valero EnergyCorp. is acquiring seven ethanol plants and one development site from VeraSunfor $477 million at the auction.


Aventine RenewableEnergy (NYSE:AVR) reported 41% Y/Y growth in Q4 revenue to $537.2 million, butmargins were horrible (negative 7%) and the business posted a loss of $36.8million, compared to net profit of $3.2 million for the same period last year.Total gallons sold were 277,910 million. For FY08, revenues increase by 43% overthe prior year to $2.24 billion, 0.4% gross margins and a net loss of $47million, or $1.12 per share. Total gallons sold were 935,986 million.Management stated that:

"Although we are actively pursuing a number ofliquidity alternatives, including seeking additional debt and equity financingand a potential sale of all or part of the company, there can be no assurancewe will be successful. If we cannot obtain sufficient liquidity in the verynear-term, we may need to restructure under Chapter 11 of the US BankruptcyCode." The stock closed down 42% on the week.


President Lulaurged the US business community to apply pressure on Washington to cut theethanol import tariff.

This week, witha gallon of ethanol being negotiated at $1.559, ethanol import directly fromBrazil isn't feasible with the US tariff at $0.54, and an ad valorem rate of2.5%.

According to USgovernment statistics, 89.920 gallons of ethanol imported in January,distributed as 7.469 million liters directly from Brazil and 65.197 millionliters indirectly through CBI (Caribbean Basin Initiative) countries and therest from other countries. Direct imports from the US fell 70.1% in January,2009 from January 2008, when 24.972 million liters were imported.

Datagro reportedthat ethanol prices in Sao Paulo fell again during the week ended March 13,with anhydrous ethanol down 2.06%. Hydrous ethanol fell for the fifth week in arow, reaching the lowest level since the week of June 20, 2008, down 1.7% on aweek-over-week basis.

Supply ofethanol in the spot markets is attributed for pressuring prices as units arelooking to sell stock in order to generate cash for the next season.

Carbon, Clean Tech and Carbon Change

Activists from Kentucky,West Virginia, Virginia and 28 other states are heading to Washington this weekto pressure Congress to legislate against mountain top mining, through thepassage of the Clean Water Protection Act. This has been one of the biggest andmost underreported scandals that we have seen develop in the past number ofyears, while the Bush EPA turned a blind eye to the complete devastation thatmountain top mining has been causing in the Appalachian region.

China's chiefclimate negotiator, Li Gao, said that countries buying Chinese goods should beblamed as well for GHGs released in China's manufacturing center. Don't hatethe player right? Gao said that 15% to 25% of its GHGs are generating bymanufacturing goods for export.

In Europe,Eurelectric, a group of power companies form the EU which represents 70% of theEU's power, announced plans to go carbon neutral by 2050. Amongst members ofEurelectric making the announcement were E.On Ag, Electricite de France SA, RWEAG and Enel.

Energy Efficiency, Management and the Smart Grid

Ener1's(Nasdaq:HEV) CEO said this week that in addition to manufacturing lithium ionbatteries for EVs, the company is testing energy storage systems for the grid,as well as expanding into new markets including the military. He noted thatEner1's battery cells are well-suited to large MW-sized storage as well assmall units for homes.

Itron's(Nasdaq:ITRI) subsidiary, Actaris, signed a contract with Abu Dhabi Water &Electricity Authority for another 140,000 automated meter reading electricitymeters. Actaris has already successfully installed 60,000 meters in the region.

Energy Storage

Protonex (PTX.L)received a $3.3 million US government contract to develop a fuel-cell powersystem for small unmanned aerial vehicles.

Quantum FuelSystems (Nasdaq:QTWW) was awarded a contract for natural gas systems for BS-4compliance engines for Volvo-Eicher Commercial Vehicles Ltd which manufacturesnatural gas commercial vehicles for the Indian market. Quantum will upgradeVolvo's 4- and 6-cylinder engine platforms.

EVs, Hybrids and PHEVs

This week on avisit to Southern California Edison's Electric Vehicle Technical Center, Obamareiterated his call for billions of investment into developing fuel efficientcars and infrastructure, and putting 1 million PHEV's on the roads in the US by2015.

The MichiganEconomic Growth Authority approved a request for tax breaks to incentMercedes-Benz Hybrid LLC to build a $10 million research center near Ann Arbor.Mercedes-Benz Hybrid is going to develop and maintain a line of conventionaland alternative propulsion systems at the center.

Honda's Insighthas been getting more attention in the media this week, as it sets to gocommercial this week. The $20,000 hybrid, which went commercial in Japan onFebruary 6, outpaced the Prius in that market. The Insight's primary power is agasoline engine that is assisted by smaller batteries and it gets 43mpg on thehighway.

Nissan's PHEV isexpected to be launched in the US in 2010, which will have an 80kW motorpowered by lithium-ion battery packs.

Toyota islaunching a three-year trial for plug0ins, starting later this year in Francethrough a partnership with EDF. One of the primary goals will be to determineinfrastructure requirements for broader commercial rollout of EVs and PHEVs.

3M announced astrategic partnership with Amperex Technologies to expand the use ofNickel-Manganese-Cobalt materials used in lithium ion batteries.

BASF isreleasing podcastswhich promote lithium-ion batteries, which it touts as having major advantagesover other battery types, including efficiency, performance, weight and price.

China's Ministerof Science and Technology Wan Gang said this week that about 60,000alternative-fuel vehicles will be on China's roads by 2012.


The Army isreportedly drilling two geothermal wells at its Hawthorne facility which willbe capable of generating 30MW. Expectations are for it to be online by 2012.


RaserTechnologies (NYSE:RZ) reported Q4 revenues of $5,880, down from $117,860 inthe same period last year, and a net loss of $23.8 million, or $0.39 per share,compared with a net loss of $4.5 million last year. For the year, revenue was$172,303, down from $430,072 for FY07. Net loss for the year was $45.5 million,or $0.79 per share, compared to a net loss of $15.7 million the previous year.At December 31, 2008, the company had $1.5 million in cash.


In the UShydropower growth has been basically stunted since the 1970s but with morestringent water laws coming into play under the new administration, look formore activity to pick up here.

Energias dePortugal awarded a contract to Spanish utility Iberdrola to manage and sell electricityfrom EDP's 336-MW Aguieira pumped-storage project and the 24-MW Raivahydropower plant on Portugal's Mondego River.

Brazilfederal utility Centrais Eletricas Brasileiras S/A issued its first integratedstrategic action program, with plans to add more than 7,000 MW of hydropowergeneration and more 15,000 kilometers of transmission lines between 2009 and2012.

AlstomHydro announced it signed two contracts totaling 50 million euros (US$68.2million) for rehabilitation of the 260-MW Nseke hydroelectric project in theDemocratic Republic of Congo and the 260-MW Cambambe hydro project in Angola.






The sector continues to bechallenged by declining prices, oversupply and sluggishness in the residentialand commercial sectors exacerbated by tight credit markets. Across the sector,solar firms took a beating this earnings season on write downs of inventory,and with poly prices still falling, the fear is that more write downs are tocome. Against this backdrop, it is tough to get any traction - and most stockshave pulled back to, or below book value.

China Sunergy(CSUN ) signed a 10-year framework agreement to provide up to 480MW of cells toAsola Advanced and Automotive Solar Systems GmbH. China Sunergy may supply upto 30MW of cells this year, and up to 50MW in each of the remaining nine years.It also announced a joint agreement with SolarMax to sell 25MW of cells in2009.

DuPont said itexpects its solar sales to triple by 2012 to more than $1 billion.

Evergreen Solar(Nasdaq:ESLR) and RMT, a unit of Alliant Energy Corporation (NYSE:LNT), haveentered into an agreement to co-market to electric utilities and projectdevelopers of utility-scale solar projects, whereby on joint bid utility scaleprojects RMT will handle the engineering, procurement and construction whileEvergreen will provide the solar panels. RMT has designed and constructed morethan 3.1GW of renewable energy projects across the US.

First Solarannounced that it has hit a major milestone, having surpassed 1GW of modules sinceit began commercial production in 2002. Here is a compelling factoid: it tookFirst Solar more than six years to produce its first 500MW and it only tookeight months to produce its second.

GCL SiliconTechnology Holdings said it intends to increase production this year, withexpectations of strong growth based on declining prices. It is increasing polyproduction this year to 13,500 metric tons from 3,000 metric tons at presentand intends to almost double that again next year to 24,000MT. It has filed anF-1 last July with plans to go public but market conditions put those plans onhold. According to its most recent amended F-1, it said it has entered intopoly and wafer supply agreements with cell and module manufacturersrepresenting aggregate sales of about 15.1GW of wafers and about 40,356MT ofpoly for aggregate total contract prices of $21.3 billion. No doubt thosenumbers are being adjusted under current tough market conditions.

SolarWorld(SWV.DE) is planning an expansion of production capacity at its Oregon plant to500MW per year.

Downstream &Equipment

SANYO announcedthe completion of a ‘solar parking lot' which uses several of itsenvironmental-related technologies, and HIT solar panels on the roof thatrecharges batteries in bikes equipped with electric engine assist motors.

Trina Solar(NYSE:TSL) announced the completion of a 2.4MW roof mounted solar array at theAtlantic City Convention Center.


Canadian Solar(Nasdaq:CSIQ) reported a 43% Y/Y decline in Q4 revenue to $73 million, and anet loss of $50.6 million, or $1.42 per share, compared to net income of $6million, or $0.21 per share for the same period last year. For FY08, revenuecame in at $709.2 million, up from $302.8 million the prior year, and net losswas $10 million, or $0.32 per share, compared with a net loss of $200,000, or$0.01 per share in 2007. Management forecast revenue of $600 to $800 millionthis year. It also said poly prices had fallen to a range of $110 per kg to$130 per kg, and that it is renegotiating UMG silicon feedstock prices to about$60 per kg. It expects poly prices to drop further to about $70 per kg, whichwould push UMG prices down to about $15 per kg to $20 per kg.

China Sunergyreported a 39.6% Y/Y increase in Q4 revenues to $43.2 million, on shipments of14.1MW (production was 20.1MW) at $2.97 per watt, and a net loss of $26.7million, or 0.42 per ADS. For the FY08, revenues increase Y/Y by 49.4% to$350.9 million, gross margin of 4.4%, and a net loss of $22.4 million, or $0.57per ADS. Production for the year was 110MW of cells, and shipments were107.2MW.  Blended ASP per watt forthe year was $3.32. Management said while the first quarter hasn't beenencouraging for a near-term recovery, it expects an improvement over Q4.

Conergy (CGYG.DE)reported FY08 sales of €1 billion and a net loss of €199 million, compared witha net loss in FY07 of €213 million.

EnergyConversion Devices (Nasdaq:ENER) is the latest solar firm to lower guidance. OnMonday it reduced its Q3 revenue estimates for the Q3 to be flat on a Y/Ybasis, at about $70 million, down from previous guidance in a range of $95million to $110 million for the quarter. For the year, the company isestimating revenue to be between $395 and $440 million. Management also said itis consolidating production, which will result in the elimination of about 70jobs, and it is suspending production for two weeks starting on March 22.

Entech Solar(ENSL.OB) reported a 28% Y/Y decline in Q4 revenue to $7.8 million, with a netloss of $6.2 million, or $0.03 per share, compared with a net loss of $5.7million for the same period last year. For FY08, it reported a 66% Y/Y increasein revenue to $30.8 million, and a net loss of $44.9 million, or $0.21 pershare, compared with a net loss of $14.4 million for FY07.

Perfectenergy(PGGY.OB) reported a 48% Y/Y decline in Q1 revenue to $5.4 million, driven bydeclining module prices and shipments. Net loss for the quarter was $2.5million, or $0.09 per share, compared with a net gain of $1.2 million, or $0.04per share for the same period last year. As of January 31, the company had cashand equivalents of $1.3 million, which suggests that the company is likelygoing to be diluting shareholders sooner than later.

Phoenix Solar(PS4.DE) reported preliminary FY08 revenues of €402 million, a 54% increaseY/Y. EBIT increased 52% Y/Y to €33.8 million, while profit increase 63% to€23.7 million, or €3.55 per share. Management said as of January 1, its orderbook was €112 million, and it confirmed revenue guidance of about €520 millionfor the solar group and EBIT of about €31 million.

Q-Cells (QCE.DE)reported FY08 Y/Y revenue growth of 46% to €1.25 billion, EBIT growth of 4% to€205.1 million and net income of €190.6 million, an increase of 28% Y/Y. Productionvolume was 570.4MWp, while total cell capacity increased to 760MWp. Managementsaid it expects revenue in FY09 of €1.7 billion.

Wacker Chemic(WCH.DE) reported a 14% Y/Y increase in FY08 revenue to €4.3 billion in itsoverall business. Its polysilicon business reported 81% Y/Y sales growth to€828 million. Poly output increased more than 40% on a Y/Y basis to 11,900metric tons. EBITDA increased 132% to €422 million on a Y/Y basis. Managementreiterated plans to expand poly production capacity further (Expansion Stage 9)beyond the current expansion (Expansion Stage 8) which is expanding capacityfrom 7,000 metric tons per year to 10,000 metric tons, investing another €760million or so. Despite expectations for challenging marketing conditions, managementsaid it expects growth in its poly division, driven by further expansion of itslines.


CompositeTechnology (CPTC.OB) announced a sale of ACCCTM core and associated hardware toFar East Composite Technology Company, which will be used on a 600km 500kVtransmission line in China.





Water, Infrastructure and Sustainability

The UnitedNations said that the total cost of replacing aging water supply and sanitationinfrastructure in industrial countries could be a much as $200 billion per year.

Facts andFigures (source: The UN World Water Development Report 3)

  • Agriculture accounts for about 70% of freshwater consumption on a global basis, while industry and energy together account for 20% of water demand
  • The world's population is growing by about 80 million people a year, implying an increased freshwater demand of about 64 billion cubic meters per year
  • Electricity generation from hydro and other renewable energy resources is projected to increase at an average rate of 1.7% between 2004 and 2030, for an overall increase of 60%
  • In the US, bringing water supply and sewerage infrastructure up to current standards will cost more than $1 trillion over the next 20 years
  • The share of irrigation water used for biofuel production is negligible in Brazil and the EU and is estimated to be 2% in China and 3% in the US


ConsolidatedWater (Nasdaq:CWCO) reported an 18% Y/Y increase in Q4 revenue to $16.3million, and net income of $1.7 million, or $0.12 per share. It reported a 21%Y/Y increase in annual revenue to $65.7 million, and a Y/Y decline in netincome of 37% to $7.2 million, or $0.50 per share.


The 80MW Elkhorn Ridge windfacility, built by Edison Mission Group, in northeast Nebraska has begungenerating power. Tenaska owns about a third of the facility.

First Wind andCastle & Cooke announced plans to building 200MW wind farms in Hawaii withenergy to be sold to Hawaiian Electric Co. Hawaii's targets are to have 70% ofits energy come from clean sources by 2030.

And NextEraEnergy is planning on investing $300 this year to install more capacity (170MW)in two existing wind projects in North Dakota - 49.5MW at the Wilton facilityand 120MW at the Ashtabula facility. NextEra has developed more than 600MW ofabout 714MW total in North Dakota, and it owns about 516MW.


Broadwind(BWEN.OB) reported 255% Y/Y revenue growth for Q4 to $77.6 million, 8% grossmargin and a net loss of $12.3 million, or $0.13 per share, compared with a netloss of $4.7 million for the same period last year. For the FY08, it reportedrevenue of $217 million, compared with revenue of $29 million for FY07, and netloss of $25.2 million, or $0.28 per share, compared with a net loss of $3.3million for the same period last year.

Federal and State Driven News

The InteriorDepartment and the Federal Energy Regulatory Commission are each taking sharein oversight of offshore energy sources, with the Interior Department takingresponsibility for offshore wind, and the FERC with the responsibility forwave, tidal and ocean-current projects.


In the Senate

US Sen DianneFeinstein (CA-D) said several proposed wind and solar projects proposed in theMojave would violate the spirit of what conservationalists had intended whenthey donated much of the land to be used in the projects had intended when theydonated the land to the public. According to the Bureau of Land Managementthere are 14 solar projects and five wind projects that have submittedapplications to develop here.

U.S. Sen. LisaMurkowski, (AK-R) and Jeff Bingaman, (NM-D). introduced the Appliance StandardsImprovement Act, S.598, to strengthen and improve two key federal programs thatprovide consumer savings, reduce the need for new electricity generation andlower the environmental impacts of energy production. 

US Sen JohnThune (SD-R) and Saxby Chambliss (GA-R) introduced S. 636. A bill to amendthe Clean Air Act to conform the definition of renewable biomass to thedefinition given the term in the Farm Security and Rural Investment Act of2002; to the Committee on Environment and Public Works.

Message fromObama to the Senate:


In the House

RepresentativesEliot Engel, (NY-D), Roscoe Bartlett (MD-R), Bob Inglis (SC-R), Steve Israel(NY-D) and Allyson Schwartz (PA-D) introduced the Open Fuel Standards Act (H.R.1476) which would require half of all light-duty vehicles made or sold in theUS by 2012, and 80% by 2015, to be flex fuel vehicles.

DOE Watch

The Departmentof Energy has awarded its first alternative-energy loan guarantee (subject toapprovals), in the amount of $535 million, to Solyndra, which will use thefunds to expand production capacity. The loan is expected to cover about 75% ofproject costs.

Obama announced$2.4 billion in funding for advanced battery manufacturing and EV deployment:

  • Up to $1.5 billion in grants to US-based manufacturers to produce advanced batteries and components;
  • Up to $500 million in grants to US-based manufactures to produce electric motors and other components; and
  • Up to $400 million to demonstrate and evaluate PHEVs and other electric infrastructure concepts.

Americans thatpurchase PHEVs will be able to claim a tax credit of up to $7,500.


Finance and M&A

AIG sold stakesin three Spanish solar plants on undisclosed terms.

Recurrent Energy, an on-site solar panel developer based in San Francisco, has agreed tobuy the solar project assets of Chicago-based UPC Energy Group. No financial terms were disclosed.

Global EnergyHoldings (NYSE:GNH) said it has sold all of its shares of New GenerationBiofuels Holdings (Nasdaq:NGBF) in a private transaction with 2020 Energy for$583,143, or about $0.11 per share. Global Energy Holdings also agreed toassign 2020 Energy its sublicense agreement with New Generation Biofuels -conditioned on 2020 Energy's ability to obtain a written consent to theassignment from New Generation Biofuels.

PolarisGeothermal (GEO.TO) closed a private placement issuing 1,808,456 Class A sharesat CDN$0.60 per share to Tiger Energy Services, for $1,085,037 of debt owed bythe company to Tiger for services rendered.

FiskerAutomotive raised $3.5 million in additional Series C funding, which brings theround total to $68.5 million. Thomas Lloyd Capital was the placement agent.

Research and Reports

ClimateLiteracy: The Essential Principles of Climate Science

Aguide is now available to help individuals of all ages understand how climateinfluences them and how they influence climate. This climate scienceliteracy document focuses primarily on the physical and biological science aspectsof climate and climate change. Yet as nations and the international communityseek solutions to global climate change over the coming decades, a morecomprehensive, interdisciplinary approach to climate literacy-one that includeseconomic and social considerations-will play a vital role in knowledgeableplanning, decision making, and governance


The UnitedNations World Water Development Report 3

Coordinated bythe World Water Assessment Programme, the United Nations World Water DevelopmentReport 3: Water in a Changing World is a joint effort of the 26 UnitedNations agencies and entities that make up UN-Water, working inpartnership with governments, international organizations,non-governmental organizations and other stakeholders. The UnitedNations' flagship report on water, the United Nations World WaterDevelopment Report offers a comprehensive review of the state of theworld's freshwater resources and provides decision makers with the toolsto implement sustainable use of our water. It brings together some ofthe world's leading experts to analyze changes in our water supplies andin how we manage them, and tracks our progress towards achieving internationaldevelopment targets. Published every three years since 2003, it offers best practicesas well as in-depth theoretical analyses to help stimulate ideas and actionsfor better stewardship of this most essential resource.

US SolarIndustry Year in Review

The U.S. solarenergy industry grew to new heights in 2008 and many industry observers expectthat growth to continue in 2009. Total capacity grew by 1,265 megawatts (MW)1 in2008, up from 1,159 MW installed in 2007.2 This brings the total installedcapacity up by 17 percent to 8,775 MW. Capacity in both photovoltaic (PV) andsolar water heating systems grew at record levels. And while no newconcentrating solar power (CSP) plants were completed in 2008, projectstotaling more than 6 ,000 MW are in the pipeline with signed purchase poweragreements. Solar pool heating capacity grew at a slower rate than in 2007,reflecting conditions in the residential real estate market.

Upgrades and Downgrades

  • March 16 - Power Integrations (Nasdaq:POWI) downgraded to SELL at Piper Jaffray.
  • March 17 - Aventine Renewable Energy (NYSE:AVR) rated Accumulate at ThinkEquity with $0.50 price target.
  • March 17 - Energy Conversion Devices (Nasdaq:ENER) rated OUTPERFORM at Cowen & Company with 50% upside vs. the market in 12 months.
  • March 17 - Phoenix Solar (PS4.DE) rated OUTPERFORM at Pacific Crest with €66 price target, increased from €65 previously. Price target is 15x FY09 Pacific Crest's EPS estimate of €4.41.
  • March 17 - Plug Power (Nasdaq:PLUG) downgraded to HOLD at Ardour Capital. Ardour had previously rated PLUG at BUY (11/11/08).
  • March 18 - Beacon Power (Nasdaq:BCON) rated HOLD at Kaufman. Kaufman had previously rated BCON at a BUY with a $3 price target (5/28/08).
  • March 18 - Ascent Solar (Nasdaq:ASTI) rated SELL at Cantor Fitzgerald with a $2 price target. Cantor previously rated ASTI at a HOLD with a $4.25 price target.
  • March 18 - SMA Solar (S92G.DE) initiated at SELL at DZ Bank.
  • March 19 - Consolidated Water Co. (Nasdaq:CWCO) rated NEUTRAL at Janney Montmy Scott.
  • March 19 - California Water (NYSE:CWT) rated BUY at Robert Baird with a price target of $22. Baird had previously rated WTR at BUY with a $19 price target (10/27/08) and Hold with a $19 price target (10/3/08).
  • March 20 - China Sunergy (Nasdaq:CSUN) maintained at NEUTRAL at Cowen & Company.
  • March 20 - China Sunergy (Nasdaq:CSUN) rated BUY at Jeffries with a price target lowered to $4 from $5. Jeffries previously rated CSUN at BUY with a $15 price target (8/25/08), and at HOLD with a $12 price target (5/21/08.
  • March 20 - Johnson Controls (NYSE:JCI) initiated at BUY at UBS.
  • March 20 - Tetra Tech (Nasdaq:TTEK) initiated at BUY at AmTech Research with a $30 price target.
  • March 20 - Centrotherm Photovoltaics (CTNG.DE) cut to SELL at Goldman Sachs.
  • March 20 - Greentech Energy cut to NEUTRAL at Goldman Sachs.
  • March 20 - ReneSola (NYSE:SOL) cut to SELL at Goldman Sachs.
  • March 20 - SolarWorld (SWVG.DE) upgraded to BUY at Goldman Sachs with a price target of €13.27.
  • March 20 - Roth & Rau (R8RG.DE) downgraded to NEUTRAL at Goldman Sachs.
  • March 20 - Maxwell Technologies (Nasdaq:MXWL) rated OVERWEIGHT at Thomas Weisel with $8 price target.



Notes from the US Solar Industry Year in Review - 2008

  • Total solar capacity grew by 1,25MW in 2008, up from 1,159MW installed in 2007
  • Total installed capacity grew in 2008 to 8,775MW
  • The US added 342MW of PV in 2008, including 292MW of grid-tied capacity
  • The total grid-tied PV capacity in the US grew by 81% over 2007 and now is more than 1GW
  • There are currently 6,090MW of concentrating solar power installations under development

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