Aspire Week in Review – Week Ended March 27, 2009

Mar 30, 2009
Author: Administrator

Alt energy andclean tech stocks had a great week on the heels of broader market rallies, withall but the biofuels group outpacing both the DJIA and the Nasdaq. 

  • DJIA gained 6.8% on the week, remains down 11.3% YTD.
  • Nasdaq gained 3.6% on the week, remains down 2.1% YTD.
  • Biofuels group - up 5% on the week, down 22% year-to-date
  • Energy management group - up 14% on the week, up 13% year-to-date
  • Energy storage group - up 15% on the week, down 3% year-to-date
  • Geothermal group - up 11% on the week, up 6% year-to-date
  • Upstream solar group - up 11% on the week, down 5% year-to-date
  • Midstream solar group - up 27% on the week, down 9% year-to-date
  • Downstream solar group - up 24% on the week, down 8% year-to-date
  • Solar equipment/systems group - up 27% on the week, up 16% year-to-date
  • Water treatment and infrastructure group - up 16% on the week, down 10% year-to-date
  • Wind energy group - Up 11% on the week, down 8% year-to-date.


One surface observations we have about the week is that the dramatic rebound insolar stocks on news that China is pushing subsidies for solar is anecdotalevidence, in our opinion, that solar stocks have been totally oversold. Many ofthe pros quickly reminded us amidst the rally that oversupply and eroding ASPsremain an issue, but this much has been more than priced into solar stocks(generally speaking) as far as we can tell.

The second worldwideEarth Hour was on Saturday, with lights out across 83 countries and 400 cities,200 cities in the US.


 

Biofuels and Biomass

Gushan (NYSE:GU) beganproduction at additional facilities, adding 50,000 tons to its annual biodieselproduction capacity. Management said it intends to continue expansion, openingnew facilities in Chongqing and Hunan in the second quarter of 2009. Its totalannual production capacity is 340,000 tons.

New GenerationBiofuels (Nasdaq:NGBF) signed a 12-month contract to supply Delta ChemicalCorporation with up to 371,000 gallons per year of biofuel. The contract willsupply about 50% of Delta Chemical's annual energy consumption needs.

Verenium(Nasdaq:VRNM) signed an agreement with Alfa Laval to jointly market enzymaticdegumming of vegetable oils using Verenium's Purifine PLC enzyme and AlfaLaval's engineering and equipment. Alfa Laval will be able to market Purifineenzymatic degumming packaged with their process engineering equipment andservices to customers processing vegetable oils for edible and biodiesel use.

Going, Going....

Aventine(NYSE:AVR) is being suspended from trading on the NYSE as of March 30.

The BankruptcyCourt in NY has approved the sale of assets of Northeast Biofuels through anauction next month. Its Fulton NY plant is expected to have 100 million gallonsof ethanol production capacity per year.

Nova Biosourcesaid lenders under a $41 million senior secured construction, term and workingcapital credit facility have agreed to waive certain covenant defaults for oneweek while the parties evaluate their options. Nova owns two biodieselrefineries with a combined nameplate capacity of 60 million gallons per year. Ina preliminary financial results announcement this week, it said that its netloss for the quarter ended January 31, 2009 was about $11.1 million.

Brazil

Ethanol pricesfell for the third straight week in Brazil at the consumer level for the weekended March 15.

Cosan (NYSE:CZZ)has established a new energy company, called Bioenergy Cosan, which has bigplans for itself using sugarcane bagasse to become the world's largest energygenerating company.

A client firm ofours, Comanche Clean Energy is presenting on Monday at Brean Murray's GlobalResources conference in Zurich. Comanche is preparing to go public later thisyear. For a copy of the presentation, click here.

 

 

Carbon, Clean Tech and Climate Change

The EPA isfinally getting its act together on mountain top mining, putting hundreds ofmountain top mining permits on hold to evaluate the impacts of projects. Thefact that the Army Corps of Engineers has been lax in its issuances of permitsis widely known. As is the fact that mountain top mining has devastated manyareas in Appalachia.

TheEnergy-Intensive Manufacturer's Working Group, a coalition of steel, cement,chemicals and other energy-intensive manufacturer's is lobbying Congress forprotection in the form of tax breaks and/or other subsidies in upcoming climatelegislation. The industries content that they could lose up to $162 billion inexport sales as a result of higher costs of compliance.

Tata Motorslaunched its $2,000 Nano on Monday.

Earnings

Biofuel EnergyCorp. (Nasdaq:BIOF) announced Q4 revenues of $89 million and a net loss of $6.9million, or $0.43 per share. For the FY08 revenues came in at $179.9 million,with a net loss of $40.9 million, or $2.65 per share. At December 31, 2008, ithad cash and equivalents of $12.3 million.

China Bio Energy(CBEH.OB) reported a 165% Y/Y increase in Q4 revenues to $59.2 million, anadjusted net income increase of 209.5% and adjusted EPS of $0.17. For the FY08,revenue increased 149% to $216.5 million, and adjusted net income increased232.7% to $28.5 million. Adjusted EPS came in at $0.84. For the year,biodiesel, as a percentage of sales increased to 23.1%, or $50.1 million, from4.8%, or $4.2 million in 2007. Cash and equivalents at December 31, 2008 were$23.1 million. For the FY09, management expects to report revenue of at least$240.7 million and net income of at least $33.7 million.

China CleanEnergy (CCGY.OB) announced Q4 revenue of $4.1 million, and a net loss of $0.6million, or $0.02 per share. For the year, total revenue decreased 16.5% to$18.2 million. Net income was $0.6 million, or $0.02 per share. About 7.68% ofrevenues for the year came from biodiesel sales. At December 31, 2008, thecompany had $2.9 million in cash.

Green PlainsRenewable Energy (Nasdaq:GPRE) reported Q3 revenues of $186.9 million, and anet loss of $1.8 million, or $0.08 per share. Excluding one-time merger-relatedcharges, the company's net income was $0.9 million, or $0.04 per share. Throughnine months, it has revenues of $188.8 million and a net loss of $6.9 million,or $0.56 per share.

Energy Management

Comverge (Nasdaq:COMV)entered into Virtual Peaking Capacity® contracts with two major Marylandutilities that will provide them with up to 48MW of "clean capacity" fromcommercial and industrial customers in peak hours. This brings Comverge's totalMaryland VPC contracts to 343MWs, which represent expected future revenuesunder contract of more than $100 million.

EnerNOC(Nasdaq:ENOC) signed contracts with four utilities to provide 250MW of demandresponse capacity in the state of Maryland. The capacity will be enrolled inthe PJM Interconnection Emergency Load Response Program.

CenterPointEnergy has started fully deployment of Itron's (Nasdaq:ITRI) OpenWay smartelectricity meters, which are expected to reach 2.4 million installations by2014.

Landis +Gyrsigned a contract with Pepco Holdings to supply smart meters for PHI's advancedmetering infrastructure (AMI) in Delaware. PHI is undergoing regulatory reviewfor further AMI deployment in Maryland, New Jersey and Washington D.C. SilverSpring Networks is working with Landis+Gyr on the communications aspect of theprogram.

Energy Storage

Active Power(Nasdaq:ACPW) announced an order from a "blue chip" manufacturer for almost 2MWof its CleanSource® uninterruptible power supply (UPS) systems which willprovide power conditioning and protection against power sags, fluctuations andoutages for the customer's manufacturing facility. The systems will ship in thelate first quarter of 2009.

Earnings

Hydrogenics(Nasdaq:HYGS) reported Q4 revenues of $8.8 million, down from $11 million forthe same period last year, with 29% gross margins, and a net loss for theperiod of $1.9 million, or $0.02 per share, compared with a net loss for thesame period last year of $9.4 million. For the FY08, revenues came in at $39.3million, an increase of 3%, with 20%, and a net loss of $14.3 million, or 0.16per share, compared with a net loss of $28 million for the same period lastyear. Management said its order backlog at December 31, 2008 stood at $22.2million, and it expects to deliver and recognize more than 90% of that backlogin FY09.

EVs, Hybrids and PHEVs

Smith ElectricVehicles is opening an assembly plant in Kansas City to build the Smith Newton,a commercial delivery EV with a range of 100 miles on a single charge, and amaximum speed of 50mph. Production is scheduled to begin in Q3, 2009. Smith'sco-owner, Tanfield Group Plc is already selling the Newton for postal andcommercial purposes in Europe. At a premium of $150,000 per vehicle, it will beinteresting to see whether the vehicles get any traction in the currenteconomic environment.

Advanced AutoTechnology

The NationalEnergy Technology Laboratory announced plans to construct and operate ahydrogen fuel production plant and vehicle fueling station at the YeagerAirport in Charleston, West Virginia, which will use grid electricity toproduce pure hydrogen fuel.  Theobjective is to demonstrate the feasibility of hydrogen fuel.

Geothermal & Recovered Energy

PolarisGeothermal (TSX:GEO) provided an update on progress made relating to financingits 24MW expansion at the San Jacinto geothermal project in Nicaragua, statingthat it has reached an agreement in principle with the Central American Bankfor Economic Integration to arrange a $77 million syndicated senior projectfinancing. Management also said it has entered into an engagement letter with abroker regarding a planned concurrent $25-$30 million equity offering.

Ormat (NYSE:ORA)commissioned its 4MW  PeetzRecovered Energy Generation project. Energy generated by the facility is beingsold under a 20-year PPA to Highline Electric Association.

RaserTechnologies (NYSE:RZ) signed a geothermal lease agreement with Copper KingMining Corporation, covering about 75,000 acres in various locations throughoutUtah - most of which, is located near Raser's Thermo No. 1 geothermal project.

In Jakarta, PTGeo Dipa Energi, PT Rekayasa and Bank Negara Indonesia have reached anagreement to construct and finance a geothermal plant in West Java that willhave a capacity of 55MW and potential to expand to 400MW. Construction of theplant is expected to be complete and operational by late 2011 at a cost ofabout Rp 750 billion ($65.2 million).

 

Hydro

VoithHydro received a contract worth more than 120 million euros (US$163.6 million)to supply turbines and generators to China's second-largest hydropower project,12,600-MW Xiluodu.

SwiftPower Corp. and the Kitselas First Nation signed a memorandum of understandingto work together to develop the 20-MW Dasque Cluster hydroelectric project.

Ecuador'sMinistry of Electricity and Renewable Energy extended the deadline for bids toperform studies and detailed design of the 4,000-MW Zamora hydroelectriccomplex.

Scotland-basedwave and tidal power developer Aquamarine Power Ltd. named marine constructorFugro Seacore to install its Oyster wave energy converter at the EuropeanMarine Energy Center at Orkney, Scotland.

Solar

Solarstocks got a big lift on Thursday on the announcement from China's Ministry ofFinance of a rooftop PV plan and significant upfront subsidy. The plan is willundoubtedly help drive demand, but general consensus is that oversupply willremain a challenge in the near term and through the end of 2010, so decliningASPs will still likely remain an issue. That being said, solar stocks, in ouropinion, had been far oversold and in many cases it has just looked recentlylike growth in the sector - which is inevitable - had not been priced into thestocks. The Chinese plan only adds to our long-term growth and demandexpectations, and reinforces our opinion that leaders in the group remainpriced at extremely attractive valuations. There are further catalysts in theUS - pace a national RPS - which we think are likely events in 2009 and furthercatalysts for our thesis.  

China Sunergy(Nasdaq:CSUN) signed a 35MW framework agreement with Global Services LTM whichallows for the "potential" supply to GSL from March through December this year.China first sale of 5MW has been reached, and will ship in the Q209.

Renewable EnergyCorporation (REC.OL) maintained its target end of March date for startingproduction expansion at its Moses Lake plant. It expects output this year atthe plant to be 5,000 tons.

Sharp andToshiba are reportedly talking about teaming up to develop their solarbusinesses, with Toshiba supplying electricity distribution systems to Sharp,who would supply panels back to Toshiba.

SunPower (Nasdaq:SPWRA)and Rancho California Water District announced the completion of a 1.1MW solarfacility at the district's water treatment facility in Murrieta. SunPower alsofinanced the system under a SunPower Access PPA. RCWD will buy electricity fromSunPower at rates competitively priced.

Suntech(NYSE:STP) said its "Pluto" technology is resulting higher conversionefficiencies for its PV cells - at about 19% on mono-crystalline and 17% onmulti-crystalline cells.

 

Suntech (NYSE:STP) said its “Pluto”technology is resulting higher conversion efficiencies for its PV cells – atabout 19% on mono-crystalline and 17% on multi-crystalline cells.The conversion performance was verified at theFraunhofer Institute for Solar Energy nd 17.2% respectively. Increasing cell efficiencies and otherrelated technology advances is, in our opinion, one of the under-reportedongoing developments in the solar sector, as well as the resulting offsets fordeclining ASPs. With higher conversion efficiencies, customers benefit fromlower system costs, amongst other things.

And importantly,we get closer to grid parity. Suntech says Pluto should improve power output byabout 12% over conventional screen-printed PV cells. It is targeting 20%conversion efficiency on mono- and 18% on multi-crystalline PV cells in thenext couple years.

Sunways AG saidit is changing manufacturing plans for poly and UMG-silicon, cancelling itsproduction partnership with the Schmid Group, commenting that the production ofhigh purity silicon is "no longer strategically and economically reasonable."It also cancelled a development and potential supply deal with Solarvalue AGfor UMG.

Webel-SL EnergySystems said it is investing about 1.8 billion rupees ($35.7 million) to builda second cell and module manufacturing facility in Kolkata, India, which wouldbring its annual manufacturing capacity from 12MW to 42MW.

Utility Solar

Tri-StateGeneration and Transmission announced plans, with First Solar (Nasdaq:FSLR) fora 30MW facility in New Mexico. Construction is slated to being in April 2010,with electricity beginning to be produced by August, 2010.

Pacific Crest'sMark Bachman published comments in anticipation of the California PublicUtilities Commission's final hearing on Southern California's

Downstream andEquipment

Kyocera(NYSE:KYO) said TESSCO Technologies will be its official distribution partnerfor its new line of standard solar power systems targeted to the railroadmarket.

Satcon(Nasdaq:SATC) said, in partnership with integrator Stellar Energy, it hasinstalled PowerGate® Plus Inverters to supply almost 3MW of solar power to fourwineries of Foster's Wine Estates.

Earnings

Conergy(CYGE.DE) said its FY results will have to be delayed due to delays from amajor supplier and contracts that haven't been signed. The stock initially tooka 16% dip on the news, but then, wound up closing 108% higher this week onM&A speculation.

 

PVCrystalox Solar (PVCS.L) announced preliminary FY08 results, with siliconproduct revenue up 28.6% to €273.8 million, adjusted EBIT up Y/Y 60.7% to€106.5 million, and earnings after tax increasing 119% Y/Y to €103.2 million,with EPS up 110% Y/Y to €0.25. As of December 31, it had €81.1 million in cash.Management said it remains cautious on its outlook for FY09.

 

Solarworld AG(SWVG.DE) reported a 26% Y/Y decline in net profit to €25 million on a 7% Y/Ygain in Q4 sales to €220 million. For the FY08, net profit rose 32% Y/Y to €149million on a 30% Y/Y increase in sales to €900 million. Management didn'tprovide too much guidance for FY09 but said it hopes to achieve sales greaterthan €1 billion.

Solarfun Power(Nasdaq:SOLF) reported 14% Y/Y Q4 growth in revenue to RMB 1.12 billion ($164.4million) and a Q4 loss of RMB 418.8 ($61.4 million), or RMB 1.56 per ADS($0.22), compared to a profit of $66.4 million, or RMB 0.28 per ADS for thesame period last year. Inventory write downs were the principal pressure on thecompany's bottom line. For the year, Solarfun reported revenue of RMB 4.95billion ($725.4 million), up from RMB 2.40 billion in 2007, and a loss of RMB280.5 million ($41.1 million), or RMB $1.11 per ADS. Management said that itexpects demand to reach its low point in Q1 with shipments at about 35MW, andthat the company has signed contracts for the year at 200MW and expectsmomentum to pick up in Q2. It expects ASPs to decline by another 10% to 15%,which should be offset by falling poly prices.

Solar Power(SOPW.OB) reported a 153% Y/Y increase in Q4 revenues to $11.9 million, withgross margins of 2.5% and a net loss for the quarter of $3.1 million, comparedto a net loss for the same period last year of $2.7 million. It reported a 161%increase in FY08 revenues to $47.4 million, with 7.5% gross margins, and a netloss of $8.7 million, or $0.23 per diluted share, compared with a net loss of$7.1 million for the FY07. For FY09, management expects Q1 revenues to declineover the Q408, and revenue for the full year to be in a range of $75.8 to $80.5million.

Wind

Emerging EnergyResearch reports that it expects European wind capacity to decline by 18% thisyear as projects get pushed back due to lack of financing. It is expected toadd 7,836MW of wind, down from 9,556MW of wind last year.

ConsolidatedEdison is soliciting proposals for a 350MW offshore wind farm at a cost ofabout $415 million.

Vestas (VEWI.DE)lost market share in 2008 to General Electric's energy unit, slipping to 19.8%from 22.8% in 2007. GE Energy increased its share to 18.6% from 16.6%. (Source:BTM Consult APS). BTM expects the turbine market to grow an average of 15.7%annually over the next five years.

Good P.M. Groupis planning on building a 210MW wind facility in Tanzania's central Singidaregion by 2011, which will cost about $400 million.

State and Federal Driven News

Joe Biden andSteven Chu announced the Energy Efficiency and Conservation Block Program whichwill provide $3.2 billion in investment in energy efficiency and conservationprojects. The program is being funded by the American Recovery andReinvestment Act.

And Chuannounced $1.2 billion in newscience funding under the ARRA for major construction, laboratory,infrastructure and research efforts.

AmericanRecovery and Reinvestment Act (Recovery Act)

Colorado isgetting almost $100 million, which is the first EPA-related environmentalstimulus grant awarded in the US. More than $65 million will go to improvingdrinking water and wastewater infrastructure.

 

 

In the Senate

In the Senate,Senators Cardin and Alexander submitted S. 696, a bill to amend the FederalWater Pollution Control Act to include a definition of fill material; to theCommittee on Environment and Public Works.

Senators Levin, Voinovich, Stabenow,Cardin and Feingold submitted  S. 675, a bill to amend the Federal WaterPollution Control Act to prohibit the sale of dishwashing detergent in theUnited States if the detergent contains a high level of phosphorus, and forother purposes; to the Committee on Environment and Public Works.

Senators Collins, Feinstein and Kohlsubmitted S. 679, a bill to establish a research, development, demonstration,and commercial application program to promote research of appropriatetechnologies for heavy duty plug-in hybrid vehicles, and for other purposes; tothe Committee on Energy and Natural Resources.

Senators Bingaman, Murkowski, Collins, Stebenow, Snowe, Bayh, Brown and Pryorsubmitted S. 661, a bill aimed at renewing America's industrial sector by usingless energy, reducing carbon emissions and producing technologies that willhelp the US reduce its reliance on fossil fuels.

In the House

Committeeon Science and Technology: Subcommittee on Space andAeronautics held a hearing on Aviation and the Emerging Use of Biofuels.Testimony was heard from Jaiwon Shin, Associate Administrator, AeronauticsResearch Mission Directorate, NASA; and public witnesses.

Committeeon Ways and Means:  Continued hearings were held on Climate Change Legislation.Legislative. Testimony was heard from Douglas Elmendorf, Director, CBO; andpublic witnesses.

RepresentativesMcDermott, Bumenauer, Larson and Stark submitted  H.R. 1683, a billto amend the Internal Revenue Code of 1986 to reduce greenhouse gas emissionsby requiring a Federal emission permit for the sale or use of greenhouse gasemission substances, and for other purposes; to the Committee on Ways andMeans, and in addition to the Committee on Energy and Commerce, for a period tobe subsequently determined by the Speaker, in each case for consideration ofsuch provisions as fall within the jurisdiction of the committee concerned.

Representatives Van Hollen, Loebsack,Giffords, Blumenauer and Bordallo submitted H.R. 1698, a bill to establish theGreen Bank to assist in the financing of qualified clean energy projects andqualified energy efficiency projects; to the Committee on Ways and Means, andin addition to the Committee on Energy and Commerce, for a period to besubsequently determined by the Speaker, in each case for consideration of suchprovisions as fall within the jurisdiction of the committee concerned.

State Level

In Iowa, SF 408,which would mandate a 5% biodiesel blend into diesel used in the state by July1, increase to 10% on July 1, 2012, then to 20% by July 1, 2015, is up for afull Senate vote next week after passing the state Ways and Means Committeethis week. The bill has 31 co-sponsors in the state Senate, and 26 votes areneeded to pass it. The bill is expected to have a tougher go in the House.

In Kansas, theHouse approved a measure that will allow the state to issue up to $5 million inbonds to help entice companies manufacturing solar and wind energy productionto the state. Eligibility for state help is contingent on commitments ofinvesting at least $30 million in-state and employing at least 200 full-timeworkers within five years, at an average salary of $32,500.

In Arkansas, HR1790 was pulled after sponsor Representative Tiffany Rogers determined that itneeded "further study." The biodiesel mandate would have required the use of 5%biodiesel (B5), beginning January 1, 2010.

 

 

Financeand M&A

 

Oak RidgeNational Laboratory is using part of its $71 million received from the stimulusplan ot build a 160,000 square foot chemicals and materials research facilitythat will work on developing solar batteries, corrosion-resistant materials andsuperconducting transmission lines.

Yingli GreenEnergy's (NYSE:YGE) affiliate, Baoding Yingli Group has entered into astrategic cooperation agreement with the Hebei Branch of Bank of China whichcould unlock up to RMB 6 billion in credit facilities to the company.

Thin-filmmanufacturer Sencera received its final $5.6 million of a $15.6 millioninvestment from Quercus Trust.

Siemens isbuying a 28% stake in Archimede Solar Energy S.p.A. - terms not disclosed.

Abu DhabiNational Energy Co. acquired a 50% stake in the Caribbean portfolio of MarubeniCorp., which includes 40% of Jamaica Public Service Co. and eight hydro plantstotaling 21MW.

Statkraft ispurchasing 95% of Yesil Enerji, a Turkish hydropower operator, from GlobalYatirim.

Yingli GreenEnergy's (NYSE:YGE) affiliate, Baoding Yingli Group has entered into astrategic cooperation agreement with the Hebei Branch of Bank of China whichcould unlock up to RMB 6 billion in credit facilities to the company.

Everbrite Solaris working on raising CDN$500 million to build a 150MW thin-film solar PVmanufacturing facility in Kingston, Ontario Canada.

UltralifeBatteries (Nasdaq:ULBI) bought the tactical communications products business ofSAIC for $5.7 million. The acquisition will be accretive this year.

Upgrades and Downgrades

March23 - ADA-ES (Nasdaq:ADES) rated HOLD at Wedbush Morgan with a $3 price target.Wedbush had previously rated ADES at HOLD with a $7 price target (11/3/08), andan $11 price target (9/12/08).

March24 - Sunpower (Nasdaq:SPWR) rated SELL at Collins Stewart, with a $20 pricetarget.

March24 - Trina Solar (NYSE:TSL) rated BUY at Collins Stewart with an $11 pricetarget.

March25 - EnerNOC (Nasdaq:ENOC) rated BUY at Canaccord with a $17 price target.

March25 - Altair Nanotechnologies (Nasdaq:ALTI) downgraded to NEUTRAL by MDBCapital. MDB Capital had previously rated ALTI at BUY (11/10/08).

March25 - Wacker Chemie (WCHG.DE) upgraded to NEUTRAL at JP Morgan.

March25 - Calpine (NYSE:CPN) rated HOLD at Dahlman Rose.

March26 - Solarfun (Nasdaq:SOLF) rated SELL at Collins Stewart with a $2 pricetarget.

March26 - ADA-ES (Nasdaq:ADES) rated MARKET PERFORM at Avondale with a $4.50 pricetarget. Avondale had previously had a $12 price target on ADES.

March26 - ADA-ES (Nasdaq:ADES) rated OUTPERFORM at JMP Securities with an $8 pricetarget.

March 27 - FirstSolar (Nasdaq:FSLR) downgraded to HOLD from BUY at Collins Stewart whichassigned a $150.39 price target. Stewart's Ries cited continued declines inASPs and credit market constraints which are pressuring growth andprofitability in the sector, and said that the Chinese subsidy plan for rooftopsolar announced yesterday won't meaningfully impact demand for First Solar'sproducts. Ries had previously rated FSLR at a BUY with a $175 price target(2/23/09), a $210 price target (10/13/08), and topping out at a $320 pricetarget (6/30/08).  

March 27 -Suntech Power (Nasdaq:SPWRA) downgraded to UNDERPERFORM at Oppenheimer.

March 27 - TrinaSolar (NYSE:TSL) downgraded to UNDERPERFORM at FBR Capital Markets with an $8price target.

March 27 -Comverge (Nasdaq:COMV) rated OUTPERFORM at RBC Capital Markets with an $8 pricetarget. Previous price targets were $7 (9/17/08), $17 (5/14/08) and $35(12/17/07).

Research & Reports

Observationson Federal Efforts to Adapt to a Changing Climate

Policy makersare increasingly viewing adaptation as a risk-management strategy to protectvulnerable sectors and communities that might be affected by changes in theclimate. It may be costly to raise river or coastal dikes to protectcommunities and resources from sea level rise, build higher bridges, or improvestorm water systems. But there is a growing recognition, in the United Statesand elsewhere, that the cost of inaction could be greater.

 

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About Aspire Clean Tech Communications, Inc.

Based in SanDiego, Aspire Clean Tech Communications is dedicated to providing strategicconsulting and communications services to businesses operating in thealternative energy and clean tech industries. Our commentary and outlook on thepublic markets and the alternative energy can be found on a daily basis at www.smallcappulse.com.

For moreinformation about Aspire Clean Tech Communications, Inc., contact Todd M.Pitcher at 858-518-1387, or go to www.aspirecleantech.com

This Aspire Weekin Review was sponsored by ComancheClean Energy, Inc., a leading Brazilian ethanol and biofuel firm bringingthe lowest cost and most efficient alternative energy solutions to the world, IX Energy (IXEH.OB), providing turnkeyrenewable solutions to federal and commercial customers, and HaydenCommunications, Inc., Wall Street's leading corporate communications firm. Formore information about Hayden Communications, call 646-536-7331, for moreinformation about Comanche Clean Energy, or Power Efficiency; contact Todd M.Pitcher at 760-798-4938.

The Aspire Weekin Review is brought to you by Small CapPulse the best source on the web for financial and economic commentary,stock analysis, and a fresh idea. To learn more about Small Cap Pulse, call858-518-1387. 

 

 

 





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