Solutia’s stockholders have voted in favour of its previously announced acquisition by Eastman Chemical Company. The original merger agreement was signed on January 26 and states that stockholders will receive US$22 in cash and 0.12 shares of Eastman common stock for each share of Solutia common stock.
With shipping due to commence in autumn 2012, Kaco New Energy used Intersolar Europe a fortnight ago as a platform to launch its new energy storage and management system, Powador-gridsave.
Continuing market constraints and unattainable cost bases have conspired to force Schott Solar’s management to withdraw from c-Si PV manufacturing completely. Although the company’s thin-film and CSP activities are unaffected by this news, this exit from the c-Si sector will affect around 870 employees as well as its Mainz and Alzenau plants in Germany, Valasske Mezirici in the Czech Republic and Albuquerque in New Mexico.
The dark clouds of controversy looming over the German feed-in tariff have finally cleared with a compromise between the Bundestrat and Bundestag. Chancellor Merkel’s government has announced that it wants to maintain a solar “growth” corridor” of 2,500 – 3,000MW per year, with installations capped at 52GW. A class system for medium-sized roof-top installations will also be introduced. All funding will be back-dated to the original date of April 1, 2012.
It appears that the next victim of this most ruthless of competitions – the solar shakeout – is CdTe thin-film manufacturer Abound Solar. Another controversial recipient of a DOE loan guarantee, the company will be closing its doors next week, a claim that has been confirmed on the DOE's website today. According to a GTM Research report, the company will finally cave to cost pressure from CdTe leader First Solar and the general plummeting product costs across the PV manufacturing board.
SPI Solar has purchased Italy-based EPC company Solar Green Technologies (SGT) from LDK Solar Europe Holdings and the founders of Solar Green Technologies, the company has announced. SPI invested US$5 million, consisting of approximately 13,400,533 SPI shares with a value of US$0.45 and circa US$250,000 in cash, paid to the two founders of Solar Green Technologies. The transaction adds 20MW in EPC contracts to SPI Solar’s portfolio.
Electrical connector company Multi-Contact has revealed that its TÜV- and UL-certified MC4 and MC4PLUS photovoltaic connectors have been granted certification for protection class IP68. The IP certification series vouches for the products’ ability to withstand contact and infiltration of water and dirt. This new accolade means that an entire PV installation can be cabled consistently with a single system.
SMA Solar Technology has received Japan Electrical Safety and Environment Technology Laboratories (JET) certification, the company has announced. The company has opened sales and service subsidiaries in Japan at the beginning of 2012 and has obtained the JET certification for its Sunny Boy 3500TL-JP-22 and Sunny Boy 4500TL-JP-22 inverters. SMA will commence selling the two inverters on the Japanese market from October this year. The PV inverters have been modified for the Japanese market and for the requirements of Japanese PV plants.
Banyan Energy has announced the appointment of Rusty Schmit as its new CEO. Schmit has over 30 years of experience in the solar industry and has been a member of Banyan’s board of directors where he served as the company’s vice president of business development in his most recent role. Before joining Banyan Energy, Schmit was involved in the foundation of PV companies like Advent Solar and Matrix Solar Technologies, where he served as CEO.
SAG Solarstrom advised that Deutsche Bank Group had given the company a financing commitment of €65 million. The loan has conditions in line with the market and a term up to the fall of 2013. The company plans to use the financing for various projects planned in 2012 and 2013, which will mainly be implemented in Germany. SAG Solarstrom acknowledged that the financing commitment and the payment of the loan will depend on the fulfillment of customary banking conditions and the signing of financing documents.
